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13 Cards in this Set
- Front
- Back
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What is the WV Law code referred as? |
30-40 |
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WVREC commission = (year, # members, etc.) |
Created 2002, 5 members, 4 year term limits, appointed by Governor w consent of Senate |
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The WVREC (not judge) can fine you |
Not to exceed $1000 per day per violation up to entire amount of sale commission. |
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Penalties by court for violations (1st and 2nd offense) |
1st-$1000-$2000 and/or 30 days jail 2nd-$2000-$5000 and/or 1 yr jail |
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Law code is enacted by legislature then adopted by |
WVREC (Commission, Licensing authority) |
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Procuring cause |
Broker started a chain of events that resulted in a sale |
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Helping a client fill out a form but not representing them is called a T------- B------- |
Transactional broker |
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Antitrust violations include *P------- fixing *G------ b------- *A----- of c------ or m-------- *T---- i- a----------- |
*Price fixing-competing brokers set comm rates same *Group boycotting-ganging up to conspire against others to eliminate *allocation of customers or markets-brokers divide markets to refrain from competing against each other *Tie in agreements-agreements to sell 1 product if you buy another |
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Penalties for violating Sherman Antitrust Act |
People-$1M and 10 yrs prison Corporations-up to $100M *someone harmed can sue for triple damages sustained |
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NAR policy that allows MLS members equal rights to MLS data is I------ D---- E------ |
Internet data exchange (IDX) |
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Uniform electronic transactions act (UETA) |
*contract is legal *signature is legal *state law requires dig, electronic is sufficient *if state law requires written record, electronic is sufficient |
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The act that removes barriers in electronic commerce that would otherwise prevent enforceability of contracts is |
UETA |
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Do not call registry allowances |
*18 months after last purchase *3 months after they make an inquiry or submit an application |
