RE Principles Chapter 1
Terms
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- Someone holding a RE Licence and employed by a broker, for pay to perform any activities of a real estate broker.
- RE Sales Person
- Someone permitted by law to employ those holding a sales person licence, and can also negotiate sales
- REAL ESTATE BROKER
- Another name for RE Salesperson, holds a licnece and is employed by a broker.
- REAL ESTATE ASSOCIATE
- To recall and make a deal void
- REVOKE
- A set of principles or values by which an individual guides his or her own behavior.
- ETHICS
- A voluntary non-profit orginization of independent and competing business units engages in the same industry or trade. Formed to help with industry problems, and to promote progress and enhance services.
- TRADE ASSOCIATION
- To temporarily make ineffective
- SUSPEND
- The law that affects the licencing and conduct of Real Estate Agents.
- REAL ESTATE LAW
- The power of the state to pass laws within limits that promote the order, safety, health, morals and welfare of the citizens.
- POLICE POWER
- Trade Name by which someone is a broker or a sales person or associate
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REAL ESTATE AGENT
TRADE NAME "REALTOR" - The term Real Estate Law refers to:
- Licencing Law of Real Estae Agents and Brokers.
- Real Estate Law is enforced by whom? Who appoints this person?
-
The Real Estate Commissioner.
The Govenor of the state appoints. - The fine for payment of a fee to an unlicenced person is how much?
- $100.00 is the fine
- A Real Estate Broker licence is valid for how long?
- Four Years
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How many hours are required for a sales person licence renewal? What classes are required in the first renewal?
What are the other hours in? -
45 Hours of CEU
Ethics, Agency, Fair Housing, Trust Funds ( 3 hours each)
33 Hours of Consumer Protection - When a Brokers Licnece is suspended what happens to the sales people?
- Thier licence is temporarily cancelled.
- Within 18 months of a issuance of a salesperson licence, what courses may be taken to complete the two class requirement?
- Accounting, Business Law, Escrow, Real Estate Law, Mortgage Loan and Lending, Property Management, Apprisial, Economics, Finance, Office Administration, Practice.