Quick Answer: What is the main purpose of the Real Estate Law quizlet?

What is the main purpose of real estate law?

California’s Real Estate Law (also known as the license law) is contained in sections 10000 to 10580 of the Business and Professions Code. The purpose of the law is to regulate the real estate profession and protect the public from incompetent, unethical, or dishonest real estate agents.

What is the purpose of the real estate license law quizlet?

to protect the general public during real estate transactions from dishonest or incompetent brokers and sales agents, set out minimum standards and qualifications for licensing brokers and sales agents, maintain high standards for the real estate profession, and protect licensed brokers and sales agents from unfair or …

Who is responsible for the real estate transactions of a partnership quizlet?

Individual broker who is ultimately responsible for the real estate transactions of a partnership, association or corporation that holds a broker’s license.

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What is the purpose of Texas real estate license law quizlet?

The Texas Real Estate License Act purpose is: to protect the public from against unscrupulous brokers and sales persons.

What are the 4 property rights?

The main legal property rights are the right of possession, the right of control, the right of exclusion, the right to derive income, and the right of disposition. There are exceptions to these rights, and property owners have obligations as well as rights.

What is the difference between real property and real estate?

Real estate is a term that refers to the physical land, structures, and resources attached to it. Real property includes the physical property of the real estate, but it expands its definition to include a bundle of ownership and usage rights.

What is the primary purpose of the Florida real estate Licence law?

The purpose of the law is to protect the public. The Florida Legislature deems it necessary, in the interest of the public welfare, to regulate real estate brokers, sales associates, and schools in this state.

Why was Frec created?

The Florida Real Estate Commission (FREC) was created to protect the public through education and regulation of real estate licensees. The Commission consists of seven members appointed by the Governor, subject to confirmation by the Senate. … At least one member of the Commission must be 60 years of age or older.

What is the purpose of the Florida real estate law?

Florida License Law’s Purpose

The State of Florida’s primary goal is to protect the general public with anything to do with real estate. This includes buying, selling, renting, leasing, and property management.

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Which type of business formation is formed by an individual who is personally liable for their actions?

Which type of business formation is formed by an individual who is personally liable for his or her actions and is liable for the acts of any employee? sole proprietorship.

Why does the federal government watch mergers carefully?

The federal government watches mergers carefully to make sure they do not threaten… again its a graph just try and figure it out. I’m sure you’ll be able to.

What is a main function of the Texas real estate Commission?

The purpose of the Texas Real Estate Commission is to protect the public through regulation of licensed real estate brokerage practitioners, real estate inspectors, residential service companies, and entities offering timeshare interests.

What would a field stating BC 3 mean?

On a listing sheet, a field stating “BC: 3” would mean that the company will receive 3% of the sales price as their commission. … The seller or buyer should be told this when they enter into an agency relationship.