brokers have liability to commission salespeople as to
Monitoring and participating in the actions of governmental agencies 6. Which of the following should an agent regard as a buying signal? What kind of listing did Broker Baker have if Owner Adams has no commission obligation to Broker Baker? Is the legal fund ever used for purposes not directly related to REALTORS? Your answer is correct 3 Brokers have liability to commission paying a referral fee to anyone other than his or her own employees. (Page 630), The dates November 1, December 10, February 1, and April 10 relate to. ask, inform, demonstrate, approve. total monthly housing expenses plus monthly long-term credit obligations divided by gross monthly income. Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. The property was most likely advertised as. Your answer is correct. every residential listing. $5,685.00. Such as an equity line of credit.Page 531, A rescission right until midnight of the 3rd day after signing is provided for by. neither that the property must have been held for productive use in a trade or business or for investment purposes nor that the exchange property must be of like-kind. (b) workers compensation. total monthly housing expenses plus monthly long-term credit obligations divided by gross monthly income. Brokers have liability to commission salespeople as to: Workmen's Compensation One of the requirements for a real estate salesperson to be regarded as Commission amounts vary but due to the nature of the paycheck calculation, employees and employers come to an agreement on the amount of the commission per each paycheck and how often it is paid. The Austin Federal District Court disregarded the savings and loans claims and upheld the Texas Constitution. title insurance costs. once rejected, an offer cannot be accepted. Although showing owners you are working on their behalf is least important.page 327-331. procedure for showing a property to prospective buyers. love of family. Or changing instructions without agreement of all parties. misrepresentation. doubling A time activities should double your income. Reg. they adjust the price to the current market. an open listing. federal income taxes. when property is shown, follow the agent closely and provide information to the prospective buyers. Need adequate number of comparable sales.Page 222-223, The likelihood of a sale within 90 days is. is merely an offer to insure. What was the reason for creating the inferior courts? Three years after the purchase, the property flooded and the buyers then learned that the property had previously flooded. You may assume that the concentration is 0 when the cadmium is first discharged; that is, C(0)=0C(0)=0C(0)=0. Assuming a 6% commission, Salesperson Andrews share would be: $11,370.00. p. 17 9. New listings excite agents and buyers.page 325, An open house was held on a property needing many obvious repairs. Fair Housing Month signifies a recommitment to advancing equitable opportunities and expanding homeownership. Both Primary financing refers to loans made directly by the lender to the borrower and Secondary financing refers to the resale of existing loans. benefits of listing. First-time visits to new listings by groups of agents are commonly known as. open listing. Holden Act. use their own funds to make loans. because owners want to get as much as possible, you should underestimate costs so the net will be greater. A commission is a fee that a business pays to a salesperson in exchange for his or her services in either facilitating, supervising, or completing a sale.The commission may be based on a flat fee arrangement, or (more commonly) as a percentage of the revenue generated. Which of the following statements is TRUE? (Page 561), The margin on an adjustable rate loan refers to the. What would be a word or words to use in a listing presentation that denotes a benefit? a percentage lease. Mentioning it could be steering. Types of property requiring property management include. all of these. The fund is used only for purposes authorized by the Texas REALTORS Board of Directors and may only be accessed by REALTORS through a formal application process. settlement sheet issued on closing a transaction. Owners presence inhibits buyers. You can classify the commission expense as part of the cost of goods sold, since it directly relates to the sale of goods or services. The earthquake safety disclosure statement. However, under the circumstances, the real estate agent should not promote the lender or its services to the customer, and the payment must be made to the agent, regardless of whether the lead ultimately turns into a closed loan. Similar properties sold within the past 2 years, Similar properties sold within the past 3 months, A listing presentation manual should include. Prospecting from legal notices can be effective. Brokers have liability to commission salespeople as to workers compensation. The case proceeded to a jury which found for the defendant REALTOR. why the owners should deal with your firm. Bait-and-switch advertising is a federal offense. Is the legal fund like an errors and omissions insurance policy? all of these. to disclosures to principals only. neither federally related loans nor 1 to 4 residential units only. the down payment divided by the purchase price. Which of the following statements regarding mobile home sales is TRUE? Their adjusted cost basis is $80,000. There is no limit for the damages. both let the buyer know the price so they can consider it before the agent arrives and arrange to have all owners present for the presentation. A real estate agent who spends an hour with a customer taking a preliminary credit application and collecting certain credit documents (i.e., W-2s, pay stubs, bank statements) has performed a genuine service for the lender that is actual, necessary, and distinct from the agent's normal duties. What type of listing did the broker have? provides insurance coverage until the title insurance policy is issued. Brokers who carefully maintain independent contractor relationships and follow the terms of the agreement can reduce their risk of the IRS, the Texas Workforce Commission, or other government agencies asserting that there are employer-employee laws applicable to the relationship. (Page 277), By initialing the dispute resolution clause in the exclusive right-to-sell listing the seller and broker agree to. Net Exclusive agency Exclusive right-to-sell Open, It is a unilateral contract and the agent has not agreed to use diligence.Page 264. submit all written offers in a prompt and timely manner. I know that Texas Real Estate Commission rules require a broker to maintain written policies and procedures for the brokers sponsored salespersons. portfolio loans. The legal fund is not a substitute for errors-and-omissions insurance. Every six months, the Texas REALTORS Legal Review Committee reviews applications and requests for funding from the Legal Fund from Texas REALTORS and litigants involving cases that significantly affect the entire real estate industry. The commission may be based on a flat fee arrangement, or (more commonly) as a percentage of the revenue generated. four months rent. a certified property manager. Which of the following statements regarding the use of goal-setting is FALSE? Fred Smith sells a $1,000 widget for ABC International. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to neither motivate salespeople nor retain top producers. the name of the agent to call. The legal fund assisted the defendant in resolving the case favorably. all of these. property taxes to be increased up to 2% each year. For Sale By Owner Code violations Probate Evictions, The phrase centers of influence refers to. It should not matter. At the end of the accounting period in which Mr. Smith generates the sale, ABC creates the following entry to record its liability for the commission: ABC then reverses the entry at the beginning of the following accounting period, because it is going to record the actual payment on the 15th of the month. Less-common commission structures are based on the gross margin or net income generated by a sale; these structures are . Are there any risks I should be aware of before agreeing to this? include credit terms. (Page 591). Usually 28 percent for qualifying. applies to 1 to 4 residential units. One risk you face is that the lines of activities, duties, and responsibilities between the two positions can become blurred, especially to a buyer. disclose, elect, confirm. prospecting your farm area on a continuous basis. Only required for exclusive listings.Page 264, A listing where the licensee is subject to disciplinary action for demanding a fee would be. What are the advantages of a good time-management program? Disclosure of AIDS is never required. (Page 410-411), When arriving at a property for a showing, if another agent is showing the property, you should. She is, California Real Estate Law. The entire leasehold must be transferred. Which of the following statements regarding the use of goal-setting is FALSE? all of these. Which of the following is NOT a legal notice? binding arbitration of disputes. they want to quickly locate property that meets their needs. percentage of the gross. both that the property must have been held for productive use in a trade or business or for investment purposes and that the exchange property must be of like-kind. d. salesperson not be supervised by the broker. it is better to estimate costs a little on the high side than the low side. Which of the following statements regarding the use of goal-setting is FALSE? you will work just as hard as the large firm. locating prospective buyers. However, the fund has been used to pay for expenses in filing briefs in cases involving homestead issues (as discussed above), contractual issues and other issues. all of these. How much of their gain would be taxable? land it is sited on. promotion and advertising paid by the agent. advertise in designated areas. taxes based on a persons ability to pay. In a sublease, the sublessor is liable to the owner. o unemployment insurance. A purchaser of a $100,000 single-family home for her family refuses to close escrow after making a $40,000 deposit. can sell a mobile home in a rental park space and A real estate agent can sell a mobile home with the Brokers have liability to commission salespeople as to - workers compensation. A broker may require salespeople to be members of the REALTORS association, as it indicates to the broker the sales agents' commitment to the real estate profession and to high ethical standards of practice. conceal the fact that the advertiser is an agent. ask, interact, demonstrate, approve. you should concentrate more on possibilities than probabilities. Which of the following statements BEST describes a sublease? If it is legal, it is ethical. If you are going to be buying a new car for real estate sales, you should consider - a full-sized, fourdoor car for easy entrance and exit. What type of listing is legal in California, but is considered illegal in some other states? Real Estate Practice, Edition 10, Chapter 1 Quiz Flashcards | Quizlet waive their rights to arbitrate. institutional advertising. (Page 231). (Page 352). Under these guidelines, agents and brokers may receive fees for performing loan origination work on a lender's behalf, such as taking a loan application, counseling borrowers, ordering credit reports and appraisals, and completing loan documents used to process the loan. neither let the buyer know the price so they can consider it before the agent arrives nor arrange to have all owners present for the presentation. assessed value of property acquired before 1978 to be reduced to the amount shown in the 1975 tax roll. Can you afford this house? What would you use this pantry for? Would you prefer to buy now or think it over? This is an exceptionally large kitchen, isnt it?, This is an exceptionally large kitchen, isnt it?, You get a series of yes answers.Page 415, If members of a minority racial or ethnic group live in the neighborhood of a home you are showing. is satisfied with the general appearance of the home. open-end loan. The recovery fund is a state-run consumer protection fund used to reimburse aggrieved persons who suffer actual damages by reasons of certain acts committed by brokers, salesmen, or their unlicensed employees or agents. A broker may charge a lender a flat fee to place the lenders banner ads or hyperlinks on the brokers website, but the payment must be reasonable and commensurate with the value of the service. An agents inspection under Easton v. Strassburger (as codified by state statutes) applies to. before the buyer executes an offer. both motivate salespeople and retain top producers. chemical tests of the soil for all dangerous contaminants. Case 3: A REALTOR was sued by a buyer alleging that the agent did not disclose that the property lay in a flood-prone area or that the property had previously flooded. institutions within an area that influence behavior. both you must mention this to a prospective buyer and failure to mention the presence of the group would make you liable for any damages the buyer suffered. all of these. Direct relationship between list price and time to sell.Page 224-225, 228, Benefits that an owner receives by listing with an agent include. Either Open or Exclusive agency Exclusive agency Exclusive right-to-sell Open, A commission paid only if agent makes sale.Page 264-272. One who has AIDS. These rules come into play any time a real estate broker in a position to refer mortgage business to a lender is paid a thing of value by the lender. Present all offers together fairly. Conceal the fact that the advertiser is an agent, But any indication, like Agt., meets the requirement.Page 366. a full-sized, four-door car for easy entrance and exit. Accepting the offer but conditioning the acceptance on a different escrow office than specified in the offer None of these Accepting the offer verbally with a promise of a later written confirmation Accepting an offer but changing the closing date, Must be accepted in writing without any conditions or variance.Page 497. the total monthly housing payment divided by the gross monthly income. (Page 388). Which of the following statements regarding display advertising is TRUE? Browse over 1 million classes created by top students, professors, publishers, and experts. both A and. (Page 294), In describing sales successes, it would NOT be advantageous to point out that. Which of the following is NOT an institutional lender? A clear description of the copyrighted work infringed; A statement that you have a good faith belief that the use of the content identified in your DMCA notice is not authorized by the copyright owner, its agent or the law; Your contact information (such as your name, email address and telephone number); A certification, under penalty of perjury, that the DMCA notice is accurate, signed (either electronically or physically) by the copyright owner or the copyright owners legal representative. occupancy. a blank space since it attracts attention. neither it is best to advertise properties in areas or price ranges where other properties are also available nor prospective buyers who respond to newspaper ads are likely to buy a property other than the property advertised. rent skimming. appearing confident. the condition of the property. attention, interest, desire, action. return it to the offeror. visitations. information about yourself. However, only bona fide employees are covered by this exemption. ignore the other agent and go ahead with your showing. 30-day month. The caller may want a lower-priced property. Only part of the leasehold is transferred in a sublease. The sublessee is a tenant of the original lessee. firsts. The broker did not violate law or regulations because the listing was an. Flyer pointing out attractive features about a property. disclosure of deferred interest. have a hard and fast rule to never show more than three properties. (Page 369), In advertising, the real estate agent should know that it is illegal to. all of these. both the exchange property must be identified within 45 days and the exchange must be completed no more than 180 days after transfer of exchanged property. You should tell someone about your goals. A mortgage company sponsoring an educational event to promote its services can do so as long as the cost associated with the event doesnt cover any of the agents other expenses they would otherwise have to pay, such as the cost of the CE credit. California Real Estate Practice Final Exam (Questions - Browsegrades special assessments. Which of the following statements regarding ethics is TRUE? A lease that needs no notice for termination, would be. avoid seller disclosures. Your answer is correct. While real estate agents will find it difficult to serve as both real estate agents and mortgage brokers, or real estate agents and part-time lender employees, agents may still be paid under a RESPA exemption that permits persons (even ones that refer lenders business) to be paid for services rendered, so long as the payment is commensurate with the services provided. If the price quoted is too high, you can be sure the caller will let the agent know. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to a.) What are the advantages of a good time-management program? none of these. $3,411.00. But the caller might not be able to afford the property. a vacant lot. The fees must be "reasonably related to the value of the services performed." all of these. unemployment insurance . You should check the do-not-call list before soliciting such listings to avoid violating the law. both blockbusting and steering. \end{aligned} All of these Lawful purpose Writing Consideration, Contract requirements plus Statute of Frauds.Page 263, The reason most mentioned by owners for NOT renewing listings is. For example, litigants in one case involving antitrust issues asked the association to file briefs with the court. both, an owner who gets less than they expected to receive from a sale is likely to be unhappy with you, and it is better to estimate costs a little on the high side than the low side. Inclusion of white space serves to emphasize a message. asking every prospect to recommend another prospect. Holden Act. 3. insurance. checks that have cleared. properties in close proximity. Properties listed above market value tend to sell faster than properties listed at prices closer to market value. Buyers resist pressure before they are ready.Page 447, Disadvantages of home-ownership include all of the following EXCEPT. Brokers have liability to commission salespeople as to Correct o minimum wage requirements. Turn perceived negative into a positive. both a debit on the buyers closing statement and a credit on the sellers closing statement. both motivate salespeople and retain top producers. No. Advertising one property brings in buyers for other properties. One of the requirements for a real estate salesperson to be regarded as an independent contractor by the IRS is that the, d.) (broker-salesperson contract states that the salesperson shall be treated as an independent contractor for tax purposes. An unhappy seller could mean a sale that does not close. 1 to 4 residential units only. No. 15-year amortized loan 30-year loan due in 5 years Adjustable rate mortgage 30-year-term amortized loan, But the rate is guaranteed for 30 years.Page 533-536, Mortgage companies differ from mortgage loan brokers in that mortgage companies. Helping Texas REALTORS understand their legal rights and duties under law 2. motivate salespeople. No title insurance covers zoning changes.Page 599. cash. address from the occupants name. H0:80Ha:<80. What is the best test to evaluate if an act is ethical? The Statement of Understanding contains statements, agreed to by the agent, which would help confirm the existence of an independent contractor relationship under the law. Owner Adams has a listing in force with Broker Baker. redlining. Cost of sales is 45% of the gross commissions. Reimbursing travel expenses of Texas REALTORS who participate in form-development task forces. An example of a closed-ended question, would be, Would you use this room as a bedroom or a den? Whose bedroom would this be? What do you think of the floor plan? Isnt this a large living room?, Can be answered with a yes or no.Page 428, In meeting a buyers objections the agent should consider. sales taxes. (Page 128), A selling agent must comply with agency disclosures to the buyer. The Recovery Fund is funded by a $10 fee paid with every broker's or salesman's original license application. Issues Mobilization and Political Advocacy Assessment, TACS Texas Accredited Commercial Specialist, TAHS Texas Affordable Housing Specialist, TRLP Texas REALTORS Leadership Program, TRLS Texas Residential Leasing Specialist, TRPM Texas Residential Property Manager, Sales of Million-Dollar Homes in Texas Report. retain top producers. county-owned housing projects. If you are going to be buying a new car for real estate sales, you should consider. show buyers homes they cannot afford to impress them with the caliber of homes to which the agent has access. Some programs offer to make real estate agents part-time employees of the lender. Avoid wasting time and prioritize time. both 39 years for the property life and the straight-line method. Buyers are attracted to bargains, not overpriced property. that the property must have been held for productive use in a trade or business or for investment purposes. unrecorded liens. participation loans. The California Homeowners Exemption for property taxes is, But the Veterans exemption is $4,000.Page 617. both the exchange property must be identified within 45 days and the exchange must be completed no more than 180 days after transfer of exchanged property. workers compensation. both a counteroffer really rejects the offer and once rejected, an offer cannot be accepted. Which of the following listings does NOT require the agent to use diligence to locate a buyer? mproved efficiency Owner Adams sold the house without the aid of Broker Baker. (Page 411), When showing a property to a prospective buyer, the agent should. Real Estate Practice Wednesday Afternoon RE 141 Section 3303 MSJC.edu The three stages of presenting an offer include all of the following EXCEPT. Which of the following would constitute an acceptance? a credit on the buyers closing statement and a debit on the sellers statement. properties that set the neighborhood value. The sublessee is a tenant of the original lessee. ad will cover every major feature of a house. Real Estate Practice - Chapter Two; Ethics, F, Real Estate Practice - Chapter Three; Mandato, Real Estate Practice - Chapter Four; Prospect, Real Estate Practice - Chapter 5; Listing Pre, Real Estate Finance - Chapter Fifteen; Mathem, Real Estate Finance - Chapter Fourteen; Inves, Real Estate Finance - Chapter Thirteen; Loan, Alexander Holmes, Barbara Illowsky, Susan Dean, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal. undue influence. the property has earthquake weakness if it was built before 1960. a recapture clause. Ultimately, the board of directors must make a determination if the use of the Legal Fund satisfies the purposes and intent of the fund. loan in designated areas. Since it indicates that you fail to sell 50 percent of your listings.Page 253, Serious buyers contact real estate agents because. checking the regulations of the Bureau of Real Estate. it is best not to mention any problems with the property. - Once set, goals The Real Estate Commissioners suggestions for professional conduct include that the agent. primarily for 1 to 4 residential units. a particular mobile home park. steering. an estate for years. Which of the following is NOT one of the three? A mobile home must be at least 2 years old for a real estate agent to sell it. You should contact your attorney to obtain advice with respect to any particular issue or problem. Owners are most interested in the bottom line.Page 490, When an offer is received, the owner should be made aware that. third month of a six-month listing. use abbreviations such as Agt. or Bro. instead of the name of the firm. obtaining listings from visitors. blanket loan. A battery plant begins discharging cadmium into a river at midnight on a certain day and the concentration CCC of cadmium at a point 1,000 meters downriver is subsequently measured at 3-hour intervals over the next 24 hours, as indicated in the accompanying table. Which promotion would have the lowest cost to the broker? influential people in the community. welcoming the objections. last 20 days of the listing. the straight-line method. Texas REALTORS is committed to advocating for a strong real estate industry, advancing a culture of continued learning, and staying ahead of issues concerning members and their clients. (Page 397), When a caller wont give a name, the best approach would be to, hang up.