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39 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Common law |
Tradition, customs and usage |
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Statutory law |
Fed, state and local laws |
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Re commissioner |
Appointed by gov for a term but no set term |
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ADRE: 4 divisions |
Investigation/audit, licensing/education, subdivisions, admin actions |
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The mission of az dept of re |
Protect the public |
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What's the difference of laws and rules? |
Legislation makes laws, commissioners make rules |
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Article 26 of AZ constitution |
Gives agents the authority to prepare documents related to RE. Can't charge for this service. |
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When must the commissioner investigate? |
Written complaint |
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Current commissioner |
Judy low |
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Re advisory board |
10 members: 2 are brokers, 3 are engaged in residential brokerage, 2 are engaged in subdividing real property and 3 are public members. Term is 6 years. Appointed by gov. No compensation. |
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Advisory board's responsibility |
Evaluate the commissioner's performance. 4 meetings a year (qrt) |
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Who needs re license? |
Sell re, list re, purchase re, negotiate re, lease or rent re, auction re, sell timeshares or manage more than 1 property for someone else |
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Re license exemption |
Owner of property, attorney not receiving commission, auctioneer not selling real property, trustee, executor of will, attorney in fact, property manager of 1 property, re assistant (not to discuss price, terms or availability ) |
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Designated broker is required to have |
Standards of practice manual or $1000 fine |
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Temporary broker |
Takes over when designated broker is incapacitated to finish pending business. Time period is 90 days or extention to 15 months. |
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Temporary absence of des. Broker |
Unable to act in 24 hrs able to designate a licensee whom he employs or another des broker. In writing for one year not to exceed 30 days duration. |
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Sales person |
Must activate license under designed broker as general agent |
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Every licensee must report in writing in 10 days. .. |
A misdemeanor or felony, judgement of fraud, action against another professional or change of address |
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Independent contractor status criteria |
1. Be a licensed re agent 2. All income is commission 3. Written contract Is respsonsible for own taxes |
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Branch office must have |
Sign and licensed manager. Can be managed by any licensee |
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Commissioner disciplinary actions |
1 suspension 2 revocation 3 provisional license 4 letter of concern 5 education 6 civil penalty Licensee has 20 days to file written answer to complaint and can have attorney |
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Re recovery fund |
$10 new license, $20 broker. Balance of $60,000. Distribution $30,000 per transaction and $90,000 per licesee's lifetime. Automatically terminated. |
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If Client has been financially harmed and wishes to bring action against licensee; what's the time frame? |
5 years |
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Suspension |
Can't use re license for a period of time |
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Revoked |
No longer has a license |
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Comingled |
Mixing clients funds with agent's personal funds |
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Conversion |
Spending clients funds |
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Statutory law |
Fed, state and local |
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The des broker has how many days to review re contract? |
10 business days |
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A licensed salesperson in a real estate transaction represents |
Only the broker for whom he works |
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When employees Brokers real estate license is suspended or revoked what happens to their salespeople |
They must stop listing and selling property |
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What is the purpose of the Recovery Fund |
Today clients due to actions of licensees |
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True or false |
An attorney in fact taking a listing requires a real estate license |
True |
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Who makes real estate laws also called statutes |
The legislature |
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Associate broker |
Has a Brokers license but works under a designated broker |
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Minimum amount in The Recovery Fund |
$600,000 as of June 30th each year |
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Who appoints the real estate Advisory Board |
The governor |
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How many agents are required in order to have a branch office |
1 |
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What is the maximum amount of the Brokers personal funds that can legally be deposited into a trust account |
$3,000 |
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