Real Estate License Law Flashcards
Real Estate salesperson
Someone with a salesperson license who performs real estate activities on a employing brokers behalf for compensation
Real Estate broker
Someone who, for another and for compensation lists, sells, purchases, negotiates rents or leases real estate
Associate broker
A licensed broker who works under another brokers supervision, and generally has the same privileges as a salesperson
Designated broker
A licensed broker designated to act on behalf of an employing real estate entity
Employing broker
An entity that’s registered with the state, authorized to engage in real estate activities, and may employ real estate brokers and salesperson
Sole proprietorship
Business with single owner
Partnership
Business with two or more parties sharing ownership
Limited liability company (LLC)
A hybrid business that combines limited liability features with tax efficiencies, and operational flexibility of a partnership
Corporation
A business owned by stockholders
Professional limited liability company (PLLC)
Similar to a LLC, but all members must be licensed in the regarded professional field it’s registered
Professional Corporation
Like a corporation, but all members, and officers must be licensed and only practice in the professional field it’s registered in.
Corporation agreement
Explained activities an out of state broker can perform, and acknowledges the arizona broker is responsible for the out if state broker
Summary suspension
Immediate license suspension ordered by the commissioner if licensees actions are of immediate threat to public health, saftey, and welfare
Letter of concern
An advisory letter from the commissioner stating the licensee should modify or eliminate certain practices or there will be disciplinary action
Provisional license
Allows a licensee to practice real estate activities on the commissioner’s terms, conditions and restrictions
