BROKER MANAGEMENT CLINIC #3 – Supervision
BMC #3 – Supervision
The objectives of this course are to provide the student with an understanding of the concepts of broker supervision in risk management and implement effective and prudent measures to ensure it, including:
- Supervising licensees
- Delegation of authority
- Unlicensed activities
- Care concepts
- Marketing and advertising
- Record keeping
- Errors & Omissions insurance.
BROKER MANAGEMENT CLINIC
BMC #3 – Supervision (3 HOUR CREDITS) Commissioner’s Standards
The 9-hour BMC is required for:
- A renewing Designated Broker.
- A renewing Delegated Associate Broker, that is, one who is delegated the authority to act on the Designated Broker’s behalf pursuant to A.R.S §32-2151.01(G).
- An original broker applicant, who must complete the BMC before the applicant’s broker’s license may be activated.
Who is not required to take the new BMC?
- A salesperson or broker acting as the Designated Broker in the Designated Broker’s temporary absence pursuant to A.R.S §32-2127(D).
- A salesperson or associate broker acting as a branch manager pursuant to A.R.S §32-2127(B) &(C), except for a Delegated Associate Broker acting under a delegation authority pursuant to A.R.S §32-2151.01(G) who is acting as a branch manager.
- A “temporary broker” licensed for the purpose of winding up the business of a deceased designated broker pursuant to A.R.S §32-2133.
- Either a Designated Broker or Delegated Associate Broker who, during the current license period and prior to January 1, 2013, completed the 3-hour BMC.
Lessons
1-SUPERVISION, DELEGATION & LOSS OF LICENSE – BMC #3 – Supervision
2-Delegation of Authority: ARS 32-2153 – BMC #3 – Supervision
🔊 Listen to Lesson ARS 32-2153 (A)(21) 32-2153. Grounds for denial, suspension or revocation of licenses; letters of concern; provisional license; retention of jurisdiction by commissioner; definitions A. The commissioner may suspend or revoke…ARS 32-2153 (A)(21) 32-2153. Grounds for denial, suspension or revocation of licenses; letters of concern; provisional license; retention of jurisdiction by commissioner; […]
3-Grounds for Denial, Suspension & Revocation – BMC #3 – Supervision
🔊 Listen to Lesson Grounds for Denial, Suspension & Revocation of License: 32-2153. Grounds for denial, suspension or revocation of licenses; letters of concern; provisional license; retention of jurisdiction by commissioner; definitions A. The…Grounds for Denial, Suspension & Revocation of License: 32-2153. Grounds for denial, suspension or revocation of licenses; letters of concern; provisional license; […]
4-Office Policy Manual – BMC #3 – Supervision
🔊 Listen to Lesson Returning again to Arizona Administrative Code, R4-28-1103, Broker Supervision and Control A. An employing broker and a designated broker shall exercise reasonable supervision and control over the activities of brokers,…Returning again to Arizona Administrative Code, R4-28-1103, Broker Supervision and Control A. An employing broker and a designated broker shall exercise reasonable […]
5-Legal Question and Answers Part 1 – BMC #3 – Supervision
🔊 Listen to Lesson A Brokerage Firm May Not Pay A Referral Fee To A Moving Company ISSUE: A broker was approached by a moving company. The moving company has an employee that is…A Brokerage Firm May Not Pay A Referral Fee To A Moving Company ISSUE: A broker was approached by a moving company. […]
6-Section 1 Exam – BMC #3 – Supervision
🔊 Listen to Lesson You will need to wait for the timer to run out before you can submit the Exam.You will need to wait for the timer to run out before you can submit the Exam.
7-Renewal of Licenses & Unlicensed Activity – BMC #3 – Supervision
🔊 Listen to Lesson Renewal of Licenses: The Arizona Department of Real Estate has very specific requirements for maintaining and renewing your real estate license. The Designated Broker is required to understand the statutes…Renewal of Licenses: The Arizona Department of Real Estate has very specific requirements for maintaining and renewing your real estate license. The […]
8-Unlicensed Activity – BMC #3 – Supervision
🔊 Listen to Lesson Unlicensed Activity: In addition to ARS 32-2130, Arizona Administrative Code addresses unlicensed activity and renewal requirements in R4-28-306, as follows: R4-28-306. Unlawful License Activity A. Unlawful license activity is: 1. The…Unlicensed Activity: In addition to ARS 32-2130, Arizona Administrative Code addresses unlicensed activity and renewal requirements in R4-28-306, as follows: R4-28-306. Unlawful License […]
9-A.R.S. §32-2155: BMC #3 – Supervision
🔊 Listen to Lesson ARS 32-2155. Restriction on employment or compensation of person as broker or salesperson A. A broker shall employ and pay only active licensees, and a licensee shall accept employment and compensation…ARS 32-2155. Restriction on employment or compensation of person as broker or salesperson A. A broker shall employ and pay only active licensees, […]
10-Legal Question and Answers Part 2 – BMC #3 – Supervision
🔊 Listen to Lesson ISSUE: The buyer wants to take possession of the property before the close of escrow. The seller, who does not occupy the premises, has no objection to this pre-possession. May…ISSUE: The buyer wants to take possession of the property before the close of escrow. The seller, who does not occupy the […]
11-Section 2 Exam -BMC #3 – Supervision
🔊 Listen to Lesson You will need to wait for the timer to run out before you can submit the Exam.You will need to wait for the timer to run out before you can submit the Exam.
12-STANDARD OF CARE & ANATOMY OF A LAWSUIT – BMC #3 – Supervision
🔊 Listen to Lesson The Standard of Care: In developing standards of care, it is important to discuss how standards of care evolve and how they transition based on the influences in the real…The Standard of Care: In developing standards of care, it is important to discuss how standards of care evolve and how they […]
13-Standard of Care Specifics – BMC #3 – Supervision
🔊 Listen to Lesson Failing to Meet the Standard of Care: A failure to meet the standard of care could be the basis for negligence which is regarded as the opposite of diligence, the…Failing to Meet the Standard of Care: A failure to meet the standard of care could be the basis for negligence which […]
14-Legal Question and Answers Part 3 – BMC #3 – Supervision
🔊 Listen to Lesson Broker Generally Not Responsible for Agent Selling Own Property ISSUE: The broker’s agent owns twenty lots in northern Arizona, which the broker’s agent is subdividing and selling. The broker’s agent…Broker Generally Not Responsible for Agent Selling Own Property ISSUE: The broker’s agent owns twenty lots in northern Arizona, which the broker’s […]
15-Section 3 Exam – BMC #3 – Supervision
🔊 Listen to Lesson You will need to wait for the timer to run out before you can submit the Exam.You will need to wait for the timer to run out before you can submit the Exam.
16-ERRORS & OMISSIONS INSURANCE – BMC #3 – Supervision
🔊 Listen to Lesson Purpose & Benefits of E & O insurance: The Broker’s Policy Manual is required as per Commissioner’s Rule R4-28-1103. This, of course, sufficiently establishes the necessity of having a Broker…Purpose & Benefits of E & O insurance: The Broker’s Policy Manual is required as per Commissioner’s Rule R4-28-1103. This, of course, […]
17-Standards of Care & Conduct by E & O Carriers – BMC #3 – Supervision
🔊 Listen to Lesson Evaluations of Standards of Care & Conduct by E & O Carriers: E & O insurance carriers will often evaluate a brokerage in relation to their compliance to standards for…Evaluations of Standards of Care & Conduct by E & O Carriers: E & O insurance carriers will often evaluate a brokerage […]
18-ERRORS & OMISSIONS POLICY COMPONENTS – BMC #3 – Supervision
🔊 Listen to Lesson ERRORS & OMISSIONS POLICY COMPONENTS: A typical E & O policy begins by stating the coverage that is being provided by the insurer. In this provision, the insurer asserts that…ERRORS & OMISSIONS POLICY COMPONENTS: A typical E & O policy begins by stating the coverage that is being provided by the […]
19-High Risk Areas of Real Estate – BMC #3 – Supervision
🔊 Listen to Lesson High-Risk Areas of Real Estate Professional Practice Some areas that brokers will need to be aware that may involve extra steps and input from the E & O provider may…High-Risk Areas of Real Estate Professional Practice Some areas that brokers will need to be aware that may involve extra steps and […]
20-Legal Question and Answers Part 4 – BMC #3 – Supervision
🔊 Listen to Lesson Change of Name of Brokerage Firm and Resignation of Designated Broker ISSUE: The brokerage firm is an Arizona corporation. The brokerage firm is becoming a national franchise and is changing…Change of Name of Brokerage Firm and Resignation of Designated Broker ISSUE: The brokerage firm is an Arizona corporation. The brokerage firm […]
21-Section 4 Exam – BMC #3 – Supervision
🔊 Listen to Lesson You will need to wait for the timer to run out before you can submit the Exam.You will need to wait for the timer to run out before you can submit the Exam.
22-MARKETING/ADVERTSING – BMC #3 – Supervision
🔊 Listen to Lesson 22 Brokerage Disclosure in All Advertising: One very important provision is contained in R4-28-502(E), which requires that the full brokerage legal name or DBA name must be included in all…22 Brokerage Disclosure in All Advertising: One very important provision is contained in R4-28-502(E), which requires that the full brokerage legal name […]
23-Real Estate Advertising Rules & Guidance – BMC #3 – Supervision
🔊 Listen to Lesson The Advertising of Real Property is Regulated by Law: Arizona real estate law defines “advertising” as: The attempt by publication, dissemination, exhibition, solicitation or circulation, oral or written, or for…The Advertising of Real Property is Regulated by Law: Arizona real estate law defines “advertising” as: The attempt by publication, dissemination, exhibition, […]
24-Legal Question and Answers Part 5 – BMC #3 – Supervision
🔊 Listen to Lesson ISSUE: Can a licensed real estate agent sell a mobile home located in a mobile home park on a leased lot? ANSWER: Judgment Against Property Manager Requires Notice to…ISSUE: Can a licensed real estate agent sell a mobile home located in a mobile home park on a leased lot? ANSWER: […]
25-Section 5 Exam – BMC #3 – Supervision
🔊 Listen to Lesson You will need to wait for the timer to run out before you can submit the Exam.You will need to wait for the timer to run out before you can submit the Exam.
26-Broker Supervision in Risk Management – BMC #3 – Supervision
🔊 Listen to Lesson A broker has the responsibility to familiarize the sales associates and associate brokers with any federal or state rules and statutes per Commissioner’s Rule R4-28-1103(A)(4). A broker then would have the…A broker has the responsibility to familiarize the sales associates and associate brokers with any federal or state rules and statutes per […]
27-The Agency Disclosure Process – BMC #3 – Supervision
🔊 Listen to Lesson The Agency Disclosure Process Properly Documented: As part of integrating a system to monitor the agents properly performing the agency disclosure process, a broker may want to consider incorporating certain…The Agency Disclosure Process Properly Documented: As part of integrating a system to monitor the agents properly performing the agency disclosure process, […]
28-The Due Diligence Process – BMC #3 – Supervision
🔊 Listen to Lesson The Due Diligence Process: Commissioner’s Rule R4-28-1101B states: A licensee participating in a real estate transaction shall disclose in writing to all other parties any information the licensee possesses that materially…The Due Diligence Process: Commissioner’s Rule R4-28-1101B states: A licensee participating in a real estate transaction shall disclose in writing to all other […]
29-Legal Question and Answers Part 6 – BMC #3 – Supervision
🔊 Listen to Lesson Listing Broker Must Promptly Present to Seller All Offers ISSUE: Buyer #1 makes an offer on the home. The listing broker, and the buyer’s broker representing buyer #1, then enter…Listing Broker Must Promptly Present to Seller All Offers ISSUE: Buyer #1 makes an offer on the home. The listing broker, and […]
30-Section 6 Exam – BMC #3 – Supervision
🔊 Listen to Lesson You will need to wait for the timer to run out before you can submit the Exam.You will need to wait for the timer to run out before you can submit the Exam.
31-Final Exam – BMC #3 – Supervision
🔊 Listen to Lesson The Final is not timed. Once you have passed this final… For The BROKER MANAGEMENT CLINIC #3-Broker Policies Remember to PRINT OUT YOUR CERTIFICATE, and then you may move on…The Final is not timed. Once you have passed this final… For The BROKER MANAGEMENT CLINIC #3-Broker Policies Remember to PRINT OUT […]
