Ch 1 CalBRE oversight Flashcards
What is CalBRE?
California Bureau of Real Estate
The California Legislature created _____________ to oversee, regulate, administer and enforce the real estate law.
CalBRE
The Chief Officer of CalBRE is the:
Real Estate commissioner
A person who, for compensation or in expectation of compensation negotiates, solicits, leasing/renting, etc
Real Estate Broker
Individual Who, for compensation or an expectation of compensation, is employed by a licensed broker to do one or more of the acts of a licensed broker.
Real estate agent
To be eligible for a broker or agent license, the applicant needs to:
- Be at least 18 years old, be honest and truthful,
- make the application on the proper form prescribed by the CalBRE,
- complete the mandatory education,
- past the qualifying exam
A person, an individual or an entity, acting as a buyer or seller, represented by a broker and their agents.
Principal
What is LLC?
Limited liability company
An officer of the corporation, or a general partner of a partnership or a manager of a limited liability company
Entities
How long is the broker and real estate agent license valid for?
Four yearsFrom the date of issuance noted on the license certificate
How does a real estate broker and or sales agent Renew his or her license?
Complete at least 45 hours of continuing education
18 hours of consumer protection courses, 15 hours comprised of five separate three hour course is in: agency, fair housing, trust funds, ethics, risk management,
the remaining 12 hours composed of either consumer protection or consumer service courses including office management and supervision course.
The officer qualifying the corporation for a corporate broker license
Designated officer (DO)
What is the designated officer responsible for?
Then DO is responsible for the supervision in control of the activities of the officers and employees of the corporation.
This includes supervision of the activities of agents and brokers employed to act as agents for the corporate broker.
What is the sale or lease of the operations and goodwill of an existing business enterprise or opportunity?
Business opportunity
What are common types of business opportunities?
Liquor stores,
gas stations,
restaurants.
What documents are used in the sale of the business?
Bill of sale,
Uniform Commercial Code UCC -financing statement for the personal property,
a deed (or assignment of the lease holder and a trust deed) for the transfer of the real property
What is a uniform commercial code UCC?
Financing statement for the personal property.
What is a book sale?
The transfer of more than one-half of the inventory of the business’ materials or goods to a person other than the business’ customers
On the sale of the business opportunity, the inventory of the business is transferred to the buyer by a…
Bill of sale
What is a mobile home also known as?
A manufactured home
What is a manufactured home also known as?
A mobile home.
What is a mobile home?
Property designed to be used as a dwelling, classified as either personal or real property depending on the method of the attachment to a parcel of real estate.
Also known as a manufactured home.
What is Real Estate Recovery Fund?
Funds available to individuals who have obtain a final court judgment against a licensee and are unable to recover the judgment from the licensee.
Also known as the Consumer Recovery Account.
What is Real Estate Recovery Fund also known as?
Consumer Recovery Account
What is a Consumer Recovery Account?
Real Estate Recovery Fund
Funds available to individuals who have obtained a final court judgment against a licensee and are unable to recover the judgment from the licensee.
What is Mortgage Loan Originator Capital (MLO)?
California Bureau of Real Estate licensee who receives fees to arrange a consumer mortgage other than a carryback.
What is consumer purpose mortgage?
A residential mortgage is any loan primarily for personal, family or household use, secured by a deed of trust on a dwelling.
What is a residential mortgage?
Any loan primarily for personal, family or household use, known as a consumer purpose mortgage, secured by a deed of trust on a dwelling.
The NMLS is an offshoot Of the larger regulatory scheme known as…
Secure and Fair Enforcement (SAFE) Mortgage Licensing Act
What is a Fictitious Business Name?
The name under which a business or operation is conducted also known as a D.B.A (“ doing business as…”)
