Exam (elaborations)
CE SHOP Unit 2 Section 2: Licensing Qualifications and Requirements Lesson 1
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CE SHOP Unit 2 Section 2: Licensing Qualifications and Requirements Lesson 1
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CE SHOP UNIT 2 SECTION 2:LICENSING QUALIFICATIONS AND
REQUIREMENTS LESSON 1 QUESTIONS
WITH COMPLETE SOLUTION
kThe main thing to remember about activities requiring licensure is "on behalf of others, for
compensation of any kind." You must have a real estate license to perform real estate activities for
another person for any kind of payment. -
So, if you are the owner or lessor of a property, you can sell, offer for sale, or negotiate the purchase or
sale or exchange of that property without a license. You can also buy or offer to buy property for
yourself. But if you are doing these things for another person, you must have a license, except in specific
circumstances. -
Activities that require a license - Sell or offer to sell real estate
Buy or offer to buy real estate
Negotiate the purchase or the exchange of real estate
Lease or offer to lease real estate
Rent or offer for rent real estate
Negotiate the lease of real estate
Performing any of these functions for condominiums, cooperative interest, or timeshares
Activities kThat kDon't kRequire ka kLic
Some kpeople kor ksituations kare kexempt kfrom kthe krequirement kto khold ka kreal kestate klicense. kAs
kmentioned kabove, kbuying kor kselling kreal kestate kon kyour kown kbehalf kdoesn't krequire ka klicense. kThe
kother kexemptions kare: k- kPersons kacting kas kattorney kin kfact kunder ka kpower kof kattorney
Auctioneers kselling kreal kestate kat kan kauction kfor kthe kowner
Attorneys kat klaw kin kthe kperformance kof ktheir kduties
Trustees kand ktheir kemployees kunder ktrust kagreements
Persons kacting kunder kthe kjudgment kor korder kof ka kcourt k(e.g., kexecutors, kguardians, ktrustees kin ka
kbankruptcy)
Corporations kand ktheir kemployees kmanaging ktheir kown krental khousing kthat kdo knot kmanage
kproperty kfor kothers
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