Real Estate Principles Tenth Edition

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Real Estate PrinciplesTenth Edition

• Real Estate
• An Introduction to the Profession
• Tenth Edition

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Chapter 19Licensing Laws and Professional
Affiliation

• ______________________________

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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.

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Licensee Classes

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

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Real Estate Regulation
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State License Requirements

• http//www.arello.org

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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

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Independent Contractor

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

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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

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NAR Code of Ethics

• http//www.realtor.org

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Key Terms

• Broker
• Independent contractor
• License revocation
• License suspension
• Licensee
• 100 commission

• Principal broker
• Real estate commission
• REALTOR
• Recovery fund
• Sales associate
• Salesperson