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RE LEGAL 08TERMS

RE Legal Unit 08Terms

TermDefinition
Business & Professions Code Portion of codified California law covering real estate professionals
Real Estate Law Law that affects the licensing and conduct of real estate brokers and salespeople
Real Estate Commissioner Head of the Bureau of Real Estate
payment of child support If not paid by an obligor, his or her license will be suspended
Recovery Account Account to pay otherwise uncollectible court judgments against licensees who have committed fraud or misrepresentation in a real estate transaction
real estate broker Person with a real estate license who can employ someone who holds a salesperson or a broker license
agent Role of a broker to his or her client
branch office Any business location other than the main office
DBA Acronym for a fictitious business name
restricted license Type of probationary license issued when a license has been suspended, revoked, or denied after a hearing
eLicensing Interactive online system used for license renewal and change transactions
Order to Desist and Refrain Court-ordered demand that prohibits a business or individual from carrying on a particular activity
Administrative Law Judge Person who makes recommendations to the Commissioner concerning discipline, after a formal hearing
commingling Mixing of the principal’s funds with the broker’s own
secret profits Money obtained by buying property from a client and reselling it quickly to someone else, rather than allowing the client to reap the benefits of the greater sale
moral turpitude Conduct considered contrary to community standards of justice, honesty, or good morals
false advertising Promoting sales with inaccurate information
blockbusting Term for inducing panic sales
referral fees Money paid illegally in exchange for generation of business
solicitation materials Business cards, stationery, advertising fliers, and other materials designed to solicit a professional relationship between the licensee and a consumer
Created by: julietmongia