Pennsylvania License Law
Which of the following activities requires a Pennsylvania real estate license?
AAn owner selling their own home
BAn attorney handling a real estate closing as part of legal services
CA property manager who leases and manages multiple properties for a fee✓ Correct
DA relative helping someone find a home without compensation
Explanation
A property manager who leases and manages properties for compensation must hold a Pennsylvania real estate license. Exemptions include owners selling their own property, attorneys acting in a legal capacity, and those acting without compensation.
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Key Terms to Know
Joint Tenancy
Co-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
State-Specific Concepts
License Law
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