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24 Cards in this Set
- Front
- Back
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salesperson
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one who performs real estate activities while employed by or associated with a licensed real estate broker
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designated broker
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one who supervises all activities of sales agents and is liable for their actions
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employing broker
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firm name or entity not a person
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associate broker
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re broker working for a designated broker
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referring broker
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re broker who receives referral fee
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agent
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broker or salesperson
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temporary broker
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when designated broker becomes ill or dies, the broker that steps in to manage agents
no more than 90 days can be renewed up to 15 months |
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cooperating broker
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broker who assists another broker in a re transaction
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need license to discuss
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price of property
financing property availability ie hostess of model home |
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do not need license
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executor of estate
property manager of just one property fsbo attorneys or power of attorney |
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commission principles
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earned when agent find ready, willing and able buyer that writes acceptable offer
paid at coe paid to listing firm negotiable between seller and agent sales agent compensation is paid through employing broker if agent leaves brokerage while transaction is in escrow, agent will be paid directly from employing broker unlicensed people cannot receive re commission parties receiving any commission must be disclosed |
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areas licensed agents can work in
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resale of residential property or rentals
new homes sales commercial time shares property management rentals mobile homes including land |
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memberships
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national association of realtors (NAR)
multiple listing service (MLS) if borker belongs to nar, salesperson has to belong |
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salesperson licensing rules
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education certificate for completing 90 hours classroom instruction on basic principles of re
pass re exam with 75% 18 AZ residency not required fingerprints 6 hrs of contract writing certificate |
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broker licensing rules
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education certificate for completing 90 hours classroom instruction on broker prelicensing
pass re exam with 75% active sales license for 3 out of last 5 years anywhere az residency not required fingerprints broker management clinic certificate |
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Must activate license within
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one year of passing exam
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renewal
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license valid until last day of month it was issued
can be mailed, must be postmarked by last day of expiring month 24 hrs of continuing education every 2 years |
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24 hours of continuing education includes
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3 hours commissioner's standards
designated broker needs to have broker management clinic 3 hours legal issues 3 hours agency law 3 hours fair housing 3 hours contract law 3 hours ddisclosure 6 hrous gneeral |
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failure to renew on time
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1. severed licnese
2. licensee can't practice re 3. licnesee has one year grace period to make up 24 hours of renewal and pay late fee of $10/mo up to 6 mo 4. if one year grace period expires, licensee loses license and must sit for state exam (prelicensing good for 10 years) |
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must notify ADRE within 10 days
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change of address of residence or business
involved in lawsuit regarding re or ethics conviction of crime broekr moves (must take down sign immediately) |
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RE advisory board
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9 members (2 brokers, 2 residential brokers, 2 subdividers, 3 public members)
governor appoints members each with 6 year term of office compensation is 0, but reimbursed for expenses evaluate commissioner on yearly basis for governor submits recommendations to commissioner |
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AZ RE commissioner
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appointed by governor with no term of office
can't hold active re license during term must have 5 years experience in re, banking, title insurance, or mortgage broker and 3 years administrative experience |
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az re commissioner duties
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governs requirements of all agents
has authority to investage any licnesee at any time must exercise authority to investigate licnesee upon writting complaint creates rules and regs manages all employees of adre administers recover fund publish quarterly bulletin provides approval or disapproval for subdividing land can audit real estate agent or broker without notification |
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az re commissioner duty exemptions
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does not set commission rates
does not create laws does not terminate re license without proper legal hearing does not setlle disputes between licensees (must be handled by court) |
