realtor exam chapter 2
Comapny A is offering a selling bonus of 1,000$ to the selling agent, you sell the house at the closing the broker from company A gives you a check for the 1000$. Who if anyone has violated the law?
both you and the broker from company A
a personal assistant is permitted to submit data on listings to multiple listing service
true
a sales person is allowed to call someone on do not call list if they have had a Buisness inquiry in the last 3 months.
true
an antitrust conviction in Iowa will cost you fines and your real estate license
true
by the late 1960's MLS's had become the norm in larger cities
true
it is permissible to receive a small wage from your broker, as long as it does not exceed 10% of your total income from real estate
true
salespeople must not close a transaction unless under the direct supervision of the broker
true
the chain of events that leads to real estate sale is procuring cause
true
the practice of paying referral commission grew because of the popularity of franchises
true
Rules for being an Independent Contractor
1.The agent must have a real estate license. 2.A written contract must exist that states no employment exists. 3.At least 90% of the agent's income must be from commissions earned and not from an hourly wage.
If a sales person were to transfer from one broker to another, any activie listings the salesperson has will transfer to new broker
FALSE
It is permissible for an unlicensed assistant to show a house as they make it clear they're working for a licesened agent
False
IDX stands for
Internet data exchange
Commission is earned when:
You find a "ready, willing and able buyer"
a real estate agent is required to check the DO-Not-Call list how often?
every 31 days to have any defense of regulation
A broker may opt out of IDX and still display the listings of other companies on his or her website
false
a real estate company must have a physical office in Iowa to meet minimum services of the law.
false
personal assistant are permitted to answer questions regarding mortgage financing
false
A company can require you to buy from them if they sell your house
false no they cannot
a licensee employing an assistant can pay that assistant percentage of their earned commissions
false no they cannot
Simply talking about the commission your company charges in a meeting with agents from another company is not an antitrust violation
false yes it is
It is not nessacarry for an independent contractor agreement to be in writing
false, needs to be in writing
it is permissible for brokers to get together and establish a standard commission for services
false, no discussing commission
An unlicensed personal assistant can show a property as long as they talk to the broker to make an offer
false, unliscensed cannot
caveat emptor means?
let the buyer beware
Larry was holding an open house and during the event visited with Bill and Jane and mentioned another home they might be interested in. Bill and Jane went to that house, noticed it was also open and ended up signing an offer to buy with the other agent. Does Larry have a valid case to claim procuring cause?
no
If a spouse refuses to sign a deed it would still be possible for the agent to collect a commission
true
If you have a real estate dispute with another agent you CANNOT take it to the Iowa Real Estate commission.
true
Iowa law spells out the minimum services that a broker must provide
true
The National association of REALTORS IDX policy established rules allowing other companies to display another company's listing on their websites.
true
a commission may still be earned even though a seller and a buyer get together and decide to cancel the deal.
true
a commission may still be earned even though the seller was unable to deliver possession in a reasonable time
true
a contract may not be denied legal effect or enforceability solely because an electronic record was used in its formation
true
a lichened assistent is paid by the broker
true
