Brockerage – Flashcards

Gaining listings through leads, referrals, and direct canvassing; Advertising for buyers through various forms of advertising; Negotiating with the buyer and seller; Helping with the transfer of property at closing; and Aiding the consumer in finding the information he needs to make well-informed decisions. The role of the broker can and does vary according to the size of the office he oversees.

Under California law, a notary must keep a sequential journal of notarial acts and be certain that the person--whose signature on a document is to be acknowledged--personally appears before the notary and provides acceptable forms of identification. California Government Code Section 8206, effective January 1, 1996, requires that a notary public's journal include the right thumb print of a person signing a deed, quitclaim deed, or deed of trust affecting real property. The California Government Code Section 8211 sets forth maximum fees for various notarial functions.

Note that any real estate broker who also acts in the capacity of an insurance agent is acting as the agent of the insurance underwriter and is governed by that carrier's instructions. Choosing a source of insurance is ONLY the client's choice, however, and it may not be made mandatory for the client to choose a specific company.

A real estate licensee must ALWAYS disclose to her principal any material fact the agent knows (or should know) which will affect the principal's decisions in a transaction.

Under the California Health and Safety Code, a mobile home is defined as, "a vehicle designed and equipped to contain not more than two dwelling units, to be used without permanent foundation."

Although the term "mobile" brings to mind thoughts of giant homes on wheels heading across the country, studies have actually proven that once a mobile home is in place, it is RARELY moved.

If a mobile home is real property, then the California Business and Professions Code, Section 10131(a) is a real estate broker's authorization to negotiate a sale of the real property/mobile home, transferring the mobile home by use of a grant deed.

The mobile homeowner must obtain a building permit; The mobile home must be placed on a permanent foundation; The mobile homeowner must obtain a Certificate of Occupancy; and A document stating that the mobile home has been attached to a permanent foundation must be RECORDED. The California Business and Professions Code, Sections 10131.6 and 10131.7, should be consulted for information about a real estate licensee's negotiating the sale of a mobile home that is personal property.

Real estate licensees must not sell NEW mobile homes. New mobile homes may only be sold by duly licensed mobile home dealers. Mobile home dealers are licensed by the California Department of Housing and Community Development. Real estate licensees may sell USED mobile homes IF these homes have already been registered with the State of California and are on a lot or in a mobile home park. The mobile home MUST BE capable of being transported over a road, with a hitch attached to the unit (or stored underneath it) and the axles attached to the frame. The proper completion and delivery of the title to the buyer of the mobile home is the LICENSEE'S responsibility. All material facts or any other fraudulent act MUST NOT BE CONCEALED in the listing or sale of a mobile home. The notification of a mobile home sale and the ownership transfer must be made within 10 days of the sale date. Mobile homeowners must pay an In Lieu Tax, which is similar to regular homeowner's property taxes.

Mineral, oil, and gas brokerage is a specialized branch of the general real estate brokerage business. Since 1994, a real estate licensee who is interested in focusing on mineral, oil, and gas transactions does not need a specialized license to work with MOG transactions.

Buying or leasing, or taking an option on mineral, oil, or gas property for the purpose of sale, exchange, lease, sublease, or assignment of a lease of the property or any part of the property; OR Offering mining claims or any interest in mining claims for sale or assignment.