Real Estate Principles

Front 1

Ethics

Back 1

A set of prinicples or values by which an individual guides his or her own behavior and judges that of others.

Front 2

Police power

Back 2

The power of the state to pass laws, within lawful limits that promote the order, safety health, morals and general welfare of its citizens.

Front 3

Real Estate Agent

Back 3

Someone licencsed by the Department of Real Estate, holding either a broker or salesperson license, who negotiates sales for other people.

Front 4

Real Estate Broker

Back 4

Someone holding a broker license and permitted by law to employ those holding a salesperson license, who may negotiate sales for other people.

Front 5

Real Estate Law

Back 5

The law that affects the licensing and conduct of real estate agents.

Front 6

Real Estate Salesperson

Back 6

Someone holding a salesperson license who must be employed by a real estate broker, for pay, to perform any of the activities of a real estate broker.

Front 7

Real Estate Associate

Back 7

The same as a real estate salesperson, holding a salesperson license, employed by a broker.

Front 8

Revoke

Back 8

Recall and make void.

Front 9

Suspend

Back 9

Temporarily makes ineffective.

Front 10

Trade Association

Back 10

A voluntary nonprofit organization of independent and competing business units engaged in the same industry or trae, formed to help solve industry problems, promote progress and enhance service.

Front 11

What does Real Estate Low affect?

Back 11

1. Licensing of Real Estate Agents

2. Conduct of Real Estate Agents.

Front 12

The two main purposes of the Real Estate Law are...

Back 12

1. Protecting consumers from loss because of dishonest and incompetent agents.

2. Protecting the good standing of ethical agents from the adverse publicity caused by unprincipled licensees.