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5 Cards in this Set

  • Front
  • Back
Caveat emptor
Let the buyer be aware
Police power
The right of goverment to enact laws and enforce them to benefit the public health, safety and general welfare
Mention where in the California codes is the Real Estate Law defined
Business and Professions Code
Division 4

Part 1 covers licencing
Part 2 covers transactions
Real estate brokerage
Is a business in which real estate license-related activities are performed under the supervision of a real estate broker.
Mention three ways to establish a brokerage business
Individual broker with no employees.

Corporation (requires separate corporate license and a responsible broker-officer)

Partnership (at least one licensed broker at each branch location, no license required for the partnership itself)