Unit 1 Flashcards
associate licensee
A broker or salesperson who is employed by or in an independent contractor relationship with a real estate broker.
blind advertising
advertising that does not include the name and address of the person placing the ad, only a phone number or post office box address. Licensed brokers are generally prohibited by state license laws from using blind ads.
broker-officer
A licensed broker who is an officer of a brokerage that is set up as a corporation and who is designated as the broker responsible for supervision of licensed employees of the brokerage.
bulk transfer of goods
any transfer in bulk of a substantial part of the materials, supplies, merchandise, equipment or other inventory of an applicable enterprise that is not in the ordinary course of the transferor’s business.
caveat emptor
A Latin phrase meaning “let the buyer beware.” A buyer should inspect the goods or realty before purchase.
certificate of status
Document issued by the California secretary of state showing a corporation’s place of domicile, date of incorporation, corporate number, name and address of agent for service of process, and other information about the corporation.
codes
Bound volumes of laws and regulations.
conditional license
A conditional license is issued to a real estate salesperson who has not completed all of the required education courses, and is contingent on all education requirements being met.
Department of Real Estate (California)
The Department of Real Estate is the California agency that administers Real Estate Law, including licensing real estate brokers and agents; headed by the Real Estate Commissioner, who is appointed by the Governor and presides over the Real Estate Advisory Commission whose ten members are appointed by and serve at the Commissioner’s discretion.
fictitious business name
A business name that DOES NOT include the surname of the individual owner, and each of the partners or the nature of the business is not clearly evident by the name.
fictitious business name statement
A fictitious business name statement is a document indicating the name under which a business is operating; filed with the county where the business is located.
mortgage loan brokerage
A mortgage loan brokerage is an individual or company that brings borrowers and lenders together. In California, a real estate broker’s license also includes the authority to act as a mortgage broker.
police power
The inherent right of the state to regulate for the purpose of promoting health, safety, welfare, and morality. Police power gives the state the right to impose certain restraints on human conduct which are reasonably necessary in order to safeguard the public interest. This right is the basis of zoning, the official map, building codes, and subdivision regulations.
Prepaid Rental Listing Service (PRLS)
A Prepaid Rental Listing Service (PRLS) is a business that supplies prospective tenants with property listings on payment of a fee. It may be operated by a licensed real estate broker or under the authority of a PRLS license.
Real Estate Advisory Commission
The Real Estate Advisory Commission is a ten member panel appointed by the Real Estate Commissioner, who presides over its meetings. Six commission members must be licensed CA real estate brokers, and four must be non licensed members of the public. Commission members serve without compensation. The Commission makes recommendations to the Real Estate Commissioner on relevant matters.
