Pennsylvania License Law
Under RELRA, what must a Pennsylvania broker do when a salesperson's license is terminated?
ANotify PREC within 10 days and return the license certificate✓ Correct
BFile a written complaint with PREC explaining the reason for termination
CHold the salesperson's license in escrow for 30 days
DTransfer the license to the next employing broker
Explanation
When a salesperson-broker relationship ends, the broker must notify PREC within 10 days and return the license certificate. The salesperson's license then becomes inactive until the salesperson affiliates with a new broker.
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Key Terms to Know
Escrow
A neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Joint TenancyCo-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.
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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