Chapter 1 Business of Real Estate Flashcards
Associate License
A real estate sales person or broker who works as the employee of a real estate person.
blind advertising
Ad in which the names of the person placing the ad is not mentioned.
broker-officer
A licensed broker who is an officer of a brokerage that is set up as a corporation and who is designated as the broker responsible for supervision of licensed employees of the brokerage.
bulk transfer of goods
Any transfer of a substantial part of the materials, supplies, merchandise, equipment, or other inventory of a business that is not in the ordinary course of the business’ activities.
Business and Professions Code
California code that contains the real estate law, which includes real estate licensing, transaction requirements, and the Subdivided Lands Law.
business opportunity
The assets of an existing business enterprise, including its goodwill.
CALBRE
California Agency that administers the real estate law, including the licensing of real estate brokers and sales people.
Caveat emptor
A latin phase meaning that means let the buyer beware,
certificate of status
A document issued by California Secretary of State showing a corporations place of domicile, date of incorporation, corporate number, name and address of agent for service of process and other information.
codes
Bound volume of laws and regulations
conditional licenses
A person who is working on but not has completed the process in obtaining a realtor license
fictitious business name statement
Document indicating the name under which a business is operating; filed with the country where the business is located.
franchise
A Contract or agreement between the franchisor (grantor)
and the franchisee (grantee).
mobile home dealer
Agent who displays or offers for sale two or more mobile homes at his or her place of business ; requires license by Ca. Dept. of Housing and community Dev.
mortgage loan brokerage
An individual or company that brings borrowers and lenders together.
mortgage loan originator (MLO)
A real estate licensee who conducts mortgage loan origination activities and is required to register annually
on the Nationwide Mortgage licensing system and registry
Prepaid Rental Listing Service (PRLS)
Business that supplies prospective tenants with property listings on payment of a fee
Real Estate Advisory Commission
A ten- member group appointed by the real estate commissioner that makes recommendations to the Commissioner on matters involving the CAlBRE
Real Estate Broker
A person employed for a fee by another to carry on any of the activities
real estate brokerage
Business licensed to conduct activities under authority of real estate broker’s license.
Real Estate Commissioner
The person designating and managing the Licensing of the state
Real Estate Education and Research Fund
California fund financed by a fixed portion of real estate license fees, designated to encourage research in land use and real estate development.
real estate law
Portion of the California Business and Professions code regarding licensing or real estate brokers and salespeople and activities of the CalBRE; also includes Subdivided Lands Laws
real estate sales person
A person licensed under the provisions of the Real Estate Law to act under the control and supervision of a real estate broker in carrying on any of the activities listed in the license Law
recovery account
State fund financed by real estate license fees and intended to help compensate victims of real estate licensee fraud, misrepresentation, deceit, or conversion of trust funds, when an court-ordered judgment cannot be collected
Regulations of the Real Estate Commissioner
Rules that clarify and interpret the Real Estate Law and that are binding on real estate licensees
restricted license
Real Estate license on which one or more conditions are imposed by the Real Estate Commissioner as the result of a disciplinary action.
sales associate
A Real estate person or broker who works as the employee of a real estate broker
Uniform Commercial Code
Building codes that are developed by national or international groups adopted by states and local jurisdictions.
