Real Estate Definations Chapter 05

Front 1

Antitrust laws

Back 1

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

Front 2

Brokerage

Back 2

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

Front 3

Commission

Back 3

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

Front 4

disclaimers

Back 4

A statement that material on a website is solely for infomational purposes and that no warranties or representations have been made

Front 5

Electronic Contracting

Back 5

A process of integrating information in a real estate transaction between clients, lender, and title and closing agents electronically.

Front 6

Electronic Signatures in Global and National Commerce Act (E-sign)

Back 6

An act that makes contracts (including signatures) and records legally enforceable regardless of the medium in which they are created.

Front 7

employee

Back 7

Someone who works as a direct employee of an employer and has employee status The employer is obligated to withhold income taxes and social security taxes from the compensation of employees.

Front 8

independent contractor

Back 8

Someone who is retained to perform a certain act but who 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. Unlike an employee, an independent contractor pays for all expenses and social security and income taxes and receives no employee benefits. Most real estate salespeople are independent contractors.

Front 9

internet advertising

Back 9

State laws vary regarding internet advertising. some common internet advertising laws include the following: All electronic communication by a licensee mut include the licensee's name, office address, and broker affiliation. Real estate professionals must disclose their status as brokers or agents on each page of a web site that contains an advertisement. the listing of only a salesperson's name without the sponsoring broker's name in an advertisement is prohibited. An advertisement must be a true representation and not be misleading.

Front 10

Internet listing display policy

Back 10

A policy from the national Association of Realtors that allows all MLS members to have equal right to display MLS data, and respects the rights of property owners and their listing brokers to market a property as they wish.

Front 11

minimum level of service

Back 11

Some states are requiring licensees perform some minimum level of service to clients

Front 12

National Do Not Call Registry

Back 12

A registry, managed by the Federal Trade Commission, that lists the phone numbers of consumers who have indicated their preference to limit the telemarketing calls they receive

Front 13

procuring cause

Back 13

The effort thatbrings about the desired result. Under and open listing the broker who is the procuring cause of the sale receives the commission.

Front 14

ready, willing, and able buyers

Back 14

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

Front 15

Uniform Electronic Transactions Act (UETA)

Back 15

Sets forth rules for entering into an enforceable contract using electronic means.

Front 16

Website Management Tools

Back 16

Items that help with marketing efforts. They help assess the effectivness of internet marketing providing statistics on the number of page views, the number of people visiting the siet and the most viewed pages. It records the web site page used to enter and exit and the operating system and browser information of visitors, among other data.