Sources of Real Estate Law Flashcards
Statutory Law
Laws that are written by federal, state, or local government. Also called statutes.
Statutory law impacts…
Licensed real estate salespeople and brokers via laws, regulations, and bureaucracy
Common Law
The customs, traditions, and rulings that make up the basis of law in the US
Basis for the legal system in US, originated in the UK
Common Law
Statutory Law Sources
US Constitution, congress, state constitution, state legislature, federal level, bureaucracy, state level, local level
Statute
A written law passed by a legislative body
Arizona Administrative Code (AAC)
Known as Commissioner’s rules. Real estate commissioner is provided rulemaking authority from the state
Arizona Constitution Article XXVI
Right of a licensed real estate broker or salesperson to prepare documents for a transaction
Arizona Department of Real Estate (ADRE)
State bureaucracy that administers the Arizona Adminstrative Code
Statutory law is made up of…
State and Federal Law, Local Ordinances, Bureaucracy made up of boards and commissions
Common law sources
Unwritten, England, Judicial Decisions, Legal system basis
Examples of common law
Rulings by judges, partnerships, property
Legal precedent
Established by court decisions, has the same force as law
Case Law
The judicial decisions that guide judges’ rulings. Also known as precedent
Appellate Court
Includes the Arizona Supreme Court and Arizona Court of appeals, decisions of judges can establish legal precedent
Arizona Revised Statutes (ARS) Title 32
State statutes that establish the Arizona Department of Real Estate and govern real estate licensing and transactions in Arizona
Arizona Department of Real Estate
Key body that adopts and administers the Arizona Administrative Code in dealings regarding real estate and real estate licensees
Substantive Policy Statments
Written to inform the general public of a county’s current approach to the requirements of ordinances
Who does Article XXVI apply to?
Any person holding a valid license as a real estate broker or real estate salesman regularly issued by the Arizona State or Real Estate Deparment when acting in such capacity as a broker or salesman for the parties, or agent for one of the parties to a sale, exchange, or trade, or the renting and leasing of property
As a licensed realtor can you charge a fee to complete paperwork related to a real estate transaction?
No, you cannot charge for this and is unauthorized practice of law
