1. Real Estate Principles Tenth Edition Real Estate: An Introduction to the Profession Tenth Edition

2. Chapter 19 Licensing Laws and Professional Affiliation ______________________________

3. 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.

4. 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.

5. Real Estate Regulation

6. State License Requirements http://www.arello.org

7. 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

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

9. 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

10. NAR Code of Ethics http://www.realtor.org

11. Key Terms Broker Independent contractor License revocation License suspension Licensee 100% commission Principal broker Real estate commission REALTOR® Recovery fund Sales associate Salesperson