What is the primary purpose of the division of real estate?
The primary objective of the Department of Real Estate (DRE) is the protection of the public interest in regard to the offering of subdivided lands, and the handling of real estate transactions by licensees.
What is the primary purpose of the license law?
The primary purpose of these laws was to provide consumer protection and to protect the welfare, health, and safety of the general public and prevent economic loss resulting from the dishonest practices of others in expectation of a fee or other valuable consideration.
What is the purpose of FS 475?
Chapter 475, F.S., relates to real estate brokers, salesmen, and real estate schools, and sets forth certain regulatory requirements and prohibited activities to be administered and enforced by the Florida Real Estate Commission within the Department of Professional Regulation.
What is Trela?
The Texas Real Estate Act (TRELA) is state legislation that sets standards for how real estate agents conduct themselves in Texas. It resides in Title 7 Chapter 1101 of the Texas Occupations Code.
When a broker is retained by the buyer?
If a buyer broker is retained by a buyer who subsequently buys a business found by the buyer broker, the buyer broker collects a commission from the buyer.
What are the two most common forms of compensation that brokers use?
Chp 5 Unit 5
| Question | Answer |
|---|---|
| As a listing agent, in most cases your listing will be sold by | a cooperating broker |
| What is the term given to assigned office duty? | Floor Time |
| What are the two most common forms of compensation that brokers use? | Salary or a percentage of the commission |
Which violation of real estate law is a third degree felony?
Which violation is a third-degree felony? The answer is individual performs real estate services for compensation without a real estate license. It is a third-degree felony for an individual to perform real estate services for compensation without a real estate license.
Which of the following best describes the overall purpose of FS 475?
The purpose of the Florida Real Estate License Law, F.S. 475, is to protect the public. The DBPR is essentially a consumer protection agency. … All sales associates, whether actively or inactively licensed, must complete a 45-hour post-licensing course prior to the expiration date of their initial license period.
What is a legally sufficient complaint?
A written complaint is “legally sufficient” to instigate an investigation if it contains “ultimate facts” that show a violation of statute or rule; that is, it is not sufficient if it contains a bare assertion that the law has been violated, it must contain facts showing how the violations occurred.
What was the name of the Texas law that preceded the Real Estate License Act Trela )?
What was the name of the Texas law that preceded the Real Estate License Act Trela )? TRELA was originally passed in 1939 as the Real Estate Dealers License Act. In 1955, it was renamed the Texas Real Estate License Act.
Who can access contract forms from TREC?
As public records, contract forms adopted by the Texas Real Estate Commission are available to any person. Real estate license holders are required to use these forms. However, TREC contract forms are intended for use primarily by licensed real estate brokers or sales agents who are trained in their correct use.
What is a BPO in real estate?
A broker price opinion, commonly known as a BPO, is a real estate professional’s opinion of a property’s value. BPOs are most often used when setting the list price of a property, similar to a comparative market analysis, and in the case of a foreclosure or short sale.