CHAPTER 1: CALIFORNIA REAL ESTATE LICENSE VOCAB

Real Estate Advisory Commission

A BODY OF TEN MEMBERS WHO MEET AND CONSULT AND ADVISE THE DRE ON THE FUNCTIONS AND POLICIES OF THE DEPT. IT MAKES RECOMMENDATIONS AS TO HOW IT MAY BEST SERVE THE PEOPLE OF THE STATE.

Pre-Paid Rental Listing Service

A BUSINESS WHICH SUPPLIES PROSPECTIVE TENATS WITH LISTINGS OF RESIDENTIAL REAL PROPERTY FOR TENANTS WITH LISTINGS OF RESIDENTIAL REAL PROPERTY FOR TENACY WHILE COLLECTING A FEE AT THE SAME TIME OR IN ADVANCE OF WHEN THE LISTINGS ARE SUPPLIED.

LICENSE

A CERTIFICATE, PERMIT, AUTHORITY AND REGISTRATION OR ANY OTHER INDICATION GIVING AUTHORIZATION TO ENGAGE IN A BUSINESS OR PROFESSIONAL REGULATED BY A CERTAIN AGENCY (DRE)

LICENSED CORPORATE DIRECTOR

A CORPORATION MAY BE LICENSE AS A REAL ESTATE BROKER PROVIDED AT LEAST ONE OFFICER OF THE CORPORATION IS A DULY QUALIFIED REAL ESTATE BROKER WILLING TO ACT AS THE CORPORATION'S RESPONSIBLE DESIGNATED BROKER-OFFICER.

RESTRICTED LICENSE

A PROBATIONARY LICENSE CONTAINING SPECIFIC RESTRICTIONS THE COMMISSION CAN RESTRICT A LICENSE BY TERM: TO EMPLOYMENT BY A PARTICULAR BROKER: BY LIMITATION TO CERTAIN AREA OR TYPE OF ACTIVITY, ETC.

REALTOR

A REAL ESTATE BROKER HOLDING ACTIVE MEMBERSHIP IN A REAL ESTATE BOARD AFFILIATED WITH THE NATIONAL ASSOCIATION OF REALTORS.

divided agency

A REQUIREMENT THAT A LICENSEE IS TO INFORM ALL PRINCIPALS IF LICENSEE IS ACTING AS THE AGENT FOR MORE THAN ONE PARTY IN A TRANSACTION

branch office

A SEPARATE REAL ESTATE OFFICE CONDUCTING BUSINESS SEPARATELY FROM THE MAIN OPERATION WITH IT'S OWN LICENSE TO DO BUSINESS AT THAT SPECIFIC LOCATION

Misrepresentation

A false or misleading statement or assertion.

FALSE PROMISE

A false statement about what the promisor is going to do in the future

LICENSEE

AN INDIVIDUAL AUTHORIZED TO RECEIVE COMPENSATION, A COMMISSION OR FEE FOR THE PERFORMANCE OF ANY OF THE ACTS DEFINED AS BEING WITHIN THE PURVIEW OF A LICENSED BROKER OR SALESPERSON

SALESPERSON

AN INDIVIDUAL PERMITTED TO CONDUCT LICENSING ACTIVITY IN THE EMPLOY OF A BROKER ONLY AND NEVER AS AN INDEPENDENT AGENT.

Discrimination ACTS

APPLYING SPECIAL TREATMENT (GENERALLY UNFAVORABLE) TO AN INDIVIDUAL SOLELY ON THE BASIS OF THE PERSON'S RACE, RELIGION, OR SEX.

REAL ESTATE BOARD

An organization whose members consist primarily of real estate brokers and salespersons.

REAL ESTATE COMMISSIONER

CHIEF OFFICER OF THE DEPARTMENT OF REAL ESTATE : DUTY BOUND TO ENFORCE THE PROVISIONS OF THE REAL ESTATE LAW. REAL ESTATE INVESTMENT COUNSELOR.

C.A.R.

California Association of Realtors

fictitious business name

IF THE FIRM DESIRES TO USE ANY NAME OTHER THAN ITS OWN, A COPY OF A "FICTITIOUS BUSINESS NAMES STATEMENT" MUST BE FILLED WITH THE COUNTY CLERK'S OFFICE SHOWING THE D.B.A FILLED ON BEHALF OF THE INDIVIDUAL OR CORPORATION

Continuing Education

LEGISLATIVE REQUIREMENTS FOR ALL REAL ESTATE SALES AGENTS AND BROKERS. EDUCATIONAL COURSES REQUIRED EVERY FOUR YEARS PURSUANT OF THE BUSINESS AND PROFESSIONS CODE.

REVOKED LICENSE

LOSS OF LICENSE FOR UNLIMITED TIME

AGENT

ONE WHO ACTS FOR AND WITH AUTHORITY FRIM ANOTHER CALLED THE PRINCIPAL

Cancelled license

STATUS OF A REAL ESTATE LICENSE; SALESPERSON QUITS, IF FIRED BY THE BROKER, OR DEATH OF THE BROKER.

INDIVIDUAL BROKER

THE MOST COMMON TYPE OF BROKER LICENSE. IT LICENSES ONE TO ACT FOR ONE'S OWN PERSONAL ACCOUNT IN CONDUCTING A BROKERAGE BUSINESS UNDER ONE'S OWN NAME OR UNDER A FICTITIOUS BUSINESS NAME

SUSPENDED LICENSE

Temporary loss of license

LICENSE VIOLATIONS

VIOLATIONS OF THE TERMS, CONDITIONS, RESTRICTIONS AND LIMITATIONS CONTAINED IN REAL ESTATE LAW, BUSINESS AND PROFESSIONS CODE OR OTHER GOVERNMENTAL AGENCY.

PARTNERSHIP

a voluntary association of two or more persons to act as co-owners of a business for profit