Decoding what is a Real Estate Commission?
A real estate commission is a government agency that oversees the functioning of the real estate industry in a specific jurisdiction. Its purpose is to ensure that real estate professionals act as per the laws governing their functioning.
Certain examples of real estate commissions in the United States are -
- Texas Real Estate Commission
- Pennsylvania Real Estate Commission
- Georgia Real Estate Commission
- California Bureau of Real Estate
- New York Real Estate Commission
About the Pennsylvania Real Estate Commission (PREC)
The primary goal of this agency is to ensure that real estate professionals follow the laws and regulations that govern the industry.
The PREC is also the regulatory body that controls the issue of a real estate license in Pennsylvania to aspiring real estate agents and brokers. Any PA real estate exam prep and coursework must be approved by PREC to be counted for fulfilling license sanction norms.
Hence, if you are wondering how to get a PA real estate license, check out the website of PREC for more details.
To understand the functioning of PREC better, here are some key points about it:
- The Pennsylvania Real Estate Commission was created by the state’s Real Estate Licensing and Registration Act.
- It issues licenses, establishes educational requirements, and enforces regulations related to this sector.
- The Governor of Pennsylvania appoints the members of the state commission.
- The members including both real estate professionals and public members are not engaged in this industry.
- The commission oversees the licensing and registration processes of real estate professionals, which includes both brokers and salespersons.
- It has the authority to establish the qualification and requirement rules for obtaining and renewing a license as well as continuing education obligations.
- It lays educational standards for you to seek entry into the real estate profession.
- It has the authority to approve or disapprove education providers dealing in real estate education.
- The commission oversees the laws related to real estate transactions and the conduct of real estate professionals.
- It has the authority to investigate complaints against licensees and take disciplinary actions if necessary.
- It has the authority to issue fines, and suspend, and revoke the licenses of real estate professionals.
- The commission protects the interest of the public by ensuring that real estate professionals follow the Pennsylvania real estate law.
- Consumers can file complaints with the Commission if any real estate professional engages in illegal practices.
Further, aspiring real estate agents can get complete information about rules and regulations from the website of the Commission. This regulatory body also administers the exams that lead to licenses being awarded to real estate agents.
The Goals of the Pennsylvania Real Estate Commission
The primary goal of the Commission is to oversee the functioning of the real estate industry in the state. It also ensures that professionals in this field maintain high ethical standards and are fair and transparent in their dealings with clients.
Among the objectives of the Pennsylvania Real Estate Commission are:
- Establishing and enforcing licensing standards for new entrants into the industry and stipulating the necessary qualifications, including education and examination requirements.
- Safeguarding the clients’ interests by enforcing laws that prevent unethical and fraudulent practices in real estate transactions.
- Setting minimum educational requirements that provide real estate agents with the knowledge to serve clients better. This aspect also covers continuing education requirements that keep professionals abreast with the latest developments in the industry.
- Investigating complaints against the working of real estate agents and taking disciplinary action if required.
- Providing information to the public regarding real estate laws and the licensing process.
- Maintaining open communication with real estate professionals to keep them updated.
- Collaborating with real estate stakeholders to address issues and concerns in the industry.
- Encouraging the development of real estate professionals and supporting initiatives that develop their skill sets.
Responsibilities of Real Estate Professionals?
Here are some of the roles and responsibilities of real estate professionals.
We provide advice and guidance based on market knowledge, and property values while following local industry regulations.
Conduct market research, analyzemarket trends, and determine correct and accurate property values.
They develop and implement market strategies to promote their properties for sale.
They schedule and conduct property showings and tours for potential buyers.
They negotiate terms and conditions on behalf of the clients, including price, financing terms, and closing timelines.
They conduct their businesses with integrity while adhering to all federal, state, and local laws governing the real estate industry.
Address and help resolve issues that may arise during a real estate transaction and provide solutions to challenges.
They maintain confidentiality regarding client information, negotiations, and other sensitive details that may affect their client-agent relationship.
Overview of Pennsylvania Real Estate Law
The PREL sets various regulationsthat govern the purchase, leasing, sale, and use of real estate property.
Some of the important aspects are given below.
1. Pennsylvania Real Estate Licensing and Registration Act (RELRA)
The functioning of real estate professionals in Pennsylvania is controlled by RELRA. The Pennsylvania Real Estate Commission is established under this Act and oversees licensing and enforcement processes.
2. Requirements to get a real estate license
The law details the educational requirements for real estate professionals to get a license.
3. Protection to consumers
The law protects consumers against any unfair trade practices by real estate professionals. PREC reserves the right to take action against such erring professionals as laid down by law.
4. Transfer of property ownership
The Pennsylvania real estate law governs the various aspects of transfer of property including execution and notarization.
5. Property taxation
One of the most essential aspects of Pennsylvania real estate law is the real estate transaction. It humbly includes the assessment and collection of property taxes by local municipalities of Pennsylvania and school districts.
6. Eminent domain
It outlines the principles and procedures related to eminent domain. It is a process where the government of Pennsylvania takes private property for public use in return for fair compensation.
7. Fair housing laws
The federal and state fair housing laws prohibit discrimination in housing based on race, color, sex, religion, and disability.
9. Sheriff’s sales and foreclosure
Foreclosure and share of sales is the process where properties are auctioned to cover debts. However, these laws are not static and are subject to change over time. So you must seek legal advice or consult a professional to ensure compliance with the latest regulations in place.
PREC acts as a guardian of public interest, fostering a fair real estate environment. It is responsible for shaping a trustworthy, real estate industry.