Pennsylvania License Law
A Pennsylvania real estate licensee is also a licensed mortgage loan originator. What disclosure must they make when providing both services to the same client?
ANo disclosure is required if both services are offered through the same company
BThey must disclose the dual role and any affiliated business arrangement, and provide an Affiliated Business Arrangement disclosure✓ Correct
CThey must obtain PREC's approval for providing dual services
DThey must disclose only if they earn a commission on both the real estate and mortgage transactions
Explanation
When a licensee provides both real estate and mortgage services, or when a real estate brokerage has an affiliated mortgage company, RESPA requires disclosure of the affiliated business arrangement (AfBA) and estimated charges. Pennsylvania licensees must also comply with RELRA provisions on undisclosed compensation.
Related Pennsylvania Pennsylvania License Law Questions
- A Pennsylvania licensee who receives a gift card worth $50 from a buyer for helping find the buyer's new home:
- Under RELRA, what must a Pennsylvania broker do when a salesperson's license is terminated?
- A Pennsylvania licensee who engages in 'net listing' — agreeing to accept anything above a minimum price as their compensation — is:
- The Pennsylvania Real Estate Commission has the authority to:
- Which of the following persons is EXEMPT from Pennsylvania real estate license requirements?
- A Pennsylvania real estate student who passes the state exam and applies for a salesperson license must have their application sponsored by:
- Which statement about Pennsylvania's real estate license renewal is accurate?
- Which of the following activities requires a real estate license in Pennsylvania?
Practice More Pennsylvania Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Pennsylvania Quiz →