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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.
A Rehabilitation mortgage is a mortgage that covers the costs of repairing or improving
Rehabilitation mortgage is a mortgage that covers the costs of rehabilitating (repairing or Improving) a property; some rehabilitation mortgages - like the FHA's 203(k) - allow a borrower to roll the costs of rehabilitation and home purchase into one mortgage loan.
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News about real estate cases in Iowa and nationwide:
Definition:
A person who has been approved to receive a loan and is then obligated to repay it and any additional fees according to the loan terms.
FHA
Definition:
Federal Housing Administration; established in 1934 to advance homeownership opportunities for all Americans; assists homebuyers by providing mortgage insurance to lenders to cover most losses that may occur when a borrower defaults; this encourages lenders to make loans to borrowers who might not qualify for conventional mortgages.
Closing costs
Definition:
Customary costs above and beyond the sale price of the property that must be paid to cover the transfer of ownership at closing; these costs generally vary by geographic location and are typically detailed to the borrower after submission of a loan application.
If you live in the following cities and need an real estate attorney you should contact
our Real Estate Attorney as soon as possible:
Ames
Ankeny
Bettendorf
Burlington
Cedar Falls
Cedar Rapids
Clinton
Council Bluffs
Davenport
Des Moines
Dubuque
Fort Dodge
Iowa City
Marion
Marshalltown
Mason City
Muscatine
Newton
Ottumwa
Sioux City
Urbandale
Waterloo
West Des Moines
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 Iowa.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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