Real Estate Principals lesson 4
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| What happens when a Law is broken? | Jail
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| What happens when a Regulation is broken? | A Fine
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| What is the basic purpose of real estate law? | To prevent fraud
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| Where is the real estate law found? | In the Business and Professions Code
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| How much does a violation in real estate cost? | $10,000 fine and/or six months in jail
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| Who does the commissioner preside over? | Real estate Advisory Commission
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| who is the real estate commissioner appointed by? | The governor
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| What does the commissioner enforce? | The Real Estate Law
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| What does the commissioner Issue? | Rules and Regulations
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| What does the commissioner regulate in some respects? | subdivisions and business opportunities
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| Does the commission settle commission disputes? | No
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| Who settles commission disputes? | Civil court by civil action
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| What does the Commissioner investigate? | Complaints
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| how does the commissioner investigate complaints? | By holding hearings under the Administrative Procedure Act
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| What happens if a person has broken the law? | The District Attorney would Prosecute
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| What is the result of breaking real estate law? | License gets Revoked
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| How many people does the Real estate Advisory commission consist of? | 10 without commissioner and 11 with commissioner
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| Misrepresentation? | False statements of facts (fraud)
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| False Promise? | making a promise likely to influence or persuade
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| Promising unavailable interest rate in a loan is what in the eyes of the law? | illegal
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| Divided Agency? | Acting for more than one party in a transaction without the knowledge and consent of both parties
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| can an agent collect commission from both parties | Yes with both parties knowledge and consent
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| "In house" sales give rise to? | dual agency
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| what does "in house" mean? | same office
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| Commingling? | Mixing his own money or property with clients
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| In what case may a broker hold an uncashed check? | with written consent
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| Conversion? | spending someons money
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| Termination Date? | claiming a commission on an exclusive listing witch doesn't contain a definite termination date
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| Copies should be given? | Right after signatures
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| Secret Profit? | Failure to disclose the amount or your commission or profit
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| When should a licensee disclose that they have a license? | whenever involved in a real estate transaction even if personal
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| if a buyer is a close relative, does the agent have to disclose that they have a license? | yes
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| If a buyer and seller have a transaction and neither one has a license, does either have disclose future profit potential? | No, neither has to disclose
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| Misuse of "REALTOR"? | only members National Association of Realtor (NAR) may use term
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| Supervision of Salesperson? | Broker must have reasonable supervision over salespeople
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| Who must review sales persons transactions? | Broker
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| What is the fine for employing or paying an unlicensed person? | up to $10,000
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| Blind advertising? | doesn't identify broker
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| Deceptive Advertising? | says something that isn't true, like move right in when that is impossible
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| Can a broker offer a gift to anyone buying a listed property? | Yes if offered to all parties
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| what is a requirement for an advertisement offering prizes? | advertising must reveal if attendance at a sales presentation is required
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| How long must a broker keep records? | 3 years
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| Accepting kickbacks is? | illegal
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| An attorney in fact can NOT? | cannot act if his principal is dead or judged incompetent
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| Broker? | a person natural or legal who does real estate act
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| What is the fine for acting as a broker without a license? | $10,000 for individual and $50,000 for a corporation
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| How long is a Broker license term? | 4 years with a 2 years grace period to renew
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| What is required to renew a broker license? | 45 hours of continuing education
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| What must a broker do to work as a nonresident? | file a consent to service of process
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| who is notified that a Broker is working as a nonresident? | a subpoena would be delivered to the California Secretary of State
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| Can a Corporation have a Broker license? | Yes but a qualified broker must be designated as the responsible broker
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| Salesperson? | natural person employed by a broker
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| How long is salespersons term? | 4 years
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| Can a broker work as a salesperson? | yes with contract with broker they are under
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| Even if a broker, where does a salesperson receive all compensation? | from his employing broker ONLY
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| Who must be notified of a transfer of license? | commissioner, old broker within 10 days, new broker with 5 days
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| Who must be notified if salesperson is fired for cause? | commisioner
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| how long does a former broker have to surrender license for transfer to new broker? | 3 days
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| Suspended license? | temporary loss
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| Revoked License? | Loss of license
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| Cancelled license? | Expiration,revoked,suspended,or brokers death cancels license
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| Mobile Homes? | must be registered and greater than 8x40
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| How do you transfer a title to a mobile home? | send required documents to Department of housing and Community Developement
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| How long does a salesperson have to remove their sign? | 48 hours
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| Is a broker required to keep a trust fund? | No just a documentation of all the money that passes through his hands
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| who can withdrawal from a trust fund? | anyone who is authorized
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| How much money can a broken have in a trust fund without it being commingling? | $200
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| what is the main purpose of a trust fund? | to separate brokers funds with clients funds
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| Reconciliation? | comparing the bank's accounting with the broker's records
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| should an agent question a seller about his motives? | yes
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| operating divided by #salespersons = | desk cost
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| gross income - commissions = | company dollar
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| what is NAR? | National Association of realtors
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| Realtor? | name used by NAR
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| Code of ethics? | guidelines issues by NAR
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| Ethics? | honesty and fairness
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| M.A.I? | Appraisal institute
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| C.P.M. | Certified property manager
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| membership is restricted to? | individuals only
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| Article 5? | trust deeds and real property sales contracts
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| how many can one person sell before required to get license? | 7
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| Article 7? | negotiation of loans
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| hard money Loans? | the borrower receives cash using a new note secured by a trust deed
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| First trust deeds commission maximum | 5% < 3 yrs. > or equal to 10%
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| Second or Junior trust deeds commission max | 55 < 2 yrs. > or equal to 10% (less than 3yrs.)
15% > 3yrs.
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| Mortgage Loan disclosure statement? | details all costs and expenses that will be charged to the borrower
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| when should a copy be given? | when signed
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| how long should a document be kept? | 3 years
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| Balloon Payments? | any payment twice the smallest installment
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