Arizona Department Of Real Estate Real Estate Commission .
Arizona Department of Real EstateReal Estate Commission BulletinVolume 2013 Issue 3REAL ESTATE CREDENTIALS SPEAK VOLUMES When visi ng your physician’s office, do you read the creden als/plaques hanging onthe wall and say “wow this M.D. has incredible educa on and/or experience, I’mglad I chose him/her”?Judy LoweCommissionerCOMMISSIONER’SCORNERAs real estate professionals our real estate creden als carry the same impact withthe public. Especially, here in Arizona, where it is not easy to obtain a real estatelicense or maintain that license.Here are just a few ps for marke ng your real estate creden als:1) An Arizona Real Estate License ‐ How many members of the public, or even yourclients, have asked you, “Do you have an Arizona real estate license?” Probably,not many. So .why not emphasize the fact that you DO have an Arizona RealEstate License, maybe, even a Broker’s license. Elaborate on what it takes to getan Arizona real estate license 90 hours of in‐classroom instruc on and thepassing of a very stringent exam.2) Con nuing Educa on – Educa onal Courses are required every two years tomaintain the Arizona real estate license. When choosing con nuing educa oncourses for renewal, carefully choose those courses that will bring you the mostneeded knowledge, as well as look great on your resume. Publish the list ofcourses taken to renew a license, plus, all the addi onal educa on taken,featuring the tles and the subject ma er. Encourage the use of the ADREwebsite www.azre.gov to view the educa onal courses that you have taken.3) Designa ons – Even though specific designa ons aren’t a part of the real estatelicensing requirements in Arizona, the men on of designa ons in marke ngyourself indicates the specializa on you have acquired. I might add that insteadof using just the le ers (ie CRS), spell out the en re designa on (Cer fiedResiden al Specialist) for the benefit of the client.Your Arizona Department of Real Estate has been focused on “raising the bar” inArizona real estate educa on. We are proud of the many licensees who arepar cipa ng in these enhanced educa onal requirements, and most importantly, weare excited that the Arizona cons tuents involved in Arizona real estate transac onsare realizing the benefit of a more knowledgeable licensed real estate professionalrepresen ng them.Thank you for all you do!
IMPORTANT NOTICE: NEW FORMS UPDATEBelow are links to the forms or visit the ADRE website www.azre.govLICENSING DIVISION:AUDITING DIVISION:Cancel License Voluntarily (Form LI‐218) Click HereVoluntarily cancel an Ac ve or Inac ve license.Property Management Audit Packet Click HereGuidelines and informa on regarding Property ManagementAuditsDEVELOPMENT SERVICES DIVISION:Subsequent Owner Exemp onAs a subsequent owner of lots located in a singlepla ed subdivision for which there is a current andaccurate Disclosure Report (Public Report) issuedwithin the past 5 years, a developer may qualify for anexemp on that allows them to use that DisclosureReport (Public Report) in lieu of obtaining a newDisclosure Report (Public Report) if no materialchanges have been made (other than ownership &financing) which would require a new DisclosureReport (Public Report).Trust Account Ac vity No fica on (Form AUD‐100) Click HereEmploying Brokers use this form to no fy the departmentwhen opening, closing or making change(s) to trust account(s)pursuant to A.R.S. 32‐2125(A) and A.R.S. 32‐2174(A) and A.A.C.R4‐28‐303(E)(11).VOLUNTEER MONITOR PROGRAMRECRUITMENT INFORMATIONIf you have a background and awareness of Arizona requirements andreal estate educa onal processes then you are a good candidate to be aVolunteer Monitor.PURPOSE: The Volunteer Monitor Program u lizes volunteer licensees toprovide feedback to the ADRE by a ending courses at an Arizonaapproved real estate schools. The purpose of monitoring real estateeduca on is to ensure that approved schools and instructors are incompliance with Arizona Revised Statutes and Commissioner’s Rules.Volunteer Monitors shall not be an ADRE license educator affiliated withan ADRE approved school.INFORMATION: Click on the link Volunteer Monitor Program or visit theADRE website at www.azre.gov for more informa on.CONTACT: If you are interested, contact Educa on Auditor Jim Williams.Click Here to be directed to the ADRE Message Center.Real Estate Commission Bulle nPage 2Inside This IssueNew Forms Update2Volunteer Monitor Program2Property Manager Guidelines3Broker Audit Procedure3Commission of Fraud Cartoon4Back To Work Program forHomeownership ‐ Guest Ar cle5Is the DB Responsible forUnlicensed Assistants?6Educa on Division Report63 Cri cal Components for“Ge ng Paid” ‐ Guest Ar cle7‐82014 Legisla ve Session ‐ WhatHappens Nows!9Before Calling ‘Expired Lis ng ‘ Check ‘Do Not Call List’9Broker Audit Honor Roll10‐11Disciplinary Ac on Report12‐17License Surrender Report17Department News18Volume 2013 Issue 3
PROPERTY MANAGEMENT GUIDELINESPROPERTY MANAGEMENT is real estate ac vity involving the management with wri en agreement.§ 32‐2171. In this ar cle, unless the context otherwise requires:1.Per A.R.S."Property management firm" means any corpora on, partnership or limited liability company licensed pursuant tosec on 32‐2125, subsec on A or a designated broker that by wri en agreement, manages rental property orproper es for compensa on.Pursuant to A.R.S. § 32‐2101(16), "Compensa on" means any fee, commission, salary, money or other valuableconsidera on for services rendered or to be rendered as well as the promise of considera on whether con ngent or not.An Arizona Real Estate License is required to perform Property Management Services ‐ Property management servicesare provided to the employing broker’s clients by persons licensed to the broker and with the knowledge and permissionof and supervision by the designated or self‐employed broker. Any of the real estate ac vi es listed inA.R.S. § 32‐2101(48)(a‐p) require an Arizona real estate license.ATTENTION PROPERTY MANAGERS!Visit adre website www.azre.gov for property management tips, enter“audit” in the Google box and spend a little time reading all the tips!Click here for new property management audit packet.BROKER AUDIT PROCEDUREThe purpose of a Broker Audit conducted by the Department’s Auditors is to confirm regulatory compliance withthe Arizona Revised Statutes and Commissioner’s Rules.Audit procedures may vary depending on the type of real estate ac vi es performed, as well as the individual businessopera ons, procedures and processes u lized by the Broker and En ty. When applicable, the Broker Audit will includeboth the main and branch office(s).In general, the Audi ng staff will review but are not limited to reviewing:A.R.S. §32‐2126.BA.R.S. § 32‐2127.BA.R.S. § 32‐2128A.R.S. § 32‐2151.01A.R.S. §32.2155A.R.S. § 32‐2163.A & BR4‐28‐1103.ASignage and license displayEmployee filesBroker’s opera ng and/or commission accountBroker’s Policy and Procedure ManualSales files for completeness and mely documented broker reviewTransac ons in which licensees acted as a principalA.R.S. § 32‐2151.01.GA.R.S. § 32‐2127.DR4‐28‐304.BA.R.S. § 32‐2151.01.EA.R.S. § 32‐2175.EA.R.S. § 32‐2151.01R4‐28‐1101.EProperty Management AgreementsA.R.S. § 32‐2173Broker Trust bank accounts, including bank statements and monthly account reconcilia onsClient and Tenant Ledgers, Liability Balances and Monthly ReportsA.R.S. § 32‐2151A.R.S. § 32‐2175.CCheckbook register (receipts and disbursement journal)A.R.S. § 32‐2151.A.2Trust Account signature cardsA.R.S. §32‐2174Delega ons of Authority for Broker du es and Broker Temporary AbsencesSales, Leasing and/or Property Management LogsReal Estate Commission Bulle nPage 3Volume 2013 Issue 3
DID YOU KNOW YOU MAY BE COMMITTING OR AIDINGAND ABETTING THE COMMISSION OF FRAUD?SHORT SALEA real estate licensee accepts a Short Sale lis ngfrom a distressed home owner.The licensee speaks to a business associate / investorregarding the purchase of the home and acts in adisclosed or undisclosed Dual Agency capacityThe licensee presents a “low ball” offer from theirbusiness associate/investor for the property to theproperty owner and the lender.The lender agrees to the sale price and the propertyis sold to the licensee’s business associate / investor.The licensee’s business associate/investor makesminimal or no improvements prior to flipping theproperty.Real Estate Commission Bulle nThe real estate licensee lists the property for theirbusiness associate/investor for a significant profit.Page 4Volume 2013 Issue 3
BACK TO WORK PROGRAM FOR HOMEOWNERSHIPHelp Your Clients Get Back on the Homeownership Trackwith FHA’s Back to Work ProgramGuest Ar cle By: David RichardsonYour clients and prospects today have different mo va ons, experiences and opportuni es than inyears past. Many have weathered the storm, and now they’re ready to rebuild. FHA’s new Back toWork program is providing them with a major stepping stone.Back to Work is designed for consumers who lost their homes during the recession due tounemployment or a significant reduc on in income, yet are now be er posi oned to purchase andmaintain a home. The borrower must have been employed consistently for at least one year and beable to demonstrate creditworthiness and a strong recent pay history.Back to Work reintroduces some borrowers into the market who may not have thought they qualified for a home, despitea full personal recovery from the recession. They can now enter the housing market quickly, in as li le as one yearfollowing a foreclosure, and further support a statewide recovery.If you have a client who may qualify for Back to Work, refer them to a HUD‐approved, non‐profit housing counselingagency such as Take Charge America. A one‐hour counseling session is required as a first step in the loan approval process.Addi onally, REALTORS need to know: A Back to Work counseling cer ficate is required 30 days prior to submi ng an offer.The cer fica on of comple on is valid for six months only. It’s intended for serious buyers. Borrowers who areunable to find a home during this me must undergo another counseling session in order to qualify for theprogram.Only HUD‐approved housing counseling agencies such as Take Charge America can offer a cer ficate of comple on.The program will expire Sept. 30, 2016 . Clients should take advantage of the program soon if they are in a posi onto buy.REALTORS or consumers with ques ons about the Back to Work program can contact a Take Charge America housingcounselor at (866) 987‐2008. Addi onal informa on can be found on the Back to Work sec on of the Take Charge Americawebsite or at HUD.gov.About Take Charge AmericaFounded in 1987, Take Charge America, Inc. is an Arizona non‐profit agency providing financial educa on services,including credit counseling, housing counseling, student loan counseling and debt management. It has helped more than1.6 million consumers na onwide manage their personal finances and debts. Back to Work counseling is available. The feeis 100. Consumers can receive a 50% discount if the counseling is completed before the end of the year.About David RichardsonDavid Richardson, a Cer fied Public Accountant, is the chief execu ve officer of Take Charge America, Inc. He joined thenon‐profit in August 2008 as the Director of Finance. He subsequently became CFO and was appointed CEO in October2012. David has extensive for‐profit and non‐profit experience, including several execu ve‐level financial managementposi ons in the health care and financial services industries.Editor Note: Guest column ar cles do not reflect the policies or interpreta ons of law by the Arizona Department of RealEstate. They are meant to inform the public and provide variety to ADRE’s Bulle n.Real Estate Commission Bulle nPage 5Volume 2013 Issue 3
IS THE DESIGNATED BROKER RESPONSIBLE FOR UNLICENSED ASSISTANTS?Ar cle By: Carla Randolph and Robin King, ADREPAYCHECK YES! All ac vi es, licensed and unlicensed, are performed on behalf of and for the benefit ofthe employing broker, i.e. licensed en ty. A Designated or Self‐Employed Broker is required tosupervise all ac vi es of salespersons, associate brokers and unlicensed persons working onbehalf of the employing broker; therefore, it is the Department’s posi on that all personsworking on behalf of the employing broker are employees of the employing broker.All compensa on paid to licensed salespersons and associate brokers, as well as unlicensed assistants in theemploy of an employing broker must be paid by the employing broker.An employing broker may not pay an unlicensed assistant if the payment is based on the ul mate conclusion ofa transac on.The Department’s Substan ve Policy Statement No. 2005.04: Unlicensed Assistants describes the authorized du es ofan unlicensed assistant. The Department o en hears of unlicensed assistants employed by and receiving compensa onfrom a licensed salesperson or associate broker. A typical ques on to the Department is “You mean that a salespersoncan’t hire someone to assist them and pay the assistant directly?”Designated and Self‐Employed Brokers need to review and follow statutes and rule to comply and establish policies withthe employing broker regula ons addressing unlicensed assistants. Addi onally, real estate schools and instructorsshould make sure they are properly teaching employment and compensa on requirements of the unlicensed assistant.The statutes and rules that address unlicensed assistants are further described in A.R.S. § 32‐2101(46); 32‐2121(A)(9),32‐2122 and 32‐2153(A)(10), 32‐2153(A)(21), and A.A.C. §R4‐28‐1103(A)(2), (C) and (D).Provided is link to SPS No. 2005.04 - Unlicensed Assistantor visit the ADRE website www.azre.govEDUCATION DIVISION REPORTAverage Passing Percentages for "First Time Exam Takers"EXAM TYPEAug‐2013Sep‐2013REAL ESTATE BROKER70%55%REAL ESTATE SALESPERSON70%69%CEMETERY BROKER0%N/ACEMETERY SALESPERSON100%50%MEMBERSHIP CAMPING BROKERN/AN/AMEMBERSHIP CAMPING SALESPERSON100%N/ATotal Number of Licensees (Individual and En ty) as of October 24, 201381,337Ac ve Con nuing Educa on (CE) Courses as of October 24, 2013Live CE (Approximately)2,415Distance Learning CE (Approximately)307ADRE Licensee Online CE Course Submissions August 1, 2013 through October 24, 2013Total Courses Entered42,385Distance Learning21,359Percentages Distance Learning50.39%Real Estate Commission Bulle nPage 6Volume 2013 Issue 3
THREE CRITICAL COMPONENTS FOR “GETTING PAID”Guest Ar cle By: Ed Ricke sIn the world of the Arizona real estate professional, there are three cri cal components for “ge ng paid,” each ofwhich must be sa sfied before a real estate licensee may be lawfully compensated.1. Proper Licensure2. A Valid Real Estate Employment Agreement3. Procuring CauseThey are explained as followed:1. Proper Licensure ‐ The licensee must be ac vely licensed to conduct real estate at the me the compensa on isearned. This requires both the appropriate licensure and employment as a real estate broker or employment to areal estate broker. For instance, if a salesperson’s license lapses or is inac ve, the licensee may not under anycircumstances conduct real estate, because the salesperson is not employed. Examples:a)The salesperson’s license has expired. It is a viola on for the salesperson to receive compensa on he“earned” when the license was expired.b)The broker’s license expired and all the licenses of the agents of the brokerage were automa callyinac vated by the Department of Real Estate (“ADRE”). During the period of me when the agents’ licensesare inac ve, they may not conduct real estate and may not then or later receive compensa on for any realestate conducted during that period of time.c)A person’s license is inac ve because he is not employed by an broker. He may not conduct real estate – forinstance, even make a referral and therea er hire on with a broker so he can later receive the referral fee.d)Before issuance of a license, a person may not conduct real estate ac vity in an cipa on of compensa onbeing paid once the person is properly licensed. A licensee may not be paid based on real estate ac vityprior to becoming licensed.In the examples above, it is as much a viola on for a broker or principal to a transac on to pay compensa on toa person for unlicensed ac vity as it is for that person to receive real estate compensa on he “earned” when notproperly licensed.The requirement for a person to be properly licensed is the fundamental tenet, the standard of care to be metbefore conduc ng real estate for compensa on. There is no excep on from this component requirement.2. Valid Real Estate Employment Agreement ‐ The licensee must have a valid real estate employmentagreement to have an enforceable right to be paid. Without compliance with A.R.S. §32‐2151.02(A) and theStatute of Frauds, the licensee has no enforceable right to receive or collect real estate compensa on. The mostcommon examples of a real estate employment agreement are the exclusive right to sell or lease lis ngagreement, and the exclusive buyer/tenant representa on agreement. A property management agreement isalso a real estate employment agreement under these provisions. See A.R.S. §32‐2173(A).However, there are three common prac ce excep ons to this component that permit a licensee to be paidwithout execu ng an employment agreement:a)Buyer representa ves who are members of an MLS may rely on the MLS for payment, without having anexecuted employment agreement. The prevailing practice in residen al resale is for the buyer to receive“free” services from the agent. There is no a empt to collect a fee from the buyer. The MLS is a contractbetween its broker members, so when a buyer broker obtains an accepted offer, he receives a co‐brokepursuant to the compensa on terms of the MLS lis ng.Con nue on Page 8Editor Note: Guest column ar cles do not reflect the policies or interpreta ons of law by the Arizona Department of RealEstate. They are meant to inform the public and provide variety to ADRE’s Bulle n.Real Estate Commission Bulle nPage 7Volume 2013 Issue 3
THREE CRITICAL COMPONENTS FOR “GETTING PAID”Guest Ar cle By: Ed Ricke sb)In most commercial real estate, and when prac cing in an area outside of one’s MLS, the standard of carerequires the buyer/tenant representa ve to obtain the wri en agreement of the lis ng agent consen ng toshare compensa on with the buyer/tenant representa ve. This agreement must be obtained beforeshowing the property or the buyer/tenant representa ve risks not being paid. As with the previousexample, there is no employment agreement with the buyer/tenant required.c)In some instances, an unrepresented seller/owner may enter into a compensa on agreement with thebuyer’s/tenant’s agent, wherein the licensee’s agency rela onship with the buyer/tenant and the lack of anagency rela onship with the seller/owner (the paying party) are clearly disclosed. The unrepresented selleror landlord agrees to compensate the licensee who represents the buyer or tenant, if the par es are ableto nego ate an agreement to purchase or lease the property.3. Procuring Cause ‐ The licensee must be the procuring cause to demonstrate a right to compensa on. A licenseeis the procuring cause in a sale or lease if the licensee started the unbroken chain (sequence or con nuity) ofevents (causa on) that resulted in the sale or lease. This is a subject worthy of a whole course in itself, wellbeyond the scope of this article.Here are two common excep ons to the requirement that one must be the procuring cause in order to earncompensation:a)The exclusive sale or lease lis ng agreement, while it must comply with the required elements for a validand enforceable employment agreement, bypasses the procuring cause requirement. The fundamentalcovenant of the exclusive lis ng is that throughout its dura on, the principal agrees to pay the agentwithout regard to whether or not the agent was the procuring cause.b) Likewise, an exclusive buyer/tenant broker employment agreement typically provides that the buyer/tenant is responsible for paying the agent, offset by any amount shared in a co‐broke from the lis ngbroker. However, if the buyer or tenant inves gates proper es without the agent, the agent may not bethe procuring cause but he/she s ll may be paid by the buyer/tenant.Assuming that the lis ng agent is properly licensed and the lis ng or buyer/tenant agreement meets therequirements of A.R.S. §32‐2151.02(A), the exclusive lis ng and buyer/tenant agreements ensure compensa onto the lis ng agent irrespec ve of who effects the sale or lease of the property. About Ed Ricke sEd Ricke s, Real Estate Designated Broker for Interna onal Property Brokers, LLC, Confiden al Consultant, Real EstateInstructor and a Broker Standard of Care Consul ng and Tes fying Expert Witness.Contact Informa onEd@EdRicke s.com Office: 602‐277‐4332Editor Note: Guest column ar cles do not reflect the policies or interpreta ons of law by the Arizona Department of RealEstate. They are meant to inform the public and provide variety to ADRE’s Bulle n.Real Estate Commission Bulle nPage 8Volume 2013 Issue 3
2014 LEGISLATIVE SESSION WHAT HAPPENS NOW!As the Arizona Department of Real Estate (“ADRE”) joins the rest of the governmentalaffairs community in prepara on for the upcoming Legisla ve session, it is mely toprovide the real estate industry we serve with a brief overview of the legisla ve process.The 2014 Legisla ve session begins on January 13th, 2014 the second Monday of themonth. Members of the House of Representa ves and Senate will work to pass theState’s budget and debate legisla ve issues during the 100 calendar day session. It hasnot been uncommon in years past for the legislature to extend session to debate bills that are con nuing to movethrough the process.As a general update, in the months prior to session the ADRE remains engaged in the crea on and submission of theagency’s budget and funding requests for the upcoming fiscal year. This request is submi ed to the Governor’s Office ofStrategic Planning and Budge ng (“OSPB”) for review as a part of their overall considera on of the Execu ve Budget. Thebudget will then be nego ated by the Legislature and Execu ve Office before ul mately being passed in bill form duringthe Legisla ve Session.Only members of the House or Senate have the power to introduce legisla on during session. Issues introduced as alegisla ve item are o en brought to a Representa ve or Senator by a cons tuent in their district, industry associa ons,or a concerned member of the public who could be one or both of the aforemen oned groups. Prior to a billsintroduc on in either the House or Senate, a member of the legislature must make a request to Legisla ve Council forthe bill to be dra ed. Once dra ed, a bill can be introduced in the House or Senate, depending on the bill sponsor. Oncethe bill is read on the floor of the House or Senate it can be assigned to a commi ee(s). Bills must advance through theirassigned commi ee(s) before they can be voted on by the full body of the House or Senate. Commi ees have the powerto amend, advance, and/or hold bills to prevent them from advancing. If the legisla on is passed by a majority vote ofthe commi ee it can be third read and voted on the floor of the House or Senate. If passed by the members on the floor,the bill will travel to the opposite Chamber, either the House or Senate, and will go through the same process. If the billis amended in a commi ee(s) a er it passes, it must travel back to where the bill was started, either the House or Senateto confirm the amendments.Once a piece of legisla on is approved by both the House and Senate it is then forwarded to the Governor forconsidera on. If signed, it will be effec ve 90 days a er enactment unless otherwise stated in the bill. The 2013Legisla ve Session saw 1,158 bills posted which translated to 256 new laws enacted. The Department’s 2013 Legisla veOverview can be viewed by clicking here.More informa on about the legisla ve process, members in your district and facts about past sessions can be found onthe Arizona State Legislature’s website at h p://www.azleg.gov or visit ADRE Message Center to contact Louis De orre,Legisla ve Affairs Division.BEFORE CALLING ON AN EXPIRED LISTING, CHECK THE “DO NOT CALL LIST”Remember, there are Federal Laws around solici ng/calling individuals you do not have a rela onship with.When ADRE receives a call from a very “angry Seller”, who has been cold‐called by a real estatelicensee wan ng to set an appointment to make a lis ng presenta on on an expired lis ng.whatdoes the ADRE customer service rep say ? The “angry Seller” is reminded to register on theFederal Trade Commission “Na onal Do Not Call Registry” at www.donotcall.gov.The website gives explicit instruc ons on how to file a complaint against a caller who may be in viola onof the “Do Not Call” guidelines.Real Estate Commission Bulle nPage 9Volume 2013 Issue 3
BROKER AUDIT HONOR ROLLBrokers in Substantive ComplianceJuly 1, 2013 to September 30, 2013Alawi, Zacki S. "Zack", BR581676000,Real Pros Realty AZGe ng, John J., BR003917000,Encore RealtyAlban, Tammi L.,BR505310000,Briana Enterprises, LLCHacker, Cathy, BR031413000,Northwest Valley Realty, Inc.Andrew, Pamela A.,BR533271000,PRTEAM Realty SvcsHarris, Marilyn W., BR004327000,Manistee Investments, Inc.Beres, Lyne e, BR040115000,Top 5 Real Estate GroupHolguin, Rojelia G., BR522946000,Biltmore Investment Proper es, Inc.Blanchard, Allen R., BR003629000,Allen Blanchard and AssociatesHolman, Alicia M., BR561983000,UCI Realty, LLCBricker, Debra S., BR031975000,El Dorado Holdings, Inc.Humphrey, Jerry A., BR007018000,Domaine Real EstateBrobst, Roger D., BR566459000,Phoenix Lifestyle RealtyHunt, John F., BR006856000,Sun Homes RealtyBunts, Mark A., BR013833000,C‐More Investments & HomesJacobs, Roy W., BR008094000,Pacific Proper esBurch, Patrick A., BR515118000,Gorilla CapitalJohnson, Cur s B., BR512932000,Cur s Johnson RealtyBurruel, Leonor T., BR511843000,Ivory Towers RealtyKasten, James A., BR513453000,Kasten Long Commercial GroupConway, Michael W. Jr. "Mike", BR561065000,RSS RealtyKirsch, Sarah C., BR580923000,Tru RealtyDempsey, Jennifer, BR007976000,3‐D BrokerageKolodin, Dennis L., BR535429000,Metro RealtyDewey, Dena A., BR111538000,Dewey Realty LLCKonetzni, Keith H., BR542265000,Apartment FindersDrew, Gary A, BR546070000,Coldwell Banker Daisy Mountain Real EstateKvist, Erin E., BR561624000,RE/MAX Mosaic Proper esFagundes, John, BR539372000,AZREAPMLesieutre, Thomas M., BR045135000,Red Manor RealtyFelton, Kelly A., BR114788000,Exclusive Proper es of ArizonaLombard, Jus n A., BR557000000,Stone House Realty of ArizonaFox, Lloyd C., BR529637000,Long Realty The Fox GroupMcLoone, Angus B., BR504128000,Summit Services and RealtyFrancis, Richard A., BR518364000,Heinz Rich Proper esMelchin, Wade K., BR043032000,The Biltmore GroupCon nue on Page 11Real Estate Commission Bulle nPage 10Volume 2013 Issue 3
BROKER AUDIT HONOR ROLLBrokers in Substantive ComplianceJuly 1, 2013 to September 30, 2013Merriman, James A., BR100559000,OP Property Management, Inc.Smith, Christopher M., BR101083000,Sunbelt Realty and Business Advisors, LLCMishkin, Keith M., BR039542000,Cambridge RealtyStewart, Charles O., BR529234000,Stewart Investment & Management, LLCMitchell, Judy M., BR538350000,Mitchell Realty & Property ManagementTenney, Taylor R., BR563267000,On Q Property ManagementMontgomery, Desiree D., BR554221000,Buy and Sell Smart RealtyTindell, Lloyd R., BR117908000,Shield Property ManagementMossing, Douglas J., BR027882000,Village Management of AZToma, Benjamin "Ben", BR539532000,Toma PartnersMudd, Kimberly T., BR581230000,Sound RealtyWalker, Benne , BR556222000,San Marco RealtyMulligan‐Reising, Krista, BR555238000,Move N PlacesWise, Charles E. Jr., BR573784000,Lost Dutchman Realty, LLCMulvey, Theresa A., BR117355000,Real Estate Direct, Inc.Zeitzer, Beth Jo, BR044331000,R.O.I. Proper esNieblas, Isaac V., BR512895000,INHOUSEVIPNoble, Thomas D., BR005800000,Pla num Premier Realty, LLCOtero, Gloria "Elise", BR006520000,Otero Realty Group and Property ManagementPinson, Kenneth D. "Dan", BR541440000,Interna onal Realty PartnersPresco , John E., BR017870000,PRS Property ManagementReid, Michael D., BR031502000,Ul mate Proper es, Inc.Rusing, Andrea, BR512797000,Grossman Company Proper esRuskin, Daniel F. Jr. "Dan", BR075945000,Claddagh Proper es, LLCSaint‐Maux, Leslie A., BR547751000,Century 21 Global PartnersSla ery, Susan M., BR112912000,Professional Ac on RealtyReal Estate Commission Bulle nPage 11Volume 2013 Issue 3
DISCIPLINARY ACTIONS (7-1-2013 to 9-30-2013)ABBREVIATIONS USED IN DISCIPLINARY ACTIONSCP Civil PenaltyCE Continuing EdJ&S Joint & Severally PM Practice MonitorNamePL Provisional LicenseBA Broker AcknowledgementBrokerage attime of violationLocationSummaryOrderInac veOut ofStateFailed to mely disclose a September2012 disciplinary ac on by the TexasState Real Estate Commission. 750.00 CPJeffrey AshbyBR640925000Brenda R AtkinsonBR038633000First ChoiceManagement &Sales LLCLakeHavasuCityAudit viola ons; trust accountshortage. 2,000.00 CP, 2 yr PL, 6hr CE in CommissionerStandards (trustaccount administra on); 30,000 Surety Bond,Quarterly Reviewof records.Lorenzo BarcelloneSA586081000Firefly RealEstate LLCBuckeyeFailed to comply with terms ofprevious Commissioner's Final Order.Revoca on of License(Default)Inac veSco sdaleFailed to mely disclose a September2011 misdemeanor convic on. 1,000.00 CPWi mannFailed to comply with terms ofprevious Consent Order (12F‐DI‐390)Revoca on of License(Default)Cur s JohnsonRealtyGilbertFailed to mely disclose an October2010 misdemeanor convic on. 750.00 CPDesert Valley REOSco sdaleFailed to complete CE in a melymanner. Failed to respond toDepartment No ce of Hearing.Revoca on of License(Default)Thomas B CampbellSA503683000DiamondResortsInterna on
Trust Account signature cards A.R.S. §32‐2174 . business associate/investor for the property to the . is sold to the licensee’s business associate / investor. The real estate licensee lists the property for their business associ
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REAL ESTATE TERMINOLOGY A Course Companion for Studying for The Real Estate Exam, for Real Estate Home Study Courses, for Real Estate Continuing Education Courses, for Real Estate Statutory Courses, and for Any Form of College Real Estate Course. PAGE 1 A ABANDONMENT Failure
Invested 50bn in real estate equity and debt strategies1 since 2012. o MBD Real Estate Stats: 38bn in AUM across real estate . o Real Estate Private Equity: Core, Income and Value-Oriented, Opportunistic, Development o Real Estate Private Credit: Senior Credit, Mezzanine Loans, Non-Performing Loans Goldman Sachs MBD Real Estate Overview.
A profile of today's real estate investor Investors favor real estate for its growth potential. Today's real estate investor remains optimistic about their real estate investments. Investors hold on average 2.2 types of real estate investments, with the two most popular choices being direct purchase and owning real estate
Trust account handboo for real estate agents and real estate business agents. 2. Introduction. All real estate agents and real estate business agents who hold or receive money on behalf of others relating to a real estate transaction in Western Australia are required to open and maintain trust . accounts. T
Real Estate Finance. BACKGROUND . Finance is the lifeblood of the real estate industry. Developers, contractors, real estate brokers (REBs) and mortgage loan brokers (MLBs) should each understand how real estate is financed. Traditional sources of loan funds are the financial depository institutions (depository institutions), including
