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California's Real Estate Regulations Of Broker Supervision
Broker Supervision A broker shall exercise reasonable supervision over the activities of his or her salespersons. Reasonable supervision includes, as appropriate, the establishment of policies, rules, procedures and systems to review, oversee, inspect and manage:
(a) Transactions requiring a real estate license. (b) Documents which may have a material effect upon the rights or obligations of a party to the transaction. (c) Filing, storage and maintenance of such documents. (d) The handling of trust funds. (e) Advertising of any service for which a license is required. (f) Familiarizing salespersons with the requirements of federal and state laws relating to the prohibition of discrimination. (g) Regular and consistent reports of licensed activities of salespersons.
The form and extent of such policies, rules, procedures and systems shall take into consideration the number of salespersons employed and the number and location of branch offices. A broker shall establish a system for monitoring compliance with such policies, rules, procedures and systems. A broker may use the services of brokers and salespersons to assist in administering the provisions of this section so long as the broker does not relinquish overall responsibility for supervision of the acts of salespersons licensed to the broker.
Three theories exist regarding who has legal title to a mortgaged property
Under the title theory title to the security interest rests with the mortgagee. Most states, however, follow the lien theory under which the legal title remains with the mortgagor unless there is foreclosure. Finally, the intermediate theory applies the lien theory until there is a default on the mortgage whereupon the title theory applies.
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Definition:
A document provided by a qualified source (such as a title company) that shows the property legally belongs to the current owner; before the title is transferred at closing, it should be clear and free of all liens or other claims.
Fixed-rate mortgage
Definition:
A mortgage with payments that remain the same throughout the life of the loan because the interest rate and other terms are fixed and do not change.
Amenity
Definition:
A feature of the home or property that serves as a benefit to the buyer but that is not necessary to its use; may be natural (like location, Woods, water) or man-made (like a swimming pool or garden).
If you live in the following cities and need an real estate attorney you should contact
our Real Estate Attorney as soon as possible:
Ashland
Bardstown
Berea
Bowling Green
Campbellsville
Corbin
Covington
Danville
Elizabethtown
Erlanger
Florence
Frankfort
Ft Mitchell
Georgetown
Glasgow
Henderson
Hopkinsville
Latonia
Lexington
Louisville
Madisonville
Mayfield
Morehead
Murray
Newport
Nicholasville
Owensboro
Paducah
Pikeville
Radcliff
Richmond
Shelbyville
Shepherdsville
Versailles
Winchester
Legal Disclaimers All attorney listings are a paid attorney advertisement, and do not in any way constitute a referral or endorsement by an approved or authorized lawyer referral service. The information provided on Real Estate Lawyers Kentucky.com is not intended to be real estate advice, but merely conveys
general information related to real estate issues commonly encountered.
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