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Study sets matching "law real estate license"

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Study sets matching "law real estate license"

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
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…
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
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
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…
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…
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…
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
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…
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…
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…
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…
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…
200 terms
Indiana Real Estate License Law
Indiana Real estate law is administere…
The members of IREC are appointed by the
The IREC has the authority to
In order to be appointed as an Indiana…
Indiana real estate commission (IREC)
Governor
Adopt and enforce the rules by which all real estate licensee…
have been licensed an an Indiana broker for five years
Indiana Real estate law is administere…
Indiana real estate commission (IREC)
The members of IREC are appointed by the
Governor
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
197 terms
Alabama Real Estate License Law
15 days
30 days
30 days
conversion
AREC must give __?____ days notice of the hearing?
How many days does AREC have to give before their decision is…
How many days does the licensee have to decide if they will a…
spending earnest money = theft
15 days
AREC must give __?____ days notice of the hearing?
30 days
How many days does AREC have to give before their decision is…
83 terms
indiana real estate license law
Out of State Commercial Broker
Out of State Commercial Broker can leg…
Out of State Commercial Broker
Statue of Frauds
Defined in 2005. This is a broker licensed in another state w…
a. Work with a Licensed Indiana Broker... ... b. Have a written…
have long been allowed to operate in Indiana with the written…
The ______ ____ __________requires the Contract of Sale to be…
Out of State Commercial Broker
Defined in 2005. This is a broker licensed in another state w…
Out of State Commercial Broker can leg…
a. Work with a Licensed Indiana Broker... ... b. Have a written…
70 terms
NC Real Estate License Law & Real Estate Commission Rules
Who is required to have a real estate…
What is a real estate Broker?
What qualifies a person to be a broker…
What is a Provisional Broker?
Any person or business entity who directly or indirectly enga…
Any person, partnership, corp, LLC, assoc, or other business…
Must have two years of full-time real estate brokerage experi…
Entry-level license status category. Person has met all licen…
Who is required to have a real estate…
Any person or business entity who directly or indirectly enga…
What is a real estate Broker?
Any person, partnership, corp, LLC, assoc, or other business…
14 terms
Florida Real Estate License Law
Sales Associate License
Broker License
Florida Real Estate Commission (FREC)
Department of Business and Professiona…
must be 18, lived in Florida for at least four calender month…
Must be at least 18 and have held a sales associate license f…
issues licenses to brokers and sales associates and oversees…
the umbrella agency that regulates licensing of trades and pr…
Sales Associate License
must be 18, lived in Florida for at least four calender month…
Broker License
Must be at least 18 and have held a sales associate license f…
83 terms
indiana real estate license law
Out of State Commercial Broker
Out of State Commercial Broker can leg…
Out of State Commercial Broker
Statue of Frauds
Defined in 2005. This is a broker licensed in another state w…
a. Work with a Licensed Indiana Broker... ... b. Have a written…
have long been allowed to operate in Indiana with the written…
The ______ ____ __________requires the Contract of Sale to be…
Out of State Commercial Broker
Defined in 2005. This is a broker licensed in another state w…
Out of State Commercial Broker can leg…
a. Work with a Licensed Indiana Broker... ... b. Have a written…
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…
83 terms
Indiana real estate license law
Out of State Commercial Broker
Out of State Commercial Broker can leg…
Out of State Commercial Broker
Statue of Frauds
Defined in 2005. This is a broker licensed in another state w…
a. Work with a Licensed Indiana Broker... ... b. Have a written…
have long been allowed to operate in Indiana with the written…
The ______ ____ __________requires the Contract of Sale to be…
Out of State Commercial Broker
Defined in 2005. This is a broker licensed in another state w…
Out of State Commercial Broker can leg…
a. Work with a Licensed Indiana Broker... ... b. Have a written…
227 terms
WA Real Estate License Laws
Real Estate... Sole purpose
Which co. Specializes in matching lend…
The agency that does NOT regulate the…
Independent contractor must pay what?
Perform real estate related service or function
Mortgage Brokerage
Dept. Health and Human Services
Income tax, self employment tax, social security and medicare
Real Estate... Sole purpose
Perform real estate related service or function
Which co. Specializes in matching lend…
Mortgage Brokerage
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…
227 terms
WA Real Estate License Laws
Real Estate... Sole purpose
Which co. Specializes in matching lend…
The agency that does NOT regulate the…
Independent contractor must pay what?
Perform real estate related service or function
Mortgage Brokerage
Dept. Health and Human Services
Income tax, self employment tax, social security and medicare
Real Estate... Sole purpose
Perform real estate related service or function
Which co. Specializes in matching lend…
Mortgage Brokerage
14 terms
TC Real Estate License Law
Apartment sharing agent
Administrative Discipline
Article 12-A
Article 78 proceedings
An individual licensed by the New York department of state wh…
The new york department f state enforcement of license law th…
Article of New York real property law which contains most of…
Refers to an article of civil practice law and rules that all…
Apartment sharing agent
An individual licensed by the New York department of state wh…
Administrative Discipline
The new york department f state enforcement of license law th…
93 terms
SC Real Estate Licensing Laws
Associated licensee
Branch office
Broker
Broker-in-charge
A licensee who is affiliated with a broker-in-charge or prope…
A sub office of a company in which full-service real estate a…
An individual who for some sort of compensation... 1. negotiates…
The broker who is designated as having responsibility over th…
Associated licensee
A licensee who is affiliated with a broker-in-charge or prope…
Branch office
A sub office of a company in which full-service real estate a…
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…
48 terms
Mississippi Real Estate License Law
Hearing
Subpoena
First Violation
Second Violation
To offer testimony and to examine witness. ... - 15 days notice…
Issued for attendance and production of books and papers
Not less $500 Not more $1000. Not more 90 Days
Not less $1000 Not more $2000. Not more than 6 Months
Hearing
To offer testimony and to examine witness. ... - 15 days notice…
Subpoena
Issued for attendance and production of books and papers
10 terms
Ohio Real Estate License Law
Ohio Real Estate Commission
Superintendent of the Division of Real…
R. E. Education & Research Fund
R.E. Recovery Fund (RERF)
5-member committee that can adopt, amend, or rescind regulati…
The administrator of the R.E. License Law & the Div of R.E.
Fund created to advance real estate education & research to p…
Provides funds to compensate injured parties who have obtaine…
Ohio Real Estate Commission
5-member committee that can adopt, amend, or rescind regulati…
Superintendent of the Division of Real…
The administrator of the R.E. License Law & the Div of R.E.
12 terms
Real Estate. License Law I
Net Listing
Real State
A Principal Broker
A Sale Associate
Is one that stipulated net price for the owner and any excess…
Is defined as real state in its ordinary meaning and includes…
Is the single broker who is responsible for the operation of…
Is one licensed under KRS 324.046(2) and who performs brokera…
Net Listing
Is one that stipulated net price for the owner and any excess…
Real State
Is defined as real state in its ordinary meaning and includes…
43 terms
PA Real Estate License Law Mod 6
Purpose of License Law
Real Estate Commission
Real Estate
Cemetery
"To protect the public by ensuring a consistent level of comp…
Oversees all activities in PA that would require a RE license…
Broker/Associate Broker/Salesperson licensee represents buyer…
Broker/Associate Broker/Salesperson licensee whose activities…
Purpose of License Law
"To protect the public by ensuring a consistent level of comp…
Real Estate Commission
Oversees all activities in PA that would require a RE license…
11 terms
Virginia Real Estate License Law
REB
Salesperson
How old does a salesperson have to be?
Principal Broker
self-funding regulatory agency under the Virginia Department…
The lowest level of real estate licensure
The applicant shall be at least 18 years old and have a high…
This is the individual broker who shall be designated by each…
REB
self-funding regulatory agency under the Virginia Department…
Salesperson
The lowest level of real estate licensure
46 terms
Unit 2- Real Estate License Law
When a broker refers a client to anoth…
Joe is an appraisal graduate student a…
a person owns her own company, special…
does a property manager who takes leas…
brokers should make a written referral agreement btwn brokers…
Yes. He needs a license because he wants to list the property…
yes, because she negotiates sales btwn buyers and sellers
no
When a broker refers a client to anoth…
brokers should make a written referral agreement btwn brokers…
Joe is an appraisal graduate student a…
Yes. He needs a license because he wants to list the property…
39 terms
NJ Real Estate- license laws
Apprenticeship
associate broker
Attorney general memorandum
Attorney review clause
Term used to describe the requirement that broker applicants…
Someone who as obtained a brokers license but chooses to work…
Summary of NJ law against discrimination. Requires licensed s…
Must appear in all purchase and sale agreements and all lease…
Apprenticeship
Term used to describe the requirement that broker applicants…
associate broker
Someone who as obtained a brokers license but chooses to work…
18 terms
Hawaii Real Estate - Licensing Laws
Dept. of Commerce and Consumer Affairs…
Regulated Industries Complaints Office…
Hawaii Real Estate Commission (HIREC)
Principal Broker
Regulatory agency made up of 12 divisions and offices. Respon…
Statewide agency of DCCA that enforces DCCA standards by taki…
One of the boards and commissions administratively attached t…
A person who oversees the real estate activities of a real es…
Dept. of Commerce and Consumer Affairs…
Regulatory agency made up of 12 divisions and offices. Respon…
Regulated Industries Complaints Office…
Statewide agency of DCCA that enforces DCCA standards by taki…
42 terms
AZ Real Estate - License Laws
Statutory Law
Administrative Law
AZ Constitutional Law (Article XXVI 26)
Employing Brokers
Written law/expressed will of state legistature
RE Commissioner rules to regulate the activities of licensees…
RE licensees have the right to draft all instruments for clos…
Can either be an Entity (corporation, partnership, LLC) or a…
Statutory Law
Written law/expressed will of state legistature
Administrative Law
RE Commissioner rules to regulate the activities of licensees…
88 terms
georgia real estate license laws and rules
is failure to put a street address in…
a broker was found guilty of commingli…
In Georgia can a broker deposti earnes…
a salesperson negotiated the sale of a…
no
impose a fine not to exceed $1000
yes, if all parties involved have agreed in writing
only with the knowledge and consent of their broker
is failure to put a street address in…
no
a broker was found guilty of commingli…
impose a fine not to exceed $1000
87 terms
Florida real estate license law: Practice questions
Broker moves office. Must give notice…
Legal term went to real estate brokers…
The brokerage relationship disclosure…
If a licensee excepts a post dated che…
Involuntary in active status
Quasi partnership
An agreement to lease a residential condominium. The disclosu…
The sellers approval must first be obtained. Extreme caution…
Broker moves office. Must give notice…
Involuntary in active status
Legal term went to real estate brokers…
Quasi partnership
17 terms
Ch. 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…
406 terms
AMP Real Estate Exam - Alabama License Law
Real Estate Broker
Do you have to have a real estate lice…
Do you have to have a real estate lice…
Does license law apply to the owner of…
Any person, firm, or corporation branch office, that for a fe…
Yes
Yes
No
Real Estate Broker
Any person, firm, or corporation branch office, that for a fe…
Do you have to have a real estate lice…
Yes
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…
34 terms
3. Real Estate License Law and Commission Rules
DBPR... The Department of Business and Pr…
DPBR has three areas for enforcement:
1. The Division of Regulation
2. The Division of Professions
is a department in the EXECUTIVE branch of Florida State Gove…
1. The division of professions... 2. the division of regulations…
is the enforcement authority for the professional boards and…
is responsible for the licensing of over 396,000 professional…
DBPR... The Department of Business and Pr…
is a department in the EXECUTIVE branch of Florida State Gove…
DPBR has three areas for enforcement:
1. The division of professions... 2. the division of regulations…
70 terms
NC Real Estate License Law & Real Estate Commission Rules
Who is required to have a real estate…
What is a real estate Broker?
What qualifies a person to be a broker…
What is a Provisional Broker?
Any person or business entity who directly or indirectly enga…
Any person, partnership, corp, LLC, assoc, or other business…
Must have two years of full-time real estate brokerage experi…
Entry-level license status category. Person has met all licen…
Who is required to have a real estate…
Any person or business entity who directly or indirectly enga…
What is a real estate Broker?
Any person, partnership, corp, LLC, assoc, or other business…
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…
7 terms
Alabama Real Estate License Law & Trust Fund
Criminal record Search
Recovery Fund Fee
Sales & Co license fee/year
Brokers License
$25, Change of Co. Name, license name, Co. address, change fr…
$30, when obtaining orig active license, education and research
$85/yr, renewal fee
$95/yr
Criminal record Search
$25, Change of Co. Name, license name, Co. address, change fr…
Recovery Fund Fee
$30, when obtaining orig active license, education and research
92 terms
Maryland Real Estate License Law and Related Regulations
The Maryland Real Estate Brokerage Act
Brokers Act or Title 17 refers to
Statutory Law
Common Law
a law designated to protect the public interest, became effec…
The Maryland Real Estate Brokers Act because it appears as Ti…
Makes decisions based on lower court
the unwritten law, handed down by judges.
The Maryland Real Estate Brokerage Act
a law designated to protect the public interest, became effec…
Brokers Act or Title 17 refers to
The Maryland Real Estate Brokers Act because it appears as Ti…
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…
30 terms
AR Real Estate License Law Section
Broker Jones is hired to manage an apa…
How many of the real estate commission…
After the Real Estate Commission has a…
Recovery Fund money may be used for al…
No license is required for the resident manager
Three
Circuit Court
To pay for attorneys fees spent to collect damages from licen…
Broker Jones is hired to manage an apa…
No license is required for the resident manager
How many of the real estate commission…
Three
39 terms
TN Real Estate Law-Pre-license
TN real estate broker license act of 1…
Acquisition Agent
Adverse Facts
Facilitator
The R.E. laws purpose is to protect the general public in rea…
is licensed. attempts directly to encourage any person to att…
conditions or occurrences that have negative impact on the va…
Agent who ends up representing both buyer and seller the cont…
TN real estate broker license act of 1…
The R.E. laws purpose is to protect the general public in rea…
Acquisition Agent
is licensed. attempts directly to encourage any person to att…
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