Real Estate Principles Chapter 1
associate licensee
A broker or sales person who is employed by or in an independent contract relationship with a real estate broker.
codes
A series of books that has California's legislation.
real estate law
Division 4 of the Business and Professions Code has 2 parts : part 1 covers licensing, part 2 covers transactions and includes the subdivided lands law.
franchise
a contract or agreement either implied whether oral or written between two or more persons.
real estate education and research fund
a fund that is specified to research relating to real estate.
mortgage loan brokerage
acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses
Real Estate Commissioner
appointed by the governor and serves at the governors discretion. required to have practiced real estate as a broker in California for 5 years or engaged in so,me form of real estate activity for 5 of the past 10 years.
conditional license
constricted license
broker-officer
enables a brokerage to be incorporated
Business and Professions Code
ethics
blind advertising
false advertizing
Uniform Commercial Code
governs the sale or transfer of goods ordinarily held for sale in the course of business.
real estate brokerage
is a business in which real estate license- related activities are preformed under the supervision of a real estate broker
Prepaid Rental Listing Service (PRLS)
is a business that supplies prospective tenants with listings of residential real property on payment of a fee collected at the same time or in advance of when the listings are supplied.
fictitious business name statement
is any name other than the corporate name stated in its articles of incorporation. . If you're starting a sole proprietorship or a partnership, you have the option of choosing a business name or dba (doing business as) for your businesses
bulk transfer of goods
is any transfer of a substantial part of the materials,supplies,merchandise, equipment, or other inventory that is not in the ordinary course of the transferor's business.
restricted license
limitations to your license like a restricted driving license for real estate
California Bureau of Real Estate (CalBRE)
responsible for enforcing laws concerning real estate license.
Real Estate Advisory Commission
responsible for enforcing laws concerning real estate license. The head of the CalBRE. has 10 members 6 commission members must be licensed brokers 4 commission members must be non licensed members of the public serve without compensation
Recovery Account Regulations of the Real Estate Commissioner
serve to clarify and interpret the real estate law.
certificate of status
something a corporate brokerage must file.
caveat emptor
the principle that the buyer alone is responsible for checking the quality and suitability of goods before a purchase is made.
mobile home dealer
when a real estate agent displays or offers for sale two or more registered mobile homes at the agents place of business then the agent must be licensed as a mobile home dealer.
sales associate
works under the control and supervision of a real estate broker
real estate sales person
works under the control and supervision of a real estate broker that is licensed by CalBRE
