Module 4 Real Estate

The Commissioner's rule require licensees to notify the Commissioner within 10 days of the following occurrences:

- Conviction - Court Decision - License Issue

Procedures for applying for a license for real estate broker or salesperson (things included on an application):

-ADRE Form -Demographics -Employment History -Convictions -License Background -Business Information -Character -Bankruptcy

You can hold multiple licenses but you may only have one employing broker in each of the following categories:

-Cemetery -Membership Camping -Real Estate

How many renewal class hours must a salesperson take to renew their license?

24 hours every 2 years

Arizona mandates 24 hours of continuing education every 2 years on these topics:

3 hours- Commissioner's Standards 3 hours- Real Estate Legal Issues 3 hours- Agency Law 3 hours- Contract Law 3 hours- Disclosure 3 hours- Fair Housing 6 hours- Additional general category or additional hours in required category Maximum 9 hours in any 24-hour period

Contract Writing Course

A 6-hour continuing education course that is required to be completed prior to the issuance of an initial Arizona real estate salesperson license.

Code of Ethics

Articles that pertain to the REALTORS relation to clients, other real estate agents, and the public.

Broker applicant takes 9 hours of Broker Management Cinic in these three separate 3 hour classes:

BMC 1: Statutes and Rules BMC 2: Broker Policies BMC 3: Supervision

Statutes and policies, broker policies, and supervision are included in what continuing education?

Broker Management Clinic

A licensed real estate agent has been arrested for DUI. What must they do?

Do not notify the department of real estate because there has not been a conviction

True or False: Any licensed real estate agent can call themselves a REALTOR

False

True or False: The Code of Realtors doesn't apply to professional standards.

False

Artie's salesperson license expired last week. What does he need to know before he gets it reinstated?

He may not function as a licensee during that time.

Artie was a defendent who was found guilty in a civil lawsuit that was decided last week, regarding a real estate transaction that he was party to. What should he do regarding his license?

He should notify the Commissioner withing 10 days of the court finding against him.

Real Estate Salesperson License Exams

Includes 170 multiple choice questions

Continuing Education requirements for Salesperson

Includes 24 hours of education every 2 years

The 6-hour contract writing class

Is required before the Department of Real Estate will issue a license

Temporary Broker's License

License issued by the Commissioner to kin, administrator, spose, personal representative, or employee of a broker in case of the broker's illness, injury, insanity, or death.

The Department of Real Estate issues and inactive license to a salesperson on March 12, 2020. When will the salesperson have to renew their license by?

March 31, 2022

The Code of Ethics was created by

National Association of REALTORS

A licensed real estate agent is convicted of a DUI. What must they do?

Notify the department of real estate (commissioner) within 10 days

Broker Management Clinic

Required 9-hour continuing education course that a new Arizona broker licensee must complete prior to license issuance and designated brokers must complete every 2 years.

Real Estate Broker's License

Requires 9 hour class prior to licensing

Kim is a new member of the National Association of REALTORS, and Mike is telling her about the Code of Ethics regarding Duties to Clients. What should Mike explain to Kim?

She should not misrepresent anything about a property.

Commissioner

The Commissioner of the Arizona Department of Real Estate

Reinstatement

The activation of a salesperson or broker license after it has been in expired status; provided the licensee has completed requirements for licensing in the required time frame.

A designated broker was in a severe car accident and is in a coma

The designated broker's unlicensed spouse can obtain a temporary broker's license

Licensing

The personal, non-assignable authorization to enter and perform acts related to real estate.

The purpose of the Code of Ethics is

To provide a guide to ethical practices which all REALTORS agree to abide

National Association of REALTORS

Trade association for licensed real estate persons.

What does Kim need to include in her application for her salesperson license? Select all that apply: a) legal name and address b) her current employment information c) parking violations d) any real estate experience for the last 10 years e) character info requested by the Commissioner

a) legal name and address b) her current employment information d) any real estate experience for the last 10 years e) character info requested by the Commissioner

Which of the following would the Department of Real Estate automatically deny a real estate license? a) convicted of a DUI b) none of the items would automatically deny a real estate license c) disbarred from the practice of law d) subject to federal bankruptcy act proceedings

b) none of the items would automatically deny a real estate license

A temporary broker's license would be issued for the following reasons EXCEPT: a) broker becomes insane b) broker becomes disabled by illness c) broker is on vacation d) broker has died

c) broker is on vacation

All of the following activities describe the salesperson licensing exam EXCEPT: a) it consists of 80 general and 90 Arizona specific questions b) testing centers are open 5-6 days a week c) you must receive a 75% or higher to pass d) you must wait 2 weeks to find out your results

d) you must wait 2 weeks to find out your results.