Chapter 10 Flashcards
(46 cards)
what is the primary responsibility of legislature
passing laws
anything referencing statutory law or statues refers to laws adopted by the legislative body
where is real estate law found
title 32 chapter 20
what is the judicial branch
the court falls under this.
responsible for enforcing laws
what are case laws
rules of law developed by judges in court decisions
aka common law
what are administrative agencies a part of
the executive branch of gov.
ie HUD, EPA, etc.
administrative entities have broad powers and they
have the power to issue rules and regs that carry the force of law.
what are the real estate rules enacted by administrative entities
published in the Arizona Administrative Code (AAC)
where are the real estate commission rules found
title 4 chapter 28
The AZ Statue’s of Frauds requires
all real estate contracts be in writing to be enforceable
who created ADRE, what does it stand for and why was it created
Arizona Dept. of Real Estate created by State Legislature to “protect the public interest through Licensure and Regulation of the real estate profession in AZ”
who appoints the real estate commissioner and who cross checks the commissioner
government appoints both the commissioner and the advisory board.
advisory board cross checks commissioner
what degree are substantive policy statements
advisory only.
“good practice”
what can the real estate commissioner do to a licensee
issue and suspend/revoke
may investigate licensee
may administer the Recovery Fund
formulate rules
disseminate educational info
hire and fire real estate dept. employees
what happens when there is a complain filed against a licensee
Commissioner initiates investigation and issues Notice of Investigation
licensee has 14 calendar days to respond to allegations
notice also gets sent to designated broker
The ADRE does not have the authority to investigate
landlord/tenant disputes
construction defects
home inspections
ethics violation (complaints are filed with Arizona Association of Realtors)
title insurance issues
escrow money issues
commission disputes between licensees
who needs to be licensed
anyone who performs - or offers to perform - real estate brokerage related acts for compensation or the expectation of compensation
are license applicants required to live in AZ
no
a real estate broker/salesperson may engage in _________ or ________ activities without being seperately licensed to engage
cemetery or membership camping sales
a real estate licensee may have only one employing broker for
cemetery
membership camping
real estate
what are the exemptions from real estate licensing law where people may legally conduct real estate activities without having a real estate license
- person buying/selling own property (For sale by owner)
- attorney performing duties a an attorney
- trustee selling under a deed of trust
a guardian, executor, admin, receiver or any other person carrying out a court order
attorney - in -fact
auctioneer, unless auctioning real property
property manager if managing or leasing only one property at a time with some restrictions.
what is an unlicensed real estate assistant
cannot discuss price, terms, or availability of real property
if they sell, must be licensed
if licensee doesn’t complete renewal requirements and passes the 1 year grace period
license is terminated
what are the 3 types of brokers
designated - in charge for all real estate operations. one designated per firm
delegated associate broker - appointed to support and assist designated broker. can review contracts and maintain transaction files
associate broker completed req. for broker’s license but does not have broker responsibilities
what is subdivided land
one parcel of land divided into 6 or more parcels
