RePA_Sales_S Exam Questions & Answers

Under 49 Pa. Code 35.331 (Written Agreements Generally), all parties must receive a copy of a signed offer within 1 business day of acceptance.

This ensures that buyers and sellers have full documentation of the transaction.

Delaying delivery of signed contracts can lead to disputes and potential violations of real estate regulations.

Why the other answers are incorrect:

Option A (24 Hours): While fast delivery is preferred, the law specifically states ''1 business day.''

Option C (At Closing): Buyers must receive a copy well before closing.

Option D (Reasonably Practicable Time): This is too vague and does not meet the specific 1-business-day requirement.

49 Pa. Code 35.331 -- Written Agreements Generally

Under 49 Pa. Code 35.284 (Disclosures of Business Relationships), the Consumer Notice defines five types of permitted relationships between real estate licensees and consumers:

Buyer's Agent -- Represents the buyer and has a fiduciary duty to them.

Seller's Agent (Listing Agent) -- Represents the seller and has a fiduciary duty to them.

Designated Agent -- A brokerage firm designates different agents to represent buyers and sellers in the same firm without creating dual agency.

Dual Agent -- A licensee represents both the buyer and seller in the same transaction, with mutual consent.

Transaction Licensee -- A real estate licensee who provides services but does not represent either party as an agent.

Why the other answers are incorrect:

Option A (Rental Agent): 'Rental agent' is not a defined relationship in Pennsylvania law.

Option B (Buyer & Seller Sub-Agent): Sub-agency is no longer common and is not a required disclosure.

Option D (Designated Dual Agent): Dual agency and designated agency are separate concepts.

49 Pa. Code 35.284 -- Disclosures of Business Relationships

Under 49 Pa. Code 35.326 (Escrow Accounts and Interest), interest earned on escrow accounts belongs to the party or parties as determined by the terms of the contract or agreement.

A broker cannot personally benefit from interest earned on escrow funds unless the contract explicitly allows it.

The purchase agreement must specify how the interest is handled, whether it is payable to the buyer, seller, or split between parties.

Why the other answers are incorrect:

Option A (Payable to the Broker): A broker cannot keep interest from an escrow account unless agreed upon in writing.

Option B (Equally Divided Between Buyer and Seller): Interest division is not automatic; it must be outlined in the contract.

Option C (Equally Divided Between Brokers): Brokers do not have rights to escrow interest unless explicitly agreed upon.

49 Pa. Code 35.326 -- Escrow Accounts and Interest

Under 49 Pa. Code 35.283 (Disclosure of Interest), a real estate licensee must disclose in writing if they have a direct or indirect ownership interest in a property they are selling or purchasing.

This disclosure ensures transparency and prevents conflicts of interest.

Failure to disclose ownership interest could be considered fraudulent and result in disciplinary action by the Pennsylvania Real Estate Commission.

Why the other answers are incorrect:

Option A (Commission Notification Required): The Commission does not need to be notified unless a violation occurs.

Option B (Listing Agreement Disclosure): Disclosure is not required in the listing agreement but must be made to all parties.

Option D (Percentage of Ownership on Contract): The specific percentage of ownership is not required to be on the contract; general disclosure is sufficient.

49 Pa. Code 35.283 -- Disclosure of Interest