Real estate license - exemptions Flashcards
What are the five groups who are exempt from a real estate license?
1) owner exemption
2) exemptions based on career
3) salaried employee exemptions
4) court and legally appointed persons
5) miscellaneous exemptions
What are the 4 kinds of owner exemptions
1) property owner may buy, sell, exchange, or lease their own property
2) officers and directors of corporations (and owners of other business entities) may buy, sell, exchange and lease the property of the business entity
3) Partners in a real estate partnership (as long as profits as split according to their interest)
4) Owners of time-share periods who own the time-share for their own use and occupancy
When are partners in a real estate partnership exempt from licensure?
As long as the partners receive a share of the profits in proportion to their interest in the partnership
What are the 4 salaried employee exemptions?
1) Salaried employees of a business entity may buy, sell, exchange, and lease property for their employers, as long as they are not paid on a transactional basis
2) Salaried employees of an apartment community who work in an onsite rental office in a leasing capacity and who do not receive commission (no restriction on duration of rental leases)
3) Salaried managers of condominium or cooperative apartment complexes who rent individual units for periods no longer than one year and who are not paid a commission (salaried managers of community associations must obtain CAM licenses)
4) Salaried employees of an owner-developer, provided they do not receive commission
What are the 3 exemptions based on career?
1) attorneys-at-law, when acting within the scope of their duties in the attorney-client relationship
2) certified public accountants
3) state-certified and licensed real estate appraisers
What are the 2 exemptions for court and legally appointed persons?
1) Court-appointed individuals acting within the limitations of their duties
2) A person given a power of attorney to sign contracts on another’s behalf
What are the 5 miscellaneous exemptions?
1) Persons who sell cemetary lots (these are not considered real property)
2) Individuals who rent lots in a mobile home park or recreational travel park (these are not considered real property)
3) Dealers who are registered with the SEC selling business enterprises to accredited investors
4) Hotel and motel clerks who rent lodging accommodations on behalf of the establishment
5) Tenants of an apartment community may receive a fee up to $50 for the referral of a new tenant to the same apartment community
