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10 Cards in this Set
- Front
- Back
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In Lansing, the office which houses all of our bureaucracy is referred to as
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The Department (specifically the Department of Licensing and Regulatory Affairs)
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The board which represents our occupation is called:
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The Board of Real Estate Brokers and Salespersons.
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How many members of the Board represent the occupation?
How many represent the general public? |
6
3 |
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Who sets the penalty when a violation has been substantiated?
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The Board.
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What is the name of the individual who, in a formal hearing, determines guilt or innocence.
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The Administrative Law Judge.
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What is the maximum first time penalty for a lay person practicing real estate without a license?
What about second or subsequent violation? |
A non-licensee could face a fine up to $500 and/or ninety days in jail as the result of a civil action
Second offence this could be up to $,1000 and/or one year in jail. |
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Name the five tests for a salesperson to be considered an independent contractor.
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1. Licensed
2. At Risk 3. No minimum job requirements 4. Annually negotiated independent contract 5. Not less than 90% of money from broker is commission from real estate activities. |
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If the Department denies one's application for license, is there any recourse?
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One may go before the Board for a review of this decision.
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How could a non-licensee be exempt from having to obtain a real estate license?
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The following are exemptions:
Engaging in 5 of less real estate transations. Not holding oneself out as being in real estate. Devoting less than 50% or 15 or less hours of time per week to the pursuit of real estate. |
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Need a licensed builder who is selling his own inventory get a real estate license?
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A licensed builder may sell all of the one to four family, new construction, never having been occupied, that he builds and owns.
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