1. © OnCourse Learning Chapter 19 : Licensing Laws and Professional Affiliation

2.  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

3.  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

4.  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

5. REAL ESTATE REGULATION © OnCourse Learning

6.  http://www.arello.org http://www.arello.org  See Figure 19.1 page 347 STATE LICENSE REQUIREMENTS © OnCourse Learning

7.  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

8.  Paid only if a sale produces a commission and is responsible for income taxes and social security. INDEPENDENT CONTRACTOR © OnCourse Learning

9.  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

10.  http://www.realtor.org http://www.realtor.org  See Figure 19.2 on page 360 NAR CODE OF ETHICS © OnCourse Learning

11.  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

12. 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