A listing salesperson receives an offer written by a salesperson from another firm. The offer is poorly written with many cross-outs and questionable terms. The listing salesperson SHOULD:

Question 1

Question 1 of 5

Answer

A. Reject the offer.

B. Return the offer to the other salesperson and suggest that he rewrite it.

C. Inform the seller of the offer and advise the seller against having it presented.

D. Present the offer to the seller.

Question 2

Question 2 of 5

Answer

A. To ensure that the buyer receives a comparable market analysis for the property

B. To document all conversations with the seller and make all records available for inspection by the Real Estate Commission.

C. To ensure that the seller markets the property at a price for the home based on a comparable market analysis.

D. To ensure that all services provided to the seller are provided in a reasonable, professional, and ethical manner.

Question 3

Question 3 of 5

Answer

A. initiate a title search of the property

B. recommend a professional inspection of the property

C. disclose their dual representation, in writing, to both buyer and seller

D. disclose to the listing broker or the seller that they represent the buyer

Question 4

Question 4 of 5

Answer

A. The Pennsylvania Real Estate Commission must be notified of the transaction.

B. The listing agreement must identify the licensee's name and status as a licensee.

C. The licensee must provide written disclosure of the ownership interest to all parties.

D. The percentage of the licensee's ownership interest must be stated on the sales contract.

Question 5

Question 5 of 5

A listing salesperson receives an offer written by a salesperson from another firm. The offer is poorly written with many cross-outs and questionable terms. The listing salesperson SHOULD:

A. Reject the offer.

B. Return the offer to the other salesperson and suggest that he rewrite it.

C. Inform the seller of the offer and advise the seller against having it presented.

D. Present the offer to the seller.

Which of the following is a statutory duty of a real estate licensee representing a seller?

A. To ensure that the buyer receives a comparable market analysis for the property

B. To document all conversations with the seller and make all records available for inspection by the Real Estate Commission.

C. To ensure that the seller markets the property at a price for the home based on a comparable market analysis.

D. To ensure that all services provided to the seller are provided in a reasonable, professional, and ethical manner.

A broker has been hired by a buyer to find an investment property. Upon locating a suitable property, the broker SHOULD:

A. initiate a title search of the property

B. recommend a professional inspection of the property

C. disclose their dual representation, in writing, to both buyer and seller

D. disclose to the listing broker or the seller that they represent the buyer

Which of the following conditions MUST be met before a licensee participates in the sale of real property in which the licensee has an ownership interest?

A. The Pennsylvania Real Estate Commission must be notified of the transaction.

B. The listing agreement must identify the licensee's name and status as a licensee.

C. The licensee must provide written disclosure of the ownership interest to all parties.

D. The percentage of the licensee's ownership interest must be stated on the sales contract.

What is the status of a person's license after a claim has been paid from the Real Estate Recovery Fund?

A. Active

B. Inactive

C. Reinstated

D. Suspended

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