Lesson 2- Real Estate Laws and Regulations Overview
6 areas of real estate law
-general property law -state-specific locense law -law of agency -the law of contracts -landlord-tenant laws -consumer protection laws
Landlord-tenant laws
Addresses the landlord-tenant relationship. They establish everything from the duties and responsibilities of each party to the state laws for handling lease agreements to fair housing considerations for tenants and other tenants' right issues
General property law
Covers the forms of ownership and tenancy in real property, and its distinction from personal property within the common law legal system. It also covers the rights of ownership and tenancy and the government's rights and authority under eminent domain and various police powers.
Consumer protection laws
Established to ensure that the licensed professionals in a state treat consumer (including their customers and clients) with fairness. These laws (and their associated rules) are designed to protect consumers from unfair or unethical business practices, fraud, misrepresentation, and more. In real estate, the state real estate commission or department is often charged with one primary duty: ensuring that the professionals it licensed have the appropriate degree of professionalism, education, and training, as well as strong moral character and a history free of crimes involving moral turpitude and/or felony convictions before those professionals are granted their real estate licenses
T or F) after you have obtained your real estate license, you may legally draft a contract
F
T or F) as long as you are actively pursuing your real estate license, you can legally perform the same activities that licensed real estate professionals perform
F
Q) covers the forms of ownership and tenancy in real property, and its distinction from personal property within the common law legal system
General property law
Q) covers the government's rights and authority under eminent domain
General property law
Q) covers the rights of ownership and tenancy
General property law
The law of contracts
Governs the use contracts and the required elements to make a contract valid. It also covers what happens in the case of a breach of contract, and how contracts may be terminated. You'll often see court cases cited in a discussion of contract law because the courts are used to determine contract validity, legality, and enforceability. An important point to remember about contracts: You are not an attorney and may not legally draft a contract. Your role as a licensee is limited to the use of legally approved forms and standard clauses.
Law of agency
Is all about your role relating to your clients. Agency law covers how an agency relationship is created, and the duties of an agent to the principle.
Q) covers how an agency relationship is created
Law of agency
Q) covers the duties of an agent to the principle
Law of agency
Q) 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
State-specific license laws
State-specific license laws relate to the requirements of a licensee when performing real estate activities within the state. License law, continuing education requirements, supervisory requirements, and prohibited conduct are all covered by license law
T or F) the purpose of licensing is to protect the public by requiring certain education, training, and standards for licensees
T
T or F) the requirements for licensing provide an important oversight component to ensure that you continue to meet the terms of your license
T
T or F) there are different types of licenses based on experience level and training, and different requirements and responsibilities that go with each license
T
T or F) your role as a licensee is limited to the use of legally approved forms and standard clauses
T
Q) covers what happens in the case of a breach of contract, and how contracts may be terminated
The law of contracts
Q) governs the use of contracts and the required elements to make a contract valid
The law of contracts
The purpose of real estate license laws
To protect the public by requiring certain education, training and standards of licensees. With regard to licensing, remember that you must have your real estate license in hand before you can legally perform the same activities that licensed real estate professionals perform
