We think you have liked this presentation. If you wish to download it, please recommend it to your friends in any social system. Share buttons are a little bit lower. Thank you!
Presentation is loading. Please wait.
Published byBraiden Stead
Modified about 1 year ago
Washington Real Estate Fundamentals Lesson 17: Real Estate Careers and the Real Estate License Law © 2011 Rockwell Publishing
Introduction Topics to be covered: real estate as a career administration of license law licensing regulation of business practices disciplinary action antitrust laws © 2011 Rockwell Publishing
Real Estate as a Career Working as a real estate agent Real estate companies Professional associations Related careers © 2011 Rockwell Publishing
Real Estate as a Career Working as a real estate agent Law requires agents to be affiliated with real estate firm. In practical terms, however, agents work for themselves. Generate listings, find buyers on their own. Self-motivation and discipline required. © 2011 Rockwell Publishing
Working as a Real Estate Agent General nature of the job Flexible schedule. But available evenings, weekends, holidays. Part-time effort not enough for new agent. Work closely with all kinds of people. Buyers and sellers often under pressure. Need stamina, determination to tolerate uncertainty and rejection. © 2011 Rockwell Publishing
Working as a Real Estate Agent Skills needed Financial planning skills Income not received on regular basis. Marketing skills Need marketing plan for self as well as for clients’ properties. Accounting skills Recordkeeping, tax planning. Technology skills Keeping up with modern tools. © 2011 Rockwell Publishing
Real Estate as a Career Real estate companies Important to find company that’s a good fit. Many choices: sole proprietorship vs. large, national firm firm that offers comprehensive services vs. one that is highly specialized independent office vs. franchise operation © 2011 Rockwell Publishing
Real Estate Companies Services and support for agents Training and guidance: for new agents and ongoing formal programs and informal mentoring Facilities and expenses: Agents commonly bear all expenses: gas, advertising, for sale signs But some firms pay for membership in MLS and professional associations. © 2011 Rockwell Publishing
Real Estate Companies Compensation Possible compensation arrangements: commission share (specified percentage) 100% commission with desk fee salary combination © 2011 Rockwell Publishing
Real Estate Companies Agent’s responsibilities Companies vary considerably in: what duties they assign Floor duty: Set time when agent must be at office to handle phone calls, drop-in visits from buyers or sellers. how closely they monitor productivity Agent may or may not have to meet specific sales goals. © 2011 Rockwell Publishing
Real Estate as a Career Professional associations Professional associations may offer: special training, certifications code of ethics public perception of competence and trustworthiness © 2011 Rockwell Publishing
Real Estate as a Career Related careers Licensee might choose real-estate related career instead of selling real estate: property management title insurance escrow loan origination home inspection Some of these require additional license. © 2011 Rockwell Publishing
Summary Real Estate as a Career Flexible schedule Working closely with people Financial planning, marketing, accounting, and technology skills Company services and support for agents Compensation arrangements Desk fee Floor duty Sales goals © 2011 Rockwell Publishing
Real Estate License Law Administration of the law License law protects public in real estate transactions by: requiring education and licensing regulating business practices establishing disciplinary procedures Law administered by Real Estate Division of Washington State Department of Licensing (DOL). © 2011 Rockwell Publishing
Administration of License Law Director of DOL Director of Department of Licensing appointed by state Governor. Authorized to: grant and deny licenses issue rules and regulations enforce license law through disciplinary hearings and imposition of penalties Director and Real Estate Division staff may not own interest in real estate firm. © 2011 Rockwell Publishing
Administration of License Law Real Estate Commission Commission: Director and six commissioners. Each commissioner: appointed by Governor serves six-year term on part-time basis generally must have at least five years of real estate experience At least two commissioners must be from east of Cascades, at least two from west. © 2011 Rockwell Publishing
Administration of License Law Real Estate Commission Commission’s duties: advising Director preparing and administering license exams holding educational conferences to benefit real estate industry © 2011 Rockwell Publishing
Administration of License Law Center for Real Estate Research Commission established Center for Real Estate Research to: study real estate economics, affordable housing, other issues advise Commission about real estate education and related matters provide real estate information to general public Center funded by license renewal surcharge. © 2011 Rockwell Publishing
Administration of License Law Attorney General State Attorney General: gives Director legal advice concerning license law represents Director in legal proceedings involving Real Estate Division © 2011 Rockwell Publishing
Real Estate Licenses When a real estate license is required Exemptions from licensing requirements Types of licenses Licensing qualifications and application process License expiration and renewal © 2011 Rockwell Publishing
Real Estate Licenses When a license is required Unlawful to perform (or offer to perform) real estate brokerage services without appropriate license: 1.on behalf of another person 2.for compensation or in expectation of compensation © 2011 Rockwell Publishing
When a License is Required Real estate brokerage services License law defines real estate brokerage services as any of the following: listing, selling, purchasing, exchanging, optioning, leasing, or renting real estate negotiating a purchase, sale, exchange, lease, or rental of real estate advertising oneself as engaged in real estate brokerage services (continued) © 2011 Rockwell Publishing
When a License is Required Real estate brokerage services advising, counseling, or consulting in connection with a real estate transaction issuing a broker’s price opinion (competitive market analysis) collecting, holding, or disbursing funds related to real estate transactions performing property management services © 2011 Rockwell Publishing
When a License is Required Licensee acting on own behalf Definition of brokerage services applies mainly to actions performed for another person and for compensation. But licensees must also comply with license law requirements even when buying, selling, or leasing property for themselves. © 2011 Rockwell Publishing
When a License is Required Business opportunities License law also covers business opportunity transactions if real estate is involved. Business opportunity: Sale or acquisition of a business. Inventory Equipment Goodwill Real property? © 2011 Rockwell Publishing
When a License is Required Manufactured homes License law covers mobile or manufactured home transaction if home: attached to land (part of real property), or sold or leased at same time as land where it has been or will be placed. © 2011 Rockwell Publishing
Real Estate Licenses Licensing exemptions Exempt from licensing requirement even if activities meet brokerage services definition: person buying, leasing, or disposing of property for self or on behalf of group he belongs to attorney in fact (person appointed in power of attorney) acting without compensation attorney at law in performance of duties (continued) © 2011 Rockwell Publishing
Real Estate Licenses Licensing exemptions receiver, bankruptcy trustee, executor, administrator, or guardian anyone acting under court order trustee selling property under deed of trust secretary, assistant, bookkeeper, accountant, or other real estate firm staff performing clerical duties (continued) © 2011 Rockwell Publishing
Real Estate Licenses Licensing exemptions government employee involved in acquiring property owner/manager of rental storage facility person who makes referrals to licensee but is not involved in negotiation or execution of documents and whose compensation is not contingent on licensee’s (continued) © 2011 Rockwell Publishing
Real Estate Licenses Licensing exemptions CPA or investment counselor who does not promote sale of specific property company or entity acting as escrow agent person who performs only limited property management tasks for property owner, or for designated or managing broker © 2011 Rockwell Publishing
Licensing Exemptions Unlicensed assistants Some licensees hire unlicensed assistants. Real Estate Commission guidelines describe activities unlicensed assistants can and can’t perform. © 2011 Rockwell Publishing
Licensing Exemptions Out-of-state licensees Agent licensed in another state may handle commercial transactions here without Washington real estate license, if: written agreement with licensed Washington firm consents to service of process Washington firm has copy of license and custody of records Washington firm’s name on all advertising © 2011 Rockwell Publishing
Real Estate Licenses Types of licenses Three types of real estate licenses in Washington: firm license managing broker’s license broker’s license © 2011 Rockwell Publishing
Types of Licenses Firm license Washington requires every real estate firm to be licensed. Real estate firm: Business entity that conducts real estate activities. Corporation, partnership, sole proprietorship, etc. © 2011 Rockwell Publishing
Types of Licenses Firm license To be licensed, firm must name designated broker, who has authority to act for firm. Firm must also provide Director of DOL with names of: firm’s owner(s) anyone else with ability to control operational and/or financial decisions of firm © 2011 Rockwell Publishing
Firm License Designated broker Designated broker has ultimate responsibility for all firm’s legal duties. Must have managing broker’s license. May delegate some duties to other managing brokers in the firm. Written delegation agreement required. © 2011 Rockwell Publishing
Firm License Affiliated licensees Firm authorized to hire affiliated licensees. Affiliated licensee: Individual real estate licensee who performs brokerage services under firm’s authority. Licensed either as broker or as managing broker. Broker or managing broker may be compensated only by designated broker acting on behalf of firm. © 2011 Rockwell Publishing
Types of Licenses Managing broker’s license Managing broker’s license issued only to an individual (not to a business). Affiliated with only one firm at a time. May perform brokerage services, and/or may be authorized to: manage other licensees act as branch manager serve as firm’s designated broker © 2011 Rockwell Publishing
Types of Licenses Broker’s license Broker’s license issued only to an individual. Affiliated with only one firm at a time. Must work under supervision of designated broker or a managing broker. If less than two years of experience, heightened supervision. Includes review of all transaction documents within five days of signature. © 2011 Rockwell Publishing
Types of Licenses Designated broker’s endorsement Designated broker: must have ability to control firm’s operational and financial decisions must obtain designated broker’s endorsement for managing broker’s license may serve as designated broker for more than one firm at a time © 2011 Rockwell Publishing
Types of Licenses Change of designated broker When firm appoints new designated broker: outgoing and incoming designated brokers must submit statement to DOL with: pending transactions trust fund liabilities certification that sufficient funds held in trust to cover all liabilities © 2011 Rockwell Publishing
Types of Licenses Closing firm If firm goes out of business, designated broker responsible for submitting a closing firm affidavit to Director of DOL. © 2011 Rockwell Publishing
Summary Real Estate Licenses License law Director of Dept. of Licensing Real Estate Commission Center for Real Estate Research Brokerage services definition Exemptions © 2011 Rockwell Publishing Real estate firm license Designated broker Affiliated licensee Managing broker’s license Broker’s license
Real Estate Licenses Qualifications and application To obtain broker’s or managing broker’s license, individual must pass exam. Before applying to take exam, applicant must meet: age requirements educational requirements Applicant for managing broker’s license must also meet experience requirements. © 2011 Rockwell Publishing
Licensing Qualifications Managing broker’s license 1.At least 18 years old. 2.High school diploma or equivalency certificate. 3.At least three years’ experience within last five years as full-time real estate broker. Other experience may be substituted. 4.90 hours of courses within last three years. Details on next frame. 5.Pass managing broker’s license exam. © 2011 Rockwell Publishing
Managing Broker’s License Course requirements Successful completion of 90 clock hours of approved courses within last three years: 30-hour advanced real estate law course 30-hour brokerage management course 30-hour business management course Can’t reuse courses taken to meet continuing education requirements. Director may waive course requirements based on college course work. © 2011 Rockwell Publishing
Licensing Qualifications Broker’s license 1.At least 18 years old. 2.High school diploma or equivalency certificate. 3.Within two years before applying for exam: 60 clock hours in real estate fundamentals 30 clock hours in real estate practices. Director may waive course requirements based on college course work. 4.Pass broker’s license examination. © 2011 Rockwell Publishing
Licensing Qualifications Licensing exam Must make reservation for exam at least one business day in advance – no “walk-in” exams. Bring to exam: completed exam application form candidate examination document, signed and stamped by real estate school a valid government-issued photo ID Applicant who misses exam without giving adequate notice forfeits exam fee. © 2011 Rockwell Publishing
Licensing Exam Tested topics Real estate conveyances (deeds, finance contracts, leases) Real estate investments and appraisals Real estate agency relationships Real estate practices and business ethics Real estate license law Must also demonstrate knowledge of English language and arithmetic. © 2011 Rockwell Publishing
Licensing Exam National and state portions Managing broker’s exam and broker’s exam both have two sections: 1.national portion covering general real estate practices, and 2.state portion covering Washington license law. State portion of managing broker’s exam also includes section on closing process. © 2011 Rockwell Publishing
Licensing Exam Passing the exam Minimum passing scores: broker’s exam: 70 on each portion managing broker’s exam: 75 on each portion So it’s possible to pass national portion, but fail state portion—or vice versa. © 2011 Rockwell Publishing
Licensing Exam Retaking the exam Applicant who fails exam may pay fee again and retake it, more than once if necessary. If applicant passes one portion but fails other, passing score valid for six months. If applicant passes other portion within six months, can then apply for license. © 2011 Rockwell Publishing
Licensing Exam Out-of-state licensees Active licensee from another state eligible to take just Washington state portion of exam. Doesn’t have to take national portion. Submits application, evidence of licensure to DOL. DOL will waive other requirements (education, experience). © 2011 Rockwell Publishing
Obtaining a License Submitting license application Exam results valid for one year. If not licensed within one year after exam date, must pass exam again to get license. License application must be signed by: designated broker of firm applicant will be working for, or branch manager of branch where applicant will be working. © 2011 Rockwell Publishing
Obtaining a License Fingerprints Applicant for first broker’s license must submit fingerprint card. Fingerprinting also required every six years for all licensees, in renewal process. © 2011 Rockwell Publishing
Obtaining a License Interim license Broker’s license applicant may start working as soon as completed application form and license fee mailed or hand delivered to DOL. Form serves as interim license for up to 45 days after postmark or hand delivery date. No interim licenses for managing broker applicants. © 2011 Rockwell Publishing
Real Estate Licenses License expiration and renewal Individual’s license must be renewed every two years or it will expire. Renewal deadline (expiration date) is same date license was originally issued. Submit renewal application and fee. For late renewal, also pay penalty. © 2011 Rockwell Publishing
License Expiration and Renewal Firm’s license Real estate firm’s license must also be renewed every two years. Expiration date same as expiration date for firm’s registration or certificate of authority filed with Secretary of State’s office. © 2011 Rockwell Publishing
License Expiration and Renewal Continuing education Continuing ed required for standard renewals: 30 clock hours of approved courses including three-hour core curriculum course on current issues in real estate Must complete 15 hours (including core) within 24 months before renewal date. Other 15 hours within 36 months before. Courses used to meet other requirements can’t be used for continuing education. © 2011 Rockwell Publishing
Continuing Education Broker’s first renewal To renew license for first time, broker must complete: 30 clock hours in advanced real estate practices 30 clock hours in real estate law 30 elective clock hours, including core curriculum course © 2011 Rockwell Publishing
License Expiration and Renewal Cancellation and reinstatement If renewal deadline missed, license expires. Can pay penalty to renew after deadline. But if not renewed within one year after expiration, license canceled. After cancellation, former licensee must apply to have license reinstated. © 2011 Rockwell Publishing
License Reinstatement Within two years after cancellation Requirements for reinstating license within two years after cancellation: complete 60 clock hours of real estate courses within one year before applying for reinstatement including 30-hour real estate law course pay all back renewal fees and penalties, plus reinstatement fee © 2011 Rockwell Publishing
License Reinstatement More than two years after cancellation Once two years have passed since cancellation: all initial licensing requirements must be fulfilled again including passing exam again (Even if less than two years have passed, starting over may be less expensive than paying back renewal fees, penalties, etc.) © 2011 Rockwell Publishing
Real Estate Licenses Inactive licenses Inactive license: License that has been temporarily returned to Director, for any of various reasons. Holder of inactive license deemed to be unlicensed. May not engage in any activities requiring license. But still subject to disciplinary action for any license law violations. © 2011 Rockwell Publishing
Inactive Licenses Renewal Inactive license must be renewed, just like active license. But continuing education requirement doesn’t have to be fulfilled for inactive renewal. Can’t use inactive status just to avoid continuing ed requirement, however. © 2011 Rockwell Publishing
Inactive Licenses Reactivation Generally can reactivate inactive license at any time. Exceptions: To reactivate license that’s been inactive for more than three years, must take 30- hour course. Can’t reactivate if proceedings to suspend or revoke license have been started. © 2011 Rockwell Publishing
Real Estate Licenses License fees All real estate license fees are placed in Real Estate Commission Account in state treasury. © 2011 Rockwell Publishing
Summary Licensing Requirements Qualifications Examination – national and state portions Interim license Renewal Expiration Cancellation Reinstatement Continuing education requirement Core curriculum Inactive license © 2011 Rockwell Publishing
Regulation of Business Practices Agency relationships Licensee’s responsibilities Affiliations and terminations Office requirements Advertising Trust accounts Records Commissions Handling transactions © 2011 Rockwell Publishing
Regulation of Business Practices Agency relationships Washington statute regulates real estate agency relationships by determining: when and how agency relationship formed licensee’s duties to clients and customers when agency relationship terminates liability for harm while acting as agent © 2011 Rockwell Publishing
Agency Relationships Creating agency relationships Seller agency formed when listing signed. Buyer agency formed: when licensee performs any brokerage services for buyer unless written agreement to contrary Example: Licensee working with buyer is buyer’s agent, unless she already has listing agreement with seller. © 2011 Rockwell Publishing
Creating Agency Relationships Dual agency If seller’s agent and buyer’s agent in same transaction work for same real estate firm, firm is dual agent. Dual agency unlawful without written consent of both parties. © 2011 Rockwell Publishing
Creating Agency Relationships Not affected by compensation Payment of compensation does not create or affect agency relationships. Buyer’s agent may accept compensation from seller: without creating agency relationship with seller without breaching duties to buyer © 2011 Rockwell Publishing
Agency Relationships Licensee’s duties Under Washington’s real estate agency statute, licensee owes certain duties to any party in real estate transaction. Same duties whether licensee is buyer’s agent, seller’s agent, dual agent, or nonagent. © 2011 Rockwell Publishing
Licensee’s Duties Duties owed to any party Licensee must: exercise reasonable skill and care deal honestly and in good faith present all written communications to and from either party in timely manner disclose all material facts known to licensee that would not be readily apparent to a party (continued) © 2011 Rockwell Publishing
Licensee’s Duties Duties owed to any party account in timely manner for money or property received from or on behalf of either party provide a pamphlet on real estate agency law to all parties © 2011 Rockwell Publishing
Duties Owed to Any Party Agency disclosure Licensee must also disclose in writing to anyone he renders services to whether he is representing buyer, seller, both, or neither. Agency disclosure must occur before party signs offer. Separate paragraph in purchase and sale agreement, or separate document. © 2011 Rockwell Publishing
Duties Owed to Any Party No duty to investigate or verify Licensee doesn’t owe anyone a duty of independent: inspection of property investigation of either party’s financial condition verification of accuracy of any statement reasonably believed to be reliable © 2011 Rockwell Publishing
Licensee’s Duties Duties owed to principal Licensee owes other duties only to party she represents (her principal or client). Licensee must: be loyal to principal, taking no action detrimental to his interest disclose any conflicts of interest to principal (continued) © 2011 Rockwell Publishing
Licensee’s Duties Duties owed to principal advise principal to seek expert advice on matters outside licensee’s knowledge refrain from disclosing confidential information from or about principal make good faith and continuous effort to complete transaction © 2011 Rockwell Publishing
Duties Owed to Principal Dual agent Dual agent owes duties just listed to both parties. Exception: Dual agent can’t be loyal to both parties at same time. Instead, must refrain from taking action that is detrimental to either party’s interest. © 2011 Rockwell Publishing
Agency Relationships Termination Agency may terminate in one of four ways: full performance by licensee expiration of agreed-upon term mutual agreement unilateral action Duties of confidentiality and accounting continue even after agency terminates. © 2011 Rockwell Publishing
Agency Relationships Vicarious liability Vicarious liability: When principal is held responsible for harm caused by acts or omissions of agent or subagent. Under Washington real estate agency statute, principal (seller or buyer) is generally not vicariously liable. © 2011 Rockwell Publishing
Agency Relationships Vicarious liability Exceptions: Principal is vicariously liable for harm caused by real estate agent if principal: 1. participated in or authorized wrongful act, or 2. benefited from act and court determines claimant couldn’t enforce judgment against agent. © 2011 Rockwell Publishing
Agency Relationships Imputed knowledge Imputed knowledge: When the law assumes that one person automatically has knowledge of facts known to someone else. Under Washington statute, imputed knowledge rule generally doesn’t apply in real estate context. Buyer or seller does not have imputed knowledge of facts known by agent unless otherwise agreed in writing. © 2011 Rockwell Publishing
Regulation of Business Practices Licensees’ responsibilities Next, we’ll look at how Washington’s license law regulates: relationship between firm’s designated broker and affiliated licensees duties of all licensees to firm © 2011 Rockwell Publishing
Licensees’ Responsibilities Supervisory duties Designated broker always responsible for supervising work of all affiliated licensees: brokers managing brokers branch managers Branch manager shares responsibility with designated broker for affiliated licensees working at branch. © 2011 Rockwell Publishing
Supervisory Duties Delegation Supervisory duties can be delegated to managing broker. Designated broker and/or branch manager still share responsibility, though. Supervisory duties can’t be delegated to broker. Example: Licensee who leads “team” within firm must be managing broker. © 2011 Rockwell Publishing
Supervisory Duties Fee brokerage Fee broker: Designated broker who allows someone else to run firm under designated broker’s name and doesn’t participate in firm. Arrangement illegal, even if designated broker receives no compensation. Designated broker: must actively supervise firm can’t avoid responsibilities through contract with another person © 2011 Rockwell Publishing
Supervisory Duties Failure to supervise If affiliated licensee violates license law, designated broker may be subject to disciplinary action for failure to supervise properly. © 2011 Rockwell Publishing
Licensees’ Responsibilities Broker’s responsibilities All brokerage service contracts in which broker participated. Cooperating with DOL investigation or audit. Being knowledgeable about license law. Informing DOL of current mailing address. Following firm’s written policy regarding referral of home inspectors. Being appropriately licensed. (continued) © 2011 Rockwell Publishing
Licensees’ Responsibilities Broker’s responsibilities Complying with laws regarding: handling of client funds timely delivery of documents and agreements advertising modifying or terminating contracts on behalf of firm acting under supervision of managing broker © 2011 Rockwell Publishing
Licensees’ Responsibilities Supervision of new brokers New brokers (with less than two years of experience) subject to heightened supervision. New brokers must: conduct all brokerage activities in conjunction with managing broker submit evidence of completion of required coursework to managing broker (continued) © 2011 Rockwell Publishing
Licensees’ Responsibilities Supervision of new brokers participate in review of all agreements by managing broker submit all mutually accepted documents to designated broker within two days © 2011 Rockwell Publishing
Licensees’ Responsibilities Managing broker’s responsibilities Managing broker has same duties as broker, and may also be delegated these duties: monthly reconciliation of trust accounts ensuring that trial balance and reconciliation show trust accounts are in balance setting policies and procedures for safely handling client funds or property (continued) © 2011 Rockwell Publishing
Licensees’ Responsibilities Managing broker’s responsibilities maintaining records reviewing contracts ensuring that licensees submit transaction documents in timely fashion supervising brokers making firm’s offices and records available to Director’s representatives (continued) © 2011 Rockwell Publishing
Licensees’ Responsibilities Managing broker’s responsibilities implementing firm policies on referral of home inspectors and supervision of licensees ensuring review within five days of all transactions by brokers with less than two years of experience First page of every brokerage service contract prepared by broker with less than two years of experience must be initialed and dated by managing broker. © 2011 Rockwell Publishing
Licensees’ Responsibilities Branch manager’s responsibilities Branch manager responsible for all activity in branch office, including: supervision of all brokers and managing brokers hiring, releasing, and transferring branch’s affiliated licensees © 2011 Rockwell Publishing
Licensees’ Responsibilities Designated broker’s responsibilities Designated broker responsible for ultimate oversight of firm, including: maintaining written delegations of duties to branch managers maintaining written policies regarding: referral of home inspectors level of supervision of licensees review of documents involving brokers with less than two years of experience © 2011 Rockwell Publishing
Regulation of Business Practices Affiliations and termination Broker or managing broker must be affiliated with firm for license to be active. Can only engage in real estate activities: as representative of firm under supervision of designated broker Designated broker has custody of licenses of affiliated licensees. © 2011 Rockwell Publishing
Affiliations and Termination Surrender of license Relationship between designated broker and affiliated licensee may be terminated: at any time by either party Designated broker must: notify Director (not Real Estate Commission) of termination surrender licensee’s license without delay © 2011 Rockwell Publishing
Affiliations and Termination Surrender of license To notify Director and surrender license: designated broker signs license either designated broker or affiliated licensee mails or hand delivers it to DOL Affiliation formally terminated as of postmark date or hand delivery date. License inactive while in Director’s custody. New license issued when licensee finds new firm to work for. © 2011 Rockwell Publishing
Affiliations and Termination Failure to surrender license Designated broker must surrender license promptly and unconditionally. Failure is grounds for disciplinary action. If designated broker delays or imposes conditions, licensee should notify DOL in writing. If license lost, designated broker and licensee must submit letter of release to DOL. © 2011 Rockwell Publishing
Affiliations and Termination License law violation If licensee’s affiliation terminated based on conduct that is grounds for disciplinary action, designated broker must submit written statement of facts to Director. © 2011 Rockwell Publishing
Summary Agency and Responsibilities Washington’s real estate agency statute Creating and terminating agency relationships Duties to any party Duties to principal Licensees’ responsibilities under license law Supervisory responsibilities and delegation Fee broker Termination of affiliation Surrender of license © 2011 Rockwell Publishing
Regulation of Business Practices Office requirements Real estate firm licensed in Washington must have office or records repository: in this state at location accessible to DOL © 2011 Rockwell Publishing
Office Requirements Display of licenses Licenses of firm and all affiliated licensees: must be prominently displayed at address appearing on license If firm has branch offices: firm’s license and designated broker’s license at main office licenses of affiliated licensees at office where they work © 2011 Rockwell Publishing
Office Requirements Change of location If firm’s location changes, designated broker must promptly: submit change of address application to Director surrender all licenses pay fee Department will issue new licenses for new address. © 2011 Rockwell Publishing
Office Requirements Two businesses in one office Firm may run another business out of same office as brokerage, as long as it’s compatible. For example, escrow, appraisal. Brokerage business must be carried out separate and apart from other business, with completely separate records. © 2011 Rockwell Publishing
Office Requirements Branch offices No limit on number of branch offices real estate firm may have. Each branch office must: be issued duplicate of firm license have branch manager who is licensed managing broker Branch license not required for subdivision office within 35 miles of licensed office. © 2011 Rockwell Publishing
Office Requirements Dual-state licensees Dual-state licensee: Actively licensed in another state as well as in Washington. Not required to have Washington office if office in other state. Is required to: maintain trust account here keep records of Washington transactions at registered location here display license at that location © 2011 Rockwell Publishing
Office Requirements Dual-state licensees Dual-state licensee must: notify DOL of records location allow DOL access to all records allow parties access to records for their transaction © 2011 Rockwell Publishing
Regulation of Business Practices Advertising License law regulates real estate advertising to protect consumers. All advertising must be truthful and not misleading. © 2011 Rockwell Publishing
Advertising Blind ads Ads placed by licensee must include name of real estate firm, as it appears on license. Blind ad: Ad placed by licensee that fails to fulfill this requirement. Exception to rule: Licensee advertising property she owns need not state firm’s name in ad. But ad must disclose that seller (or landlord) is real estate licensee. © 2011 Rockwell Publishing
Advertising Referral fees for unlicensed persons Legal for real estate firm to advertise that it can pay referral fees to unlicensed persons. © 2011 Rockwell Publishing
Advertising Assumed names With DOL approval, firm can do business under one or more assumed names. Can’t be deceptively similar to name of another licensee. Can’t give impression that firm is nonprofit organization, research organization, or public group. © 2011 Rockwell Publishing
Advertising Advertising and the Internet Licensee should fully disclose licensed status in all online communications. Real Estate Commission guidelines specify information about identity and location of licensee and firm. Full disclosure, or link to it, should be on each viewable web page and banner ad. Also guidelines for emails, bulletin boards, chat rooms, instant messages, etc. © 2011 Rockwell Publishing
Advertising Advertising and the Internet Once licensee is communicating directly with member of public over Internet: not necessary to include full disclosure in every message as long as initial message had full disclosure © 2011 Rockwell Publishing
Advertising Advertising and the Internet Other Commission suggestions regarding Internet use: Listings on website should be removed in timely manner when expired. If listings posted on third-party site, promptly notify publisher of change in a listing’s status or needed corrections. (continued) © 2011 Rockwell Publishing
Advertising Advertising and the Internet Don’t advertise listings of other licensees without written permission. Don’t use names of competitors in website metatags to increase traffic (trademark infringement). Periodically review website to ensure information is current and not misleading. © 2011 Rockwell Publishing
Advertising Unsolicited marketing Federal and state laws regulate advertising methods. FTC maintains “Do Not Call” registry Fines for cold calling registered numbers: $16,000 per incident. Unsolicited emails violate: federal CAN-SPAM Act Washington Consumer Protection Act © 2011 Rockwell Publishing
Summary Offices and Advertising Office requirements Display of licenses Two businesses in one office Branch offices Dual-state licensees Blind ad Licensee selling own property Assumed business name Commission’s Internet advertising guidelines Unsolicited marketing laws © 2011 Rockwell Publishing
Regulation of Business Practices Trust accounts Trust funds: Money a licensee temporarily holds on behalf of client or customer. Examples: earnest money deposits, tenant security deposits, collected rents, advance fees. Advance fee: Money paid to licensee before services provided. © 2011 Rockwell Publishing
Trust Accounts Basic account requirements Trust funds must be kept in trust account. Prevents illegal commingling of trust funds with firm’s general business funds or personal funds of licensee. Real estate firm’s trust account(s) must be: in recognized financial institution in Washington opened in firm’s name as licensed specifically designated as trust account(s) © 2011 Rockwell Publishing
Trust Accounts Deadline for deposit Trust funds generally must be deposited in trust account no later than first banking day after receipt. A few exceptions to rule, discussed later. Saturday does not count as banking day for this rule. © 2011 Rockwell Publishing
Trust Accounts Interest-bearing accounts Firm’s trust account must be interest-bearing. Exception: property management trust account. Must also be demand account, so funds can be withdrawn without delay. © 2011 Rockwell Publishing
Trust Accounts Deposits of $10,000 or less Deposits of $10,000 or less must be kept in firm’s pooled account. Interest on pooled account paid to state Treasurer: 75% for Housing Trust Fund 25% for Real Estate Education Account © 2011 Rockwell Publishing
Trust Accounts Deposits over $10,000 For deposit over $10,000, client or customer decides how funds should be handled. Designated broker must explain in writing that money can be placed in: pooled account (interest paid to state) separate trust account (interest paid to client or customer) Written consent needed to put deposit of over $10,000 into pooled account. © 2011 Rockwell Publishing
Trust Accounts Property management accounts Property management trust funds: don’t have to be kept in pooled account with interest paid to state don’t have to be kept in interest-bearing accounts (but may be) don’t have to be in separate account for each property management client Firm’s management fees must be withdrawn from trust account at least monthly. © 2011 Rockwell Publishing
Trust Accounts Procedures Designated broker must: follow trust fund procedures in Director’s regulations, or submit alternative system to DOL for approval. System must provide audit trail for all funds received and disbursed for each client. May be either manual or computerized. © 2011 Rockwell Publishing
Trust Accounts For trust funds only Only trust funds should be in trust account. Licensee should never put own money or firm’s money into trust account. Not even to pay bank charges or keep account open. This would be commingling, just like putting trust funds into general account. If clients assign interest to firm, bank must credit it to firm’s general account. © 2011 Rockwell Publishing
Trust Accounts Disbursements Trust funds generally must remain in trust account until: transaction closes, or condition in purchase and sale agreement fulfilled. © 2011 Rockwell Publishing
Trust Accounts Disbursements Exceptions: 1. All parties give written consent to disbursement. 2. Transaction fails to close, and purchase agreement calls for disbursement without release in that situation. 3. Funds are disbursed to closing agent so checks will clear by closing date. © 2011 Rockwell Publishing
Disbursements Payment of firm’s business expenses Firm’s business expenses can’t be paid directly out of trust account, even if client owes firm money. Funds owed to firm must first be transferred from trust account to firm’s general account. © 2011 Rockwell Publishing
Disbursements Paying commissions When transaction closes, designated broker can write checks directly on trust account for: firm’s own commission commission owed to cooperating firm But affiliated licensee’s share can’t be paid directly out of trust account. Licensee’s check drawn on general account after firm’s commission transferred from trust account. © 2011 Rockwell Publishing
Summary Trust Accounts Trust funds Advance fees Commingling Pooled account requirement Property management trust accounts Disbursement rules Payment of business expenses Payment of commissions © 2011 Rockwell Publishing
Regulation of Business Practices Records License law requires designated broker to keep records of each transaction for at least three years: after closing, or after termination, if fails to close. Records must be made available to DOL auditors, and copies provided to Director on request. © 2011 Rockwell Publishing
Records Brokerage contracts Designated broker must: maintain log of all brokerage service contracts involving firm’s affiliated licensees keep copy of each contract on file keep proof of review of documents prepared by brokers with less than two years of experience © 2011 Rockwell Publishing
Records Transaction folder Must also maintain transaction folder for each transaction, with all relevant documents: correspondence listing agreement purchase and sale agreement lease/rental agreement any addenda to agreements any modifications to agreements settlement statements © 2011 Rockwell Publishing
Records Trust account records And must keep detailed trust account records, such as: receipts check register deposit slips ledger summarizing all receipts and disbursements for each transaction reconciled bank statements canceled checks © 2011 Rockwell Publishing
Records Storage Records for recent transactions: must be kept at one of firm’s offices Records for transactions closed for more than a year: may be stored at another location (remote storage facility) in Washington Paper, disk, or microfilm allowed. © 2011 Rockwell Publishing
Regulation of Business Practices Commissions Licensee can sue for commission only if properly licensed before: offering to perform service for which license required, or procuring promise or contract for compensation for such a service. Applies to lawsuits filed by: licensee against client one licensee against another © 2011 Rockwell Publishing
Commissions Sharing compensation Firm may share commission with: any real estate firm licensed in U.S. or Canada licensed manufactured home dealer in transaction that involved land firm’s own affiliated licensees But can’t pay licensee affiliated with another real estate firm. © 2011 Rockwell Publishing
Commissions Sharing compensation Affiliated licensee can receive compensation only from own firm. May not be compensated by: client other firm other licensee Commission split between licensees working for same firm must be handled by designated broker. © 2011 Rockwell Publishing
Commissions Ownership of agreements Listing agreements and management agreements are property of firm. Affiliated licensee transferring to another firm can’t take pending transactions to new firm. © 2011 Rockwell Publishing
Regulation of Business Practices Handling transactions License law has specific regulations concerning: presenting all written communications providing document copies handling earnest money appropriately expeditious performance of all acts required by purchase and sale agreement closings and settlement statements property management documents © 2011 Rockwell Publishing
Handling Transactions Presenting written communications Any written communication one party gives licensee for the other party must be presented to the other party. Includes all written offers and counteroffers. Not up to licensee to reject offer that seems unacceptable. © 2011 Rockwell Publishing
Handling Transactions Providing document copies Licensee required to provide copy of document as soon as client or customer signs it. Also, all licensees involved in sales transaction must keep copy of signed purchase and sale agreement in transaction folder. © 2011 Rockwell Publishing
Handling Transactions Earnest money Trust funds usually must be deposited by end of first banking day after receipt. Exception for earnest money deposit: Purchase and sale agreement may direct designated broker to hold buyer’s check: for certain amount of time, or until specified event occurs (for example, seller accepts or rejects offer). © 2011 Rockwell Publishing
Earnest Money Transferred to escrow agent Purchase and sale agreement may provide for escrow agent instead of brokerage firm to keep earnest money until closing. Unless parties instruct otherwise, licensee must give buyer’s check to escrow agent within one banking day after purchase contract signed. Licensee should obtain signed receipt from escrow agent for transaction folder. © 2011 Rockwell Publishing
Earnest Money Selling firm’s responsibility In transactions involving more than one firm, firm of licensee who first receives check from buyer is responsible for handling deposit properly. Usually selling agent’s firm. If earnest money to be deposited into real estate firm’s trust account, buyer’s check made payable to firm as licensed. © 2011 Rockwell Publishing
Earnest Money Promissory note If buyer’s earnest money deposit is promissory note or some other form not equivalent to cash: licensee must disclose that to seller when offer presented must also be expressly stated in purchase and sale agreement © 2011 Rockwell Publishing
Handling Transactions Expeditious performance Sometimes purchase and sale agreement specifies that certain acts are to be performed by a licensee involved in transaction. Licensee required to perform any such obligation as expeditiously as possible. Intentional or negligent delay may be grounds for disciplinary action. Rule also applies to performance of acts required by other contracts. © 2011 Rockwell Publishing
Handling Transactions Closings and settlement statements Licensee has responsibility of ensuring that each party receives detailed settlement statement at closing. Even if closing handled by someone else. Must also keep copy of each settlement statement in transaction folder. © 2011 Rockwell Publishing
Handling Transactions Closings and settlement statements If closing to be handled by real estate licensee who already represents one party in transaction, licensee: should be named as closing agent in purchase and sale agreement can’t charge separate fee for closing services unless also licensed escrow agent © 2011 Rockwell Publishing
Handling Transactions Property management documents Firm acting as property manager must have written management agreement with owner that includes: property manager’s compensation type of property to be managed number of units or square footage manager’s authority to collect and disburse funds and/or tenant security deposits how often summary statements provided © 2011 Rockwell Publishing
Property Management Documents Records and written leases Firm’s records must include copy of management agreement and all summary statements. Summary statement: Report on property’s financial status during certain period. For any rental property managed by real estate firm, leases/rental agreements must be in writing, with copies included in firm’s records. © 2011 Rockwell Publishing
Property Management Documents Written disclosures With owner’s consent, firm may provide other services, such as maintenance services, for managed property. If firm uses another company to provide these services, it must: give owner written disclosure describing relationship with company disclose fees charged © 2011 Rockwell Publishing
Summary Records, Commissions & Transactions Log of brokerage contracts Transaction folder Trust account records Record storage Sharing commissions Document copies Earnest money rules Expeditious performance Property management agreement Summary statement © 2011 Rockwell Publishing
Disciplinary Action Licensee who violates license law is subject to disciplinary action by Director of DOL. Director authorized to: investigate impose sanctions, including license suspension or revocation Applies even when: license inactive, or licensee buying or selling own property. © 2011 Rockwell Publishing
Disciplinary Action Grounds for disciplinary action State statutes contain lists of specific actions considered grounds for disciplinary action. Uniform Regulation of Business and Professions Act (URBPA) Real estate license law © 2011 Rockwell Publishing
Grounds for Disciplinary Action Unprofessional conduct Grounds include unprofessional conduct, as defined in URBPA: 1.Any act involving moral turpitude, dishonesty, or corruption relating to real estate activities, regardless of whether act constitutes crime. 2.Misrepresentation or concealment of material fact in obtaining or reinstating license. 3.False, deceptive, or misleading advertising. © 2011 Rockwell Publishing
Grounds for Disciplinary Action Unprofessional conduct 4.Incompetence, negligence, or malpractice that harms another or creates an unrealistic risk of harm. 5.Having any business or professional license suspended, revoked, or restricted by any government entity. 6.Failure to cooperate with the Director in an investigation, audit, or inspection. © 2011 Rockwell Publishing
Grounds for Disciplinary Action Unprofessional conduct 7.Failure to comply with an order issued by the Director. 8.Violating any license law provision or rule made by the Director. 9.Aiding or abetting unlicensed person to perform real estate activities requiring a license. © 2011 Rockwell Publishing
Grounds for Disciplinary Action Unprofessional conduct 10.Practice or operation of business or profession beyond scope of practice or operation as defined by law. 11.Any type of misrepresentation in conduct of real estate activities. 12.Failure to adequately supervise or oversee staff, to extent that consumers may be harmed or damaged. © 2011 Rockwell Publishing
Grounds for Disciplinary Action Unprofessional conduct 13.Conviction of any gross misdemeanor or felony relating to real estate activities. 14.Interference with investigation or disciplinary action by willfully misrepresenting facts, or by threatening, harassing, or bribing customers or witnesses to prevent them from providing evidence. 15.Engaging in unlicensed real estate activities. © 2011 Rockwell Publishing
Grounds for Disciplinary Action License law list In RCW 18.85.361, license law includes list of specific grounds for disciplinary action. List includes “Violating any provision of [the real estate license law] or any lawful regulations made by the director....” Following frames summarize other grounds from list that we haven’t mentioned elsewhere. © 2011 Rockwell Publishing
Grounds for Disciplinary Action License law list Being convicted of forgery, embezzlement, extortion, fraud, or similar offenses. Making or authorizing statements that licensee knew (or could have known by the exercise of reasonable care) were false. Converting trust funds (misappropriating them for licensee’s own use). © 2011 Rockwell Publishing
Grounds for Disciplinary Action License law list Failing to disclose information or to produce records for inspection upon request by the Director. Selling real estate according to plan that endangers public interest, after the Director has objected in writing. Accepting money from more than one party in a transaction without first disclosing this to all interested parties in writing. © 2011 Rockwell Publishing
Grounds for Disciplinary Action License law list Accepting profit on expenditures made for principal without disclosing it to principal. Accepting compensation for appraisal contingent on reporting predetermined value. Issuing appraisal for property in which licensee has interest without disclosing that interest in appraisal report. © 2011 Rockwell Publishing
Grounds for Disciplinary Action License law list Falsely claiming to be member of state or national real estate association. Directing client or customer to lending institution or escrow company in expectation of kickback or rebate, without disclosing expectation to party represented. Buying, selling, or leasing property (directly or through a third party) without disclosing that licensee holds a real estate license. © 2011 Rockwell Publishing
Grounds for Disciplinary Action License law list Any conduct in a real estate transaction which demonstrates bad faith, dishonesty, untrustworthiness, or incompetency. Discriminating against any person in hiring or in the provision of real estate brokerage services, in violation of antidiscrimination laws. © 2011 Rockwell Publishing
Grounds for Disciplinary Action Title insurance kickbacks Also prohibited by license law: Licensees may not solicit or accept anything from a title company that it cannot legally give. Licensee with financial interest in a title company may not: pay a kickback to another licensee for referring business to that company require client or customer to obtain title insurance from that company © 2011 Rockwell Publishing
Grounds for Disciplinary Action School loans or child support Director can suspend license of licensee: certified by lending agency for non- payment or default on guaranteed educational loan or service-conditioned scholarship certified by DSHS as not in compliance with child support or visitation order Reinstatement automatic upon payment of delinquency or compliance with order. © 2011 Rockwell Publishing
Disciplinary Action Disciplinary procedures Constitutional right to due process of law applies to disciplinary action under license law. Procedures give licensee notice of charges, opportunity to present defense. Investigation Hearing Right to appeal © 2011 Rockwell Publishing
Disciplinary Procedures Statement of charges If investigation gives Director reason to believe license law violation has occurred: Statement of charges drawn up and served on licensee. Licensee also given notice explaining right to request hearing to contest charges. © 2011 Rockwell Publishing
Disciplinary Procedures Request for hearing Licensee must file request for hearing within 20 days after receiving statement of charges. Otherwise licensee will be considered in default. Director may enter decision based on facts available at that time. © 2011 Rockwell Publishing
Disciplinary Procedures Scheduling hearing If licensee requests hearing, Director will set time for it. Must take place as soon as convenient, but at least 30 days after statement of charges served on licensee. Exception: if Director issued a summary (immediate) suspension or restriction, hearing may be held earlier. © 2011 Rockwell Publishing
Disciplinary Procedures Hearing Hearing ordinarily conducted by administrative law judge. Licensee and Department of Licensing may each: be represented by attorneys present evidence, call and cross- examine witnesses, present arguments Court reporter makes hearing transcript. © 2011 Rockwell Publishing
Disciplinary Procedures Standard of proof Accusation must be proved by preponderance of the evidence. Otherwise, case dismissed. Department may appeal dismissal. If accusation proved, Director may impose sanctions. Order immediately mailed to licensee. Sanctions take effect as soon as licensee receives Director’s order. © 2011 Rockwell Publishing
Disciplinary Procedures Appeal Within 30 days of Director’s order, licensee may file appeal in superior court. Licensee must: post $1,000 appeal bond to cover court costs pay for copy of hearing transcript Filing appeal does not prevent Director's sanctions from taking effect. © 2011 Rockwell Publishing
Disciplinary Action Possible sanctions Director may impose any of these sanctions against licensee guilty of license law violation: revocation of license for period of time suspension of license for fixed or indefinite period restriction or limitation of real estate activities satisfactory completion of specific program of remedial education or treatment © 2011 Rockwell Publishing
Disciplinary Action Possible sanctions monitoring of real estate activities according to Director’s order censure or reprimand compliance with conditions of probation for period of time fine of up to $5,000 for each violation denial of initial or renewal license application for period of time other corrective action © 2011 Rockwell Publishing
Sanctions Fines Collected fines are placed in Real Estate Education Account, to be used for education for benefit of licensees. If fine unpaid, Director may enforce order for payment in superior court. © 2011 Rockwell Publishing
Sanctions Cease and desist orders Cease and desist order: Order directing someone to stop violating law. After hearing, Director may issue cease and desist order to prevent ongoing violation of law. Even before hearing, Director has power to issue temporary cease and desist order. Used if delay would result in irreparable harm to public interest. © 2011 Rockwell Publishing
Sanctions Cease and desist orders When temporary cease and desist order issued: Licensee has right to hearing to determine if order should be canceled, modified, or made permanent. If licensee requests hearing, it must be held within 30 days, unless licensee wants more time. © 2011 Rockwell Publishing
Sanctions Injunctions Director also authorized to seek court injunction to stop ongoing violation of license law. May ask court to appoint receiver to take over or close real estate office that is operating in violation of law, until hearing can be held. © 2011 Rockwell Publishing
Disciplinary Action Criminal prosecution Any license law violation is gross misdemeanor. In certain cases, Director may decide that criminal charges should be filed against licensee. Case would usually be prosecuted by prosecuting attorney in county where violation occurred. © 2011 Rockwell Publishing
Disciplinary Action Civil liability If license law violation results in financial injury to client or customer, injured party may sue licensee for civil damages. Civil lawsuit would be handled through court system—not by Department of Licensing. Director has no authority to order licensee to pay damages to injured party. © 2011 Rockwell Publishing
Disciplinary Action Notification requirement Licensee must inform DOL’s real estate program manager within 20 days after learning of: criminal complaint, information, indictment, or conviction in which licensee named as defendant; or civil court order, verdict, or judgment entered against licensee, if case involves real estate or business activities. © 2011 Rockwell Publishing
Summary Disciplinary Action Uniform Regulation of Business and Professions Act URBPA list of unprofessional conduct License law list of grounds for disciplinary action Statement of charges Hearing Possible sanctions Appeal Cease and desist order © 2011 Rockwell Publishing
Antitrust Laws Antitrust laws affect a real estate agent’s relationships with clients, customers, and other agents by regulating anticompetitive behavior. Business competition considered important for economy and society. © 2011 Rockwell Publishing
Antitrust Laws Sherman Antitrust Act Sherman Antitrust Act: Federal law (1890) that prohibits unreasonable restraints of trade. Conspiracy: Two or more business entities participate in common scheme that has effect of an unreasonable restraint of trade. Sherman Act applies to real estate industry. Supreme Court ruled (1950) that real estate board’s mandatory fee schedule violated act. © 2011 Rockwell Publishing
Antitrust Laws Penalties Both criminal and civil penalties for violation of Sherman Act. Individual can be: fined up to one million dollars, and/or sentenced to ten years’ imprisonment. Corporation can be: fined up to one hundred million dollars. © 2011 Rockwell Publishing
Antitrust Laws Types of violations Four main categories of activities prohibited by antitrust laws: price fixing group boycotts tie-in arrangements market allocation © 2011 Rockwell Publishing
Types of Violations Price fixing Price fixing: Cooperative setting of prices or price ranges by two or more competing firms. Licensees from different firms should never discuss commission rates. Printed materials appearing to fix prices by publishing “recommended” or “going” commission rates also prohibited. © 2011 Rockwell Publishing
Types of Violations Price fixing Even casual announcement that real estate firm intends to raise commission rates could violate antitrust laws. But firm may discuss commission rates with its own affiliated licensees. And two competing firms may discuss their commission split in a transaction. © 2011 Rockwell Publishing
Types of Violations Group boycotts Group boycott: Agreement between two or more firms to exclude other firms from fair participation in real estate activities. Licensee may choose not to do business with particular licensee or firm. But it’s illegal to suggest others should follow suit. © 2011 Rockwell Publishing
Types of Violations Tie-in arrangements Tie-in arrangement: Agreement to sell one product only on condition that buyer also purchases another (tied) product. Buyer may choose to purchase both products. But it’s illegal for seller to condition sale of one on purchase of the other. © 2011 Rockwell Publishing
Types of Violations Market allocation Market allocation: When competing firms agree not to sell certain products or services in certain areas or to certain customers. Firm may choose to limit its business by product or area, or to target certain types of customers. But agreement between competing firms to allocate territory or customers is illegal. © 2011 Rockwell Publishing
Antitrust Laws Avoiding antitrust violations Establish fees and other listing policies independently, without consulting competing firms. Don’t use listing forms with preprinted commission rates. Don’t imply to clients or customers that rates are fixed or nonnegotiable. © 2011 Rockwell Publishing
Antitrust Laws Avoiding antitrust violations Don’t discuss business plans with competitors. Don’t tell clients or competitors that you won’t do business with a competing firm. Train licensees in your firm to recognize potential antitrust violations. © 2011 Rockwell Publishing
Summary Antitrust Laws Sherman Antitrust Act Unreasonable restraint of trade Conspiracy Price fixing Group boycott Tie-in arrangement Market allocation © 2011 Rockwell Publishing
Real Estate Principles and Practices Chapter 20 License Law © 2014 OnCourse Learning.
REAL ESTATE LICENSE LAWS ► CHAPTER 10 © 2009 South-Western, Cengage Learning.
Real Estate Principles and Practices Chapter 20 License Law © 2010 by South-Western, Cengage Learning.
Ch 8 Real Estate Brokerage. 2 Outline I. Real Estate Brokers vs. Sales Associates II. The Real Estate Sales Process III. Real Estate Regulation IV. Legal.
2011©Cengage Learning. All Rights Reserved.. Agency and Broker’s Relationship 2011©Cengage Learning. All Rights Reserved.
Real Estate Law Real Estate Brokers Real Estate Law Real Estate Brokers.
© 2013 Rockwell Publishing Washington Real Estate Practices Lesson 8: Contingent Transactions.
Thomson/South-Western©2008 Chapter 18 Licensing Laws and Professional Affiliation _______________________________________.
Property Management Webinar Series TRUST ACCOUNTS Instructed by Abby Lee, Associate Counsel February 18, 2015 Download the PowerPoint slides now at
Legal Responsibilities for Board Members of Nonprofit Organizations Or…all you need to know to stay out of trouble. Presented: July 2007 Prepared by: Elsbeth.
Define the general term brokerage and the specific term real estate brokerage. Explain how the broker's and the salesperson's compensations are determined.
Washington Real Estate Fundamentals Lesson 17: Real Estate Careers and the Real Estate License Law © 2015 Rockwell Publishing.
Chapter 5 Brokerage and Agency 2010©Cengage Learning. All Rights Reserved.
® 1 New Maryland Team Law Real Estate Teams and Groups.
Chapter 19: Ethical Responsibilities Chapter 19 Ethical Responsibilities.
Chapter 12 Real Estate Brokerage and Listing Contracts McGraw-Hill/IrwinCopyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.
Chapter 5 Slide 1 Copyright – David A. McGowan All rights reserved. Revised Chapter 5: REAL ESTATE BROKERAGE Broker Salesperson Leasing Agent.
©OnCourse Learning. All Rights Reserved.. The Principal–Broker Relationship: Agency ©OnCourse Learning. All Rights Reserved. Chapter 11.
Alabama Real Estate Commission Salesperson Test Outline 150 Questions This follows the class outline Steve McTyeire, Broker
Chapters 13 & 14: Brokerage Real Estate Principles: A Value Approach Ling and Archer.
Chapter 12 The Broker’s Role in the Transfer of Real Estate.
Chapter 24. Georgia Real Estate An Introduction to the Profession Eighth Edition Chapter 24 Georgia Rules and Regulations.
June TRECCCIM May not discriminate on basis of protected class May not steer May not inquire about, respond to or facilitate inquiries which.
Virginia State Law Quiz. 1. For a Maryland licensee to sell real estate in Virginia, he/she must do all of the following EXCEPT: A. Take an approved course.
Modern Real Estate Practice in Illinois Chapter 5: Real Estate Brokerage.
Understanding Business and Personal Law Authority and Duties Section 19.1 Agency Relationships and Their Termination BELL QUIZ ON CHAPTER 18 1.Name one.
“DOING BUSINESS THE RIGHT WAY....” Basic Introduction to Residential Property Management 2011 PRO LEASING AND PROPERTY MANAGEMENT COUNCIL PRESENTS...
Modern Real Estate Practice in Illinois Eighth Edition Chapter 5: Real Estate Brokerage ©2014 Kaplan, Inc.
Samuel M. Meyler Meyler Legal, PLLC th Ave. N.E., Suite 200 Redmond, WA
Broker and Agent Responsibilities © 2011 Louisiana Real Estate Commission Course Goal The primary goal of this course is to reaffirm for licensees, those.
TEXAS REAL ESTATE COMMISSION Property Management Issues.
Ethics Citation Policy Know the Rules and Save the Fines.
Patty Bartlett Logan County Treasurer / Public Trustee.
© 2012 Cengage Learning. Licensing Laws and Professional Affiliation Chapter 18.
Nigel Hales 24 July 2014 Miller Harris in Business.
WELCOME TO THE INDUSTRIAL COMMISSION SELF-INSURANCE SEMINAR.
Modern Real Estate Practice in Illinois 7 th Edition Chapter 14: Illinois Real Estate License Law.
Washington Real Estate Fundamentals Lesson 8: Listing Agreements © 2011 Rockwell Publishing.
Florida Real Estate Principles, Practices & Law 38th Edition Linda L. Crawford Copyright © 2015 Kaplan, Inc. All rights reserved.
Lesson 16: California Real Estate License Law Principles of California Real Estate.
Contract to Purchase 1 Contracts to Purchase Real Estate Real Estate I Mike Brigner, J.D.
Broker and Agent Responsibilities © 2011 Louisiana Real Estate Commission 1 Lesson 2 Louisiana Law and Regulations – Part II.
© 2008 by South-Western, Cengage Learning Chapter 25 Chapter 25 Charles J. Jacobus Thomas E. Gillett.
Modern Real Estate Practice in Illinois Eighth Edition Chapter 6: Brokerage Agreements ©2014 Kaplan, Inc.
Modern Real Estate Practice in Illinois Chapter 14: Illinois Real Estate License Law.
Common Legal Questions and Answers Blake Hegeman VAR Legal Counsel.
CLOSING the Real Estate Transaction D. Zaharopoulos.
Agency Law. “If you want something done right, do it yourself.” “Many hands make light work.” Anonymous folk sayings.
Property Management Webinar Series TRUST ACCOUNTS Instructed by Tom Morgan, Vice President of Legal Affairs Edra Anderson, Associate Counsel May 19, 2010.
ETHICS. Business Conduct The Agent agrees to conform to all applicable federal, state and local laws in conducting business under this agreement.
© 2017 SlidePlayer.com Inc. All rights reserved.