Agency
The Pennsylvania Consumer Notice must be retained by the licensee for a minimum of:
A1 year
B2 years
C3 years✓ Correct
D5 years
Explanation
Pennsylvania licensees must retain the signed Consumer Notice (and all transaction records) for at least 3 years. PREC may audit records and inspect for compliance, so proper record-keeping is essential.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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