Primer I Flashcards Preview

Real Estate - Law > Primer I > Flashcards

Flashcards in Primer I Deck (21):
1

People who don't need RE License

1. Lawyer
2. Power of attorney
3. FSBO (toll brothers)
4. Sheriff (sheriff sale)
5. Auctioneer

2

"The Commission" member composition & location

9 people total
5 professionals: (3 brokers, 1 assc brk, 1 salespn)
4 public (no RE association)
1 public member from each county and wilmington.

3

"The Commission" year requirements

All must have been state resident for 5 years.
Broker & Assoc Broker held license for 5 years.
Salesperson held license for 5 years.

4

"The commission" term lengths

3 year term.
1 additional term if filling an unexpected open vacancy.

5

"The commission" outside group affiliations

No member shall be associated w/ other RE assoc.

6

"The commission" meeting attendance

Neglect of duty if:
Absent w/o adequate reason 3 consecutive meetings.
Fails to attend at least 1/2 meetings

7

"The commission" internal election posts & terms.

Self appointed each year at same time:
Chairman, VP & Secretary.
1 year term (no second terms)

8

"The commission" meeting schedule & quorum

Min of 1x per quarter.
Majority vote (5 people) needed.
Min 5 affirmative votes to discipline.

9

"The commission" powers & duties

1. Formulate rules & regulations
2. Approve forms (seller disclosure form etc)
3. Establish licensure requirements
4. Grant/renew licenses
5. Establish provider education requirements
6. Establish licensee education standards
7. Random CE licensee audits
8. Evaluate out of state licensees
9. Refer complaints to Division of Investigation
10. Conduct hearings
11. Designate/impose appropriate sanction for guilty
12. Order compensation from RE Guaranty Fund
13. Issue cease & desist orders/fines for unlicensed

10

Applicant qualifications & waivers

1. Competent
2. No previous RE offenses
3. No drug/alcohol addiction
4. No criminal record
Waiver: (must meet all)
1. > 5 years since conviction date
2. Can't be on probation/incarcerated
3. Competent
4. Waiver will not endanger public welfare

11

Qualifications - Salesperson

1. At least 18 yr old
2. Completed RE classes
3. Passed national & state exam
4. Submitted application to "the commission"

12

Qualifications - Associate Broker

1. At least 23 yr old
2. 5 yr experience
3. sold x # of houses
4. Completed RE classes
5. Passed national & state exam
6. Submitted application to "the commission"

13

Qualifications - Broker

1. same as Associate Broker
2. "the commission" approves supervision plan

14

Reciprocal Licensure Requirements
(check with someone else)

1. Applicant in good standing in other states
& 1 of the following:
2. >3 of continuous licensure
3. Passed Delaware exam

15

Licensee renew period

Once every 2 yrs:
1. CE
2. Disclose criminal convictions

16

Complaint handing

Division will issue final written report for all received complaints

17

Grounds for discipline

1. Substantial misrepresentation
2. False promises
3. Continued & flagrant course of misrepresentation
4. Failed to account for money
5. Illegally practiced RE services
6. Incompetently/negligently practiced
7. Paid commission to non-licensees
8. Assisted non-licensee in performing RE services
9.

18

Licensees must submit application to the Commission by

The 13th day of April Biannually for a renewal of certificate

19

Broker has how many days to settle on properties with "Buy-In" disclosure

60 days

20

How long do Licensees have to submit applications

1 year after taking course

21

Hypothecation

Pledging of property as collateral for a debt