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Study sets matching "estate law chapter 5 licenses"

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Study sets matching "estate law chapter 5 licenses"

21 terms
Chapter 5 Florida Real Estate License Law
REAL ESTATE BROKERAGE
REAL ESTATE BROKER
Real estate brokers may deal in busine…
REAL ESTATE SALESPERSON
:a sole-proprietorship, corporation, or partnership business…
:one licensed to operate a real estate business independently…
Example:... A building that houses a shoe store is real state (t…
:performs brokerage functions for licensed broker... - licenses…
REAL ESTATE BROKERAGE
:a sole-proprietorship, corporation, or partnership business…
REAL ESTATE BROKER
:one licensed to operate a real estate business independently…
10 terms
Real Estate Law- Ch 5- Easements and Licenses
Easement
Dominant tenement
Servient tenement
Appurtenant Easement
Right granted to a non-owner of real property to use the real…
Parcel of land benefited by an appurtenant easement. Who gets…
Parcel of land on which an appurtenant easement is located.
Easement create to benefit a particular parcel of real proper…
Easement
Right granted to a non-owner of real property to use the real…
Dominant tenement
Parcel of land benefited by an appurtenant easement. Who gets…
17 terms
Real Estate Law- Ch 5- Easements and Licenses
Easement
Dominant Estate
Servient Estate
Appurtenant Easement
Right granted to a non-owner of real property to use the real…
Parcel of land benefited by an appurtenant easement. Who gets…
Parcel of land on which an appurtenant easement is located.
Easement create to benefit a particular parcel of real proper…
Easement
Right granted to a non-owner of real property to use the real…
Dominant Estate
Parcel of land benefited by an appurtenant easement. Who gets…
29 terms
NJ Real Estate License - Chapter 5
Bundle of Rights
Devise
Land
Parcel
Real Property Ownership... Has the rights of:... Possession... Use... Enj…
Leave by will
Surface of the earth including anything created by nature. in…
Specific Tract of Land
Bundle of Rights
Real Property Ownership... Has the rights of:... Possession... Use... Enj…
Devise
Leave by will
17 terms
Real Estate Law- Ch 5- Easements and Licenses
Easement
Dominant Estate
Servient Estate
Appurtenant Easement
Right granted to a non-owner of real property to use the real…
Parcel of land benefited by an appurtenant easement. Who gets…
Parcel of land on which an appurtenant easement is located.
Easement create to benefit a particular parcel of real proper…
Easement
Right granted to a non-owner of real property to use the real…
Dominant Estate
Parcel of land benefited by an appurtenant easement. Who gets…
27 terms
Chapter 1: Real Estate License Law
Administrative Discipline
Apartment Sharing Agent
Article 12-A
Article 78 Proceeding
The New York Department of State's Enforcement of license law…
An individual licensed by the New York Department of State wh…
Article of New York Real Property Law, which contains most of…
Refers to an article of the Civil Practice Law and Rules that…
Administrative Discipline
The New York Department of State's Enforcement of license law…
Apartment Sharing Agent
An individual licensed by the New York Department of State wh…
17 terms
Illinois Real Estate License Law chapter 14
Blind ad
Branch office license
Broker
Designated agency
An advertisement whereby the sponsoring broker's name is not…
In Illinois, a separate license that must be obtained for eac…
One who acts as an intermediary on behalf of others for a fee…
In Illinois, designated agency allows the sponsoring broker t…
Blind ad
An advertisement whereby the sponsoring broker's name is not…
Branch office license
In Illinois, a separate license that must be obtained for eac…
17 terms
Chapter 14: Illinois Real Estate License Law
Blind ad
Branch office license
Broker
Designated agency
An advertisement whereby the sponsoring broker's name is not…
In Illinois, a separate license that must be obtained for eac…
One who acts as an intermediary on behalf of others for a fee…
In Illinois, designated agency allows the sponsoring broker t…
Blind ad
An advertisement whereby the sponsoring broker's name is not…
Branch office license
In Illinois, a separate license that must be obtained for eac…
26 terms
California Real Estate License (Chapter 5)
Equitable Title
Executory
Counteroffer
Multiple offers
the interest that the buyer has in a property once a contract…
the contract is considered executory until all of the terms o…
it's a rejection, of a previous offer, combined with a new of…
simultaneous multiple offers can be presented, countered, or…
Equitable Title
the interest that the buyer has in a property once a contract…
Executory
the contract is considered executory until all of the terms o…
17 terms
Chapter 13: Real Estate Licensing Law
Associate Broker
Broker
Broker of Record
Builder-owner salesperson
A person licensed as a real estate broker who chooses to work…
One who buys and sells for another for a commission. In real…
The individual broker responsible for the real estate transac…
An individual who is a full-time employee of the owner or bui…
Associate Broker
A person licensed as a real estate broker who chooses to work…
Broker
One who buys and sells for another for a commission. In real…
23 terms
NC Real Estate License Law
makeup of commission
powers granted to the NC Real Estate C…
disciplinary actions against licensees…
powers not granted to the NC Real Esta…
consists of nine members - 7 appointed by governor; one by Sp…
1. licensing real estate brokers in NC... 2. approving schools t…
a. reprimand - slap on the wrist... b. censure - harder slap on…
1. cannot practice law... 2. cannot declare sales contracts, lis…
makeup of commission
consists of nine members - 7 appointed by governor; one by Sp…
powers granted to the NC Real Estate C…
1. licensing real estate brokers in NC... 2. approving schools t…
82 terms
Chapter 18: Georgia Real Estate License Law
License law
Real Estate Commission
Commissioner
reinstatement fee
The state statute that governs the licensing and business pra…
The state agency that is responsible for administering the li…
Full time employee of the commission who serves as its chief…
a charge to reinstate a lapsed license
License law
The state statute that governs the licensing and business pra…
Real Estate Commission
The state agency that is responsible for administering the li…
30 terms
Chapter 2 - SC Real Estate License Law
Administrative Law Judge (ALJ)
associated licensee
BIC
biennal renewal
...
...
...
...
Administrative Law Judge (ALJ)
...
associated licensee
...
58 terms
Chapter 16 - Illinois Real Estate Licensing Law
What law was intended to regulate the…
Who administers and enforces the Illin…
What is the Real Estate Recovery Fund…
How many hours are required for a Brok…
The Real Estate License Act of 2000, as amended in 2010
The IDFPR, Illinois Department of Financial and Professional…
a consumer oriented fund for compensating consumers harmed by…
90 hours ... (75 home study, 15 classroom)
What law was intended to regulate the…
The Real Estate License Act of 2000, as amended in 2010
Who administers and enforces the Illin…
The IDFPR, Illinois Department of Financial and Professional…
16 terms
Chapter 18: Georgia Real Estate License Law
License law
Real Estate Commission
Real estate broker
Real estate salesperson
The state statute that governs the licensing and business pra…
The state agency that is responsible for administering the li…
A person who is licensed to represent others in real estate t…
A person who is licensed to work for and represent a broker i…
License law
The state statute that governs the licensing and business pra…
Real Estate Commission
The state agency that is responsible for administering the li…
30 terms
Real Estate Law: Chapter 5
Freehold Estate
Nonfreehold or Leasehold estate
Fee simple absolute
Fee Simple defeasible
An indefinite estate for life or in fee.
An ownership interest in land generally of a fixed or determi…
An estate limited abosolutely to its owners and their heirs t…
A fee estate that may end upon the happening of a specified e…
Freehold Estate
An indefinite estate for life or in fee.
Nonfreehold or Leasehold estate
An ownership interest in land generally of a fixed or determi…
23 terms
Chapter 14 Illinois Real Estate License Law
blind ad
branch office license
broker
designated agency
An advertisement whereby the sponsoring broker's name is not…
In Illinois, a separate license that must be obtained for eac…
One who acts as an intermediary on behalf of others for a fee…
In Illinois, designated agency allows the sponsoring broker t…
blind ad
An advertisement whereby the sponsoring broker's name is not…
branch office license
In Illinois, a separate license that must be obtained for eac…
20 terms
Real Estate License Law
Florida Real Estate Commission (FREC)
3 types of real estate licenses
Requirements for a Sales license
Requirements for a Broker's License
enforces real estate rules and discipline with members appoin…
1. Sales Associate... 2. Broker... 3. Broker Associate
1. 18 years old... 2. high school diploma... 3. good character and…
1. must have been licensed sales-associate under a broker for…
Florida Real Estate Commission (FREC)
enforces real estate rules and discipline with members appoin…
3 types of real estate licenses
1. Sales Associate... 2. Broker... 3. Broker Associate
23 terms
Chapter 2 - Real Estate License Law
Florida Real Estate Commission
The Florida Department of Business and…
Division of Real Estate (DRE).
Florida Real Estate Commission (FREC)
was created to enforce and administer the law in 1926. The pu…
agency regulating one million professionals and businesses ac…
The DRE is mandated to protect the public by regulating real…
is the enforcer of real estate rules and discipline. Members…
Florida Real Estate Commission
was created to enforce and administer the law in 1926. The pu…
The Florida Department of Business and…
agency regulating one million professionals and businesses ac…
17 terms
Chapter 14- Illinois Real Estate License Law
Blind ad
Branch office license
broker
designated agency
an advertisement whereby the sponsoring brokers name is not i…
in il, a separate license that must be obtained for each bran…
one who acts as an intermediary on behalf of others for a fee…
in IL designated agency allows the sponsoring broker to appoi…
Blind ad
an advertisement whereby the sponsoring brokers name is not i…
Branch office license
in il, a separate license that must be obtained for each bran…
17 terms
Chapter 13 Pennsylvania Real Estate Licensing Law
associate broker
broker
broker of record
builder-owner salesperson
a person licensed as a real estate broker who chooses to work…
one who buys and sells for another for a commission. in real…
the individual broker responsible for the real estate transac…
an individual who is a full-time employee of the owner or bui…
associate broker
a person licensed as a real estate broker who chooses to work…
broker
one who buys and sells for another for a commission. in real…
20 terms
chapter 2: real estate license law and qualifications
adjudication withheld
broker
broker associate
caveat emptor
when a criminal final judgement is withheld or not recorded i…
one who is licensed by the state of FL to carry on the busine…
an individual qualified to be issued a broker's license but w…
"let the buyer beware"
adjudication withheld
when a criminal final judgement is withheld or not recorded i…
broker
one who is licensed by the state of FL to carry on the busine…
34 terms
Real estate license law
The History of Florida Real Estate Law
Division of Real Estate (DRE).
The Florida Real Estate Commission (FR…
Real Estate License Categories
Florida passed its first real estate license law in 1923. The…
Within the DBPR is the DRE is mandated to protect the public…
is the enforcer of real estate rules and discipline. Members…
One of the first areas of regulation within the business of r…
The History of Florida Real Estate Law
Florida passed its first real estate license law in 1923. The…
Division of Real Estate (DRE).
Within the DBPR is the DRE is mandated to protect the public…
12 terms
Real Estate Licensing Prep: Chapter 5 - Legal Identification of Real Property
Three methods of legally identifying r…
Rectangular or Government Survey method
Section
Important Meaurements
(1) Rectangular or Government Survey Method... (2) Subdivision P…
Used primarily in Midwestern states; based on North-South bou…
Each township divided into 36 1 sq. mile parts; each section…
1 mile = 5,280 feet... 1 section = 640 acres... 1 acre = 43, 560 sq…
Three methods of legally identifying r…
(1) Rectangular or Government Survey Method... (2) Subdivision P…
Rectangular or Government Survey method
Used primarily in Midwestern states; based on North-South bou…
12 terms
Chapter 14: Illinois Real Estate License Law
Illinois Department of Financial and P…
Four major funds administered through…
Division of Real Estate
Real Estate Administration and Discipl…
In charge of administering and performing the Illinois Real E…
-Real Estate License Administration Fund... -Real Estate Researc…
Has primary authority to administer the real estate license a…
acts in a advisory capacity to the real estate coordinator re…
Illinois Department of Financial and P…
In charge of administering and performing the Illinois Real E…
Four major funds administered through…
-Real Estate License Administration Fund... -Real Estate Researc…
25 terms
Chapter 1A : Real estate license law
New York Department of state (DOS)
License categories
Real estate broker
Real estate associate broker
The New York State department of state's division of licensin…
The 3 real estate license categories in New York are:... •Broker…
Any person, firm , limites liability company or corporation w…
Licensed broker who chooses to work under the name and superv…
New York Department of state (DOS)
The New York State department of state's division of licensin…
License categories
The 3 real estate license categories in New York are:... •Broker…
Chapter 3: Real Estate License Law and Administration
DBPR statute for Regulation of Busines…
DBPR statute for Real Estate License Law
FREC has how many members?
The Commission's Authority to Regulate…
455 F.S.
475 F.S.
7 (4 brokers, 1 SA, 2 consumers)
Executive
DBPR statute for Regulation of Busines…
455 F.S.
DBPR statute for Real Estate License Law
475 F.S.
Real Estate Pre-Licensing Course - Chapter 5
Acceptance
Assignee
Assignment
Assignor
The agreement of one party to a set of terms offered by a sec…
...
The transfer of rights and interests in property from one per…
...
Acceptance
The agreement of one party to a set of terms offered by a sec…
Assignee
...
16 terms
Chapter 13: Pennsylvania Real Estate Licensing Law
Associate Broker
Broker
Broker of Record
Builder-owner Salesperson
A person licensed as a real estate broker who chooses to work…
One who buys and sells for another for a commission. In real…
The individual broker responsible for the real estate transac…
An individual who is a full time employee of the owner or bui…
Associate Broker
A person licensed as a real estate broker who chooses to work…
Broker
One who buys and sells for another for a commission. In real…
46 terms
Real Estate Pre-Licensing Course - Chapter 5
Acceptance
Assignee
Assignment
Assignor
The agreement of one party to a set of terms offered by a sec…
...
The transfer of rights and interests in property from one per…
...
Acceptance
The agreement of one party to a set of terms offered by a sec…
Assignee
...
16 terms
CHAPTER 13 PENNSYLVANIA REAL ESTATE LICENSING LAW
ASSOCIATE BROKER
BROKER
BROKER OF RECORD
BUILDER-OWNER SALESPERSON
A person licensed as a real estate broker who chooses to work…
One who buys and sells for another for a commission. In real…
The individual broker responsible for the real estate transac…
An individual who is a full time employees of the owner or bu…
ASSOCIATE BROKER
A person licensed as a real estate broker who chooses to work…
BROKER
One who buys and sells for another for a commission. In real…
35 terms
Chapter 14 - Ilinois Real Estate License Laws
Illinois Department of Financial and P…
Four Funds of IDFPR
Division of Real Estate
Real Estate Coordinator
Responsible for administering and enforcing the Real Estate L…
The Real Estate License Administration Fund, the Real Estate…
Part of the IDFPR that has primary authority to administer th…
A licensed broker is appointed to this by the IDFPR secretary…
Illinois Department of Financial and P…
Responsible for administering and enforcing the Real Estate L…
Four Funds of IDFPR
The Real Estate License Administration Fund, the Real Estate…
26 terms
real estate license law = *
Broker Knorr advertised about a microw…
Mobile listing expired - broker must r…
when a real estate licensee negotiates…
a real estate licensee has not complie…
- Legal, provided full disclosure is made to all interested p…
- he has 48 hours from the termination
- 10 calendar days
- A temporary renewal will be issued, but the licensee must p…
Broker Knorr advertised about a microw…
- Legal, provided full disclosure is made to all interested p…
Mobile listing expired - broker must r…
- he has 48 hours from the termination
11 terms
Chapter 3: Real Estate License Law and Administration
DBPR statute for Regulation of Busines…
DBPR statute for Real Estate License Law
FREC has how many members?
The Commission's Authority to Regulate…
455 F.S.
475 F.S.
7 (4 brokers, 1 SA, 2 consumers)
Executive
DBPR statute for Regulation of Busines…
455 F.S.
DBPR statute for Real Estate License Law
475 F.S.
35 terms
Real Estate License Law
Purpose of real estate license laws
Responsible for enforcing license laws
Members of the Board of Real Estate
Salesperson applicants must
to protect the health, safety and welfare of the public by en…
NY State Department of State Division of Licensing Services
15 including Secretary of State, Executive Director of Consum…
be 18 years old, complete 75 hours of training, pass NY State…
Purpose of real estate license laws
to protect the health, safety and welfare of the public by en…
Responsible for enforcing license laws
NY State Department of State Division of Licensing Services
30 terms
Real Estate (PA): Chapter 13 - Pennsylvania Real Estate Licensing Law
associate broker
broker
broker of record
builder-owner salesperson
A person licensed as a real estate broker who chooses to work…
One who buys and sells for another for a commission. In real…
The individual broker responsible for the real estate transac…
An individual who is a full-time employee of the owner or bui…
associate broker
A person licensed as a real estate broker who chooses to work…
broker
One who buys and sells for another for a commission. In real…
30 terms
Real Estate (PA): Chapter 13 - Pennsylvania Real Estate Licensing Law
associate broker
broker
broker of record
builder-owner salesperson
A person licensed as a real estate broker who chooses to work…
One who buys and sells for another for a commission. In real…
The individual broker responsible for the real estate transac…
An individual who is a full-time employee of the owner or bui…
associate broker
A person licensed as a real estate broker who chooses to work…
broker
One who buys and sells for another for a commission. In real…
14 terms
Real Estate 11: License Law
associate broker
qualifying broker
Client
buyer's agent
A person who holds a broker's license but is exclusively affi…
The sponsoring broker for a licensed corporation, LLC, or par…
One who engages the professional advice and services of a lic…
A licensee who is employed by and represents only the buyer i…
associate broker
A person who holds a broker's license but is exclusively affi…
qualifying broker
The sponsoring broker for a licensed corporation, LLC, or par…
33 terms
Real Estate License Law and Commission
Active License
Department of Business and Professiona…
Secretary of the DBPR... Governor
Division of Real Estate (DRE)
This is a current, valid license registered with the DBPR. Th…
______ is the agency charged with licensing and regulating bu…
The chief administrator of the DBPR is the _______, who is ap…
_______ performs all functions related to the regulation of g…
Active License
This is a current, valid license registered with the DBPR. Th…
Department of Business and Professiona…
______ is the agency charged with licensing and regulating bu…
17 terms
Chapter 17: real estate careers and the real estate license law
Skills
Real estate companies
Compensation
Professional associations
Real estate agents must be self-motivated and disciplined, as…
Agents may, depending on their preferences, choose to work fo…
A firm may compensate its agents using a percentage split of…
A real estate agent may join a professional association, such…
Skills
Real estate agents must be self-motivated and disciplined, as…
Real estate companies
Agents may, depending on their preferences, choose to work fo…
30 terms
Real Estate (PA): Chapter 13 - Pennsylvania Real Estate Licensing Law
associate broker
broker
broker of record
builder-owner salesperson
A person licensed as a real estate broker who chooses to work…
One who buys and sells for another for a commission. In real…
The individual broker responsible for the real estate transac…
An individual who is a full-time employee of the owner or bui…
associate broker
A person licensed as a real estate broker who chooses to work…
broker
One who buys and sells for another for a commission. In real…
17 terms
Real Estate: Chapter 13 Pennsylvania Real Estate Licensing Law
Associate Broker
Broker
Broker of Record
Builder-owner Salesperson
A person licensed as a real estate broker who chooses to work…
One who buys and sells for another for a commission. Must be…
The individual broker responsible for the real estate transac…
An individual who is a full-time employee of the owner or bui…
Associate Broker
A person licensed as a real estate broker who chooses to work…
Broker
One who buys and sells for another for a commission. Must be…
55 terms
Real Estate Law Chapter 5
estate
freehold estate
nonfreehold, leasehold estates
fee simple absolute
a large, grand residential property; has many meanings
an indefinite estate for life or in fee
an ownership interest in land generally of a fixed or determi…
an estate limited absolutely to its owners and their heirs th…
estate
a large, grand residential property; has many meanings
freehold estate
an indefinite estate for life or in fee
59 terms
Real Estate License Exam Questions License Law
If a broker is the single agent for a…
The administrative officer employed by…
Broker Bill has a listing contract to…
A broker who represents only the selle…
Transitioning to transaction broker with both parties.
Executive Director
Present the offer and suggest that the owner counteroffer for…
a single agent
If a broker is the single agent for a…
Transitioning to transaction broker with both parties.
The administrative officer employed by…
Executive Director
70 terms
Indiana Real Estate License Law
Client
Customer
Broker-salesperson or Associate Broker
In-House Agency
A licensee has an agency relationship with, and is representi…
One with whom there is NO agency relationship. Ex People just…
A broker who COULD operate as a principle broker but CHOOSES…
Individual agents represent both sides of the transaction but…
Client
A licensee has an agency relationship with, and is representi…
Customer
One with whom there is NO agency relationship. Ex People just…
77 terms
Massachusetts Real Estate License Law
If you do this you better be a real es…
The Board or its agents: promulgates
Active experience as a salesperson
Non-residents
Advertises and/or holds himself or herself out as engaged in…
to make known by public declaration; announce officially
begins when the Board is notified in writing of salesperon's…
may be licensed as agents if they file a writtten power of at…
If you do this you better be a real es…
Advertises and/or holds himself or herself out as engaged in…
The Board or its agents: promulgates
to make known by public declaration; announce officially
18 terms
Kansas Real Estate License Law
Kansas Legislature
A License
Broker
Supervising Broker
Who enacts the real estate law in Kansas?
Can only be issued to people, not to a corporation, partnersh…
Each office must have it own?
Broker of main office & holds all licenses of main office
Kansas Legislature
Who enacts the real estate law in Kansas?
A License
Can only be issued to people, not to a corporation, partnersh…
13 terms
FLORIDA REAL ESTATE LICENSE LAW CHAPTERS CHAPTER 2 AND CHAPTER1
An individual does not intend to engag…
An individual who has fulfilled all of…
When purchasing a commercial property…
A nonresident who desires to become a…
Registered with the DBPR
active broker associate
caveat emptor
permit legal action to be initiated against the licensee in F…
An individual does not intend to engag…
Registered with the DBPR
An individual who has fulfilled all of…
active broker associate
38 terms
Real Estate: Massachusetts License Law
MA license law
purpose of MA license law
Board of MA license law
Qualifications for licensure (salesper…
1960, anyone who does something for a fee or commission must…
protect public interest, legislature enacts law, board promot…
5 members appointed by governor... one chairperson... 5 years term,…
must be 18, completed 40 hours classroom at approved school,…
MA license law
1960, anyone who does something for a fee or commission must…
purpose of MA license law
protect public interest, legislature enacts law, board promot…
24 terms
2. Real Estate License Law
The History of FL Real Estate Law
FREC... The Florida Real Estate Commission
Caveat Emptor
Real Estate License Categories
Florida passed its first real estate license law in 1923. The…
Is the enforcer of real estate rules and discipline. ... Members…
A buyer should inspect the goods before purchase, because the…
Sales Associate: A person who provides real estate services f…
The History of FL Real Estate Law
Florida passed its first real estate license law in 1923. The…
FREC... The Florida Real Estate Commission
Is the enforcer of real estate rules and discipline. ... Members…
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