Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
16 Cards in this Set
- Front
- Back
- 3rd side (hint)
|
What does the Real Estate Act of 1919 accomplish?
|
A reasonable Exercise of the Power of the State TO Regulate the conduct of its citizens in the interest of the common good.
hint: |
Grants the state the power to regulate
|
|
|
What is Police Power?
|
The power To Enact Laws within constitutional limits To Promote the Order, Safety, Health, Morals, and general Welfare of our society.
hint: |
W.O.S.H. M
|
|
|
What is the purpose of the 1933 Subdivisions law?
|
To prevent fraud and the sharp practices in a type of RE transaction particularly open to abuses. The issuance of a Public Report provides disclosure.
|
|
|
|
What is a Public Report?
|
A disclosure document furnishing information to real property purchasers. Involves investigation and written disclosure of certain essential facts.
|
|
|
|
What are the two parts of Division 4 of the Business and Professions Code (aka the Code)?
|
Part 1: Licensing of Persons aka Real Estate Law (Section 10k to 10580)
Part 2: Regulation of Transactions aka Subdivided Lands Law (Section 11k to 11288) hint: |
Note that these laws are quite different in purpose and operation from real property law, law of agency, contract law, or other legal aspects of real estate ownership and conveyancing.
|
|
|
What is the function of the DRE Commissioner?
|
To enforce the Real Estate Law (i.e. Licensing of Persons) and the Subdivided Lands Law (i.e. Regulation of Transactions).
What are some of the specific duties? |
1) Qualification of applicants
2) Issuance of licenses 3) Investigation of complaints 4) Pursuit of action against licensees 5) Investigation of nonlicensees 6) Regulation of sale or lease of subdivided interests 7) Regulates dealings in mineral, oil, and gas property 8) Regulates in Prepaid Rental Listing Services |
|
|
What sections of the Code define the scope of a RE broker's activity?
|
Sections 10131, 10131.1, 10131.2, 10131.3, 10131.4, 10131.45, 10131.6
hint: |
Note:
Advance fee brokerage activity is defined under section 10131.2 Mobilehome sales activities described under section 10131.6 Mineral, oil, and gas property dealings are found under Section 10131.4 And Section 10131.45 |
|
|
What section of the code defines a RE Salesperson, And the acts requiring a RE license, And requiring employment by a RE broker?
|
Section 10132
|
|
|
|
Name some Exemptions from the need to having a License.
|
1) Resident managers of apartment buildings & complexes (or their employees)
2) Short-term (i.e. vacation- only under 30 days) rental agents 3) Employees of RE brokers for specific and limited functions 4) Clerical help 5) Residential mortgage lenders licensed by Dept. of Corp. 6) Employees from certain lending institutions 7) Certain collectors of payments for lenders or Certain collectors on notes for owners in connection with loans secured Directly or Collaterally by liens on real property (collectors must meet annual exemption criteria) 8) Certain Agricultural associations 9) Cemetery authorities What sections of the code describe the exemptions? |
Code for License Exemptions:
Sections: 10131.01, 10133, 10133.1, 10133.2, 10133.3, 10133.35, and 10133.4 these are in part 1 of division 4 of the business and professions code |
|
|
What application does a Salesperson fill out for the examination?
|
RE 435 (Salesperson Exam/License Application) Or
RE 400A (Salesperson Examination Application form) What else needs to be submitted with the application? |
Forms found at DRE website.
SEND with examination fee. SEND directly to Sacramento. Current fee and instructions found on application. Once the examinee passes, he can apply for a four-year license (RE 435 or RE 202); get fingerprinted (RE 237) and provide proof of legal presence (RE 205). |
|
|
What application does a Broker fill out for the examination?
|
RE 436 (Broker Exam/License Application) Or
RE 400B (Broker Examination Application form) What else needs to be submitted with the examination application? |
Forms found at DRE website.
SEND with examination fee. SEND directly to Sacramento. Current fee and instructions found on application. Once the examinee passes, he can apply for a four-year license (RE 436 or RE___; get fingerprinted (RE 237) and provide proof of legal presence (RE 205). |
|
|
How long are the application and fees valid?
How many reexaminations are one entitled to? |
Two years after the application is filed.
Unlimited reexaminations within temporal window. What application should one submit for reexamination? |
RE 418 (Examination Result Notification) Or
RE 415 (Examination Change Application) Apply online at DRE site. Must pay reexamination fee. |
|
|
What form does one fill out for the fingerprint requirement?
|
RE 237 (Live Scan Service Request form)
What does one have to do with the RE 237 After fingerprinting is done? |
1) Submit a copy of RE 237 with part 4 completed to DRE
2) Send competed Original License Application 3) Send fees 3a) Original License fee 3b) Fingerprint processing fee (this fee is in addition to the fee due to the LSS provider at time of fingerprinting) note that LSS provider will collect two fees: 1) fingerprint processing fee. 2) live scan service fee. see DRE website for Live Scan Service providers (LSS provider). |
|
|
What is the next step After the examination is passed?
|
1) Submit for a four-year License.
1a) Submit a License fee 2) LSS provider fingerprinting 2a) Submit RE237 w/ part 4 completed 2b) Submit fingerprint processing fee 3) Submit Proof of Legal Presence 3a) RE205 Public Benefits Form hint: |
1) License Application form
2) Live Scan Service Request form 3) Public Benefits form |
|
|
What form provides proof of legal presence?
|
RE205 (Public Benefits Form)
What are some examples of proof of legal presence documents? |
Birth certificate, Passport, or Resident alien card
|
|
|
What are the requirements for License Renewal?
|
1) Filing the proper application
2) Submitting current fee 3) Evidence of completion of CE (Continuing Education) outlined under Section10153.4 When must the CE be completed by? |
Prior to the 18 months (1.5 years) of the end of the original four-year active term of the license.
So, you have 2.5 years to complete the CE before automatic suspension; then you have 1.5 years to complete while in suspension period. |
