Unit 9 Real estate brokerage
A broker setting a company commission schedule
All of the following are prohibited under the antitrust laws except A. Real estate companies agreeing not to go cooperate with a broker because of the fees that the broker charges B. Competing property management companies agreeing to standardize management fees C. A broker setting a company commission schedule D. Competing brokers allocating markets based on the value of homes
Specific our stated in a written agreement
All of these are requirements for independent contractor status use by the Internal Revenue Service except A. Current real estate license B. A written agreement specifies that the individual will not be treated as an employee for tax purposes C. Specific hours stated in a written agreement D. Substantial portion of the individual income is based on sales production rather than hours worked
Commission splitting
All of these are violations of federal antitrust laws except A. Tie-in agreement B. Commission splitting C. Allocation of customers D. Group boycotting
Standard community rate
All of these are ways for broker to charge for services except A. Commission based on a percentage of the selling price B. Hourly rate C. Standard community rate D. Flat fees
In all cases
Commissions are negotiable
Sales associate
Many states have modified the traditional term broker and sales person to stress that all licensees must be knowledgeable of and comply with the law. The person who performs licensed activities under the authority of a broker is frequently called a
May 1st
A qualified buyer makes a written offer on a property on March 6 by filling out and signing a sales agreement later that day, the seller excepts and signs the agreement, keeping one copy. The broker gives a copy of the signed agreement to the buyer on March 8. The sellers deed is delivered on May 1. The deed is recorded on May 7, and the buyer takes possession on May 15. When is the brokers commission payable if this is a usual transaction
Paid by the sales associates employing broker
A real estate sales associate has a license personal assistant who usually must be
True
A real estate sales associate is an individual who is licensed to perform real estate activities on behalf of a licensed broker
False, a real estate broker is license to buy, sell, exchange, or lease real property for others into charge a fee for those services
A real estate sales associate is license to buy, sell, exchange, or lease real property for others and charge a fee for those services true or false
Digital communication in all it's forms
A recent important change to real estate brokerage practice is
Based on sales production or other output
A rep estate associate who is an independent contractor, as opposed to an employee, will have a substantial portion of the individual's home
Have the same force and affect as statutory law
Administrative regulations that administer real estate license laws
Licensing authority (division commission etc.)
After license laws are in acted by the legislator, who is responsible for adopting administrative regulations
True
Price-fixing, group boycotting, and allocation of markets are three examples of antitrust violations True or false
True
Real estate license law set up a disciplinary system to enforce the acceptable standards of conduct and practice for licensees True or false
Consumers
Real estate license laws exist primarily to protect
True
The amount of a brokers compensation is always negotiable true or false
Uniform electric transaction Act UETA
The use of of electronic signatures make routine paperwork more efficient and has been encouraged by adoption by most states of the
Unrelated to either the buyer or the seller
To be entitled to receive compensation from a real estate sales transaction, an individual must be all of the following except A. A licensed real estate broker B. The procuring cause of the sale C. Unrelated to either the buyer or the seller D. Employed by the buyer or seller under a valid contract
A maximum $1 million fine and 10 years in prison
Under the Sherman Antitrust Act, the penalty for a person found guilty of fixing prices or allocating markets is
True
Under the Sherman antitrust act, people who fix prices or allocate markets may be subject to a maximum 1 million fine in 10 years in prison
Graduated commission split
What is the compensation plan called if a sales person commission split increases depending on whether the Sales person achieve higher production goals
It exposes the property to greater number perspective buyers
What is the main value of multiple listing service MLS for sellers
Unbundling services
What is the practice called when a consumer select specific services to use only and only pays the real estate professional for those services
Responding to emails within one week
When communicating with clients or customers via email all of these are examples of professional email etiquette except A. Using spellcheck B. Providing useful information in the subject line C. Avoiding sending large attachments D. Responding to emails within one week
CAN-SPAM Act
Which law has a feature that commercial email messages must include a means by which a recipient can unsubscribe
A broker setting a company commission schedule
Which of the following is allowed under antitrust laws
To protect the public and establish standards of professionalism
Why have real estate law's been put into affect
Neither broker has committed an antitrust violation
A broker who owns a realty agency does not permit his sales people to charge less than eight percent commission in any transaction. After reading a newspaper article about this realty agencies policy the broker of another realty agency decides to also charge a 8% percent minimum based on these facts which of these statements are true
Independent contractor
A licensed real estate sales person has a written contact with his broker specifying that he will not be treated as an employee. The sales person's entire income is from sales commissions rather than an hourly wage. Based on the fact of sales person is considered a
That's must contain true, current information and avoid misleading the potential client or customer
Although state laws vary regarding Internet advertising which of these is a typical element of state policy or law
A tie in agreement
An arrangement to sell one product only if the buyer purchases another product as well is called
Give contracts created using email the same legal standing as those on paper
An important purpose of the E sign act is to
Compensation the contractor would receive
An independent contractor in a broker can agree upon what
Procuring cause
And owner tells a group of brokers, I will pay a commission to go ever brings me a buyer. In this case the broker who was going to get paid must be the
Sales persons with in the same office agreeing on a standard commission right
Antitrust all do not prohibit real estate
387, 492
Assuming that the listing broker and selling broker split their commission from a transaction equally, what was the sales price of the property if the commission rate was 6.5% and the listing broker received 12,593.50
Prohibited communications
Do not call registry and laws such as telephone consumer protection act, junk fax prevention act, and rules of the Federal Communications Commission dictate
18
Even if a consumer has requested placement on the national do not call registry, a real estate professional make call to the customer up to how many months after the customers last purchase
The broker was the procuring cause of the sale and is entitled to the full six percent commission
I real estate broker had a listing agreement with a seller that specified a six percent commission. The broker showed the home to a prospective buyer. The next day, the buyer called the seller directly and offered to buy the house for five percent less than the asking price the seller agreed to the price and inform the broker in writing that no further brokerage services would be required. The sale went to closing six weeks later. Is the broker entitled to the commission
False, a broker is considered the procuring cause of a sell if the broker started an uninterrupted chain of events that resulted in the sale
If present at the time the transaction closes, a broker is considered to be the procuring cause of a sale. True or false
Be a procuring cause of the sale
In order for a broker to be paid on an open listing the broker must
A licensee who performs real estate activities on behalf of a broker
In real estate a sales associate is always
False, all 50 states, the district of Columbia ,and all Canadian providences license and regulate the activities of real estate brokers and their sales associates
Only a few states regulate the activities of real estate brokers in sales people is this true or false
The agreement does not violate antitrust laws
Sales associate A and sales associate B work for the same firm they agreed to divide their region into eastern half and western half; sales associate will handle listings on the east so so she'll be will handle listings on the west
The seller decided not to sell
The broker may still be entitled to a commission in which of these situations or a pending property sale did not close
True
The internal revenue services have establish criteria for determining whether a sales associate is classified as an employee or a non-employee for income tax purposes True or false
Internet data exchange
The name for the current policy of the national Association of realtors allows all multiple listing service MLS members equal rights to display MLS data in the
False, price-fixing is the practice of competitor setting prices for products or services Tie-in agreement is agreement to sell one product only if the buyer also purchases another product
The practice of illegally setting standard prices for products or services is called a tie in agreement true or false
Remove barriers in electronic commerce that would otherwise prevent enforceability of contract
The primary purpose of the uniform electric transaction act UETA is to
Antitrust laws
The real estate industry, including all licensed real estate broker in sales associates, is subject to