Post-Licensing Real Estate Law and
Compliance
◉ agency. Answer: The relationship of agents and their principals
◉ buyer brokerage agreement. Answer: An agreement between a buyer
and a broker for the broker to provide services to a buyer for
compensation. The broker may be acting as a single agent, transaction
broker, or a nonrepesentative.
◉ Community association. Answer: can be Condominiums,
Cooperatives, Vacation and time-sharing, mobil home park lots, which
owners belong and are responsible for; i.e. assessments, documents,
dues, ect.
◉ concurrency. Answer: A state law requiring that infrastructure such as
roads, sewers, schools, etc., be in place as development occurs
◉ consent to Transition to Transaction Broker Notice. Answer: A
disclousre form that allows a single agent to become a transaction
broker. The notice must be signed by the principal before the broker can
make the change
◉ Customer. Answer: A person who works with a sales associate or a
broker. While the person could be a principal, the usual definition is that
,the broker is either a transaction broker or has no brokerage relationsip
with the person.
◉ Designated sales associate. Answer: A sales associate who is
appointed by a broker to be a single agent for a buyer or seller in a
nonresidential transaction when another sales associate in the firm has
been appointed to be the single agent for the other party in the
transaction. Both buyer and seller must have assets of at least $1 million
and agree to the arrangement.
◉ Disclosure. Answer: The revelation of information important to a
transaction
◉ Dual agency. Answer: An illegal arrangement whereby the broker
tries to represent both the buyer and the seller in the same transaction
◉ False or misleading statements. Answer: In real estate, a statement
made by a licensee or party in a real estate transaction that is not factual.
◉ Fiduciary relationship. Answer: A relationship of trust and confidence
between an agent and principal
◉ Infrastructure. Answer: In developements: roads, water, sewer,
electricity are in place prior to homes being built.
, ◉ Innocent purchaser status. Answer: An amendemnt to the
Comprehensive Enviromental Response, Compensation, and Liability
Act (CERCLA) that exempts from liability landowners who made
resonable inquiries about hazardous substances before purchasing the
property.
◉ Material fact. Answer: An important fact that may affect a buyer's
decision to buy or a seller's decision to sell. Licensees must disclose
facts that materially affect the value of residential property.
◉ Misrepresentation. Answer: A false or misleading statement made
intentionally or unintentionally, or the failure to disclose a material fact.
◉ No Brokerage Relationship Notice. Answer: A disclosure that must be
given by a licensee who does not represent a buyer or seller before
entering into an agreement or showing a property
◉ Principal. Answer: The person who enters into a fiduciary relationship
with a single-agent licensee.
◉ Property condition discloure. Answer: A form designed for disclosure
to a buyer of any property defects. The form is normally signed by the
seller, and the buyer signs a receipt that the buyer has received the
disclosure.
Compliance
◉ agency. Answer: The relationship of agents and their principals
◉ buyer brokerage agreement. Answer: An agreement between a buyer
and a broker for the broker to provide services to a buyer for
compensation. The broker may be acting as a single agent, transaction
broker, or a nonrepesentative.
◉ Community association. Answer: can be Condominiums,
Cooperatives, Vacation and time-sharing, mobil home park lots, which
owners belong and are responsible for; i.e. assessments, documents,
dues, ect.
◉ concurrency. Answer: A state law requiring that infrastructure such as
roads, sewers, schools, etc., be in place as development occurs
◉ consent to Transition to Transaction Broker Notice. Answer: A
disclousre form that allows a single agent to become a transaction
broker. The notice must be signed by the principal before the broker can
make the change
◉ Customer. Answer: A person who works with a sales associate or a
broker. While the person could be a principal, the usual definition is that
,the broker is either a transaction broker or has no brokerage relationsip
with the person.
◉ Designated sales associate. Answer: A sales associate who is
appointed by a broker to be a single agent for a buyer or seller in a
nonresidential transaction when another sales associate in the firm has
been appointed to be the single agent for the other party in the
transaction. Both buyer and seller must have assets of at least $1 million
and agree to the arrangement.
◉ Disclosure. Answer: The revelation of information important to a
transaction
◉ Dual agency. Answer: An illegal arrangement whereby the broker
tries to represent both the buyer and the seller in the same transaction
◉ False or misleading statements. Answer: In real estate, a statement
made by a licensee or party in a real estate transaction that is not factual.
◉ Fiduciary relationship. Answer: A relationship of trust and confidence
between an agent and principal
◉ Infrastructure. Answer: In developements: roads, water, sewer,
electricity are in place prior to homes being built.
, ◉ Innocent purchaser status. Answer: An amendemnt to the
Comprehensive Enviromental Response, Compensation, and Liability
Act (CERCLA) that exempts from liability landowners who made
resonable inquiries about hazardous substances before purchasing the
property.
◉ Material fact. Answer: An important fact that may affect a buyer's
decision to buy or a seller's decision to sell. Licensees must disclose
facts that materially affect the value of residential property.
◉ Misrepresentation. Answer: A false or misleading statement made
intentionally or unintentionally, or the failure to disclose a material fact.
◉ No Brokerage Relationship Notice. Answer: A disclosure that must be
given by a licensee who does not represent a buyer or seller before
entering into an agreement or showing a property
◉ Principal. Answer: The person who enters into a fiduciary relationship
with a single-agent licensee.
◉ Property condition discloure. Answer: A form designed for disclosure
to a buyer of any property defects. The form is normally signed by the
seller, and the buyer signs a receipt that the buyer has received the
disclosure.
