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21 Cards in this Set
- Front
- Back
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Sales associate |
Is a licensed individual employed by a broker. |
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Broker |
Employing broker |
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Managing brokef |
Who may also be called the supervising broker is responsible for supervision of the real estate professionals who act on behalf of the brokerage . |
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Independent contractor |
Independent contractor Operates with more independence than an employee and the employer may not exercise the same degree of control over an independent contractors activities. |
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IRS Internal Revenue Service |
To issue specific rules to clarify the employer -employee relationship in a real estate office. |
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Real estate assistant |
Can be a combination office manger ,marketer , organizer , and facilitator who has a fundamental understanding of the real estate industry. |
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Licensed assistant |
Can set up open houses and assist in all aspects of a real estate transaction including day to day contact with costumers. |
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MLS multiple listing service |
Provides that marketing opportunity & the rules of the MLS set out the terms under which brokers agree to cooperate in a transaction including the sharing of the compensation earned. |
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Procuring cause of a sale |
The broker must have started or caused an uninterrupted chain of events that resulted in the sale. |
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Procuring cause of a sale |
The broker must have started or caused an uninterrupted chain of events that resulted in the sale. |
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A ready, willing , and able buywr |
Is one who is prepared to buy on the sellers terms & is ready to take positive steps towards consummation of the transaction. |
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Fee for service |
Can create marketing opportunities for specific services such as preparing for a property sale. |
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Fee for service |
Can create marketing opportunities for specific services such as preparing for a property sale. |
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Sale by owner |
State law may dictate what the real estate professional can offer. |
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Antitrust laws |
These lAws prohibit monopolies and any contracts combinations and conspiracies among competitors that unreasonably restrain trade, price fixing the group boycott, allocation of costumers or markets & tie in agreements. |
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Price fixing |
Is a practice in which competitors agree to set prices or other terms and conditions for products or services rather than letting competition in the open market establish those prices. |
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Group boycott |
Occurs when two or more Businesses conspire against another business or agree to withhold their patronage to reduce competition. |
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Tie in agreements |
Agreements to sell one product only if the buyer purchase another product as well. A broker will agree to list a sellers home for sale only if the seller agree see to be rep, by the broker in the purchase of a new home. |
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Penalties |
The Penalty for fixing prices or allocating markets is a maximum $1 million fine and 10 years in prison. For corporations the penalty may be as high as $100 million. An individual who has suffered a loss bc of Antitrust violation may sue for treble damages 3 times the actual damages sustained. & in addition the injured party may recover the cost of the suit which includes reasonable attorney fees. |
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Electronic contracting |
Is a growing part of real estate practice bc it quickly & efficiently integrates info in a real estate transaction btw clients lenders & title & closing agents. |
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Two federal acts govern electronic contracting |
UETA uniform electronic transaction act. & E-sign electronic signatures in global & national commerce act |
