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AZ Real Estate Agent License 2020 > Arizona Real Estate Code (Brkr, Agent, Recovery Funds) 15 > Flashcards

Arizona Real Estate Code (Brkr, Agent, Recovery Funds) 15 Flashcards

1
Q

Someone who Performs Real Estate Service for Another

A

Real Estate Broker -

Someone who Performs Real Estate Service for Another

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2
Q

Person Engaged to Represent a Real Estate Broker

A

Real Estate Salesperson -

Person Engaged to Represent a Real Estate Broker

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3
Q

AZ Constitution - Article XXVI (26) -

Gives Licensees Aut___ to Prepare All Types of Real Estate C______, but Only When Preparation Incidental to Their Function as Agent (N_ Ch___)

  1. Statute of Frauds: Contracts in Writing to be Enf______.
  2. Actual Laws (Articles 1-__, Title 3_, Chapter 2_)
  3. Commissioner Rules: Not Law but they have F___ and Ef___ of Law on Licensees
  4. Sub_____ Policy S____- Cl____ ADRE Policies
  5. Case Law: Legal Cases that Esta______ Law
A

AZ Constitution - Article XXVI (26) -

Gives Licensees Authoity to Prepare All Types of Real Estate Contracts, but Only When Preparation Incidental to Their Function as Agent (No Charge)

  1. Statute of Frauds: Contracts in Writing to be Enforced
  2. Actual Laws (Articles 1-10, Title 32, Chapter 20)
  3. Commissioner Rules: Not Law but they have Force and Effect of Law on Licensees
  4. Substantive Policy Stmts: Clarify ADRE Policies
  5. Case Law: Legal Cases that Establishes Law

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4
Q

What is Not Law but Has Force and Effect of Law?

A

Commissioner Rules:

Not Law but Has Force and Effect of Law

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5
Q

Established to Clarify ADRE Policies on Statute and Rules?

A

(SPS) Substantive Policy Statements:

Established to Clarify ADRE Policies on Statute and Rules.

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6
Q

Real Estate Commissioner

  1. Appointed by G______
  2. Qualifications: __Yrs Admin and __ Yrs Real Estate
  3. Cannot hold Real Estate License
A

Real Estate Commissioner 3/5/No RE License

(Real Estate Code/Article 1 - ADRE) -

  1. Appointed by Governer
  2. Qualifications: 3 Yrs Admin and 5 yrs Real Estate
  3. Cannot hold Real Estate License

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7
Q

(Real Estate Code/Article 1 - ADRE)

Real Estate Commissioner’s duties (PAMI):

  1. Prom______: Commissioner’s Rules (by Public Process)
  2. A____: Bo__s/Records of Licensees
  3. M_____: Daily Op_____ ADRE Dept (hire/fire)
  4. In______: Compaints Against Licensees

a) Commissioner can Sub____ Docs

b) May Apply to Sup____ Court - Compel Agent Comply with Subpoena

A

(Real Estate Code/Article 1 - ADRE)

Real Estate Commissioner’s duties (PAMI):

  1. Promulgate: Commissioner’s Rule (by Public Process)
  2. Audit: Books/Records of Licensees
  3. Manage: Daily Operation ADRE Dept (hire/fire)
  4. Investigate: Complaints Against Licensees

a) Commissioner can Subpoena Docs

b) May Apply to Superior Court - Compel Agent Comply with Subpoena

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8
Q

This falls under what?

Real Estate Advisory Board (10) - (No Money):

  1. Gov____ Appointed and holds Q____ Mtgs
  2. RE Brokers __ Members
  3. Subdividers __ Members
  4. RE Residential __ Members - in biz last __ yrs
  5. Multi-Family Res. 1 Member - In biz last 5 yrs
  6. Public Members __ Members
A

(Real Estate Code/Article 1 - ADRE)

Real Estate Advisory Board (10) - 2-2-2-1-3 (No Money):

  1. Governor Appointed and holds Quarterly Mtgs
  2. Real Estate Brokers 2 Members
  3. Subdividers 2 Members
  4. Real Estate Res 2 Members - in biz last 5 yrs
  5. Multi-Family Res** **1 Members - in biz last 5 yrs
  6. Public Members 3 Members

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9
Q

Gives the State Right to License Brokers and Sales People.

A

(Real Estate Code/Article 2 - Licensing)

Police Power -

Gives the State Right to License Brokers and Sales People.

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10
Q

Real Estate Broker: Qualifications: 3in5/90in10

  1. Licensed in AZ - _yrs - (In past _yrs) - or elsewhere
  2. Broker License Course - __hrs - (In past 10yrs)
  3. Pass - Sc____ and S____ Exam
A

Real Estate Broker: Qualifications: 3in5/90in10

(Real Estate Code/Article 2 - Licensing)

  1. Licensed in AZ - 3yrs - (In biz past 5yr) - or elsewhere
  2. Broker License Course - 90 hrs - (In past 10yrs)
  3. Pass - School/State Exam

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11
Q

Real Estate Broker (Requirements):

  1. Definite Place of Business or Change of Location - Notify C________
  2. Failure to Notify Commissioner - Will C____ Broker License/Agent License
  3. Branch Offices (S______ License) - Managed by Licensed Broker or Agent
  4. Broker Displays - Broker License and F___ Housing S___
A

Real Estate Broker (Requirements):

(Real Estate Code/Article 2 - Licensing)

  1. Definite Place of Business or Change of Location - Notify Commissioner
  2. Failure to Notify Commissioner - Will Cancel Broker License/Agent License
  3. Branch Offices (Separate License) - Managed by Licensed Broker or Agent
  4. Broker Displays - Broker License and Fair Housing Sign

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12
Q

(Real Estate Code/Article 2 - Licensing)

If Broker Cannot Act in 24 hours (Process Is) -

Broker May Designate L_____ or Designated Br____ - for __Days Max

A

(Real Estate Code/Article 2 - Licensing)

If Broker cannot act in 24 hours (Process Is) -

Broker May Designate Licensee or Designated Broker - For 30 Days Max

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13
Q

(Real Estate Code/Article 2 - Licensing)

Real Estate Salesperson - Qualifications

  1. __ Yrs old
  2. Licensing Course - __ Hours (last 10 years)
  3. Contract Writing Class - __ Hours
  4. Pass - Sch___ and St____ Exam
  5. License - Broker Held and Avail for Rev___
  6. DRE - H___ Form/Sever Form
A

(Real Estate Code/Article 2 - Licensing)

Real Estate Salesperson - Qualifications

  1. 18 yrs old
  2. Licensing Course - 90 hours (last 10 years)
  3. Contract Writing Class - 6 Hours
  4. Pass - School/State Exam
  5. License - Broker Held/Avail for Review
  6. DRE - Hire Form/Sever Form

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14
Q

Brokers and Salespersons - Can have License Issued To

  1. Prof_____ Ltd L______ Company (PLLC) or
  2. Prof______ C______ (PC)
A

(Real Estate Code/Article 2 - Licensing)

Brokers and Salespersons - Can have License Issued To

  1. Professional Ltd Liability Company (PLLC) or
  2. Professional Corp (PC)

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15
Q

(Real Estate Code/Article 2 - Licensing)

Simultaneously Employ with Another Broker

  1. Cem_____ Broker or
  2. Mem______ Ca___ground Broker
A

(Real Estate Code/Article 2 - Licensing)

Simultaneously Employ with Another Broker

  1. Cemetery Broker or
  2. Membership Campground Broker

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16
Q

Renewal of Broker Licenses

  1. Renewed - Every __Years - Last Business Day Activation of Month
  2. Grace Period - __ Months after Expiration
  3. Ass Broker/Agent - __ Hrs Cont Ed - Every __ yrs
  4. Designated/Ass Broker (Deligated Auth) and Self Employed - __ Hrs - Cont Ed - plus __ Broker Mgmt Clinics - Every __yrs
A

Renewal of Broker Licenses

  1. Renewed - Every 2 Years - Last Business Day Activation of Month
  2. Grace Period - 12 months after Expiration
  3. Ass Broker/Agent - 24 hrs Cont Ed - Every 2 yrs
  4. Designated/Ass Broker (Deligated Auth) and Self Employed - 30 hrs - Cont Ed - plus 3 Broker Mgmt Clinics - Every 2 yrs

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17
Q

(Real Estate Code/Article 2 - Licensing)

Individuals - (RE License Not Required) -

  1. Pe____ or C____ Officers who (Buy, Sell, Lease, Rent or Exchange) Their Own Property.
  2. Attorney-__-F___ - In a Isolated Transaction
  3. Attorney at L__ - in Perf______ Duties
  4. BK Court Referee - by C____ Ord____
  5. Trustee - Selling under D___ of T_____
  6. Gov______ - in Performance Duties
  7. Natural Person Acts as Property Manager - O__ Commercial Property
  8. Manager - Apts (1 Location During Workday)
    1. May Receive Perf_____ Bonus
    2. Bonus Cannot Exceed 1/2 Salary - Only _x Month

9. Broker Admin - Cl____, Ac____, Book____, Ad____

A

(Real Estate Code/Article 2 - Licensing)

Individuals - (RE License Not Required) -

  1. Persons or Corp Officers who (Buy, Sell, Lease, Rent or Exchange) Their “Own Property.”
  2. Attorney-in-Fact - In a Isolated Transaction
  3. Attorney at Law - in Performance Duties
  4. BK Court Referee - by Court Order
  5. Trustee - Selling under Deed of Trust
  6. Government - in Performance Duties
  7. Natural Person Acts as Property Manager - One Commercial Property
  8. Manager - Apts (1 Location During Workday)
    1. May Receive Performance Bonus
    2. Bonus Cannot Exceed 1/2 Salary - Only 1x Month

9. Broker Admin - Clerical, Acctg, Bookkeeper, Admin

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18
Q

Activation of License -

  1. Broker/Agents Licensed - __ Year from Ex___ Date to Become Licensed under Broker
  2. License Active For - __Yrs - (From Activation Month end)
  3. Agent - ___Hr Course/_Hrs Contract Writing
  4. Broker - __Hr Course/Broker M_____ Clinics
A

(Real Estate Code/Article 2 - Licensing)

Activation of License -

  1. Broker/Agents Licensed - 1 year from Examination Date to Become Licensed under Broker
  2. License Active for - 2 yrs - (From Activation Month End)
  3. Agent - 90Hr Course/6hrs Contract Writing
  4. Broker - 90Hr Course/Broker Management clinics

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19
Q

Real Estate Recovery Fund (Facts)

  1. Per Cause of Action - $__,000 Max
  2. Per Agent - $__,000 Max
  3. Lawsuit Filing (Timeline) - __ Years
  4. Commissioner Notified Lawsuit By - __ Days
  5. Until Funds Paid Back - Lic___ T____
A

(Real Estate Code/Article 5)

Real Estate Recovery Fund (Facts) 30-90-5-45:

  1. Per Cause of Action - $30,000 Max
  2. Per Agent - $90,000 Max
  3. Lawsuit Filing (Timeline) - 5 years
  4. Commissioner Notified Lawsuit By - 45 days
  5. Until Funds Paid Back - License Terminated

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20
Q

Death of Broker

Sp____, Next of K__, Exe____ - May be Issued __ Day Temp Broker License.

A

(Real Estate Code/Article 2 - Licensing)

Death of Broker - 90 Day Spouse/Kin/Exec

Spouse, Next of Kin, Executor - 90 Day Temp Broker License.

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21
Q

Broker (All Monies) Immediately In -

  1. Neutral Es____ Account; OR
  2. T____ Fund - Fed_____ Insured Dep_____ located in Arizona.
  3. Brokers in Arizona - “Not Required” to maintain a T_____ A______
A

(Real Estate Code/Article 3 - Regulation)

Broker (All Monies) Immediately In -

  1. Neutral Escrow Account; OR
  2. Trust Fund - Federally Insured Depository located in Arizona
  3. Brokers in Arizona - “Not Required” to maintain a Trust Account

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22
Q

Trust Account Requirements:

  1. Deposits Must be Made by D____ Sl__
  2. Receipts Must Have: (ID Tran_____, D___, A____, Na____)
  3. Broker’s Name - N___ Not Appear on Receipts
  4. No Commingling - Cl____ Funds with Brok__ Funds
  5. Complete Records in M___ Branch Of____
  6. Per (GAAP): Desc_____ Receipt, Disbur____ Ledger, and Cl____ Ledger
  7. Broker - Reconcile C____ L____ - Balance M_____
  8. Remove Interest Earned - Every __ Months
  9. Not Commingling: If Not in excess $______ Deposits to Keep Trust Account Open.
A

(Real Estate Code/Article 3 - Regulation)

Trust Account Requirements:

  1. Deposits Must be made by Deposit Slips
  2. Receipts Must Have: (ID Transaction, Date, Amount, Names)
  3. Broker’s Name - Need Not Appear On Receipts
  4. No Commingling - Clent’s Funds with Broker’s Funds
  5. Complete Records - In Main Branch Office
  6. Per (GAAP): Descriptive Receipt, Disbursement Ledger, and Client Journal Ledger
  7. Broker - Reconcile Client Ledger and Balance- Monthly
  8. Remove Interest Earned - Every 12 months
  9. Not Commingling: If Not in excess $3000 Deposits to Keep Trust Account Open.

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23
Q

Trust Account Records and Accounting

  1. Complete Records in Main Bra___ O____
  2. Per (GAAP): Desc____ Receipt, Disb_____ Ledger, and Cl____ Ledger
  3. Broker - Reconcile C____ L____ - Balance Every M_____
  4. Remove Interest Earned - Every __ Months
A

(Real Estate Code/Article 3 - Regulation)

Trust Account Records and Accounting

  1. Complete Records - in Main Branch Office
  2. Per (GAAP): Descriptive Receipt, Disbursement Ledger, and Client Journal Ledger
  3. Broker - Reconcile Client Ledger and Balance-Every Monthly
  4. Remove Interest Earned - Every 12 months

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24
Q

Trust Account Commingling

  1. No Commingling - Cl____ Funds with Br____ Funds
  2. Not Commingling: If Not in Excess $______ Deposits to Keep Trust Account Open.
A

(Real Estate Code/Article 3 - Regulation)

Trust Account Commingling

  1. No Commingling - Clent’s Funds with Broker’s Funds
  2. Not Commingling: If Not in Excess $3000 Deposits to Keep Trust Account Open

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25
**Trust Account Deposits and Receipts** 1. **_Deposits_** Must be made **by D\_\_\_\_ Sl\_\_** 2. **_Receipts Must Have_**: **(ID Tran\_\_\_\_\_, D\_\_\_, A\_\_\_\_, N\_\_\_\_\_)** 3. **Broker's Name - Need Not Ap\_\_\_ on Receipts**
(Real Estate Code/Article 3 - Regulation) **Trust Account Deposits and Receipts** 1. **_Deposits_** Must be made **by Deposit Slips** 2. **_Receipts Must Have_**: **(ID Transaction, Date, Amount, Names)** 3. **Broker's Name - Need Not Appear Receipts** **Chap 15**
26
**Trust Accounts Receipts shall contain -** 1. ID each Tr\_\_\_\_\_\_, 2. D\_\_\_, 3. A\_\_\_\_\_, 4. N\_\_\_\_\_ 5. Brokers Name - N\_\_ Req\_\_\_\_
(Real Estate Code/Article 3 - Regulation) **Trust Accounts Receipts shall contain -** 1. ID each transaction, 2. Date, 3. Amount, 4. Names 5. Brokers Name - Not Required **Chap 15**
27
**Trust Accounts (GAAP Requires) - Broker Shall Keep:** 1. **Des\_\_\_\_\_ Receipt** 2. **Disb\_\_\_\_\_\_ J\_\_\_\_\_** 3. **Cl\_\_\_ L\_\_\_\_\_**
(Real Estate Code/Article 3 - Regulation) **Trust Accounts (GAAP Requires) - Broker Shall Keep:** 1. **Descriptive Receipt** 2. **Disbursement Journal** 3. **Client Ledger** **Chap 15**
28
**In Trust Accounts - Broker Reconciles "Client Ledgers" how often?**
(Real Estate Code/Article 3 - Regulation) **Trust Accounts - Broker Reconcile "Client Ledgers"** 1. **Reconcile Monthly** 2. **Earned Interest - Remove Yearly** **Chap 15**
29
In **Trust Account** **How Often Must Broker Remove Interest Earned from Client Ledger Balance?**
(Real Estate Code/Article 3 - Regulation) **Trust Account** **Client Ledger** (**Remove Interest Earned)** - **Every 12 months** **Chap 15**
30
**Broker Records -** 1. **_Broker Records_** **From Closing or Termination - \_Yrs** 2. **_Earnest Money_** **(C\_\_, Ch\_\_\_, Prom\_\_\_\_ Note)** **Must State in Purchase Contract.** 3. **_Broker Transaction Folders_** - **Chro\_\_\_\_\_ Log or Other Systematic Manner** **_Sales Transaction Folders include_**: 1. **_Monies_ - Confirmation** **Ha\_\_\_ Properly** 2. **_Copies_**: **S\_\_\_ Co\_\_\_\_, Es\_\_\_\_ Instructions and Receipts, Cl\_\_\_ St\_\_\_\_, List Ag\_\_\_\_, Em\_\_\_\_ Ag\_\_\_\_\_** **_All Contracts - Except Residental Lease Agmt) - Must Be_:** 1. **_Broker Review_** - **Within __ Business Days.** 2. **Contract Still V\_\_\_ Even if Broker Fails to Review.** **_Offers Rejected_** 1. **_Rejected Offer_ (Copy/Orig) Must Retain for - \_yr** 2. **_Binding Offer (Rejected)_ Must be Kept - \_\_yrs**
**Broker Records -** (Real Estate Code/Article 3 - Regulation) - 1. **_Broker Records_** **From Closing or Termination - 5yrs** 2. **_Earnest Money_** **(Cash,Check,Promissory Note) Must State in Purchase Contract.** 3. **_Broker Transaction Folders_** - **Chronological Log or Other Systematic Manner** **_Sales Transaction Folders include_**: 1. **_Monies_ - Confirmation Handled Properly** 2. **_Copies_**: **Sales Contracts, Escrow Instructions and Receipts, Closing Statements, List Agreement, Employment Agreement** **_All Contracts - Except Residental Lease Agmt - Must Be_:** 1. **_Broker Review_ - Within 10 Business Days** 2. **_Contract Still Valid_ - Even if Broker Fails to Review.** **_Offers Rejected_** 1. **_Rejected Offer_** **(Copy/Orig) Must Retain for - 1 yr** 2. **_Binding Offer (Rejected)_ Must be Kept -****5 yrs** **Chap 15**
31
**_Broker to Keep Records - Sales Transaction Folder (Requirements)_:** 1. **Sales C\_\_\_\_\_,** 2. **Escrow Ins\_\_\_\_ and R\_\_\_\_\_,** 3. **Cl\_\_\_\_\_ Statments,** 4. **L\_\_\_ Agreement,** 5. **Em\_\_\_\_\_ Agreements**
(Real Estate Code/Article 3 - Regulation) **_Broker to Keep Records - Sales Transaction Folder_ (Requirements):** 1. **Sales Contracts,** 2. **Escrow Instructions and Receipts,** 3. **Closing Statements,** 4. **List Agreement,** 5. **Employment Agreements** **Chap 15**
32
**Except for Residential Lease Agreements, All Contracts Must be Reviewed Within \_\_\_Days by Broker**
(Real Estate Code/Article 3 - Regulation) **Broker Contract Review (Required)** **_All Contracts (Except Res Lease)_ - Review in 10 Days.** **Chap 15**
33
**Rejected Purchase Offer (Orig/Copy) Retained by Broker How Long?**
**Rejected Purchase Offer (Orig/Copy) Retained -** **1 Year** **Chap 15**
34
**Binding Contract - Rejected Offer** **must be held for?**
(Real Estate Code/Article 3 - Regulation) **Binding Contract Retained (Rejected Offer)** - **5 years** **Chap 15**
35
**Contract for Hiring Broker** to **_Buy_ or _Sell_ Real Estate for Compensation** is called**?** Ex: Listing and Buyer Broker Agreements.
(Real Estate Code/Article 3 - Regulation) **Employment Agreements -** **Contract for Hiring Broker** to **_Buy_ or _Sell_ Real Estate for Compensation** Ex: Listing and Buyer Broker Agreements. **Chap 15**
36
**Real Estate Recovery Fund (Payouts):** 1. **_Recovery Fund Payment_** - **By "C\_\_ Ord\_\_,"** 2. **_Pymts (Only After)_** - **"Civ\_\_ J\_\_\_\_ Uncollected" Against Agent** 3. **_Per Action Cause_** - **$\_\_,000** 4. **_Per Agent_** - **$\_\_,000** 5. **_License Terminated_** - Until **Fu\_\_\_ Pa\_\_\_ Back**
(Real Estate Code/Article 5) **Real Estate Recovery Fund (Payouts):** 1. **_Recovery Fund Payment_** - By "**Court Order**," 2. **_Pymts (Only After)_** - "**Civil Judgement Uncollected**" **Against Agent** 3. **_Per Action Cause_** - **$30,000** 4. **_Per Agent_ - $90,000** 5. **_License Terminated_** - Until **Fund Paid Back.** **Chap 15**
37
**Activation of License** - 1. **_Broker/Agents Licensed_** - **\_\_year from Exam Date to become** **Licensed under Broker** 2. **_License Active for_** - **\_\_yrs - (From Activation Month End)**
(Real Estate Code/Article 2 - Licensing) **Activation of License** - 1. **_Broker/Agents Licensed_** - **1 year from Examination Date to become** **Licensed under Broker** 2. **_License Active for_** - **2 yrs - (From Activation Month End)** **Chap 15**
38
**Employment Agreements (Requirements) -** 1. **Be Written in Unam\_\_\_\_\_\_ (One Interpretation) Language** 2. **Mat\_\_\_\_ Fa\_\_\_ - Set Forth All** 3. **Dur\_\_\_\_\_ - Inception / Ex\_\_\_\_\_ dates** 4. **Signed - by A\_ P\_\_\_\_**
(Real Estate Code/Article 3 - Regulation) **Employment Agreements (Requirements) -** 1. **Be Written in Unambiguous (One Interpretation) Language** 2. **Material Facts - Set Forth All** 3. **Duration: Inception / Expiration dates** 4. **Signed - By All Parties** **Unambigous - Not Open to More Than One Interpretation** **Chap 15**
39
**_Actions by Agents to Collect Compensation_** 1. **In AZ C\_\_\_\_ Court Ac\_\_\_\_** - **Used to** **"Collect Comp\_\_\_\_\_\_,"** but Agent Must Prove They Were Licensed. 2. **Commissioner** **S\_\_\_ Not** **Entertain Complaints** **Regarding Civil Disputes for** **"Collecting C\_\_\_\_\_\_\_."**
(Real Estate Code/Article 3 - Regulation) . **_Actions by Agents to Collect Compensation_** 1. **_In Arizona Civil Courts Action_** - **Used To** **"Collect Compensation,"** but Agent Must Prove They Were Licensed. 2. _Commissioner_ **- _Shall Not_** **Entertain Complaints** for "**Collecting Compensation**." **Chap 15**
40
**_Denial, Suspension, or Revocation of Licenses_** 1. **Statute** - **\_\_ Reasons License can be** **D\_\_\_\_\_.** 2. **If Disciplinary Action** - **Agent May used an A\_\_\_\_\_**. 3. **Commissioner May Issue** **C\_\_ and D\_\_\_ Or\_\_\_** to Someone Found **Violating any "_Act_, _Practice_ or _Transaction_"** **Required by Statute of Commissioner's Rules.**
(Real Estate Code/Article 3 - Regulation) **_Denial, Suspension, or Revocation of Licenses_** 1. **_Statute_** - **30 reasons License can be** **_Denied_**. 2. **_If Disciplinary Action_** - **Agent** **May Use an _Attorney_** 3. **_Commissioner**_"_**Cease and Desist Order_**" to Someone found **Violating any "_Act_, _Practice_ or _Transaction_" Required by** S**tatute of Commissioner's Rules.** **Chap 15**
41
**Issued by Commissioner** if Someone is Found **Violating** any "**_Act_, _Practice_ or _Transaction_**,**" Required by Statue of Commissioner's Rules?**
(Real Estate Code/Article 3 - Regulation) - **Cease and Desist Order** **Issued by Commissioner** if Someone is Found **Violating** any "**_Act_, _Practice_ or _Transaction_**,**" Required by Statue of Commissioner's Rules** **Chap 15**
42
**MAY NOT Perform Real Estate Services** **unless They Enter into a _Written Cooperation Agreement_ _with a AZ Broker_ Who Will Take Liability for Their Real Estate Services.**
(Real Estate Code/Article 3 - Regulation) - **Out-of State Brokers -** **MAY NOT Perform Real Estate Services** **unless They Enter into a _Written Cooperation Agreement_ with a AZ Broker Who Will Take Liability for Their Real Estate Services.** **Chap 15**
43
**Real Estate Brokers (Compensation)** **Can Real Estate Brokers Receive Compensation From Anyone?** **Real Estate Brokers Pay:** 1. **Their Own A\_\_\_\_ and Ass\_\_\_\_ B\_\_\_\_\_** 2. **Other Li\_\_\_ Designated Br\_\_\_\_\_**
(Real Estate Code/Article 3 - Regulation) **Real Estate Brokers (Compensation)** 1. **Yes** - **Brokers Can Receive Compensation from Anyone** **Real Estate Brokers Pay:** 1. **Their Own Agents and** **Associated Brokers** 2. **Other Licensed Designated Brokers** **Chap 15**
44
**Can Real Estate Agents or Associate Brokers Pay Anyone One?**
(Real Estate Code/Article 3 - Regulation) **Real Estate Agents / Associate Brokers (Pay) -** NO ONE!!! **Chap 15**
45
**Denial, Suspension, or Revocation of licenses** 1. **Statute** - __ **Reasons License can be D\_\_\_\_\_.** 2. **_Disciplinary Action_ - Agent May used an Att\_\_\_\_\_.** 3. **_Commissioner_ C\_\_ and D\_\_\_ Or\_\_\_ - May Issue To Someone found Vio\_\_\_\_\_ any "A\_\_, Prac\_\_\_\_ or Tr\_\_\_\_\_\_\_\_" _Required By_ Statute of Commissioner's Rules.**
(Real Estate Code/Article 3 - Regulation) **Denial, Suspension, or Revocation of licenses** 1. **_Statute_** - **30 Reasons License** **can be _Denied_.** 2. **_Disciplinary Action_ - Agent May Use an _Attorney_** 3. **_Commissioner_ "_Cease and Desist Order_" - To Someone found Violating any "Act, Practice or Transaction" _Required_ By Statute of Commissioner's Rules.** **Chap 15**
46
**Restrictions on Compensation** **Escrow Companies (Disburse Commissions) by:** **Only by Br\_\_\_\_'s Instructions** **May Commission be Disbursed to Agents and Associate Brokers Directly.**
(Real Estate Code/Article 3 - Regulation) - **Restrictions on Compensation** **Escrow Companies (Disburse Commissions) by:** **Only by Broker's Instructions** **May Commission be Disbursed to Agents and Associate Brokers Directly.** **Chap 15**
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**Can an Unlicensed Person Receive a Commission?**
(Real Estate Code/Article 3 - Regulation) **Unlicensed Person Commission -** **CANNOT RECIEVE A COMMISSION!!!!!** **Chap 15**
48
**An Unlicensed Person Acting as a Licensee is Guilty of what?**
(Real Estate Code/Article 3 - Regulation) **Unlicensed Person (Act as Licensee) -** GUILTY OF FELONY!!! **Chap 15**
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**Renewal License** **(Cont Ed Required)** 1. **_Ass Broker/Agent_ - __ hrs Cont Ed - Every __ yrs** 2. **_Designated/Ass Broker (Delegated Auth) and Self Employed_ - __ hrs - Cont Ed - plus __ mgmt clinics - Every \_\_yrs**
(Real Estate Code/Article 2 - Licensing) **Renewal License** **(Cont Ed Required)** - 1. **_Ass Broker/Agent_ - 24 hrs Cont Ed - Every 2 yrs** 2. **_Designated/Ass Broker (Delegated Auth) and Self Employed_ - 30 hrs - Cont Ed - plus 3 mgmt clinics** - **Every 2 yrs** **Chap 15**
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**Unlicensed Assistants (Requirements) -** 1. **Licensed Broker** - **May Em\_\_\_ Unlicensed Assts** 2. **Duties that Require License** - **May Not be P\_\_\_\_\_** 3. **On Sale of Property** - **M\_\_ N\_\_****Be Compensated** 4. **Sub\_\_\_\_\_\_ Policy Statement (SPS) - Regulates Activities of Unlicensed Assts**
(Real Estate Code/Article 3 - Regulation) **Unlicensed Assistants (Requirements) -** 1. **Licensed Broker** - **May Employ** **Unlicensed Asst** 2. **Duties (Require License) - May Not be Perform** 3. **On Sale of Property - MAY NOT Be Compensated** 4. **Substantive Policy Statement (SPS) - Regulates Activities of Unlicensed Asst** **Chap 15**
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**Real Estate Recovery Fund:** **Protect Parties Harmed Due to R\_\_\_\_ on an Agent Where Agent:** 1. **_Acts (Requiring License)_** - **Performed with N\_ Li\_\_\_\_** 2. **Fr\_\_\_ or Misr\_\_\_\_\_\_\_ (Committed) - While Acting as a Principal in the Purchase or Sale of Real Estate.**
(Real Estate Code/Article 5) **Real Estate Recovery Fund:** **Protect Parties Harmed Due to Relying on an Agent Where Agent:**: 1. **_Acts (Requiring License)_** - Performed with No License 2. **_Fraud/Misrepresentation (Committed)_** - **While Acting as a Principal in the Purchase or Sale of Real Estate.** **Chap 15**
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**Real Estate Recovery Fund** **(Agent Lawsuit Requirements) -** 1. **Lawsuits filed** - **Within _ yrs** 2. **Commissioner Must be Notified - Within \_\_Days of Filing Lawsuit**
(Real Estate Code/Article 5) **Real Estate Recovery Fund** **(Agent Lawsuit Requirements) - 30/90/5/45** 1. **Lawsuits filed - Within 5 yrs** 2. **Commissioner Must Be Notified - Within 45 days of Filing Lawsuit** **Chap 15**
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**Activation of License** **(School Required)** 1. **_Agent_ - \_\_\_hr Course/\_hrs Contract Writing** 2. **_Broker_ - \_\_hr Course/Broker M\_\_\_\_\_ Clinics**
(Real Estate Code/Article 2 - Licensing) **Activation of License** **(School Required)** - 1. **_Agent_ - 90hr Course/6hrs Contract Writing** 2. **_Broker_ - 90hr Course/Broker management clinics** **Chap 15**
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**Real Estate Recovery Fund (Payouts):** 1. **_Recovery Fund Payment_** - **By "C\_\_ Or\_\_,"** 2. **_Pymts (Only After)_** - **"C\_\_\_ J\_\_\_\_ Uncollected" Against Agent** 3. **_Per Action Cause_** - **$\_\_,000** 4. **_Per Agent_** - **$\_\_,000** 5. **_License Terminated_** - Until **F\_\_\_ P\_\_\_ B\_\_\_**
(Real Estate Code/Article 5) **Real Estate Recovery Fund (Payouts):** 1. **_Recovery Fund Payment_** - **By "court order,"** 2. **_Pymts (Only After)_ - "Civil Judgement Uncollected " Against Agent** 3. **_Per Action Cause_** - **$30,000** 4. **_Per Agent_ - $90,000** 5. **_License Terminated_** - Until **Fund Paid Back.** **Chap 15**
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**AZ Constitution - Article _____ -** **Gives Licensees Authority to Prepare All Types of Real Estate Contracts, but Only When Preparation Incidental to Their Function as Agent (No Charge)** 1. **_Statute of Frauds_: Contracts in Writing** 2. **_Actual Laws_** **(Articles 1-10, Title 32, Chapter 20)**
**AZ Constitution - Article XXVI (Article 26)** - **Gives Licensees Authority to Prepare All Types of Real Estate Contracts, but Only When Preparation Incidental to Their Function as Agent (No Charge)** 1. **_Statute of Frauds_**: **Contracts in Writing** 2. **_Actual Laws_** **(Articles 1-10, Title 32, Chapter 20)** **Chap 15**
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**Real Estate Recovery Fund (Facts):** 1. **Per Cause of Action** - **$\_\_,000 max** 2. **Per Agent** - **$\_\_,000 max** 3. **Lawsuit Filing (Timeline)** - **\_\_ years** 4. **Commissioner Notified Lawsuit By** - **\_\_ days** 5. **Until Funds Paid Back - Lic\_\_\_ T\_\_\_\_**
(Real Estate Code/Article 5) **Real Estate Recovery Fund (Facts):** 1. **Per Cause of Action** - $30,000 max 2. **Per Agent** - $90,000 max 3. **Lawsuit Filing (Timeline)** - 5 years 4. **Commissioner Notified Lawsuit By** - 45 days 5. **Until Funds Paid Back** - License Terminated **Chap 15**
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(Real Estate Code/Article 2 - Licensing) **Real Estate Broker Qualifications:** 1. **Licensed in AZ - \_\_yrs Expertise - (In biz past \_\_yr)** - or elsewhere 2. **_Broker License Course_** - **90 hrs - (In past \_\_\_yrs)** 3. **Pass - School/State Exam**
(Real Estate Code/Article 2 - Licensing) **Real Estate Broker Qualifications:** 1. **Licensed in AZ - 3yrs Expertise - (In biz past 5yr)** - or elsewhere 2. **_Broker License Course_** - **90 hrs - (In past 10yrs)** 3. **Pass - School/State Exam** **Chap 15**
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**(SPS) Subst\_\_\_\_\_\_ P\_\_\_\_ Statements** **Established to clarify ADRE policies** on **Statute and Rules and Regulate Activities of Unlicensed Assistants?**
**(SPS) Substantive Policy Statements:** **Established to clarify ADRE policies** on **Statute and Rules and Regulate Activities of Unlicensed Assistants** **Chap 15**
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**Real Estate Recovery Fund (Licenses):** 1. **License Automatically Terminated** - **Upon Pay\_\_ of Fu\_\_\_s.** 2. **Licenses Reinstated - after F\_\_\_ P\_\_ B\_\_ with interest.** 3. **Licensee Claim against Recovery Funds.**- **C\_\_\_\_ Be Made**
(Real Estate Code/Article 5) **Real Estate Recovery Fund (Licenses):** 1. **Licenses Automatically Terminated** - **Upon Payout of Funds.** 2. **Licenses Reinstated - after Funds Paid Back with Interest** 3. **Licensee Claim against Recovery Funds.**- **CANNOT BE MADE** **Chap 15**
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**Real Estate Recovery Fund** **(Below $600,000 on June 30th):** **When Originating/Renewing License,** **if Funds Dip Below $600K on June 30th, fees are:** 1. **Broker pays $\_\_\_** 2. **Salesperson pays $\_\_**
(Real Estate Code/Article 5) **Real Estate Recovery Fund** **(Below $600,000 on June 30th): B20/A10** **When Originating/Renewing License, if Funds Dip Below $600K on June 30th, fees are:** 1. **Broker pays $20** 2. **Salesperson pays $10** **Chap 15**
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**AZ Constitution - Article \_\_\_\_** **Gives Licensees Authority to _Prepare All Types of Real Estate Contracts_, but Only When Preparation Incidental To Their Function as Agent (No Charge)** 1. **_Commissioner Rules_: _Not Law_ But They Have _Force and Effect of Law_ on Licensees** 2. **_Substantive Policy Stmts_: Clarify ADRE Policies** 3. **_Case Law_: Legal Cases that Establishes Law**
**AZ Constitution - Article XXVI (Article 26)** - **Gives Licensees Authority to _Prepare All Types of Real Estate Contracts_, but Only When Preparation Incidental To Their Function as Agent (No Charge)** 1. **_Commissioner Rules_: _Not Law_ But They Have _Force and Effect_ of Law on Licensees** 2. **_Substantive Policy Stmts_: Clarify ADRE Policies** 3. **_Case Law_: Legal Cases that Establishes Law** **Chap 15**
62
**Someone who Requires No Real Estate License, Holds a Specific Power of Attorney and** **Acting in a "Isolated Transaction" is called?**
**Attorney in Fact -** **Someone Who Requires No Real Estate License, holds a Specific Power of Attorney and Acting in a "Isolated Transaction"** **Chap 15**
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**Group of Licensees, Headed by a Lead Agent**, that Works for a Brokerage Company. They Market Themselves but **Must Include Broker's Company Name in All Marketing.**
**Real Estate Team -** **Group of Licensees, Headed by a Lead Agent**, that Works for a Brokerage Company. They Market Themselves but **Must Include Broker's Company Name in All Marketing.** **Chap 15**
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**Activation and Renewal of License** **(School Req'd)** 1. **_Agent_ - \_\_\_hr Course/\_hrs Contract Writing** 2. **_Broker_ - \_\_hr Course/Broker M\_\_\_\_\_ Clinics** 3. **_Ass Broker/Agent_ - __ hrs Cont Ed - Every __ yrs** 4. **_Designated/Ass Broker (Delegated Auth) and Self Employed_ - __ hrs - Cont Ed - plus __ mgmt clinics - Every \_\_yrs**
(Real Estate Code/Article 2 - Licensing) **Activation and Renewal of License** **(School Req'd)** - 1. **_Agent_ - 90hr Course/6hrs Contract Writing** 2. **_Broker_ - 90hr Course/Broker management clinics** 3. **_Ass Broker/Agent_ - 24 hrs Cont Ed - Every 2 yrs** 4. **_Designated/Ass Broker (Delegated Auth) and Self Employed_ - 30 hrs - Cont Ed - plus 3 mgmt clinics - Every 2 yrs** **Chap 15**
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**Activation of License** - 1. **_Broker/Agents Licensed_** - **\_\_Year From Date of Ex\_\_\_\_ to Become Licensed Under Broker** 2. **_License Active for_** - **\_\_Yrs - (From Activation Month End)**
(Real Estate Code/Article 2 - Licensing) **Activation of License** - 1. **_Broker/Agents Licensed_ - 1 Year From Date of Examination to Become Licensed Under Broker** 2. **_License Active For_ - 2 Yrs - (From Activation Month End)** **Chap 15**
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**Broker Sign At Offices** **Must Have a Sign at The "E\_\_\_\_\_\_\_" to the Broker's O\_\_\_\_. If the Broker Changes Lo\_\_\_\_ the Sign Must be Rem\_\_\_\_\_ Immediately**
**Broker Sign At Offices** **Must have a Sign at the "Entrance" to the Broker's Offices. If the Broker Changes Locations the Sign Must be Removed Immediately** **Chap 15**
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**AZ Constitution - Article \_\_\_** - **Gives licensees "Aut\_\_\_" to Prepare All Types of Real Estate C\_\_\_\_\_\_, but Only When Preparation Incidental To Their Function as Agent (N\_ Ch\_\_\_)** 1. **_Statute of Frauds_: Contracts in Writing to be Enf\_\_\_\_\_\_.** 2. **_Actual Laws_ (Articles 1-\_\_, Title 3\_, Chapter \_\_)** 3. **_Commissioner Rules_: Not Law but They Have F\_\_\_ and Ef\_\_\_ of Law on Licensees** 4. **Sub\_\_\_\_\_ Policy S\_\_\_\_- Clarify ADRE Policies** 5. **_Case Law_: Legal Cases that Est\_\_\_\_\_\_ Law**
**AZ Constitution - Article XXVI (Article 26)** - **Gives licensees "*Authority"* to Prepare All Types of Real Estate Contracts, but Only When Preparation Incidental to Their Function as Agent (No Charge)** 1. **_Statute of Frauds_: Contracts in Writing to Enforce** 2. **_Actual Laws_ (Articles 1-10, Title 32, Chapter 20)** 3. **_Commissioner Rules_: Not Law but They Have Force and Effect of Law on Licensees** 4. **_Substantive Policy Stmts_: Clarify ADRE Policies** 5. **_Case Law_: Legal Cases that Establishes Law** **Chap 15**
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**Real Estate Broker: Qualifications:** 1. **Licensed in AZ - \_yrs - (In past \_yrs)** - or elsewhere 2. **Broker License Course** - **\_\_hrs - (In past 10yrs)** 3. **Pass** - **Sc\_\_\_\_ and S\_\_\_\_ Exam**
(Real Estate Code/Article 2 - Licensing) **Real Estate Broker: Qualifications: 3in5/90in10** 1. **Licensed in AZ - 3yrs - (In biz past 5yr)** - or elsewhere 2. **_Broker License Course_** - **90 hrs - (In past 10yrs)** 3. **Pass - School/State Exam** **Chap 15**

AZ Real Estate Agent License 2020 (23 decks)

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