Chapter 14: Licensing, Ethics, and Associations Flashcards
(29 cards)
Every state government uses these staff members to regulate real estate brokerage activities.
Regulators
The primary objective of this state (CA) agency is to protect the public interest in offerings of subdivided lands, and the handling of real estate transactions by licensees. A standard of knowledge is measured by an examination given to potential real estate agents.
California Department of Real Estate (DRE)
The right to enact and enforce laws beneficial to the health, safety, morals, and general welfare of the public.
Police power
Any person who is actively involved in a real estate transaction at the service of another, in the expectation of receiving a commission, must have one of these.
Real estate license
The salesperson’s exam takes 3 hours and 15 minutes, has 150 questions and requires this percentage of correct questions to pass.
70%
Any individual who wishes to operate a real estate office must have this.
Broker’s license
The broker’s exam takes 5 hours to complete, has 200 questions, and requires this percentage of correct questions to pass.
75%
This type of license is required when running a business that supplies prospective tenants with listings of residential real property for rent or lease while collective a fee for such service.
Prepaid rental listing service
The portion of the Business and Professions Code that refers to licensing and subdivisions of real estate.
California real estate law
The chief executive of the Department of Real Estate
Real Estate Commissioner
To take away a real estate license.
Revoke
To limit the use of a real estate license.
Restrict
To take away a real estate license for a period of time.
Suspend
Any licensee who appears on the “deadbeat” child support list, is given this much time by the DRE to get current on their support payment, or have their license suspended.
150 days
This fund was established for the payment of damages and arbitration awards to people who have suffered financial loss due to the wrongful act of a licensee in a real estate transaction.
Recovery fund
A voluntary, nonprofit organization made up of independent firms in the same industry.
Trade association
The national trade association for all the state associations and local boards of REALTORS® in the United States.
National Association of REALTORS® (NAR)
A member of the National Association of Real Estate Brokers is called this.
Realtist
This guide spells out the company’s ethical and professional expectations and requirements, including a mission statement, personnel policies and general procedures.
Office policy manual
Who appoints the Real Estate Commissioner?
The Governor
Who prosecutes for the Real Estate Commissioner?
The District Attorney
What is the maximum number of hours of Continuing Education required to renew a four-year license?
45 hours
The broker’s license examination process consists of:
a. 200 multiple-choice question test.
b. photo id required for entry.
c. two 2.5 hour exam periods.
d. all of the above.
d. all of the above.
The Real Estate Commissioner has the right to:
a. revoke licenses.
b. restrict licenses.
c. suspend licenses.
d. all of the above.
d. all of the above.
