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© OnCourse Learning Chapter 19 : Licensing Laws and Professional Affiliation
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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
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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
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Real Estate Broker A person licensed to act independently in conducting real estate brokerage business. Real Estate Salesperson A person employed by a broker. LICENSE TYPES © OnCourse Learning
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REAL ESTATE REGULATION © OnCourse Learning
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http://www.arello.org http://www.arello.org See Figure 19.1 page 347 STATE LICENSE REQUIREMENTS © OnCourse Learning
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Training – complement, enhance, and encourage your personal development. Compensation – usually a percentage of earned commissions. Support – what services do they offer. Franchise offices BROKER AFFILIATION © OnCourse Learning
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Paid only if a sale produces a commission and is responsible for income taxes and social security. INDEPENDENT CONTRACTOR © OnCourse Learning
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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 REALTOR ® © OnCourse Learning
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http://www.realtor.org http://www.realtor.org See Figure 19.2 on page 360 NAR CODE OF ETHICS © OnCourse Learning
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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
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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
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