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(a full-sized, four-door, car for easy entrance and exit. rent skimming. The Legal Review Committee, in turn, makes a recommendation to the Texas REALTORS Board of Directors either to approve or deny the application. More than two typefaces in an ad will likely have a negative effect on the ad. (Page 591). $5,685.00. the Real Estate Settlement Procedures Act. arbitrate disputes if directed to by the court. advertising by season. A brokerage firm has operating expenses of $254,000. uniformly to all real estate transactions. ask leading questions. 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. a family-oriented home. Reasonable compensation (generally a flat fee, not a percentage of the loan amount) may be justified. (Page 128), A selling agent must comply with agency disclosures to the buyer. conversion. do all of these. unsolicited fax messages. c. minimum wage requirements. Even if it is for just a few months.Page 675, A property manager who lives on the property and is employed by the owner, would be. a defeasance clause. There is no limit for the damages. Only part of the leasehold is transferred in a sublease. why the owners should deal with your firm. A fee based on a transaction between the lender and a consumer is prohibited by RESPA. forgery in the chain of title. 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. For example, litigants in one case involving antitrust issues asked the association to file briefs with the court. Are there any risks I should be aware of before agreeing to this? all of these. two months rent. Reg. (page 38), The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to. neither 30-day month nor 360-day year. Less-common commission structures are based on the gross margin or net income generated by a sale; these structures are typically less used, since they are more difficult to calculate. third month of a six-month listing. taxes. present the firms offer first and, if rejected, then present the other offer(s). ignore the other agent and go ahead with your showing. is satisfied with the area. No persuasion.Page 478, What the buyers will pay, not what sellers want.Page 490, An agent who receives an unreasonable offer on their principals property should generally. They like it and hope they can afford it.Page 383, When you receive For Sale sign inquiries you can assume that the caller. If the person receiving the commission is not an employee, then that person considers the commission to be revenue, and may pay taxes if there is a resulting profit. 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. $570,000 $70,000 $650,000 None of these, They have a gain of $570,000 and a $500,000 exclusion.Page 634, A clause in a percentage lease whereby the landlord has a right to regain the premises if the tenant fails to achieve a stated gross would be. 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. minimum fee. lack of liquidity. She has a signed liquidated damages clause. to disclosures to principals only. d. You will not post any information intended to sell or advertise a business, product, or service. an estate for years. Press release Yellow pages of a telephone directory Direct mail Billboard, A billboard that states Thomas RealtyA Name You Can Trust would be regarded as. You will not use our blog posts or posted content to do anything unlawful, misleading, malicious, or discriminatory; and. loan index. Helping Texas REALTORS understand their legal rights and duties under law 2. the total monthly housing payment divided by the gross monthly income. What are the advantages of a good time-management program? all of these. 3: Brokers have liability to commission salespeople as to: (a) unemployment insurance. a particular subdivision. The fees must be "reasonably related to the value of the services performed." Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. Very rarely. The rules and regulations of the legal fund set forth specifically all of the application procedures and the requirements that must be met before assistance from the legal fund may be authorized. Agents must advertise their names and license status. Monitoring and participating in the actions of governmental agencies 6. Question 4 1 / 1 pts The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to. The three stages of presenting an offer include all of the following EXCEPT. Brokers have liability to commission salespeople as to a. unemployment insurance. say, I will give you the address if you give me your name. say, Would it be all right if I sent you some information and photos of that property and several others? say, Im sorry; office policy prohibits me from discussing any properties if I dont know with whom I am talking., say, Would it be all right if I sent you some information and photos of that property and several others?, It is not threatening and most will agree. 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. ad within a price range or area creates prospects for other homes in the price range or area. a periodic tenancy. as expensive a car as possible to impress others. Under these guidelines, agents and brokers may receive fees for performing loan origination work on a lender's behalf, such as taking a loan application, counseling borrowers, ordering credit reports and appraisals, and completing loan documents used to process the loan. California Real Estate Law. both you must mention this to a prospective buyer and failure to mention the presence of the group would make you liable for any damages the buyer suffered. waive their rights to arbitrate. checking the regulations of the Bureau of Real Estate. What is legal but unethical now might be illegal tomorrow. a licensed property manager. (Page 397). upon delivery of the sellers acceptance. And get buyer reactions which might alter showings. One way you can do this is by using the Independent Contractor Agreement for Sales Associate (TAR 2301) and the Statement of Understanding (TAR 2302). Real Estate Practice, Edition 10, Chapter 1 Quiz Flashcards | Quizlet (Page 561), The margin on an adjustable rate loan refers to the. applies to 1 to 4 residential units. 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 opposite of most advertising. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to neither motivate salespeople nor retain top producers. 360-day year. federal income taxes. (Page 580). What is the best test to evaluate if an act is ethical? both blockbusting and steering. none of these. (Page 584), A standard policy of title insurance protects the purchaser from all EXCEPT. What would be a word or words to use in a listing presentation that denotes a benefit? prior to qualifying the buyer. Although showing owners you are working on their behalf is least important.page 327-331. procedure for showing a property to prospective buyers. An exclusive listing without a termination date, Must have a definite termination date.Page 266. neither federally related loans nor 1 to 4 residential units only. wait to show the property until the other agent has left. Brokers have liability to commission salespeople as to - workers compensation. properties in close proximity. Am I still required to have a manual? taxes based on a persons ability to pay. minimum wage requirements. A commission may be earned by an employee or an outside salesperson or entity. commercial property. You should contact your attorney to obtain advice with respect to any particular issue or problem. being over-eager to close. a former owner had AIDS. your average sale is at 94.5% percent of list price while the average for your MLS is 87.3%. the exchange must be completed no more than 180 days after transfer of exchanged property. Bill and sue. Index plus margin equal interest charged.Page 539, Loans that meet the underwriting standards of Fannie Mae or Freddie Mac are known as. I will obtain three new listings each month. a gross lease. you will work just as hard as the large firm. that the property must have been held for productive use in a trade or business or for investment purposes. You can find out how things are done in your office by - studying your office procedure manual. You should tell someone about your goals. What are the advantages of a good time-management program? c. You will not post content or take any action on our blog posts that infringes someone elses rights or otherwise violates the law. all of these. Disclosure of AIDS is never required. A broker shall provide the name of each delegated supervisor to the Commission on a form or through the online process approved by the Commission within 30 days of any such delegation that has lasted or is anticipated to last more than three consecutive months. The sublessee is a tenant of the original lessee. Applicability of the legal principles discussed in this material may differ substantially in individual situations. How does this work and is it legal? let the buyer know the price so they can consider it before the agent arrives. (Page 294), In describing sales successes, it would NOT be advantageous to point out that. 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. ground lease. do all the talking yourself. conforming loans. This letter, often referred to as the Retsinas Letter (after the former FHA Commissioner who issued the letter), was later incorporated by reference in a March 1, 1999, RESPA Statement of Policy Regarding Payments By Lenders To Mortgage Brokers, 64 Fed. participation loans. If you are going to be buying a new car for real estate sales, you should consider. let the owners know which offers provide the agent with the greatest benefits. Is the legal fund the same as the recovery fund? arrange to have all owners present for the presentation. show unoccupied property first to give owner-occupants a chance to prepare for the showing. ask, inform, demonstrate, approve. four months rent. (Page 486), In making an appointment to present an offer, the agent should. 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. Are there any additional restrictions or limitations for access to the legal fund? submit all written offers in a prompt and timely manner. Unruh Act. none of these. they extend the listing for a longer period as price is related to time to sell. Your answer is correct. both applies to 1 to 4 residential units and must be signed by buyer and seller. all of these. For listing agents, selling real estate involves three separate sales. avoid cooking with foods having strong and lasting odors. REALTOR membership is a criterion that a broker may voluntarily choose to require of independent contractors. Only a broker who sponsors salespeople or is a designated broker for a business entity must maintain up-to-date written policies and procedures.