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16 Cards in this Set
- Front
- Back
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Caveat Emptor |
The seller cannot be accountable for quality of product unless guaranteed in a warrentee. |
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Codes (realestate law) |
The series of books of california legistation |
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2 parts of real estate law |
Licensing, and transactions (subdivided land laws) |
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Www.leginfo.ca.gov |
Coplete text of all 29 volumes of cal codes/pending bills |
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Regulations of real estate commissioner |
Clarifies/interprets the real estate law for licensees |
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CalBRE |
(California bureau of real estate) is headded by the real estate commissioner, administers the real estate law in california. |
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Www.bre.ca.gov |
Info on bre/licensee current statuses |
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Real estat commissioner duties |
-screens license candidates -prepares subdevision public reports -conducts licensee disciplinary action to licensees -investigates non licensees -Regulates non exempt franchises |
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Real estate advisory commission |
Appointed by commissioner, 10 memebers make recomendations to commissioner. -6 must be licensed brokers -4must be nonlicensed members of the public None get paid unlike commissioner |
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Brokerage |
Business which consists of at least one broker. Consist of sales people, support staff, clerical workers, and a number of branch offices. Ex: Century 21 |
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Sole proprietorship |
May be owned by a broker, sales person, or nonlicensee
* can only carry out real estate activities under licensed real estate broker. Ex: jolie |
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Corporation |
When a brokerage decides to be set up as a corporation as opposed to a sole proprietorship Ex: century 21 |
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Partnership |
When a brokerage is a part of a partnership. Only one needs required licenses as long as the other is not preforming duties which dont require a license. |
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Fictitious business name |
Any time the business name is different than that of the licensee's real name. -must be fild with county clerk in the county of business address -effective for 5 years drom dec 31st of the year submitted -commenly referred to as DBA (doing business as) *application sent to commissioner |
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License inspections |
Must be available to commissioner at any time at the branch which licensee works.(main branch) Same for each individual branch's license |
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Salesperson |
Must be considered as employee of brokerage or independant contractor to appoint liability to the brokerage. |
