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Practice by Mind Map: Practice

1. .

1.1. Listings

1.1.1. Open listing Many Brokers

1.1.2. Exclusive Agency Listing 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 Article 4 Creating Bills

1.2.2. Statutes

1.2.3. Business and Professions Code Department of Real Estates Real Estate Commissioner

1.2.4. Civil Code 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 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 License must be returned 3 Business days

1.4.5. Trust Ledger

1.4.6. Trust Account Deposit within 3 Business Day If business takes place before 3 days no account necessary Unless buyer I writing direct a check not be cashed Any employee authorized by may make withdrawals unlicensed must bond

1.5. License

1.5.1. Every 4 years

1.5.2. 1st time renewal 45 hours subject: Ethics, Agency, Trust Fund Handling, Fair Housing 18 hours consumer protection 15 hours customer service New course in Risk Management

1.5.3. Subsequent Renewals 45 hours subject: Ethics, Agency, Trust Fund Handling, Fair Housing 15 hours customer service 18 hours consumer protection New course in Risk Management

1.5.4. Now 3 courses Real Estate Principles Real Estate Practice One other College level course

1.5.5. Temporary 150 days Release Child support or Suspended

1.5.6. licensee has 2 years grace for expired If after; test must be retaken

1.6. Advertisement

1.6.1. Trust Deeds Must specify interest and discount from actual balance Secured Trust Deeds Disclose the extent to which it is secured

1.6.2. Gifts to everyone must announce attendance is necessary

1.6.3. Blind Advertisement Must disclose that agent represents seller Must disclose he is an agent Must include Broker's name

1.6.4. Deceptive Ad Move right-in

1.6.5. False implication 800-for-loans

1.6.6. Misleading map

1.6.7. Puffing making a claim that reasonable person relies upon to buy

1.7. Ethics

1.7.1. NAR members obey Realtor' Code of Ethics

1.7.2. Business and Professions Code

1.7.3. Any improper act illegal

1.7.4. net Listings - Options - Guaranteed Sales OK with disclosures

1.7.5. Violations $10,000 six month jail Commissioner must serve licensee with a Accusation Misrepresentation False Promise Undisclosed Dual Agency Commingling Secret Profits Kickbacks

1.7.6. Advanced Fees DRE approval prior No DRE approval needed give full accounting to seller Must not contain a selling guarantee

1.7.7. Special Rules negotiated loans Broker to record Trust Deed if lender authorizes early funding broker must give lender recommendation to record Broker servicing as loan 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 Subject to Sales Tax

1.9.5. Good will and Inventory Not subject to sales tax

1.9.6. Uniform Commercial Code Financing Statement Gives public notice to creditors of Trade Fixtures Filed with Secretary of State Release or Termination Statement Release from Creditors

1.9.7. Bulk Sales When Selling all inventory to on Buyer Prevent fraud against Creditors Buyer to file Notice of intent to Sell in Bulk and advertise

1.10. 13th amendment 1865

1.10.1. Jones vs. Mayer 1968 Anti discrimination Federal Title VIII 1968 Anti Discrimination in housing Federal Equal Credit opportunity

1.10.2. California State Law Rumford Act Owner to complete rental of Sale or provide next available unit Liable for civil damages and $1000 punitive Unruh Civil Act prohibits discrimination in Business Holden Act Prohibits discrimination by lenders [redlining]

1.11. Mandated Disclosures

1.11.1. Easton V. Strassburger; led to the TDS Fill out during listing Listing and selling agent must inspect If seller does not give buyer TDS Agent to notify buyer of TDS right Broker who procured the offer must deliver TDS to buyer ASAP Rights of buyer If TDS is delivered after the offer

1.11.2. Environmental Hazards Give the seller the Environmental Hazard Pamphlet Lead Asbestos Radon

1.11.3. Natural Hazard Disclosure Statement Special Flood Zone FEMA Potential Flooding e.g. Dam Break Fire Hazard Wild-land Area e.g. forest fires

1.11.4. Earthquake Fault Zone Seller and broker must disclose to buyer

1.11.5. Seismic Hazard Zone

1.11.6. Earthquake Safety Guide Homeowner's Guide; for homes built 1960 Commercial Property Owner's Guide Masonry floor and roof before 1975

1.11.7. Death Disclosure less then three years

1.11.8. miscellaneous Promotional Note Real Property Securities Liens on Parcels of subdivision Quarterly Reports by Broker When assisting with leases or sales of federal lands Department of Forestry Rural lands declared state responsibility Flood Hazard Report frequent flooding