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Real Estate Principles


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A set of prinicples or values by which an individual guides his or her own behavior and judges that of others.
Police power
The power of the state to pass laws, within lawful limits that promote the order, safety health, morals and general welfare of its citizens.
Real Estate Agent
Someone licencsed by the Department of Real Estate, holding either a broker or salesperson license, who negotiates sales for other people.
Real Estate Broker
Someone holding a broker license and permitted by law to employ those holding a salesperson license, who may negotiate sales for other people.
Real Estate Law
The law that affects the licensing and conduct of real estate agents.
Real Estate Salesperson
Someone holding a salesperson license who must be employed by a real estate broker, for pay, to perform any of the activities of a real estate broker.
Real Estate Associate
The same as a real estate salesperson, holding a salesperson license, employed by a broker.
Recall and make void.
Temporarily makes ineffective.
Trade Association
A voluntary nonprofit organization of independent and competing business units engaged in the same industry or trae, formed to help solve industry problems, promote progress and enhance service.
What does Real Estate Low affect?
1. Licensing of Real Estate Agents

2. Conduct of Real Estate Agents.
The two main purposes of the Real Estate Law are...
1. Protecting consumers from loss because of dishonest and incompetent agents.

2. Protecting the good standing of ethical agents from the adverse publicity caused by unprincipled licensees.

Deck Info