completed all of the required education course, contingent

California Real Estate Principles, Chapter 1 Flashcards Conditional licenseLicense that is issued to a salesperson who has not completed all of the required education course, contingent on all education requirements being met.Business and Professions CodeCalifornia code that contains the Real Estate Law, which includes real estate licensing, transaction requirements, and the Subdivided Lands Law Real estate education and research fundCA fund financed by a fixed portion of Real Estate license fees, designed to encourage research in land use and real estate development

Real Estate LawInvolves two parts: 1. Licensing2. Transactions and the

Subdivided Lands LawPrimary purpose is to protect the public with whom licensees come into contact in their business activities Blind advertisingAd in which the name of the person placing the ad is not mentioned Business OpportunityThe assets of an existing business enterprise, including its goodwill Associate LicenseeAnother name for a real estate salesperson Sales associateAnother name for a real estate salesperson FranchiseA contract or agreement between the franchisor (grantor) and the franchisee (grantee) Real Estate brokerageA business in which Real-estate license relate activities are performed under the supervision of a Broker.Bulk transfer of goodsAny transfer of a substantial part of the goods Mobile home dealerAgent who displays or offers for sale two or more registered mobile homes at the agent's office of business; requires licensure by the CA Dept. of Housing and Community Development Real Estate Advisory CommisionMakes recommendations to the Real Estate Commissioner on matters involving CalBRE. 6 commission members are licensed brokers, while the other 4 are unlicensed members of the public. At meetings, commission members express their views of dept. policy and function.Broker-officerThe Broker in charge of a brokerage set up as a corporation real estate brokerControls and supervises the salespeople that they have employed California Bureau of Real Estate (CalBRE) Formerly the Dept. of Real Estate, headed by the Real Estate Commissioner. Administers the Real Estate Law in California

Uniform Commercial CodeEstablishes a unified and comprehensive method for regulation of security transactions in personal property Mortgage loan brokerageIndividual or company that brings borrowers and lenders together; in CA, a real Estate broker's license also includes authority to act as a mortgage broker. In CA, a real estate licensee who conducts MLO activities for residential property of one to four units must obtain an MLO license endorsement that is attached to the Real Estate license and renewed annually.Regulations of the Real Estate Commissioner Serve to clarify and interpret the Real Estate Law; they have the force and effect of the law. Primary purpose is to protect the public with whom licensees come into contact in their business activities Mortgage Loan OriginatorReal estate licensee who conducts mortgage loan origination activities and is required to register annually on the nationwide mortgage licensing system and registry

(NMLS)

Prepaid Rental Listing Service (PRLS)Business that supplies prospective tenants with property listings on payment of a fee; may be performed by a licensed real estate broker or under the authority of a PRLS license Real estate commisionerHeads the CalBRE and administers the Real Estate Law in

CA. Determines administrative policy as well as:screens

candidates for licensingprepares subdivision public reportsconducts licensee disciplinary actioninvestigates nonlicensees performing activities for which a license is requiredregulates nonexempt franchises and real property securities Fictitious business name statementAka "DBA" (doing business as). Gives business owners an inexpensive method of gaining the legal right to do business in a name other than that of the owner Real estate salespersonA person employed by a broker to list, negotiate, sell, or lease real property for others.caveat emptorLatin term for "buyer beware" Recovery AccountState Fund financed by real estate license fees and intended to help compensate victims of Real Estate licensee fraud, Misrepresentation, deceit, or conversion of trust funds, when a court-ordered judgement cannot be collected.Certificate of statusStates that a corporation is authorized to do business in CA and has met state requirements Restricted LicenseReal estate license on which one or more conditions are imposed by the Real Estate Commissioner as the result of a disciplinary action.