California Real Estate Principles Unit 15 - Keeping Your Real Estate Liscence

conversion

1. A serious deprivation of a chattel in bad faith.

Real Estate Law

A California statue that governs the licensing and business practices of real estate agents.

two-year grace period

A period of time after the expiration of a license that renewal is allowed as long as all real estate activity has ceased during that time and a late fee is paid at the time of renewal.

real estate salesperson

A person with a real estate license who must be employed by a real estate broker in order to perform any of the activities that requires a license.

false promise

A promise of a free gift that actually requires that another item be bought first

REALTOR

A real estate broker holding active membership in a real estate board affiliated with the National Association of Realtors.

real estate broker

An agent authorized under state real estate licensing laws to operate independently in a real estate brokerage business

Advocacy Program

Groups organized around broad public goals but without local chapters and often without formal membership

branch offices

Licensees must post their license at their principal place of business and copies of their license at?

restricted license

Real estate license on which one or more conditions are imposed by the Real Estate Commissioner as the result of a disciplinary action.

license law

The Real Estate License Act that serves to protect the public in real estate transactions involving a licensee

panic peddling

The illegal practice of soliciting people in a neighborhood to sell their homes because of fear or alarm; also referred to as blockbusting.

45 hours

The number of hours of continuing education a real estate licensee must complete before renewing her license after the first four-year renewal period.

Real Estate Commissioner

The state regulatory body whose duty it is to carry out the real estate license laws in a particular state.

accusation

a charge of wrongdoing

Real Estate Recovery Fund

a fund established for aggrieved parties who have obtained uncollectible judgements against real estate licensees for fraud, deceit or misrepresentation.

fictitious business name

a statement used to define a name other than the owner's that is used to operate a business|

secret profit

an agent's making of additional money in a real estate transaction without disclosing it to the principal and the 3rd party

obligors

contractual parties who agreed to do something for the other party

misrepresentation

deliberately deceiving