Chapter 22 Flashcards
1
Q
Broker’s License
A
A license that when active authorizes a licensee to represent clients by performing real estate services.
2
Q
Salesperson’s License
A
A license that when active allows a licensee to act as an agent of an employing broker.
3
Q
Real Estate Commission
A
A real estate regulatory entity established to administer and enforce licensing legislation.
4
Q
License Status:
A
The activation, deactivation, renewal, re-issue, suspension, and revocation of licenses managed by the real estate commission.
5
Q
Recovery Fund
A
A reserve account established by the state that is funded through license fees and collected fines that pays portions of a money judgment on behalf of a licensee, up to a prescribed amount.
