BR, SP and Associate BR Requirements & Info Flashcards Preview

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Flashcards in BR, SP and Associate BR Requirements & Info Deck (14)
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1

Salesperson Duties (3)

1. Facilitates purchase and sale on behalf of customers
2. Obtains list of properties for sale w/ employer broker
3. Assists buyers to locate and purchase properties

Acts as Broker's Agent

2

Salesperson License Requirements (4)

1. 75 Hour course
2. School Test
3. State Test
4. Submit license application
-signed by sponsoring broker
-with school seal and license fee

3

Broker Definition

Person/firm/LLC that performs [RE] services for another, for compensation (listed on website)
Responsible for supervision, conduct and licensing

4

Broker Requirements

1. [SP] requirements and
2. 45 hour broker course
3. Exam
4. 2 years full time experience licensed [RE] 3 years other exp

5

Associate Broker Definition

Chooses to work under supervision and guidance of another broker (can save $ and liability)

6

Additional Training Standards to Maintain License

22.5 hours of additional instruction every 2 years

7

Responsibility of License (SP)
What skills/services are expected?

- needs working knowledge of the law (12A, contacts, property etc)
- mastery of job skills
- knowledge of ethical obligations
- knowledge of General obligations law and performance of duties

8

Responsibility of License {Broker]
(What skills/services are expected?)

- everything for SP and
- working knowledge of English language
- knowledge of deeds, mortgages, land contracts, leases
- obligations between principle and agent

9

Suspension/Revocation Consequences
(Commonly for fraud, untrustworthiness)

1. $1000 fine
2. loss of license for 1 year (result of suspension)
3. allowed to reapply after 1 year, no guarantee

10

Final Determination of License
- two possible results

The applicant will be sent acceptance or letter of proposed denial
If latter, the applicant will be allowed to be heard in person or by council prior to decision

11

Fiduciary duties

Due to the client by the customer, who is owed trust and honesty.

12

Change/Termination of Association
What are the regulations/restrictions?

Notify Dept of State ASAP
SP cannot provide services without sponsoring BR
Cannot receive compensation if suspended
The broker must remove from eAccess within 5 days

13

Appropriate BR/SP Payment flow

SP cannot accept payment from anyone but their sponsoring BR
All payments must be made to BR, BR then divides and pays SP/employees.

14

Dual Licensure Define and 2 Examples

Can hold more than one license
Example 1: DL SP with BR1 (Commercial) and BR2(Residential)

Example 2: DL Associate BR working with main BR while maintaining private brokerage as well.