Utah Real Estate: Federal Laws B chapter 38

According to the Do Not Call law, it is okay to hang up after:

4 rings or 15 seconds

The Do Not Call law allows phone solicitations between what time?

8:00am - 9:00pm

Bid Rigging

A form of fraud in which a commercial contract is promised to one party even though for the sake of appearance several other parties also present a bid. This form of collusion is illegal in most states.

Sherman Anti-Trust Act

A law designed to encourage competition and free enterprise by outawing price fixing.

Established Business Relationship

An exception as it relates to the Do Not Call Registry: This exists for 18 months past the consummation of your last transaction. It goes forward for three months from the person's initial inquiry. (ex: client calls you. You call back and then they say they are on the do not call list. But you are simply calling them back...)

Price Fixing

Colluding with competitors and setting commission rates

Interstate Land Sales Full Disclosure Act

Designed to protect the public from unscrupulous developers marketing ownership interests across state lines for properties which are not yet built. Full disclosure is to be made to prospective buyers before they decide to buy. (Developers must: prepare statement and register with Director of Consumer Financial Protection Bureau, deliver property report to prospect and obtain receipt for it, give buyer 7-day cooling-off period)

The best way to get rid of private information is:

Destroy it

Do Not Call Registry

Enacted in 2003. A list of people who register not to be called. Real estate agents must comply with these national rules. A business must scrub their potential contacts against this registry at least once a month. When calling, must let phone ring 4 rings or 15 seconds before hanging up. Allowed to call only between 8am-9pm.

Group Boycott

Occur when a group of businesses agrees not to do business with a particular party. Violates Sherman Antitrust Act (ex: A typical group boycott allegation in the real estate brokerage business involves a claim that two or more brokerages have agreed to refuse to cooperate or to cooperate on less favorable terms, with a third brokerage company.)

Market Allocation

Or market division schemes are agreements in which competitors divide markets among themselves. In such schemes, competing firms allocate specific customers or types of customers, products, or territories among themselves.

If two agents collude to charge the same commission rate, which law is at play?

Sherman Antitrust

Industry Discrimination

Similar to blacklisting or boycotting within associations and groups. Violates Sherman Antitrust Act.

Steering

The act of directing buyers to or away from certain geographical areas for the purpose of discriminating.

The Uniform Commercial Code is:

The code that applies when selling personal property, such as merchant goods

Uniform Commercial Code

The body of law that regulates the transfer, or sale of personal property, sales agreements, banking and commercial paper, and security interests; such as when one is going out of business and is selling an inventory in bulk (UCC). Governs sale of goods for merchandise.

Real estate agents are governed by the Do Not Call law:

True