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Pennsylvania Agency & Disclosure — Printable Practice Pack
Pennsylvania state portion · RELRA, the Consumer Notice and the Real Estate Recovery Fund · 20 questions · Answer key on the last page · agentexamcoach.com
1.What determines the type of agency relationship between a real estate salesperson and a client?
(A)The amount of compensation paid to the salesperson
(B)The type of property being sold
(C)The salesperson's level of experience
(D)The written agreement between the parties
2.A real estate broker has a salesperson working under their supervision. The salesperson receives earnest money from a buyer. What must the salesperson do with the funds?
(A)Deposit the funds into their personal account
(B)Hold the funds until the transaction closes
(C)Use the funds to pay for marketing expenses
(D)Promptly deliver the funds to the employing broker
3.What must a Pennsylvania real estate licensee provide to a consumer at the initial interview?
(A)A written agreement of sale
(B)A deed to the property
(C)A copy of the listing agreement
(D)A consumer notice disclosing available business relationships
4.A salesperson is working with a seller and has entered into a written agreement. What duties does the salesperson owe to the seller?
(A)Only honesty and disclosure of material defects
(B)Only loyalty and confidentiality
(C)Only reasonable care and accounting
(D)Loyalty, confidentiality, disclosure, accounting, and reasonable care
5.What is the primary duty of a real estate agent in terms of confidentiality?
(A)To disclose all information to the other party
(B)To keep no information confidential
(C)To disclose information only to the broker
(D)To keep all information confidential, except in cases where disclosure is required by law
6.A salesperson is working with a buyer and discovers a material defect in the property. What should the salesperson do?
(A)Disclose the defect to the buyer
(B)Keep the defect confidential to protect the seller's interests
(C)Notify the seller of the defect
(D)Ignore the defect and continue with the transaction
7.A Pennsylvania real estate salesperson working as a buyer agent must provide which of the following to the buyer?
(A)A written disclosure of the seller's property condition
(B)A copy of the sales contract
(C)A list of recommended home inspectors
(D)The Consumer Notice at the initial interview
8.What is the difference between a seller agent and a dual agent?
(A)A seller agent represents the buyer, while a dual agent represents both parties
(B)A seller agent can only work with residential properties, while a dual agent can work with commercial properties
(C)A seller agent is responsible for disclosing known material defects, while a dual agent is not
(D)A seller agent represents the seller, while a dual agent represents both parties
9.A real estate salesperson is acting as a seller agent. What is one of the fiduciary duties owed to the seller?
(A)Honesty only
(B)Disclosure of material defects only
(C)Negotiation of the sale price only
(D)Loyalty, among other fiduciary duties
10.What is the primary difference between a transaction licensee and a seller or buyer agent?
(A)The type of property being sold
(B)The amount of commission earned
(C)The location of the property
(D)The level of fiduciary duty owed to the client
11.Which of the following is NOT a fiduciary duty owed by a real estate agent to their client?
(A)Loyalty
(B)Confidentiality
(C)Disclosure
(D)Negotiation
12.What duties does a transaction licensee owe to a consumer in Pennsylvania?
(A)Fiduciary duties of loyalty and confidentiality
(B)No duties at all
(C)Duties of reasonable care and accounting
(D)Statutory duties of honesty and disclosure of material defects
13.Which duty is owed by a buyer agent to their client in Pennsylvania?
(A)Honesty and disclosure of material defects only
(B)Confidentiality and disclosure of material defects only
(C)Accounting and obedience to lawful instructions only
(D)Loyalty, confidentiality, and reasonable care
14.What determines the agency relationship in Pennsylvania real estate?
(A)The amount of compensation paid to the salesperson
(B)The salesperson's oral representation
(C)The Consumer Notice provided at the initial interview
(D)The written agreement between the parties
15.A transaction licensee in Pennsylvania owes which of the following duties to a client?
(A)loyalty, confidentiality, and disclosure
(B)obedience and confidentiality
(C)reasonable care and accounting
(D)honesty and disclosure of material defects
16.Which of the following relationships is permitted in Pennsylvania with the written consent of all parties?
(A)Designated Agency
(B)Buyer Agency
(C)Seller Agency
(D)Dual Agency
17.What is the difference between a transaction licensee and a seller agent in terms of duties owed to the client?
(A)A transaction licensee owes fiduciary duties, while a seller agent does not
(B)A seller agent owes fiduciary duties, while a transaction licensee does not
(C)Both owe the same duties to the client
(D)Neither owes any duties to the client
18.A salesperson is working with a buyer and discovers a material defect in the property. What must the salesperson do?
(A)Disclose the defect to the buyer if the salesperson is a dual agent
(B)Keep the defect confidential
(C)Disclose the defect to the seller
(D)Disclose the defect to the buyer if the salesperson is the buyer's agent
19.A salesperson represents a buyer as a buyer agent. Which duty does the salesperson owe to the buyer?
(A)Honesty and disclosure of material defects
(B)Obedience and confidentiality
(C)Reasonable care and accounting
(D)Loyalty, confidentiality, and disclosure
20.A transaction licensee in Pennsylvania owes which of the following duties to their client?
(A)Loyalty and confidentiality
(B)Honesty and disclosure of material defects
(C)Reasonable care and diligence
(D)All of the above
Answer key & explanations
1. D — The type of agency relationship is determined by the written agreement between the parties, not by compensation.
2. D — The salesperson must promptly deliver the funds to the employing broker, as they are not allowed to hold escrow personally.
3. D — The Consumer Notice, which discloses available business relationships, must be provided to the consumer at the initial interview.
4. D — As an agent, the salesperson owes fiduciary duties to the seller, including loyalty, confidentiality, disclosure, accounting, and reasonable care.
5. D — A real estate agent has a fiduciary duty to keep all information confidential, except in cases where disclosure is required by law.
6. A — The salesperson has a duty to disclose known material defects to the buyer.
7. D — The Consumer Notice must be provided to the buyer at the initial interview, regardless of the type of agency relationship.
8. D — A seller agent represents the seller's interests, while a dual agent represents both the buyer and seller in a transaction.
9. D — As a seller agent, the salesperson owes the seller fiduciary duties including loyalty, confidentiality, disclosure, accounting, and reasonable care.
10. D — A transaction licensee owes only statutory duties of honesty and disclosure of material defects, whereas a seller or buyer agent owes fiduciary duties.
11. D — Negotiation is a skill or task performed by an agent, but it is not a fiduciary duty.
12. D — A transaction licensee owes only statutory duties of honesty and disclosure of material defects, not fiduciary duties.
13. D — A buyer agent owes fiduciary duties, including loyalty, confidentiality, and reasonable care, to their client.
14. D — The agency relationship is determined by the written agreement between the parties, not by compensation or other factors.
15. D — A transaction licensee in Pennsylvania owes only the duties of honesty and disclosure of material defects, not fiduciary duties.
16. D — Dual agency is allowed in Pennsylvania with the written consent of all parties, enabling a licensee to represent both the buyer and seller in a transaction.
17. B — A seller agent owes fiduciary duties, while a transaction licensee owes only honesty and disclosure of material defects.
18. D — As a buyer's agent or transaction licensee, the salesperson must disclose known material defects to the buyer.
19. D — As a buyer agent, the salesperson owes fiduciary duties, including loyalty, confidentiality, and disclosure.
20. B — A transaction licensee owes only honesty and disclosure of material defects, not fiduciary duties.
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