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34 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Co-mingling |
•Mixing money |
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Trust Fund |
•Other people's money |
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Sub-agent |
•Agent/licensee who represents only one party in a sale |
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Transaction Broker |
•Assist one or more parties who are customers in a sale •Is not an agent and does not preform the same services as an agent |
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Single agent |
•A licensee who represents one party in a sale •Either the buyer or the seller NOT BOTH |
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Limited Consensual Dual Agent |
•Limited on what you can tell each party •A licensee for both buyer and seller •2 parties • informed consent of both parties |
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Co Brokerage |
• Must have a written agreement with AREC within 10 days of signing • Alabama broker is liable for all actions resulting from agreement •out of state |
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Disaplinary procedures |
• commission gives 15 days notice of Time, Date, Place of... • Hearing 15 days • Decision 30 days • Rehearing 30 days • Appeal 30 days with $200 bond and lower pays fees |
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Salesperson's license requirements |
• are trustworthy • can not have had applicant rejected or revoked in any state within past 2 years •19 years old, GED, US Citizen • not a convicted felon |
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Caveat Emptor |
• let the buyer know all about the house • get an licensed inspector to inspect each house |
Buyer Beware |
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Material facts |
• if asked a direct question you must answer to the best of your ability • our duties are to disclose not discover |
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Salesperson applicants must... |
• Sucessfully complete approved 60 hour course • 12 months to complete entire course |
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Fiduciary |
Confidently, obedience, loyalty, disclosure, accountability and care • one in whom trust and confidence is placed |
COLDAC |
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Records |
• must be kept for 3 years • text, emails, all documents • brokers responsibility |
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Fines |
• minimum $100 per infraction • max $2500 plus suspension, revocation or reprimand • class A misdemeanor • punish accordingly |
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RECAD |
• real estate consumer agent disclosure • purposes is to protect the consumer • broker and licensee must both sign • a statement that is presented to every customer |
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Disclosure |
Relevant information or facts that are known or should be known |
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Earnest Money |
• money deposited by a buyer under the terms of a contract to be forfeited if the buyer defaults but to be applied to the purchase price if the deal is closed • stays at the brokerage |
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Dual agency |
• representing both parties to a transaction • this is unethical unless BOTH parties agree to it |
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AREC |
• made up of 9 members 7- one from each congressional district 1- consumer 1- Black |
Alabama Real Estate Commission |
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Conversion |
Using money for the wrong purpose |
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Recovery Fund |
• $30 fee • active licensee only • 500,000 in fund at all times |
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Alabama congressional district |
•They are picked by the governor with help from the senate •consists of 1 member from each 7 congressional district |
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Do Not Call Registry |
A notional registry that list phone numbers of consumers who have indicated their preference to limit telemarketing calls they receive |
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Brokerage |
Is simply the business of bringing parties together in making a real estate transaction • only 1 qualifying broker per brokerage • can have several brokerages in the same company |
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Antitrust laws |
• price fixing •group boycotting •allocation of customers & markets •tie-in agreements • laws designed to preserve the free enterprise of the open marketplace |
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Boycott |
• When individuals or businesses withhold their patronage to a business as a protest or to reduce competition • Illegal |
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Commission |
• payments to a real estate agent for services rendered • only your broker can pay you |
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Disclaimers |
• a statement indicating no legal responsibility for information • no warranties or representations have been made |
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Electronic contracting |
A process of integrating information electronically in a real estate transaction between clients, lenders, and title and closing agents |
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Employee |
• someone who works as a direct employee of an employer and has employee status • may oxide by office rules, set schedule, and set pay • gets taxes withheld and social security |
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Independent contractor |
• someone who is retained to preform a certain act but who is subject to the control and direction of another only as the end result and not as to the way which the act is performed • pays all expenses, social security, and income taxes • is their own boss • receives no employee benefits |
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Managing Broker |
• the real estate professional who is responsible for supervision of the real estate professionals who act on behalf of the brokerage |
Supervising Broker |
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Minimum level of service |
• the services that real estate professionals must provide to clients • assisting clients in negotiation and answering questions from clients about offers, counter offers, and contingencies |
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