brokers have liability to commission salespeople as to

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. provide sufficient facts so the receivers can form valid conclusions.You should be selling the benefits so they are understood. exclusive right to sell net listing. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to both motivate salespeople and retain top producers all of these. There is no limit for the damages. Which of the following statements regarding mobile home sales is TRUE? condominium. The Civil Rights Act of 1968 prohibited discrimination in housing based on national original, race, religion, and color. While mortgage brokers act as middlemen.Page 517-518, A loan that can be increased to an agreed upon limit would be a. wrap-around loan. conversion. A lease that needs no notice for termination, would be. an open listing. ask, inform, demonstrate, approve. elect, disclose, confirm. unsolicited fax messages. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to motivate salespeople and retain top producers Using time-management to increase income, you should realize that doubling "A" time activities should double your income. real property taxes. first month of the second listing extension. 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. cashiers checks. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to motivate salespeople and retain top producers The following statements are all examples of abstract goals I will improve my communication skills. Noncomforming loans are Jumbo loans.Page 514. Similar properties sold within the past 2 years, Similar properties sold within the past 3 months, A listing presentation manual should include. the Bureau of Real Estate. An unhappy seller could mean a sale that does not close. 1 to 4 residential units. neither 30-day month nor 360-day year. Holden Act. Yes. Which of the following is an example of a tie-down? primarily for 1 to 4 residential units. Since RESPA exempts payments by an employer to its employees, several programs offer to make the real estate agent a part-time employee of the lender. a gross lease. Do I have to check the National Do Not Call Registry before soliciting listings of those who have a for sale by owner sign in their yard or sellers with expired listings in the MLS? ), You can find out how things are done in your office by, d.) (studying your office procedure manual.). keep in mind their first duty is to the owners, not to themselves or their firm. Proposition 90 Proposition 58 Proposition 13 Proposition 60, Must cost the same, or less, than the home sold.Page 616, Tax benefits of a principal residence include all of the following EXCEPT. Since it indicates that you fail to sell 50 percent of your listings.Page 253, Serious buyers contact real estate agents because. Ads in an outside column will generate more interest than ads in an inside column. both buyer and seller must agree to amend the escrow instructions. both applies to 1 to 4 residential units and must be signed by buyer and seller. caravans. the Real Estate Settlement Procedures Act. No. As an indication of value, which of the following would BEST indicate the market value of a home? all of these. The case was ultimately moot as a result of Congressional action initiated by Rep. Gonzales of San Antonio that amended the Home Owner Loan Act so that it was clear that Congress did not intend to supersede the Texas Constitution. Inclusion of white space serves to emphasize a message. any of these. advertise in designated areas. a two-door model to control the passengers. conforming loans. county-owned housing projects. The payment of any . because owners want to get as much as possible, you should underestimate costs so the net will be greater. How much of their gain would be taxable? percentage of the gross. motivate salespeople. Conceal the fact that the advertiser is an agent, But any indication, like Agt., meets the requirement.Page 366. Properties listed below market value tend to take longer to sell than properties listed at market value. (Page 383). A brief summary of three recent cases is noted below. - Both A real estate agent (Page 427), When dealing with a prospect who is silent, the BEST approach would be to. (page 14-15), Using time-management to increase income, you should realize that. arrange to have all owners present for the presentation. Owners presence inhibits buyers. It is primarily reserved for paying the legal expenses of cases that are significant to Texas REALTORS as a class or the real estate industry. exclusive agency listing. buyers only. do all of these. a percentage lease. you must mention this to a prospective buyer. 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 concentrate more on possibilities than probabilities. a resident manager. Owner Adams has a listing in force with Broker Baker. One large picture is generally more effective than several smaller pictures. Both Primary financing refers to loans made directly by the lender to the borrower and Secondary financing refers to the resale of existing loans. Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. If he were working exclusively for the builder, he would be exempt from the act and you would not be responsible for his activities. recommend to the owner to counter the offer. A sales force of 13 people share 10 desks. loan in designated areas. A broker who sponsors salespeople is subject to this rule regardless of how long the broker sponsors the salespeople. ad within a price range or area creates prospects for other homes in the price range or area. a blank space since it attracts attention. subordination. use abbreviations such as Agt. or Bro. instead of the name of the firm. downpayment. (Page 128), A selling agent must comply with agency disclosures to the buyer. neither is satisfied with the general appearance of the home nor is satisfied with the area. 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. Increased income - Once set, goals H0:80Ha:<80\begin{aligned} An agent is required to disclose to a buyer that: the property has earthquake weakness if it was built before 1960. there was a death by murder or suicide on the property more than 3 years ago. that the Alquist-Priolo Act be complied with. demand advertising. Attorneys Savings associations All of these Banks, As well as brokers, under specified circumstances.Page 577. provides extended coverage for lenders. Which of the following is NOT one of the three? show unoccupied property first to give owner-occupants a chance to prepare for the showing. the worse you make the property appear, the greater your response is likely to be. minimum fee. the commission was too high. to disclosures to principals only. I will improve my communication skills. I will become a better salesperson. Neither the cities nor the (a) countries, (b) counties took responsibility for their deteriorating infrastructures. A both motivate salespeople and retain top producers. all of these. (page 20), You can find out how things are done in your office by. REALTOR membership is a criterion that a broker may voluntarily choose to require of independent contractors. 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. The damages cannot exceed 3% of the purchase price. None 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. all of these. One who has children. If the agent advertises the APR, the agent must include all credit terms. To catch the eye of buyers who desire that feature.Page 352. 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. rent skimming. Telephone responses from a For Sale sign indicate what about the prospective buyer? showing owners you are working on their behalf. California Real Estate Law. Agency representation Listing Commission Cost, Listing has a connotation of paying a commission.Page 287-288. The following statements are all examples of abstract goals EXCEPT: d.) (I will obtain three new listings each month. (Page 369), In advertising, the real estate agent should know that it is illegal to. Requirements for a valid 1031 exchange include. What type of listing did the broker have? both 30-day month and 360-day year. workers compensation. The damages cannot exceed 3% of the purchase price. Independent Contractor Agreement for Sales Associate, Texas REALTORS is stronger when members work together. Must sell owner on a listing and on you and your firm.Page 231-232, 243, A comparative market analysis would be LEAST valuable in indicating market value for a. vacant lot. greater responsibility. 30-day month. recommend to the owner to accept it. ethnic groups. doubling A time activities should double your income. What are these new rules and have lenders received HUD approval for these programs? both it is best to advertise properties in areas or price ranges where other properties are also available and prospective buyers who respond to newspaper ads are likely to buy a property other than the property advertised. a vacant lot. 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. 60% of $5,685 = $3,411.page 317, Advantages of holding open houses include. Which of the following statements BEST describes a sublease? That means that a real estate agent that becomes a "loan officer" only after selling a property is unlikely to be considered a true employee and therefore would not be covered by the RESPA exemption. failure to mention the presence of the group would make you liable for any damages the buyer suffered. For listing agents, selling real estate involves three separate sales. One risk you face is that the lines of activities, duties, and responsibilities between the two positions can become blurred, especially to a buyer. a. accepting escrow instructions having blanks that are to be filled in after the instructions are signed. One who has a guide dog. And the company must promote its services during the event to qualify for the Real Estate Settlement Procedures Act (RESPA) advertising exemption. a counteroffer really rejects the offer. Liquidated damages cannot result from buyer default. Instructions to an owner upon taking a listing should include all EXCEPT. c.) both a and b. d.) neither a nor b. industrial parks. Net Exclusive agency Exclusive right-to-sell Open, It is a unilateral contract and the agent has not agreed to use diligence.Page 264. While HUD may provide general guidance, the department does not approve individual business plans, and generally does not opine as to what amounts constitute fair and reasonable compensation. staying with a prospect until you have a contract. H0:80Ha:<80. However, while working as a salesperson under you as his sponsoring broker, he is covered by the provisions of the act and you are responsible for his real estate-related activities. that the seller post a bond to cover damages by hazards discovered at a later date. 1031 exchange. Neither buyer nor seller may unilaterally modify the escrow instructions. Owner Adams sold the house without the aid of Broker Baker. both increased by a list price below that indicated by the comparative market analysis and decreased by listing above the market value. One of the requirements for a real estate salesperson to be regarded as an independent contractor by Which of the following statements regarding the truth-in-lending law is TRUE? How does this work and is it legal? conceal the fact that the advertiser is an agent. The entire leasehold must be transferred. health. Defraying all or a portion of legal expenses for pending litigation in which a member is a party 4. b.) Such as a Transfer Disclosure Statement.page 107, A fiduciary relationship applies to a real estate licensee and to. 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. 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. 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. Under the cash basis of accounting, you should record a commission when it is paid, so there is a credit to the cash account and a debit to the commission expense account. Bait-and-switch advertising is a federal offense. neither agents have inventory nor they want to quickly locate property that meets their needs. Which of the following is NOT a legal notice? show the prospective buyers homes they have listings for in order to please the owners of those listings. meeting objections half-way. You should check the do-not-call list before soliciting such listings to avoid violating the law.
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