Il Real Estate Ch#5

Front 1

Name the 5 categories of real properties:

Back 1

1)residental
2)commercial
3)industrial
4)agricultural
5)special purpose

Front 2

Licensed personal assistants must have an agreement with _________________________.

Back 2

the sponsoring broker of the firm in which they are working

Front 3

List the 3 requirements to establish independent contractor status in real estate offices.

Back 3

1)must current real estate license
2)must have a written contract with the broker that specifies that the salesperson will not be treated as an employee for federal tax puposes
3)at least 90% of individuals income as a licensee must be based on sales production and not on the number of hours worked

Front 4

Name 5 antitrustviolation that affect real estate

Back 4

1)price fixing
2)group boycotting
3)allocation of customers
4)allocation of markets
5)tie-in agreements

Front 5

Define independant contractor:

Back 5

someone who is retained to perform a certain act but is subject to the control and direction of another only as to the end result and not as to the way in which the act is performed

Front 6

Define salesperson:

Back 6

a person who performs real estate activities while emploed by or associated with a lincensed real estate broker

Front 7

Define brokerage:

Back 7

the bringing together of parties intersted in making a real estate transaction

Front 8

Define employees:

Back 8

someone who workas a direct employee of an employer and has employee status. The employer is obligated to withhold income taxes and Soicial security taxes from the compensation of employees

Front 9

Define commission:

Back 9

payment to a broker for services rendered, such as in the sale or purchase of real property

Front 10

Define personal assistant:

Back 10

real estate assistant or professional assistant

Front 11

Define anti-trust laws:

Back 11

laws designed to preserve the free enterprise of the open marketplace by making illegal certain private conspiracies and combinations formed to minimie competition

Front 12

Define transactional broker:

Back 12

not an agent of either party;simply to help both the buyer and the seller withthe necessary paperwork and formallities involved in transferring ownership of real property

Front 13

Define price-fixing:

Back 13

the practice of setting prices for products or services rather than letting competition in the open market establish those prices

Front 14

Define tie-in agreement:

Back 14

agreement to sell one product only if the buyer purchases another product as well

Front 15

Define group boycotting:

Back 15

when 2 or more businesses conspire against another business or agree to withhold thier patronage to reduce competition

Front 16

Define Ready,willing and able buyer:

Back 16

one who is prepared to buy propery on the seller's terms and is ready to take positive steps to consummate the transaction

Front 17

Define cooperative agency:

Back 17

allows the listing office to pay the selling office the amount of cooperative commission advertised in advance on the MLS

Front 18

Define procuring cause:

Back 18

the uninterrupted chain of events,without abondonment or estrangement,which leads to the sale of property on the sellers terms

Front 19

Define allocation of customers or markets:

Back 19

an anti-trust violation which involes an agreement among brokers to divide thier markets and refrain from competing for each others' business