A Latin phrase meaning "let the buyer beware"
A series of books commonly referred to as the REAL ESTATE law 1 covers licensing 2 transactions including the subdivided land laws.
What does DRE stand for? And who heads it?
DEPARTMENT OF REAL ESTATE headed by the REAL ESTATE COMISSIONER
Who appoints the REAL ESTATE COMMISSIONER?
DUTYS OF the REAL ESTATE COMMISSIONER
Screens candidates, prepares subdivisions, conducts investigations
Who makes recommendations to the REAL ESTATE COMMISSIONER on matters involving the DRE?
the REAL ESTATE ADVISORY COMMISSION
A business in which real estate license-related activities are preformed, under who's supervision?
A REAL ESTATE BROKERGE OR A REAL ESTATE BROKER
A FICTITIOUS BUSINESS NAME
Any name other than that of a real estate licensee. sole proprietorship,corporation or partnership as long as the real estate license is in that name.
A LICENSED REAL ESTATE SALES PERSON
Someone who is employed for compensation ^salary or commission^by a licensed real estate broker.
LICENSED AS A MOBILE HOME DEALER
If a real estate agent displays or offers for sale two or more mobile homes ^manufactured homes^
TO ACT AS A MORTGAGE LOAN BROKERAGE
In Califorinia a real estate brokerage can also solicit borrowers, negotiate and collect payment of loans.
the SMALL BUSINESS ADMINISTRATION. A federal agency defines a small business as one with no more than $1 million in annual sales or a manufacturer with no more than 250 employees.
Is a contract or agreement between two or more persons.
UNIFORM COMMERCIAL CODE
This Governs the sale or transfer of goods odinarily held for sale in the course of business obtain by credit.
RECORDATION BULK TRANSFER OF GOODS
This is the transfer of any part of the goods that is not in the ordinary course of the transferor's business. Notice must be made 12 days before the transfer is to take place.
PREPAID RENTAL LISTING SERVICE. A business that supplies a prospective tenant with listings of residential real property on the payment of a fee collected, no separate license is needed.
EXEMPTIONS FROM REAL ESTATE LICENSING REQUIREMENTS
A person who deals only with his or her own property, any trustee selling under a deed of trust, escrow agents, an attorney-at-law, a licensed securities broker or dealer.
PERSONAL RESPONSIBLITY AND WORK OPPORTUNITY ACT
This law requires that certain public benifits be withheld from illegal immigrants.
ALIEN REGISTRATION RECEIPT CARD. ^green card^
This is shown as proof of LEGAL ALIEN STATUS and must be submitted each time a license is renewaled.
WHAT IS the TERM OF A BORKER OR A SALESPERSONS. LICENSE?
A broker or a salespersons license term is 4 years inorder to renew the license they must complete a 45 hour course of continuing education. ^CE^.
IF A LICENSE IS NOT RENWED BEFORE IT EXPIRES
All real estate activities must cease immediately!
If a BROKER's LICENSE is not renewed.
All licensees whether salesperson or broker's will be place on a non- working status if this is not renewed.
HOW LONG IS GIVEN FROM the EXPIRATION DATE OF THE LICENSE?
2 years from the date of expiration.
WHERE DO YOU NEED TO SHOW YOUR LICENSE NUMBER?
Business cards, stationary, web sites, promotional and advertising material.
WHEN DO YOU NOT NEED TO SHOW YOUR LICENSE NUMBER?
Advertising in electronic media, radio, tv ads, print newspaper, For Sale Signs.
MOST COMMON VIOLATIONS OF THE REAL ESTATE LAW
Trust fund, record keeping, failure to supervise, unlicensed activity, misrepresentions, disclosure issues, and criminal convictions.
WHAT LICENSE IS ISSUED IF REAL ESTATE LAW IS VIOLATED?
A RESTRICTED LICENSE. This could limit the length of the license term, require the salesperson to be employed by a particular real estate broker or filing for a surety bond,for the protection of persons whom the licenee does business.
If a licensee does not disclose that the property is offered through a licensed real estate agent. This is illegal!
REAL ESTATE EDUCATION and RESEARCH FUND
Used to research in land use and real estate development is made possible,THE RECOVERY ACCOUNT is another fund financed by license fees used for victims of license fraud.