© OnCourse Learning Chapter 19 : Licensing Laws and Professional Affiliation.
-
Upload
letitia-daniels -
Category
Documents
-
view
221 -
download
1
Transcript of © OnCourse Learning Chapter 19 : Licensing Laws and Professional Affiliation.
© OnCourse Learning
Chapter 19: Licensing Laws and Professional Affiliation
Does the public have a vested interest in seeing that real estate agents have the qualifications of honesty, truthfulness, good reputation, and real estate knowledge?
It was this concern that brought about real estate licensing laws as we know them today.
Until 1917, no state required real estate agents to be licensed.
RATIONALE FOR LICENSING
© OnCourse Learning
A person who, for compensation or promise of compensation, lists or offers to list, sells or offers to sell, buy or offers to buy, negotiates or offers to negotiate a sale, purchase or option to purchase, exchange, auction, lease, or rental of real estate, or any interest in real estate
Must hold a valid real estate license.
LICENSEE
© OnCourse Learning
Real Estate BrokerA person licensed to act independently in conducting real estate brokerage business.
Real Estate SalespersonA person employed by a broker.
LICENSE TYPES
© OnCourse Learning
REAL ESTATE REGULATION
© OnCourse Learning
http://www.arello.orgSee Figure 19.1 page 347
STATE LICENSE REQUIREMENTS
© OnCourse Learning
Training – complement, enhance, and encourage your personal development.
Compensation – usually a percentage of earned commissions.
Support – what services do they offer.Franchise offi ces
BROKER AFF IL IAT ION
© OnCourse Learning
Paid only if a sale produces a commission and is responsible for income taxes and social security.
INDEPENDENT CONTRACTOR
© OnCourse Learning
Registered trade nameMember of NAR and not synonymous
with real estate agentCode of ethics first adopted in 1913GRI designation by taking sponsored
education courses by NAR
REALTOR®
© OnCourse Learning
http://www.realtor.orgSee Figure 19.2 on page 360
NAR CODE OF ETHICS
© OnCourse Learning
The National Association of Real Estate Brokers (NAREB)
Promote high standards of service and conduct & to protect the public against unethical, improper, or fraudulent real estate practices.
© OnCourse Learning
REALTIST
100% commission Broker Independent contractor License revocation License suspension Licensee
Principal broker Real estate commission REALTOR®
Recovery fund Sales associate Salesperson
Key Terms
© OnCourse Learning