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20 Cards in this Set
- Front
- Back
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single agent
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broker owes the principal the fiduciary duties; party employing the broker is usually responsible for payment of brokers compensation
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broker employer
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sales associates and broker associates act as the brokers agent in performing services of real estate; compensation for real estate services muat come from them, or with written authorization, a closing agent may pay the associates directly
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owner employer
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perform real estate services involving property; compensation for real estate services must come from them
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comparative market analysis (CMA)
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report that provides info helpful in establishing a list price for a property; not as involved as appraisal
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speculative construction
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improvement is built by the developer, contractor, or builder with the goal to sell
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real estate business
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comprised of people whose activities involve buying, selling, exchanging, leasing, renting, improving, and using real property
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principal or client
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when a broker is acting as a single agent for others, the party employing the broker is
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broker
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owes the fiduciary duties of obedience, loyalty, confidentiality, accounting, and the duty to use skill, care, and diligence
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compensation
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must come from the broker employer or owner employer for real estate services
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transaction broker
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broker offering limited representation to any party would be
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broker associate
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individual who passed brokers state exam and wishes to perform real estate services, but doesnt desire to become active broker would be registered as
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sales associate
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employed by owner employer or broker employer
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spec building
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builder who builds a home without a contract from buyer and with hope of selling
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farming
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brokerage firms specialize in geographic areas, property, or client type using marketing method to solicit business
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highest possible net income
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primary responsibility of property management is to obtain for landlord and protect owners investment
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tract building
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when buyers select floor plans based on the model home
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counselors
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compensated on a flat fee basis whether their advice is used or not
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National Association of Realtors
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largest real estate trade association is
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owner user
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holds property as a necessity or convenience for residential, personal, or business use, in addition the property is held for long term benefits such as appreciation and tax shelter
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owner investor
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holds property for the production of income and long term benefits, such as appreciation, tax shelter, and income from the eventual sale of property
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