The buyers originally alleged damages in excess of $30 million. blockbusting. All types of properties are subject to management.Page 658, A lease for a definite period of time would be. 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. (Page 277), By initialing the dispute resolution clause in the exclusive right-to-sell listing the seller and broker agree to. allow the prospective buyers to bring along a friend or confidant. military-based housing. ), Using time-management to increase income, you should realize that, b.) Persons who are not members of the REALTOR organization have asked TAR to file amicus briefs in cases in which no REALTOR is involved. forgery in the chain of title. unemployment insurance . About a month after closing, the flood maps were revised and included the property in a flood hazard area. Although showing owners you are working on their behalf is least important.page 327-331. procedure for showing a property to prospective buyers. any of these. The Real Estate Recovery Fund is a fund created by the Real Estate License Act that is maintained by the Texas Real Estate Commission (the state agency regulating Texas real estate brokers and salesmen). One who has a guide dog. a counteroffer really rejects the offer. Or changing instructions without agreement of all parties. Compute the ppp-value and state your conclusion for each of the following sample results. 1 to 4 residential units only. Case 2: The association filed an amicus brief in an Austin case in which a savings and loan association filed suit against the attorney general of Texas, arguing that federal regulations preempted the Texas Constitution regarding its homestead protection. A broker who sponsors salespeople is subject to this rule regardless of how long the broker sponsors the salespeople. Selling the lender on making the loan Selling the seller on an acceptance Selling the buyer on making an offer Selling the owner on giving a listing, This is not a sale. federal income taxes. have a hard and fast rule to never show more than three properties. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to a. motivate salespeople. the straight-line method. eminent domain. ad within a price range or area creates prospects for other homes in the price range or area. d. salesperson not be supervised by the broker. use abbreviations such as Agt. or Bro. instead of the name of the firm. people are attracted to fixer-upper ads because they sense a bargain. When a change is required to escrow instructions: the seller can amend the escrow instructions. you should concentrate on D category activities before proceeding to B and C activities. Such as a Transfer Disclosure Statement.page 107, A fiduciary relationship applies to a real estate licensee and to. She is, California Real Estate Law. both federally related loans and 1 to 4 residential units only. The original lessee is secondarily liable, and the person in possession is primarily liable under the original lease. o unemployment insurance. Sells the firm, not a specific property.Page 342. Brokers have liability to commission salespeople as to workers compensations The California Act that prohibits discrimination by all California businesses is the Unruh Act Redlining is prohibited by the The Holden Act A selling agent must comply with agency disclosures to the buyer before the buyer executes an offer your average sale is at 94.5% percent of list price while the average for your MLS is 87.3%. The Fifth Circuit Court of Appeals reversed and held that the Texas Constitution had been superseded. The Internal Revenue Service sets strict standards for employment. changes in the zoning. provides insurance coverage until the title insurance policy is issued. No. return it to the offeror. possible periodic increases. Records that include the independent contractor agreement and annual statements of understanding would provide persuasive evidence about the nature of the relationship between the parties. For a property built before 1960, earthquake weakness must be disclosed. Are there any additional restrictions or limitations for access to the legal fund? delegating paperwork to others. staying with a prospect until you have a contract. Through the Legal Fund, the Texas REALTORS was able to monitor and participate in the action. One risk you face is that the lines of activities, duties, and responsibilities between the two positions can become blurred, especially to a buyer. Either Open or Exclusive agency Exclusive agency Exclusive right-to-sell Open, A commission paid only if agent makes sale.Page 264-272. Directing to properties based on race.page 71. cooperate with other agents in designated areas. neither is satisfied with the general appearance of the home nor is satisfied with the area. Advertising a property that is not available and you wont sell so you can find buyers that you hope to switch to other properties. You should check the do-not-call list before soliciting such listings to avoid violating the law. What are these new rules and have lenders received HUD approval for these programs? They hope to keep fee for themselves.page 190, If your firm is small, to obtain a listing when competing against a large firm you should emphasize that. Bait-and-switch advertising is a federal offense. confirm, elect, disclose. blockbusting. does none of these. a debit on the buyers closing statement. sell the item, not the benefits. DVA loan. One large picture is generally more effective than several smaller pictures. 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. Prohibited by Civil Rights Act of 1968 and the Holden Act.page 71. steering. downpayment. d. You will not post any information intended to sell or advertise a business, product, or service. universal exclusion. If the flow rate of the river is F=2.3105m3/hrF=2.3 \times 10^5 \mathrm{~m}^3 / \mathrm{hr}F=2.3105m3/hr, use the formula you found in Question 4 to estimate the total amount of cadmium discharged from the plant during this 24-hour period. both a debit on the buyers closing statement and a credit on the sellers closing statement. listings with your firm have a 30% greater chance of being sold than the average for your local MLS. 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. portfolio loans. amount over the index the lender charges as interest. both buyer and seller must agree to amend the escrow instructions. It has also been used to fund the filing of analyses and comments before governmental agencies. all of these. inheritance taxes. 1 to 4 residential units. Yes. The legal fund is not a substitute for errors-and-omissions insurance. A brokerage firm has operating expenses of $254,000. 3: Brokers have liability to commission salespeople as to: (a) unemployment insurance. A fee based on a transaction between the lender and a consumer is prohibited by RESPA. Thats selling and listing opportunities is where commissions come from.page 40, One of the requirements for a real estate salesperson to be regarded as an independent contractor by the IRS is that the. In a sublease, the sublessor is liable to the owner. special assessments. Holden Act. All are protected by 1988 Amendment.page 73, Advertising a home in an area occupied solely by members of a minority group only in newspapers directed toward that minority group would be regarded as. o workers compensation. Agents must advertise their names and license status. Real Estate Practice, Edition 10, Chapter 1 Quiz Flashcards | Quizlet Commission is negotiable and not set by law. While Texas REALTORS has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, Texas REALTORS makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here. Under the terms of his commission agreement, he receives a 5% commission on the revenue generated by the transaction, and will be paid on the 15th day of the following month. A sample of 100 is used and the population standard deviation is 12 . Secondary financing refers to the resale of existing loans. the buyer can amend the escrow instructions. both use their own funds to make loans and service loans they make. (Page 411), When showing a property to a prospective buyer, the agent should. Less-common commission structures are based on the gross margin or net income generated by a sale; these structures are . mproved efficiency Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. 6 the purpose of a broker providing a sliding - Course Hero A both motivate salespeople and retain top producers. Which of the following is true of agency relationships? all of these. Primary financing is first trust deeds and secondary financing refers to junior liens. Keeping rent receipts until foreclosed.Page 489, When presenting multiple offers the agent should. Are there any risks I should be aware of before agreeing to this? all of these. you must mention this to a prospective buyer. a model home. recommend to the owner to accept it. accepting escrow instructions having blanks that are to be filled in after the instructions are signed. asking every prospect to recommend another prospect. neither blockbusting nor steering. arrange to have all owners present for the presentation. If Im a broker whos exempt from continuing education requirements, do I still have to take the Broker Responsibility course? Where can we find information about what we should include in our privacy policy? By interacting with any of our blog posts, you agree to comply with the following terms and conditions: Texas REALTORS, in its sole discretion, reserves the right to remove any content you have uploaded, posted, or submitted onto any of our blog posts if we believe that it violates these terms or conditions. working an area for buyers and sellers. I will obtain three new listings each month. You may assume that the concentration is 0 when the cadmium is first discharged; that is, C(0)=0C(0)=0C(0)=0. Agency representation Listing Commission Cost, Listing has a connotation of paying a commission.Page 287-288. (page 63), The Seller Financing Disclosure Statement provided to both buyer and seller provides. that the Alquist-Priolo Act be complied with. tell your prospects that they had better act fast as you are sure the other party wants to buy the house. He says to them, "Would you prefer to take possession on September 1 or October 1?" Disclosure of AIDS is never required. a periodic tenancy. (Page 352). Case 1: A REALTOR was sued by a buyer who alleged the agent failed to properly advise him that the property lay near an environmentally contaminated site. How does this work and is it legal? the factor that makes a neighborhood cohesive. You should contact your attorney to obtain advice with respect to any particular issue or problem. The Texas REALTORS created a model privacy policy to help you develop your office's policy about the maintenance and destruction of customers' and clients' personal information. caravans. can sell a mobile home in a rental park space and A real estate agent can sell a mobile home with the Brokerage Liability Issues - Texas REALTORS it is best to advertise properties in areas or price ranges where other properties are also available. paying a referral fee to anyone other than his or her own employees. owners who get less than they expected to receive from a sale are likely to be unhappy with you. the condition of the property. There is no limit for the damages. the total monthly housing payment divided by the gross monthly income. particular ethnic group. 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. use technical terms wherever possible. In real estate, the term farming refers to. settlement sheet issued on closing a transaction. pre-showings. because you concentrate on a small number of select properties, you are able to give more individual attention to the property. 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. an unknown spousal interest. a credit on the buyers closing statement and a debit on the sellers statement. participation loans. both, the agents have inventory and the buyers want to quickly locate property that meets their needs. A recorded abstract of judgment has priority over a homestead declaration when O it was recorded prior to the homestead O the owner has rented the property to another O. loan in designated areas. The firm's approximate desk cost is 19500.0 A licensed sales associate has employed an unlicensed personal assistant. benefits of listing. Flyer pointing out attractive features about a property. workers compensation. A court or TREC hearing officer might reach the same conclusion and assess liability or responsibility on the broker. a blank space since it attracts attention. The Legal Review Committee, in turn, makes a recommendation to the Texas REALTORS Board of Directors either to approve or deny the application. The association needs you to volunteer your voice and exper. recommend to the owner to counter the offer. interest. owners name from the tax number. institutional loans. More than two typefaces in an ad will likely have a negative effect on the ad. Their adjusted cost basis is $80,000. For example, litigants in one case involving antitrust issues asked the association to file briefs with the court. both 30-day month and 360-day year. The local association may forward the application to the Texas REALTORS Legal Review Committee recommending that the application be approved, or it may deny the application and return it to the applicant. Conceal the fact that the advertiser is an agent, But any indication, like Agt., meets the requirement.Page 366. 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. When loan puts a lien on borrowers residence.Page 560. Brokers have liability to their commissioned salespersons in respect to: If you are going to be buying a new car for real estate sales, you should consider: b.) retain top producers. The Recovery Fund is funded by a $10 fee paid with every brokers or salesmans original license application. they extend the listing for a longer period as price is related to time to sell. Which of the following statements regarding mobile home sales is TRUE? Brokers have liability to commission salespeople as to a. unemployment insurance. Protects landlord against a poor operator.Page 677, A lease stipulating that the tenant pays a fixed monthly rental and the landlord pays all other property expenses would be a. gross lease. all of these. Fred Smith sells a $1,000 widget for ABC International. appearing confident. Note, however, that real estate agents may not take loan applications in connection with FHA-insured loans. price. But the caller might not be able to afford the property. You should consult an attorney regarding the risks involved and how to protect yourself from liability before agreeing to this situation. land it is sited on. The damages cannot be recovered by the seller. Which of the following would constitute an acceptance? Brokers have liability to commission salespeople as to - workers compensation. How can I help make clear to the IRS that my agents are independent contractors, not employees? In one informal HUD interpretation, the department indicated that a sale of a list of consumers to a settlement service provider did not violate RESPA provided the payment is for the use of the list and is not further conditioned upon the number of closed transactions resulting from the list, or any other consideration, such as an endorsement of the product being offered by the seller of the list. The sublessee is a tenant of the original lessee. Agents sell while owners seldom sell themselves.Page 239. a two-door model to control the passengers. Most people read from the upper left to the lower right corner when looking at an ad. (Page 511-512), A loan in which the borrower buys under a land contract would be a. CalVet loan. Neither Primary financing refers to loans made directly by the lender to the borrower nor Secondary financing refers to the resale of existing loans. 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. federally related loans. The owner should understand the brokers advertising policy, including the fact that a(n): display ad should be used to impress home-seekers. (Page 238-239), In preparing estimated seller proceeds, you should remember that. The property was most likely advertised as. (page 68). that the exchange property must be of like-kind. Net Exclusive right-to-sell Exclusive agency Open, The broker did not give the principal a copy of the listing. The mortgage company cant sponsor the luncheon on the condition that it will receive referrals, either. as expensive a car as possible to impress others. both paying a referral fee to anyone other than his or her own employees and accepting escrow instructions having blanks that are to be filled in after the instructions are signed. 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. the exchange property must be identified within 45 days. A sales force of 13 people share 10 desks. using one period of time to list and another period of time to sell in a never-ending cycle. A number of statutory elements must be satisfied by the consumer before he can file a claim for payment out of the recovery fund, including first obtaining a judgment against the broker or salesman that is not satisfied.