Real Estate Licensing and endorsement Flashcards
DRE stands for
Department of real estate
RE stands for
Real estate
Purpose of real estate law
oversee, regulate, administer and enforce RE law
DRE enforces what
the real estate licensing and subdivided land act
Purpose of DRE
protect the public
Regulations fall under what category
Title 10
A Real Estate Broker is someone who
rents, negotiates,leases properties & homes
A Agent is someone who
acts on behalf of the broker
What is an agent authorized for
preparing listings, sales documents, disclosure agreements on behalf of broker
Qualifying for brokers license(BL)
have a real estate license and worked full time for 2 years(within 5 years), Filled out employment verification form
Define Principle/ entity
A person(s) dealing with their own business/property
People exempt from license
attorney providing legal service, principle/entities/a trustee, a resident manager, transient renters
License renewal terms
renewed every 4 years, 45 hrs continuing education. First timers need 18 hours consumer protection course and 15 other
Define Designated Officer(DO)
Corporation licensed individual
Define Fictitious Business Name
“doing business as” name
child support importance
can be suspended or barred until CS is paid(also 95 fee if added to list)
Define business opportunity
The assets for a business enterprise (including goodwill/fame)
Documents for sale include
- Bill of Sale 2. Uniform Commercial Code (UCC) Financing statement 3. deed
Form number for UCC
RPI form 436-1
Form number for deed
RPI form 404
Define bill of sale
sale of company inventory <50% to purchaser
Define bulk sale
sale of company inventory <50% not to business customer
Mobile Home classifications
Real estate or personal property
Mobile home is personal property when
- 8ft wide, 40ft length 2. built on permanent CHASSIS
Mobile home is real estate when
built on permanent FOUNDATION
Mobile home registration entity
California Department of Housing and Community Development (HCD)
What is Real Estate Recovery Fund(REFR)
Fund for individuals winning against licensed RB
REFR limits
50,000 - 250,000
Define mortgage loan originator (MLO)
Licensee who arranges residential mortgages
define consumer purpose mortgage
loan for residence 1-4 units, mobile home or trailer/boathouse
How to become MLO
complete mortgage broker exam, mlo agreement submited, 20 hour education, credit report
NMLS stand for
nationwide mortgage licensing system and registry
