Real Estate Timeframes and Regulations

These flashcards cover key timeframes and regulations relevant to real estate transactions, management, and compliance in a succinct manner.

Statute’s Salesperson/Associate Broker Renewal

Every 2 years must have 24 hours of renewal classes.

Designated Broker/Managing Broker Renewal

Every 2 years must have 30 hours of renewal classes.

Trust Account Interest

Must be removed at least once every 12 months.

Broker Records Retention

Retain records for at least 5 years from date of termination.

Transaction Documents Review

Broker must review transaction documents within 10 business days of execution.

Rejected Offers Retention

Must keep rejected offers for 1 year unless an offer is accepted, then keep for 5 years.

Public Report Exemption

A public report was issued within the past 5 years.

Recession Period for Unimproved Lot Purchase

By midnight of the 7th calendar day following the executed contract.

Lot Reservation Deposit

Deposit must be given to the escrow agent within 1 business day.

Public Report Distribution for Lot Reservation

Must be given to prospective buyer within 15 calendar days of seller's receipt.

Lot Reservation Agreement Period

Buyer and Seller have 7 days to enter into a contract after the buyer receives the public report.

Termination of Lot Reservation Agreement

If a contract is not agreed to within 7 days, the lot reservation is terminated.

Refund of Lot Reservation Deposit

Must be returned within 5 business days after lot reservation termination.

Affidavit of Disclosure Cancellation

Buyer has the right to cancel after receiving the affidavit within 5 days.

Real Estate Recovery Fund Claimant Application

Must file application within 2 years after winning a judgement.

Timeshare Rescission Period

10 calendar days following the contract date.

Timeshare Presentation Restriction

Cannot be longer than 120 minutes (2 hours).

Property Taxes Due (1st half)

Due in October, with late payment in November.

Tax Lien Auction Redemption Period

3 years redemption period after auction.

Document Retention by Property Manager

One year from expiration or until delivery to owner and termination of management agreement.

Finder Fee Payments Retention

Must be retained for 3 years after payment or until delivered to owner.

Property Management Financial Records Retention

3 years from date of execution.

Rescission Period When No Public Report Given

3 years from the date of execution for unsubdivided, subdivided, or timeshares.

Licensee Notification of Change

Must notify the department within 10 days.

Licensee Response to Complaints

Must respond within 14 calendar days.

Change of Branch Manager Notification

Must authorize the Department within 10 days.

Retention of Authorization Documents by Broker

Must retain authorization document for 5 years.

Delivery of Executed Documents to Parties

As soon as practical.

Presentation of Offers

All offers must be presented to the client promptly.

Mechanic’s Lien Pre-Lien Notice Filing

Must be filed 20 days after delivery of materials or completion of labor.

Mechanic’s Lien Filing Deadline

Must be filed within 120 days of project completion if no notice of completion recorded.

Mechanic’s Lien with Notice of Completion

Must be filed within 60 days after the notice of completion was recorded.

Mechanic’s Lien Duration

Effective for 6 months from the filing date.

Lis Pendens Notice Filing

Must be filed within 5 days of filing suit.

Judgements Duration

Granted for 5 years and can be renewed for another 5 years.

Adverse Possession Requirement

Claimant must have possession for 10 years continuously, and in a hostile and exclusive manner.

Right to Rescind Refinance

3 business days after loan documents are signed.

Trustee Sale Waiting Period

Trustee must wait 90 days after notice to hold trustee sale.

Right of Reinstatement of Trustor

Trustor has 90 days after notice to reinstate the loan.

Fair Housing Complaint Filing Period

Must be filed within 1 year of alleged discrimination.

Fair Housing Civil Lawsuit Filing Period

Must be filed within 2 years of alleged discrimination.

Lease Requirement

Required to be in writing unless for 1 year or less.

Reversion of Water Rights for Nonuse

Rights revert after 5 or more consecutive years of nonuse.

Landlord Notice to Enter Property

Must give 2 calendar days' notice.

Non-payment of Rent Remedy Period

5 calendar days to remedy non-payment.

Health and Safety Non-compliance Remedy Period

5 calendar days to remedy.

Material Non-compliance Remedy Period

10 calendar days to remedy.

Tenant Abandonment Property Holding Period

10 calendar days to hold abandoned property.

Tenant Self-help Repair Period

10 calendar days for seller to repair.

Return of Security Deposit Period

Must return within 14 business days.

Personal Property Holding Period After Eviction

Must hold property for 21 calendar days.

Termination Notice for Month-to-Month Tenancy

30 calendar days prior to periodic rent due date.

Property Management Agreement Termination Obligations

Must provide a list of all tenant security obligations within 5 days.

Final Reimbursement Period After Property Management Termination

Must reimburse within 35 days.

Final Accounts List and Reconciliation After Termination

Must provide final accounts and reconciliation within 75 days.