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Practice by Mind Map: Practice

1. .

1.1. Listings

1.1.1. Open listing

1.1.1.1. Many Brokers

1.1.2. Exclusive Agency Listing

1.1.2.1. Seller reserves right to sell

1.1.3. Exclusive Right-to-Sell Listing

1.1.4. Exclusive Authorization and Right to Locate Property (Buyer Listing)

1.2. 29 Codes

1.2.1. State Constitution

1.2.1.1. Article 4

1.2.1.1.1. Creating Bills

1.2.2. Statutes

1.2.3. Business and Professions Code

1.2.3.1. Department of Real Estates

1.2.3.1.1. Real Estate Commissioner

1.2.4. Civil Code

1.2.4.1. Real Estate law non-licensee

1.3. Commissions

1.3.1. Can be shared with an unlicensed buyer

1.4. Brokerage

1.4.1. Agents need employment agreement

1.4.1.1. Keep 3 years

1.4.2. All must have Workers Compensation

1.4.3. Can pay finder fee to non-licensee

1.4.4. Termination

1.4.4.1. License must be returned

1.4.4.1.1. 3 Business days

1.4.5. Trust Ledger

1.4.6. Trust Account

1.4.6.1. Deposit within 3 Business Day

1.4.6.1.1. If business takes place before 3 days no account necessary

1.4.6.2. Unless buyer

1.4.6.2.1. I writing direct a check not be cashed

1.4.6.3. Any employee authorized by may make withdrawals

1.4.6.3.1. unlicensed must bond

1.5. License

1.5.1. Every 4 years

1.5.2. 1st time renewal

1.5.2.1. 45 hours

1.5.2.2. subject: Ethics, Agency, Trust Fund Handling, Fair Housing

1.5.2.3. 18 hours consumer protection

1.5.2.4. 15 hours customer service

1.5.2.5. New course in Risk Management

1.5.3. Subsequent Renewals

1.5.3.1. 45 hours

1.5.3.2. subject: Ethics, Agency, Trust Fund Handling, Fair Housing

1.5.3.3. 15 hours customer service

1.5.3.4. 18 hours consumer protection

1.5.3.5. New course in Risk Management

1.5.4. Now 3 courses

1.5.4.1. Real Estate Principles

1.5.4.2. Real Estate Practice

1.5.4.3. One other College level course

1.5.5. Temporary 150 days

1.5.5.1. Release Child support or Suspended

1.5.6. licensee has 2 years grace for expired

1.5.6.1. If after; test must be retaken

1.6. Advertisement

1.6.1. Trust Deeds

1.6.1.1. Must specify interest and discount from actual balance

1.6.1.2. Secured Trust Deeds

1.6.1.2.1. Disclose the extent to which it is secured

1.6.2. Gifts

1.6.2.1. to everyone

1.6.2.1.1. must announce attendance is necessary

1.6.3. Blind Advertisement

1.6.3.1. Must disclose that agent represents seller

1.6.3.2. Must disclose he is an agent

1.6.3.3. Must include Broker's name

1.6.4. Deceptive Ad

1.6.4.1. Move right-in

1.6.5. False implication

1.6.5.1. 800-for-loans

1.6.6. Misleading map

1.6.7. Puffing

1.6.7.1. making a claim that reasonable person relies upon to buy

1.7. Ethics

1.7.1. NAR members

1.7.1.1. obey Realtor' Code of Ethics

1.7.2. Business and Professions Code

1.7.3. Any improper act

1.7.3.1. illegal

1.7.4. net Listings - Options - Guaranteed Sales

1.7.4.1. OK with disclosures

1.7.5. Violations

1.7.5.1. $10,000

1.7.5.1.1. six month jail

1.7.5.2. Commissioner must serve licensee with a Accusation

1.7.5.2.1. Misrepresentation

1.7.5.2.2. False Promise

1.7.5.2.3. Undisclosed Dual Agency

1.7.5.2.4. Commingling

1.7.5.2.5. Secret Profits

1.7.5.2.6. Kickbacks

1.7.6. Advanced Fees

1.7.6.1. DRE approval prior

1.7.6.1.1. No DRE approval needed

1.7.6.2. give full accounting to seller

1.7.6.3. Must not contain a selling guarantee

1.7.7. Special Rules

1.7.7.1. negotiated loans

1.7.7.1.1. Broker to record Trust Deed

1.7.7.2. if lender authorizes early funding

1.7.7.2.1. broker must give lender recommendation to record

1.7.7.3. Broker servicing as loan

1.7.7.3.1. may retain funds in Trust Account

1.8. Mobile Homes

1.8.1. licensee cannot sell new mobile homes

1.8.2. Used OK to sell

1.8.3. Once registered OK to sell new

1.8.4. No Down is illegal

1.8.5. 48 hours to remove ad after sale

1.9. Business Opportunities

1.9.1. Personal Property

1.9.2. Bill of Sale to transfer

1.9.3. Buyer to request Certificate of Clearance from State Board of Equalization

1.9.4. Fixtures and Furniture

1.9.4.1. Subject to Sales Tax

1.9.5. Good will and Inventory

1.9.5.1. Not subject to sales tax

1.9.6. Uniform Commercial Code

1.9.6.1. Financing Statement

1.9.6.1.1. Gives public notice to creditors of Trade Fixtures

1.9.6.1.2. Filed with Secretary of State

1.9.6.2. Release or Termination Statement

1.9.6.2.1. Release from Creditors

1.9.7. Bulk Sales

1.9.7.1. When Selling all inventory to on Buyer

1.9.7.2. Prevent fraud against Creditors

1.9.7.3. Buyer to file Notice of intent to Sell in Bulk

1.9.7.3.1. and advertise

1.10. 13th amendment 1865

1.10.1. Jones vs. Mayer 1968

1.10.1.1. Anti discrimination

1.10.1.2. Federal Title VIII 1968

1.10.1.2.1. Anti Discrimination in housing

1.10.1.3. Federal Equal Credit opportunity

1.10.2. California State Law

1.10.2.1. Rumford Act

1.10.2.1.1. Owner to complete rental of Sale

1.10.2.1.2. or provide next available unit

1.10.2.1.3. Liable for civil damages and $1000 punitive

1.10.2.2. Unruh Civil Act

1.10.2.2.1. prohibits discrimination in Business

1.10.2.3. Holden Act

1.10.2.3.1. Prohibits discrimination by lenders [redlining]

1.11. Mandated Disclosures

1.11.1. Easton V. Strassburger; led to the TDS

1.11.1.1. Fill out during listing

1.11.1.2. Listing and selling agent must inspect

1.11.1.3. If seller does not give buyer TDS

1.11.1.3.1. Agent to notify buyer of TDS right

1.11.1.4. Broker who procured the offer

1.11.1.4.1. must deliver TDS to buyer ASAP

1.11.1.5. Rights of buyer

1.11.1.5.1. If TDS is delivered after the offer

1.11.2. Environmental Hazards

1.11.2.1. Give the seller the Environmental Hazard Pamphlet

1.11.2.1.1. Lead

1.11.2.1.2. Asbestos

1.11.2.1.3. Radon

1.11.3. Natural Hazard Disclosure Statement

1.11.3.1. Special Flood Zone

1.11.3.1.1. FEMA

1.11.3.2. Potential Flooding

1.11.3.2.1. e.g. Dam Break

1.11.3.3. Fire Hazard

1.11.3.4. Wild-land Area

1.11.3.4.1. e.g. forest fires

1.11.4. Earthquake Fault Zone

1.11.4.1. Seller and broker must disclose to buyer

1.11.5. Seismic Hazard Zone

1.11.6. Earthquake Safety Guide

1.11.6.1. Homeowner's Guide; for homes built 1960

1.11.6.2. Commercial Property Owner's Guide

1.11.6.2.1. Masonry floor and roof before 1975

1.11.7. Death Disclosure

1.11.7.1. less then three years

1.11.8. miscellaneous

1.11.8.1. Promotional Note

1.11.8.1.1. Real Property Securities

1.11.8.1.2. Liens on Parcels of subdivision

1.11.8.2. Quarterly Reports by Broker

1.11.8.2.1. When assisting with leases or sales of federal lands

1.11.8.3. Department of Forestry

1.11.8.3.1. Rural lands declared state responsibility

1.11.8.4. Flood Hazard Report

1.11.8.4.1. frequent flooding