AZ - RE School (B-1 Quiz) Flashcards
Does a real estate sales license allow you to collect a commission from your client?
No, only from a broker
May a licensee work for more than one designated broker at the same time?
No, unless its a broker in another state.
May a salesperson share a real estate commission with another salesperson?
No, only broker to broker
If your broker does not pay you, do you file for arbitration with the Real Estate department?
Yes
Are Real Estate commissions fixed by law? By custom? By agreement between licensees in the area?
No
Arizona Constitution Article XXVI
RE licensee may write RE contracts & all docs related thereto
Whats types of law affect AZ Real Estate?
- AZ Constitution Article XXVI
- AZ Revised Statutes (legislature)
- Law of Agency
- Contract Law (state law)
- Federal Laws (federal fair housing, RESPA)
- Local Municipalities (i.e. zoning, signage)
- Case Law
- Common Law
- Civil Law (laws that we elect legislature to go and amend for us)
- Criminal Law
a. Misdemeanor
b. Felony (practicing w/out RE license is a class-6 felony)
c. Moral Turpitude (personal behavior exhibited by licensee as it relates to the community standard)
Statute of Frauds?
All RE contracts to be enforceable must be in writing; except, a lease of one year or less, and broker to broker agreement. (The purpose of statute of frauds is to PREVENT PERJURY)
Administrative Law
A.A.C. - Arizona Administrative Code
- Commissioners Rules - has same effect as the law or statute
- Origin - all based out of statutory law
- Formulation - by commissioner of RE
- Application - all RE licensees
- Administrative fines - $1,000
Real Estate Commissioner
- Appointment - by governor and confirmed by state senate.
- Qualifications - 18yrs old, 5yrs RE related experience, 3yrs MGMT experience.
- Powers & Duties - protect the public, cannot hold active RE license, Dept must investigate all written/signed complaints.
- Legal Advisor - the attorney general
Real Estate Advisory Board
- Purpose - advise & evaluate the commissioner
- Appointment - by governor & confirmed by state senate
- Members - 9 is old rule (now its 10)…New is from property mgmt
- Term - 6yrs, staggered every 2yrs (rolling over)
- Meeting requirements - no salary, 1 qtr meeting requirement (they are stipend for their expenses)
Licensing Exemptions
- Owner/manager of your own property (any number of properties)
- Lawyers in the performance of their duties as such
- Trustee selling under a deed of trust
- Trustee or receiver in bankruptcy
- Personal representative of estate
- Attorney-in-Fact (aka Power of Attorney)
- Residential leasing agents (i.e. apartment complex)
- Commercial property managers and leasing agents
Salesperson License
- Age - 18yrs old
- Experience - zero
- Education - 90 hours + 6 hours contract writing
- Testing - school test, 2 state tests (1 state specific, 1 national)
- Residence requirements - no
- DPS Fingerprint Clearance Card - yes
- License fee -
- Recovery fund - $10
- Bonding - No…just bondable
- Term of license - 2 years
- Renewal procedure - 24hrs of continued education
- Expiration - last day of the month (not exact anniversary date)
- Changing broker - procedure - broker licensee thats leaving has 10 days to relinquish to new broker.
Brokerage Licensing
- Employing Broker - Corporation/Partnership/LLC (entity license)
- Self-employed Broker - Sole Proprietorship
Real Estate Brokers License for an Individual
- Types
a. Designated Broker (responsible broker) - Has all liability
b. Associate Broker - has to have broker license, but can be license acting as broker. - Age - 18yrs
- Experience - 3 out of last 5yrs
- Education - 90hrs
- Testing - 4 test (2 school + 2 state)
- Residence requirements - No, unless designated broker
- DPS Fingerprint Clearance Card - yes
- License Fee - $ yes
- Recovery fund fee - $20
- Bonding - no, just bondable
- Term of license - 2yrs
- Expiration and renewable procedure - 30 hours continued education, 33 hours if designated broker.
