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25 Cards in this Set
- Front
- Back
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Agency |
Relationship between principal and agent |
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Client=? |
Principal |
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Special agents vs general agents |
Special agent for a particular act or transaction. All other agents are general agents |
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Universal agent |
An agent given power of attorney to act on behalf of a principal. |
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Non agent |
Also known as facilitator intermediary transaction broker. A middleman between buyer and seller who assists both parties with transaction without representing eithers interests |
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Negotiation shifts when |
Negotiations begin when discussions leave providing information phase and enters the offer or proposal development phase. When conversation shifts from market or property information to contract terms. |
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Express agency |
Agency created in words. Oral or written Oral listings are NOT legal in WI |
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Implied contract/agency |
Contract not express in words but your action or inaction understood by the parties |
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Termination of agency |
1. Fulfillment 2. Death 3. Destruction or condemnation 4. Expiration 5. Mutual agreement 6. Breach by either party 7. Law (foreclosure, bankruptcy) |
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Gratuitous agency |
Agency with no compensation involved |
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Real Estate Independent contractor IRS requirements |
1. Current real estate license 2. Must have written contract with broker specifying licensee not be treated as an employee for tax purposes 3. At least 90% of individuals income as licensee must be based on sales production not the number of hours worked |
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Can RE independent contractor get workers comp? Unemployment? |
Workers comp yes Unemployment no |
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Sherman Antitrust violations |
Price fixing Group boycotting Allocation of customers Allocation of markets Tie in agreements |
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Price fixing |
An agreement between competitors to set prices or price ranges |
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Group boycotts |
The action of two or more brokers agree not to deal with another broker or brokers |
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Tie-in or tying arrangement |
When the seller conditions the sale of one product or service on the purchase of another product or service |
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Market allocation |
Competition brokers/ salesperson's agreed to divide up geographic areas or types of products or services they offer to customers |
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What are the penalties for violating antitrust laws? |
$1 million for companies $100,000 w/ 3 years prison for individuals |
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Must you disclose you are a broker if you are selling your own property property? |
Only if there is Direct negotiation between seller and you |
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WI: incentive versus shared commission |
Can accept incentive |
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Referal fee |
I must go straight to the house otherwise must go through broker as a salesperson |
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If state law and federal law conflict which trumps? |
State law |
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Mortgage banker vs mortgage broker |
Mortgage banker has the money. Mortgage broker brings two people together |
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Broker supervisory duties include what? |
Conduct reasonable review. Doesn't include detection or correction |
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Can unlicensed assistants conduct Showings? |
No licensee must always be on premises |
