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Chapter 19 ________________ Licensing Laws and Professional Affiliation

Chapter 19 ________________ Licensing Laws and Professional Affiliation. RATIONALE FOR LICENSING.

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Chapter 19 ________________ Licensing Laws and Professional Affiliation

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  1. Chapter 19________________Licensing Laws and Professional Affiliation

  2. RATIONALE FOR LICENSING • Does the public have a vested interest in seeing that real estate salespersons and brokers have the qualifications of honesty, truthfulness, good reputation, and real estate knowledge before they are allowed to negotiate real estate transactions on behalf of others? • 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. Anyone who wanted to be an agent could simply hang up an agent’s sign.

  3. Licensee • 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 either directly or indirectly for the purpose of bringing about a sale, purchase or option to purchase, exchange, auction, lease, or rental of real estate, or any interest in real estate • Is required to hold a valid real estate license.

  4. License Types • Real Estate Broker • A person licensed to act independently in conducting real estate brokerage business. • Real Estate Salesperson • A person employed by a broker.

  5. Real Estate Regulation

  6. State License Requirements • http://www.arello.org

  7. Broker Affiliation • Training – complement, enhance, and encourage your personal development. • Compensation – usually a percentage of earned commissions. • Support – what services do they offer. • Franchise offices

  8. Independent Contractor • Paid only if a sale produces a commission and is responsible for income taxes and social security.

  9. REALTOR® • Registered trade name • Member of NAR and not synonymous with real estate agent • Code of ethics first adopted in 1913 • GRI designation by taking sponsored education courses by NAR

  10. NAR Code of Ethics • http://www.realtor.org

  11. Key Terms • Real estate commission • REALTOR® • Recovery fund • Sales associate • Salesperson • Broker • Independent contractor • License revocation • License suspension • License • Principal broker

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