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17 Cards in this Set
- Front
- Back
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All entities holding a real estate license are referred to as... |
Terms agent, real estate agent, and licensee a)brokerage firm, broker, and salesperson |
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Buyers, sellers, landlords, and tenants hire __________ for representation. |
The brokerage |
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What is the brokerage firm responsible for? |
1. All contracts and owns them 2. Training and supervising all salespersons and broker-associates 3. Creating a written office policy |
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If you are employed by the brokerage or principal broker they must... |
Withhold taxes, but do not have to guarantee vacation, set schedule, or a specific number of hours |
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Independent contractors employed by the firm must |
1) Have a signed independent contractor contract that states they: a) must set their own work hours b) must pay their own taxes |
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Brokers and salespersons must exhibit a.... |
Higher level of knowledge and competency then unlicensed persons |
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Must treat all parties... |
Fairly and honesty |
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What must be disclosed in a timely manner without fraud or misrepresentation? |
All material facts |
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Real estate professionals are expected to know when they are ____________ to perform a task. This includes: |
Not competent Practicing outside of their area of expertise |
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Real estate professionals are expected to fully disclose the following... |
1. They are licensed and name of their brokerage 2. Whom they represent in transaction 3. Obligation to all parties to disclose material defects 4. They are the principle in the transaction 5. Environmental, material, or other issues required disclosure that might impact the property |
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Can real estate professionals recommend legal advice? |
No, buyers must consult legal advice from a professional in whatever area they are seeking NO ADVICE ON ANY ASPECT OF REAL ESTATE TRANSACTIONS |
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May contact consumer up to _____________ after consumer has made an inquiry. |
3 months |
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May call consumer with essential business relationship for ___________ after last transaction. |
Up to 18 months |
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Sherman Antitrust Law |
1. Price fixing fees or services with other firms or associations is illegal 2. Fees and commissions are always negotiable 3. Each brokerage firm sets its own rates a) licensees may not disclose commissions with outside firms 4. Commissions are not set by law |
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Brokerage forms may not collude to... |
1. Boycott certain businesses 2. Establish rates paid to salespersons or broker-associates 3. Assign specific territories or price range |
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Formula for taxes |
A x R = T Assessed Value x Rate = Tax |
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Commissions Formula |
R x SP = C Rate x Sales Price = Commission |
