Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/24

Click to flip

24 Cards in this Set

  • Front
  • Back
salesperson
one who performs real estate activities while employed by or associated with a licensed real estate broker
designated broker
one who supervises all activities of sales agents and is liable for their actions
employing broker
firm name or entity not a person
associate broker
re broker working for a designated broker
referring broker
re broker who receives referral fee
agent
broker or salesperson
temporary broker
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
cooperating broker
broker who assists another broker in a re transaction
need license to discuss
price of property
financing property
availability
ie hostess of model home
do not need license
executor of estate
property manager of just one property
fsbo
attorneys or power of attorney
commission principles
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
areas licensed agents can work in
resale of residential property or rentals
new homes sales
commercial
time shares
property management rentals
mobile homes including land
memberships
national association of realtors (NAR)
multiple listing service (MLS)
if borker belongs to nar, salesperson has to belong
salesperson licensing rules
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
broker licensing rules
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
Must activate license within
one year of passing exam
renewal
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
24 hours of continuing education includes
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
failure to renew on time
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)
must notify ADRE within 10 days
change of address of residence or business
involved in lawsuit regarding re or ethics
conviction of crime
broekr moves (must take down sign immediately)
RE advisory board
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
AZ RE commissioner
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
az re commissioner duties
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
az re commissioner duty exemptions
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)