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The purpose of the consumer notice is to advise the consumer that the broker (or salesperson) is not representing the consumer in the transaction.
A signed acknowledgement of receipt of the notice (RE 867A) should be retained by the broker for three years.
The answer is the Real Estate Recovery Fund. The Pennsylvania law requires that the Consumer Notice provide information about the Real Estate Recovery Fund and provide the reference in the law for complete details. What is a transaction licensee obligated to disclose?
Terms in this set (87) What are the license requirements for all real estate licenses? 21+ years, complete 60 hours of education, have 3 years' experience as a licensed salesperson, pass an exam withing 3 years prior to application date, and a recommendation from a currently licensed real estate broker.
About the Consumer Notice The Consumer Notice enables consumers of real estate services to make informed decisions about the business relationships they may have with real estate brokers and real estate licensees.
Which of the following documents does a Pennsylvania broker need to retain for three years? Most transaction documents and contracts must be retained for three years. Consumer Notices and sub-agent and transaction licensee agreements only need to be retained for six months.
What does Pennsylvania law dictate related to a dual agency situation? Dual agents can't take any action that would be to the detriment of either party's interest in the transaction.
A consumer notice is any notice that relates to rights or obligations between a trader and consumer or where the trader is seeking to restrict their liability. CRA 2015 states that a notice will include an announcement, whether verbal or in writing, and any other communication or purported communication.
Licensees are permitted to advertise as a team provided the following criteria are met: 1. The team name is either the licensed or Commission-registered nickname of a licensee on the team. The team name may not be a fictitious name.