Law Book - Arizona Department of Real Estate
Law Book - Arizona Department of Real Estate
Law Book - Arizona Department of Real Estate
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137 APPENDIX: SUBSTANTIVE POLICY STATEMENTS No. 2008.05<br />
No. 2005.02<br />
Short Title: Attendance Requirements for Credit & Enforcement<br />
Description: Circumstances when a licensee is entitled to credit for a class.<br />
Effective Date: June 18, 1999, Revised & Renumbered 5/28/04, Renumbered 4/1/05.<br />
No. 2005.01<br />
Short Title: Acceptable Forms <strong>of</strong> Payment<br />
Description: Methods <strong>of</strong> payment accepted by the <strong>Department</strong>.<br />
Effective Date: June 18, 1999, Revised & Renumbered 5/28/04, Revised & Renumbered 4/1/05.<br />
No. 2008.06 rev.<br />
Short Title: Preventing Mortgage Fraud through Disclosure<br />
This substantive policy statement is advisory only. A substantive policy statement does not include internal<br />
procedural documents that only affect the internal procedures <strong>of</strong> the agency and does not impose additional<br />
requirements or penalties on regulated parties or include confidential information or rules made in accordance with<br />
the <strong>Arizona</strong> Administrative Procedure Act. If you believe that this substantive policy statement does impose<br />
additional requirements or penalties on regulated parties you may petition the agency under ARS 41-1033 for a<br />
review <strong>of</strong> the statement.<br />
Description <strong>of</strong> Practice/Procedure:<br />
1. This policy statement applies to real estate transactions with financing.<br />
2. The <strong>Department</strong> considers a conviction under A.R.S. § 13-2320 to warrant disciplinary action under<br />
A.R.S. § 32-2153(B). The <strong>Department</strong> recommends that a licensee who provides a premium, credit, or<br />
rebate in a real estate transaction disclose the premium, credit, or rebate to all parties in the<br />
transaction, including the lender and third-party service providers, such as appraisers, in the purchase<br />
agreement and the HUD-1 statement (or other writing if no HUD-1 is required).<br />
3. A licensee is in violation <strong>of</strong> Title 32 Chapter 20 and AAC Title 4 Chapter 28 if:<br />
a. The licensee gives a premium, credit or rebate or otherwise pays an individual and is convicted <strong>of</strong> A.R.S.<br />
§ 13-2320 (Residential Mortgage Fraud).<br />
b. The licensee gives a credit, rebate, premium or otherwise pays an individual in violation <strong>of</strong> 12 U.S.C.<br />
§ 2607 et seq. (RESPA’s prohibitions against kickbacks, fee splitting, and unearned fees), Fannie Mae,<br />
Freddie Mac, FHA, VA, other federal and state requirements.<br />
Authority: A.R.S. §§ 32-2151.01(A), 32-2153(A), 32-2155(A)(B), 32-2163, 32-2176, and R4-28-1101(B). A.R.S.<br />
§ 32-2102 provides that the department <strong>of</strong> <strong>Real</strong> <strong>Estate</strong>, under the direction <strong>of</strong> the <strong>Real</strong> <strong>Estate</strong> Commissioner,<br />
shall administer Title 32 Chapter 20.<br />
Policy Program: Regulation<br />
Effective Date: 6-18-2008<br />
No. 2008.06<br />
No. 2008.05 rev.<br />
Short Title: Continuing Education Requirements for Renewal <strong>of</strong> 4-Year License<br />
This substantive policy statement is advisory only. A substantive policy statement does not include internal<br />
procedural documents that only affect the internal procedures <strong>of</strong> the agency and does not impose additional<br />
requirements or penalties on regulated parties or include confidential information or rules made in accordance with<br />
the <strong>Arizona</strong> Administrative Procedure Act. If you believe that this substantive policy statement does impose<br />
additional requirements or penalties on regulated parties you may petition the agency under ARS 41-1033 for a<br />
review <strong>of</strong> the statement.<br />
Description <strong>of</strong> Practice/Procedure:<br />
1. An agent or broker (licensee) who has a four-year license must receive 24 hours <strong>of</strong> continuing education<br />
credit (CE) in the first 24 months <strong>of</strong> the license period and 24 hours <strong>of</strong> CE in the second 24 months <strong>of</strong><br />
the license period in order to be eligible for renewal. Each 24 hours <strong>of</strong> CE must fulfill the requirements<br />
established by rule.<br />
2. Prior to the end <strong>of</strong> each 24-month period, licensees shall provide the following information to the<br />
<strong>Department</strong>: