B-1 Law of the Real Estate Business Flashcards
What are the three branches of government?
Legislative, Judicial, and executive.
Does a real estate sales license allow you to collect a commission from your client?
No, License must be hung with a broker
May a licensee work for more than one designated broker at the same time?
No, one broker at a time in Arizona. Designated broker in charge.
May a salesperson share a real estate commission with another salesperson?
No, commissions must go to broker and then be divided among salespeople.
How are real estate commissions determined?
Negotiated
Arizona constitution Article XXVI
Realestate agents can prepare all documents, and can charge nothing.
How soon must one notify of a change of address?
10 days
Real estate commissioner is appointed by the governor, what qualifications must one have
5 years experience in Real estate, banking, title or escrow, and 3 years Administrative (times may overlap)
The real estate commissioner’s legal advisor is?
The states attorney general.
How many members are appointed to the real estate advisory board?
10
How often must the State’s Real Estate Board meet
minimum every quarter.
The person appointed by a power of Attorney is know as?
Attorney- in fact
Does a residential leasing agent need a license
Not if they only manage 1 residential or commercial property.
How many years experience does one need to be a broker
3 of the last 5 years to apply for broker.
How many hours of continuing education is required to maintain real estate license?
24 hours.
Is there a grace period for an expired license
Yes, 1 year
How long can a broker be absent in a temporary absence
30 days
How long must transaction records be kept
5 years from termination of contract
Subdivided land
6 or more lots, improved or unimproved any of which are less than 36 acres
Un-subdivided land
6 or more lots improved or un-imroved any of which are 36 acres, but less than 160.
Improved land
Has a building, or will have a building within 2 years.
Plat map
Shows street and lots.
For a time share a public report is required when?
There are 12 or more units of time sold.
Right of recession in a time share deal is?
7 days for buyer only.
The statute of frauds was brought into being to prevent:
Perjury
A subdivider must be able to give the purchaser
Permanent access
