CA_Principles_16[1]

CA_Principles_16[1] - Principles of California Real Estate...

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1 Lesson 16: California Real Estate License Law Principles of California Real Estate The Real Estate Law » California’s Real Estate Law : Statute adopted by legislature to regulate real estate profession. § Business & Professions Code sections 10000 to 10580 Protects public from incompetent, unethical, or dishonest agents. The Real Estate Law Department of Real Estate » Real Estate Law is administered by the Department of Real Estate (DRE). Department is a division of the Business and Transportation Agency. » Chief officer of the DRE is the Real Estate Commissioner.
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2 The Real Estate Law Commissioner » The Real Estate Commissioner: is appointed by the Governor may not engage in real estate activities or have an interest in a real estate firm must have been a real estate broker actively engaged in business in California for five years (or related experience associated with real estate) » The Real Estate Commissioner has the power to adopt, amend or repeal regulations to enforce the Real Estate Law. These rules have the force and effect of law. Regulations are found in sections 2705 to 3109 of Title 10, California Code of Regulations. The Real Estate Law Commissioner’s powers and duties » The Real Estate Commissioner also has authority to: grant and deny licenses regulate some aspects of the sale of subdivisions, franchises, and real property securities investigate non-licensees performing real estate activities investigate complaints and hold disciplinary hearings on Real Estate Law violations The Real Estate Law Commissioner’s powers and duties
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3 The Real Estate Law Legal enforcement » The California Attorney General provides legal advice to Commissioner regarding the Real Estate Law. However, the district attorney in each county has responsibility for prosecuting persons violating the Real Estate Law within that county. Real Estate Licenses » A common way of regulating an industry or profession is to require its members to be licensed . A licensing process allows a state to exert influence on a profession, by requiring education, testing, recordkeeping, and minimum standards of business conduct. Real Estate Licenses When license is required » Anyone who is acting, advertising or appearing to act as a real estate broker or salesperson must have a real estate license.
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When License is Required Definition of a broker » Real estate broker : A person who does or negotiates to do certain acts on behalf of another person, for compensation or the promise of compensation. The Real Estate Law describes a broad range of activities a broker may perform in the scope of their duties. » Selling, buying, leasing, collecting rents from, or buying, selling, or exchanging leases on: real property, or business opportunities. When License is Required
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This note was uploaded on 09/06/2011 for the course FI 365 taught by Professor Staff during the Spring '11 term at S.F. State.

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CA_Principles_16[1] - Principles of California Real Estate...

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