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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
Q

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
A

(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

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26
Q

Trust Accounts Receipts shall contain -

  1. ID each Tr______,
  2. D___,
  3. A_____,
  4. N_____
  5. Brokers Name - N__ Req____
A

(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

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27
Q

Trust Accounts (GAAP Requires) - Broker Shall Keep:

  1. Des_____ Receipt
  2. Disb______ J_____
  3. Cl___ L_____
A

(Real Estate Code/Article 3 - Regulation)

Trust Accounts (GAAP Requires) - Broker Shall Keep:

  1. Descriptive Receipt
  2. Disbursement Journal
  3. Client Ledger

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28
Q

In Trust Accounts - Broker Reconciles “Client Ledgers” how often?

A

(Real Estate Code/Article 3 - Regulation)

Trust Accounts - Broker Reconcile “Client Ledgers”

  1. Reconcile Monthly
  2. Earned Interest - Remove Yearly

Chap 15

29
Q

In Trust Account How Often Must Broker Remove Interest Earned from Client Ledger Balance?

A

(Real Estate Code/Article 3 - Regulation)

Trust Account Client Ledger (Remove Interest Earned) -

Every 12 months

Chap 15

30
Q

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
A

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
Q

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
A

(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
Q

Except for Residential Lease Agreements, All Contracts Must be Reviewed Within ___Days by Broker

A

(Real Estate Code/Article 3 - Regulation)

Broker Contract Review (Required)

All Contracts (Except Res Lease) - Review in 10 Days.

Chap 15

33
Q

Rejected Purchase Offer (Orig/Copy) Retained by Broker How Long?

A

Rejected Purchase Offer (Orig/Copy) Retained -

1 Year

Chap 15

34
Q

Binding Contract - Rejected Offer must be held for?

A

(Real Estate Code/Article 3 - Regulation)

Binding Contract Retained (Rejected Offer) -

5 years

Chap 15

35
Q

Contract for Hiring Broker to Buy or Sell Real Estate for Compensation is called?

Ex: Listing and Buyer Broker Agreements.

A

(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
Q

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
A

(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
Q

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)
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)

Chap 15

38
Q

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____
A

(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
Q

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_______.”
A

(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
Q

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.
A

(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 Statute of Commissioner’s Rules.

Chap 15

41
Q

Issued by Commissioner if Someone is Found Violating any “Act, Practice or Transaction,” Required by Statue of Commissioner’s Rules?

A

(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
Q

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.

A

(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
Q

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_____
A

(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
Q

Can Real Estate Agents or Associate Brokers Pay Anyone One?

A

(Real Estate Code/Article 3 - Regulation)

Real Estate Agents / Associate Brokers (Pay) -

NO ONE!!!

Chap 15

45
Q

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.
A

(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
Q

Restrictions on Compensation

Escrow Companies (Disburse Commissions) by:

Only by Br____’s Instructions May Commission be Disbursed to Agents and Associate Brokers Directly.

A

(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

47
Q

Can an Unlicensed Person Receive a Commission?

A

(Real Estate Code/Article 3 - Regulation)

Unlicensed Person Commission -

CANNOT RECIEVE A COMMISSION!!!!!

Chap 15

48
Q

An Unlicensed Person Acting as a Licensee is Guilty of what?

A

(Real Estate Code/Article 3 - Regulation)

Unlicensed Person (Act as Licensee) -

GUILTY OF FELONY!!!

Chap 15

49
Q

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
A

(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

50
Q

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
A

(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

51
Q

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.
A

(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

52
Q

Real Estate Recovery Fund (Agent Lawsuit Requirements) -

  1. Lawsuits filed - Within _ yrs
  2. Commissioner Must be Notified - Within __Days of Filing Lawsuit
A

(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

53
Q

Activation of License (School Required)

  1. Agent - ___hr Course/_hrs Contract Writing
  2. Broker - __hr Course/Broker M_____ Clinics
A

(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

54
Q

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___
A

(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

55
Q

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)
A

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

56
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):

  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

57
Q

(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
A

(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

58
Q

(SPS) Subst______ P____ Statements

Established to clarify ADRE policies on Statute and Rules and Regulate Activities of Unlicensed Assistants?

A

(SPS) Substantive Policy Statements:

Established to clarify ADRE policies on Statute and Rules and Regulate Activities of Unlicensed Assistants

Chap 15

59
Q

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
A

(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

60
Q

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 $__
A

(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

61
Q

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
A

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
Q

Someone who Requires No Real Estate License, Holds a Specific Power of Attorney and

Acting in a “Isolated Transaction” is called?

A

Attorney in Fact -

Someone Who Requires No Real Estate License, holds a Specific Power of Attorney and Acting in a “Isolated Transaction”

Chap 15

63
Q

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.

A

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

64
Q

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
A

(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

65
Q

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)
A

(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

66
Q

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

A

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

67
Q

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
A

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

68
Q

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
A

(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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