Makeup of Commission Consists of nine members - 7 appointed by governor; one by Speaker of the House; one by President Pro-Tem of the Senate; 3 must be brokers in the real estate business; 2 cannot be involved directly or indirectly in the real estate business; serve 3 year staggered terms
6 power...
salaries or fees charged by licensees. cannot fine licensees for violations of licensing law.cannot
draft or prescribe real estate contract forms. cannot act as a board of arbitration.cannot order
brokers to reimburse trust funds or to compensate buyers or sellers for losses
who needs a Real Estate License? ✔✔any person or business entity who, for compensation,
Lists, Leases, Buys, Exchanges, Auctions, Negotiates, or Sells (LLBEANS) real property for
other
Who does not need a real estate license? ✔✔An owner of property deal for herself. a crier at an
auction. a person acting as attorney-in-fact under a power of attorney. a lawyer in the regular
course of her law practice. a real estate appraiser. a mortgage banker. any person acting under
court order. corporations selling/leasing/buying their own real estate. a salaried employee of a
property manager broker
Active License ✔✔A license that states you are current on education, fees and are able to do
business
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller THEEXCELLENCELIBRARY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
