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19 Cards in this Set

  • Front
  • Back
Name the 5 categories of real properties:
5)special purpose
Licensed personal assistants must have an agreement with _________________________.
the sponsoring broker of the firm in which they are working
List the 3 requirements to establish independent contractor status in real estate offices.
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
Name 5 antitrustviolation that affect real estate
1)price fixing
2)group boycotting
3)allocation of customers
4)allocation of markets
5)tie-in agreements
Define independant contractor:
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
Define salesperson:
a person who performs real estate activities while emploed by or associated with a lincensed real estate broker
Define brokerage:
the bringing together of parties intersted in making a real estate transaction
Define employees:
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
Define commission:
payment to a broker for services rendered, such as in the sale or purchase of real property
Define personal assistant:
real estate assistant or professional assistant
Define anti-trust laws:
laws designed to preserve the free enterprise of the open marketplace by making illegal certain private conspiracies and combinations formed to minimie competition
Define transactional broker:
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
Define price-fixing:
the practice of setting prices for products or services rather than letting competition in the open market establish those prices
Define tie-in agreement:
agreement to sell one product only if the buyer purchases another product as well
Define group boycotting:
when 2 or more businesses conspire against another business or agree to withhold thier patronage to reduce competition
Define Ready,willing and able buyer:
one who is prepared to buy propery on the seller's terms and is ready to take positive steps to consummate the transaction
Define cooperative agency:
allows the listing office to pay the selling office the amount of cooperative commission advertised in advance on the MLS
Define procuring cause:
the uninterrupted chain of events,without abondonment or estrangement,which leads to the sale of property on the sellers terms
Define allocation of customers or markets:
an anti-trust violation which involes an agreement among brokers to divide thier markets and refrain from competing for each others' business