Pennsylvania License Law
Under RELRA, a Pennsylvania licensee must disclose their license status when:
AOnly when acting as a buyer's agent in a residential purchase
BBuying or selling real estate for their own personal account✓ Correct
COnly in commercial real estate transactions exceeding $1 million in value
DOnly when the transaction involves newly constructed residential property
Explanation
Pennsylvania RELRA requires licensees to disclose their license status whenever they are buying or selling real property for their own account. This disclosure must be made in writing and included in any offer or contract. The rationale is that a licensee possesses superior market knowledge and negotiating skills that create an inherent power imbalance when dealing with unlicensed parties. Failure to disclose license status when buying or selling one's own property is a RELRA violation subject to disciplinary action.
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