real estate unit one
Which statement is true about licensing authorities?
Each state has its own licensing authority.
What's the chief function of licensing laws?
Ensure that consumers are protected
Real estate law covers specific areas. These are:
Law of contracts General property law Law of agency State-specific license laws Landlord-tenant laws Consumer protection laws
Where will you find official documentation about the licensing of real estate professionals?
State Laws and regulations
AREC commission members Dale, Sherry, Jasmine, and Ted have convened to impose a penalty on a broker who's been found guilty of fraud. Which of these reasons could prevent them from doing this work?
The fact that only four members have convened, and there need to be at least five.
AREC can suspend or revoke Dennis's license or require him to pay a fine or restitution. what can they not do?
They can't order him to serve jail time (although they can refer the matter to a state court).
What are the main ways that license laws ensure consumer protection?
They establish requirements, define activities, and set standards.
Professional associations determine which activities are affected by state licensing laws.
false
Real estate professionals are licensed at the federal level.
false
Covers the government's rights and authority under eminent domain
general property law
Covers the rights of ownership and tenancy
general property law
Begins as legislation proposed by and voted into effect by a state legislature; also called a statute
law
Covers how an agency relationship is created.
law of agency
Covers the duties of an agent to the principal
law of agency
What is the primary purpose of license laws?
protect consumers from unprofessional practices
A standard or rule adopted by a government agency, such as a state department of commerce or the Environmental Protection Agency
regulation
Covers the requirements of a licensee when performing real estate activities within the state, to include license law, continuing education requirements, supervisory requirements, and prohibited conduct
state specific license laws
Covers the forms of ownership and tenancy in real property, and its distinction from personal property within the common law legal system.
the general property law
Covers what happens in the case of a breach of contract, and how contracts may be terminated
the law of contracts
Governs the use of contracts, and the required elements to make a contract valid.
the law of contracts
License laws often prescribe a standard of conduct for licensees.
true
License laws protect the rights of buyers, sellers, tenants, and property owners.
true
