Glossary of RE Law Chapter 4
Other Decks By This User
- Who is head of the Department of Real Estate?
- THE REAL ESTATE COMMISSIONER
- What branch of government is the RE Commissioner?
- EXECUTIVE BRANCH
- The main job of the Commissioner is to regulate what?
- LICENCES OF REAL ESTATE
- The Real Estate Commissioner has full control over what three areas of licencing?
- 1) ISSUANCE
- The _____ _____ is the advisor to the Real Estate Commissioner.
- ATTORNEY GENERAL
- The commissioner must hold a _____ before revoking a licence.
- What are some geneal areas that REQUIRE a RE Licence?
- 1)Buying/Selling property on behalf of a client.
2) Lease or Rental Agreements
3) Loan Negoiation
4) Mobile Home Sales
5) Securities in association w.property
- A broker for a corporation, who wants to conduct separate transactions must what?
- OBTAIN A SEPARATE BROKERS LICENSE
- A Non-California resident who wishes to obtain a licence in CA must agree to what?
- THAT THEY CAN BE SUED IN CA COURTS
- When must the three hour class in ethics be taken?
- PRIOR TO THE FIRST LICENCE RENEWAL
- The maximum award for a claim paid from the DRE fund is?
- A brokers loan statement is prepared for the benefit of the ______.
- In rental AGENCY, how much of the fee is due returned if the client does not obtain a rental property?
- ANYTHING OVER 50$
- The Bulk Sales Act protects the _____ of the seller.
- What must be included in the notice of a Bulk Sale according to the Bulk Sales Act?
- 1) NAME/ADDRESS OR TRANSFEROR AND ALL KNOWN BUSINESS NAMES
2) LOCATION/DESCRIPTION OF THE PROPERTY
3) PLACE/DATE OF TRANSFER
4) NAME/ADDRESS OF CLAIM PERSON
- Who would be most affected by the noncompliance of a transfer with the Bulk Sales Act?
- THE PURCHASER
- The case that upheld fair housing was:
- JONES VS. MAYER
- What states that you may not discriminate based on race, color, sex, religion or orgin?
- CIVIL RIGHTS ACT OF 1968
- What act protects discrimination based on being handicapped?
- FAIR HOUSING AMENDMENT ACT OF 1988
- What act prohibits discrimination based on race, sex, religion, color, orgin in HOUSING-public and private
- RUMFORD ACT
- What protects people with disibilities in public access situations?
- AMERICAN WITH DISIBILITY ACT
- Guiding a person "to" or "from" a specific area for racial reasons is called ________
- Refusing to make a loan in a specific area is called _________.
- What is the first violation fine for violating the ADA?
- A option is a _______ contract.
- Another term used for "mutual consent" may be the ______________.
- MEETING OF THE MINDS
- A damage clause that states a person may only recover up to 3% of the sales price is called _________ _________.
- LIQUIDATED DAMAGES
- Failure to perform on a contract that has been agreed on is a ____________.
- BREECH OF CONTRACT
- A act that is meant to deceive a person, is called _________
- __________ is when a person did not intend to deceive or provide wrong information.
- ____________ is the forgiving or release of debt. Commonly used by mortgage companies.
- What clause in a contract ensures that only the written agreement of the contract will be valid?
- What are the three remedies for Breach of Contract?
- 1) Rescission
2) Law Suit for Money Damages
3) Specific Performance
- In a _________Listing, the Agent must disclose the amount of commission to be earned.
- A ________ listing gives any agent the opportunity to procure a buyer in a property.
- A __________ listing, is where a listing agent is entitled to a commission if ANY other broker sells the property, but not if the owner does.
- a _____________ listing is the exclusive listing that provides a commission as time line determines in the contract. MOST DESIRABLE
- EXCLUSIVE RIGHT TO SELL
- In a exclusive right to sell listing, a full offer of all the terms is brought to the seller, the seller rejects the offer, what is the entitlement to the agent?
- The agent is entitled to the commission because he brought a capable "mirror image" offer to the seller.
You must Login or Register to add cards