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Real Estate > License Laws > Flashcards

License Laws Flashcards

0
Q

When does the real estate dept act on public complaints?

A

Only when it’s regarding a violation of law

Must investigate written complaints

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1
Q

Real estate dept works under?

A

The real estate commissioner

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2
Q

Who makes up the members of the real estate advisory board?

A

4 brokers (2 in residential)
2 subdividers/builders
3 public members

Each member serves for 6 years

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3
Q

3 requirements to be a part of the real estate dept?

A
  1. Can’t hold an active real estate license
  2. Can’t own or be associated with a real estate comp
  3. Can’t be married to anyone in the above 2 categories
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4
Q

3 types of real estate licenses?

A
  1. Employing brokers
  2. Brokers license for individuals
  3. Sales persons
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5
Q

Commissioners public report?

A

Real estate dept permission to sell subdivided and un subdivided land

Info collected by real este dept and to be provided to buyer prior to purchase

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6
Q

Subdivided land?

A

6 or more lots of land any of which is less then 36 acres

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7
Q

Legal advisor of commissioner?

A

The attorney general

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8
Q

What is the Recovery fund?

A

A fund of money paid into by new and renewing real estate licensees to compensate the public if financially damages by an az real estate licensee

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9
Q

When does recovery fund have to be audited?

A

Has to be audited or balanced every June 30th

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10
Q

Minimum balance in the recovery fund?

A

Minimum balance is 600 thousand

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11
Q

Requirements to get money out of the recovery fund?

A

The complainant must sue the licensee and win a judgement

Complainant must make a good faith attempt to collect the money

Judgement holder goes to real estate dept in order to subrogate the judgement and get a check

Az licensees cannot get any money from it

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12
Q

Recovery fund payout limit?

A

No more then 30 thousand per transaction

No more then 90 thousand per licensee

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13
Q

Fund will not pay?

A

Lost profits or unrealized losses

Property is not located in az

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14
Q

Statute of limitations for recovery fund?

A

5 years from the cause of the action

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15
Q

The status of license if fund pays?

A

It will be terminated however a licensee may reapply for a license as long as he pays back the fund plus 10% interest and he satisfies judgement

16
Q

What is a trust account?

A

A checkings acct operated by the broker that can only hold the publics money

Broker can keep up to $500 of his own money in it

17
Q

Duties of designated broker?

A
  1. The only person that can hire other licensees
  2. Only one that can take in and payout commissions
  3. Only one that can be hired by the public
  4. Only one that can operate a trust acct
18
Q

How you can lose your license?

A
  1. Misrepresentation
  2. False promises
  3. Acted for more then 1 party without disclosure
  4. Violations of ARS (Az revised statutes)
  5. Employed an unlicensed sales person
  6. Received commission from someone other then your broker
  7. Failure to remit earnest money
  8. Made an appraisal on your own property without disclosure
  9. Induced a party to break a contract
  10. Paid or received any compensation or rebate without disclosure
  11. Placing a sign on property without written permission
  12. Failed to maintain a complete record of each transaction
  13. Violated fair housing laws
  14. Tendered a false termite report
  15. Designated broker failed to properly supervise licensees
  16. Commingling (mixing public money with personal money)
  17. Conversion of funds (using the publics money for personal or company gain)
19
Q

What is lot reservation?

A

An expression of interest in buying a new home

Basically a notice to the real estate dept

20
Q

Maximum deposit for lot reservation?

A

5 thousand dollars fully refundable

21
Q

How much time does the buyer have to rescind lot reservation?

A

7 days after receiving commissioners public report

Also after 3 years if they didn’t receive a public report before purchase

22
Q

What’s needed for commissioners public report permission for subdivided land?

A
  1. See the marketing plan
  2. Want to see plat map
  3. Want to make sure each lot has permanent access
  4. All promised improvements or infrastructure must be done on time
23
Q

What is unsubdivided land?

A

6 or more lots any if which is between 36 and 160 acres

24
Q

When is a commissioners public report required on a timeshare?

A

The commissioners public report is required if selling 12 or more units of time

Real Estate (6 decks)

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