1 A Real Estate License Law

Question 1

By State DOS LICENCES WHAT groups need license?

6

Answer 1

Brokers and Salesieople

Apt Info Vendors. Separate $400

Apt Sharing Agencies separate $400

Appraisers separate

Notaries seoarate

Inspectors separate

Question 2

Who’s except from getting re license 6

Answer 2

Attorneys

Supers +

Court appointed executors

Public officers

Non profit tenant associations

Housing Authority

Question 3

What must be in RE ad? 3

Answer 3

Name of broker. Blind ads illegal

Phone number

If Vicinity Must give location

Question 4

Unlicensed assistants 3

Answer 4

Not discuss re with customers

Show property

Not compensated from completed transaction

Question 5

Property Condition Disclosure

Answer 5

All complete and sign. Give to buyer prior to closing

$500 fine if seller doesn’t give to buyer

Exceptions. Most Transfers. And new construction

Question 6

Suspension of license

Answer 6

Broker suspended all salespeople suspended

Comingling of funds

Fraud. Intentional misrepresentation. Intentional concealment. Negligent misrepresentation

Kickbacks. To any unlicensed

Attempting to steal Others brokers listings

Must keep records 3 years

No auto renewals of listings

No net listing agreement

Question 7

What is Agency?

Answer 7

Relationship of Trust to act on behalf of annother.

We represent principal and work WITH the customer