brokers have liability to commission salespeople as to

retain top producers. There is an exception to the do-not-call rules: If you have a prior business relationship with the owner that ended within 18 months, you can call him. both 30-day month and 360-day year. I will obtain three new listings each month. (page 63), The Seller Financing Disclosure Statement provided to both buyer and seller provides. a recapture clause. Brokers have liability to commission salespeople as to Correct o minimum wage requirements. home solicitation phone calls. B. . loan in designated areas. Selling the lender on making the loan Selling the seller on an acceptance Selling the buyer on making an offer Selling the owner on giving a listing, This is not a sale. Should cover what is expected and how.page 48, The Civil Rights Act that applied only to race was the, The Civil Rights Act of 1866 gave rights to recently freed slaves. special assessments. It depends. None of these. buyers only. The buyers originally alleged damages in excess of $30 million. amount over the index the lender charges as interest. A common fee arrangement for commercial property managers would be a. percentage of the net. Plus credit information, cash out sellers, warnings, etc.page 144-149, Compliance with environmental hazards disclosure requires. all of these. The Texas REALTORS strongly encourages members to maintain E&O insurance. She has a signed liquidated damages clause. 10080. decreased by listing above the market value. total monthly housing expenses plus monthly long-term credit obligations divided by gross monthly income. Browse over 1 million classes created by top students, professors, publishers, and experts. a licensed property manager. the property has earthquake weakness if it was built before 1960. federally related loans. 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. flyer pointing out attractive features about a property. Question 4 1 / 1 pts The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to. the Truth in Lending Act. a warning as to balloon payments. (Page 410-411), When arriving at a property for a showing, if another agent is showing the property, you should. The Real Estate Commissioners suggestions for professional conduct include that the agent. Cost of sales is 45% of the gross commissions. If the flow rate of the river is F=2.3105m3/hrF=2.3 \times 10^5 \mathrm{~m}^3 / \mathrm{hr}F=2.3105m3/hr, use the formula you found in Question 4 to estimate the total amount of cadmium discharged from the plant during this 24-hour period. loan index. neither blockbusting nor steering. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to - Your answer is correct. If he were working exclusively for the builder, he would be exempt from the act and you would not be responsible for his activities. Avoid wasting time and prioritize time. all of these. More than two typefaces in an ad will likely have a negative effect on the ad. influential people in the community. Requires a subject heading, indicating that it is an advertisement with an opt-out mechanism, etc.page 193, The fine for making a single unauthorized solicitation call to a residential number listed on the do-not-call registry can be up to, However, recently updated to $40,000 per call.page 189. special interest of buyers. With reasonable expertise of a licensee.page 124. to buyer disclosure only. Directing to properties based on race.page 71. cooperate with other agents in designated areas. (page 68). combination of percentage of the gross and minimum fee. staying with a prospect until you have a contract. Attracts attention and is easy to read.Page 357. attention, interest, demand, action. confirm, elect, disclose. For copies of the procedures or applications, contact the Legal Affairs Department. Some brokers charge a small fee every time someone clicks through to the lenders website. because owners want to get as much as possible, you should underestimate costs so the net will be greater. is merely an offer to insure. 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. At the time of the purchase, flood maps for the area showed the property not to lie in a flood hazard area. Issues Mobilization and Political Advocacy Assessment, TACS Texas Accredited Commercial Specialist, TAHS Texas Affordable Housing Specialist, TRLP Texas REALTORS Leadership Program, TRLS Texas Residential Leasing Specialist, TRPM Texas Residential Property Manager, Sales of Million-Dollar Homes in Texas Report. Legally binding agency relationships may be formed between a principal, Select the statement that is true of consumer law prior to the 20th century. save paying the commission. land it is sited on. (d) all of these. 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. promotion and advertising paid by the agent. Thus, the reversing entry is: On the 15th of the month, ABC pays Mr. Smith his commission and records this entry. 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. Net Exclusive agency Exclusive right-to-sell Open, It is a unilateral contract and the agent has not agreed to use diligence.Page 264. neither 30-day month nor 360-day year. none of these. Most people read from the upper left to the lower right corner when looking at an ad. is voluntary. 79 of 100 Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. 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. The sublessee is a tenant of the original lessee. does none of these. the IRS is that the - broker-salesperson contract states that the salesperson shall be treated as an unsolicited fax messages. A broker may discriminate against which type of tenant? all of these. 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. bare-bones classified ad on a property. These rules come into play any time a real estate broker in a position to refer mortgage business to a lender is paid a thing of value by the lender. subordination. Goals must reflect current desires.page 39. 1 to 4 residential units only. (c) minimum wage requirements. B. motivate salespeople . a family-oriented home. Under the terms of his commission agreement, he receives a 5% commission on the revenue generated by the transaction, and will be paid on the 15th day of the following month. And the company must promote its services during the event to qualify for the Real Estate Settlement Procedures Act (RESPA) advertising exemption. 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. The Legal Review Committee, in turn, makes a recommendation to the Texas REALTORS Board of Directors either to approve or deny the application. all of these. For listing agents, selling real estate involves three separate sales. Telephone responses from a For Sale sign indicate what about the prospective buyer? Are there any risks I should be aware of before agreeing to this? The REALTOR's errors-and-omissions insurance carrier refused coverage on the basis that the claim involved bodily injury that was excepted from the policy. Monitoring and participating in the actions of governmental agencies 6. the exchange property must be identified within 45 days. Are there any additional restrictions or limitations for access to the legal fund? The entire leasehold must be transferred. A real estate agent can sell a mobile home with the land it is sited on. Which of the following should an agent regard as a buying signal? One who has children. 1 to 4 residential units. Their adjusted cost basis is $80,000. speed up your presentation. all of these. The burden of responsibility. No title insurance covers zoning changes.Page 599. cash. minimum wage requirements. (Page 277), By initialing the dispute resolution clause in the exclusive right-to-sell listing the seller and broker agree to. Because buyers seldom offer the list price, the list price has no effect on time to sell. do all the talking yourself. Course Hero is not sponsored or endorsed by any college or university. The Civil Rights Act of 1968 prohibited discrimination in housing based on national original, race, religion, and color. (Page 580). I will obtain three new listings each month. Automatically ends at the end of the lease period.Page 694, A property manager would know that Section 8 housing refers to. (Page 369), In advertising, the real estate agent should know that it is illegal to. Index plus margin equal interest charged.Page 539, Loans that meet the underwriting standards of Fannie Mae or Freddie Mac are known as. type of property. Independent Contractor Agreement for Sales Associate, Texas REALTORS is stronger when members work together. Having the ability to switch property is important. 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. neither let the buyer know the price so they can consider it before the agent arrives nor arrange to have all owners present for the presentation. Only a broker who sponsors salespeople or is a designated broker for a business entity must maintain up-to-date written policies and procedures. listings of 1 to 4 residential units. information about the buyers. that the property must have been held for productive use in a trade or business or for investment purposes. Which of the following listings does NOT require the agent to use diligence to locate a buyer? the average time from listing to sale for your firm is 42 days less than the average sale in your MLS. steering. p. 17 9. conceal the fact that the advertiser is an agent. What are the advantages of a good time-management program? If a prospective buyer intends to occupy a single-family home as a residence, which of the following is TRUE regarding liquidated damages resulting from buyer default? What is legal but unethical now might be illegal tomorrow. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to a.) Secondary financing refers to the resale of existing loans. $2,842.50. information about your firm. It should not matter. Brokers have liability to commission salespeople as to workers compensation. both, the agents have inventory and the buyers want to quickly locate property that meets their needs. Owners are most interested in the bottom line.Page 490, When an offer is received, the owner should be made aware that. California Real Estate Law. the commission was too high. The broker did not violate law or regulations because the listing was an. cashiers checks. The Internal Revenue Service sets strict standards for employment. (Page 411), When showing a property to a prospective buyer, the agent should. introduce yourself and your buyers to the other agent and go ahead with your showing. the name of the agent to call. meeting objections half-way. A commission is a fee that a business pays to a salesperson in exchange for his or her services in either facilitating, supervising, or completing a sale. These are suggestions not necessarily legal duties.page 66-67. property taxes to be increased up to 2% each year. This includes possible civil liability for negligent or other inappropriate activities. There is still the possibility of a sale.Page 493, A purchaser who obtains owner-financing and fails to apply rent payments to the loan payments may be guilty of. the factor that makes a neighborhood cohesive. These show that you understand the buyers concerns.Page 439-441. the down payment divided by the purchase price. A Transfer Disclosure Statement must be provided to the buyer when the sale involves. If an employee is receiving a commission, then the company withholds income taxes on the amount of the commission paid to the employee. an FHA home-purchase plan for renters. Both Primary financing refers to loans made directly by the lender to the borrower and Secondary financing refers to the resale of existing loans. military-based housing. Such as a Transfer Disclosure Statement.page 107, A fiduciary relationship applies to a real estate licensee and to. there is a licensed care facility that serves three people across the street from the property. advertise in designated areas. claims that a correct survey would have revealed. Turn perceived negative into a positive. undue influence. failure to mention the presence of the group would make you liable for any damages the buyer suffered. an estate. (Page 584), A standard policy of title insurance protects the purchaser from all EXCEPT. $5,685.00. There is a formal application and certification that an applicant, or his attorney, must complete. obtaining listings from visitors. let the buyer know the price so they can consider it before the agent arrives. an exclusive listing without a termination date. increased by a list price below that indicated by the comparative market analysis. provides insurance coverage until the title insurance policy is issued. Defraying legal expenses for cases in which the association intervenes or files briefs as a friend of the court 5. show buyers homes they cannot afford to impress them with the caliber of homes to which the agent has access. showing owners you are working on their behalf. neither federally related loans nor 1 to 4 residential units only. Some programs offer to make real estate agents part-time employees of the lender. Case 3: A REALTOR was sued by a buyer alleging that the agent did not disclose that the property lay in a flood-prone area or that the property had previously flooded. waive their rights to arbitrate. combination of percentage of the gross and minimum fee. industrial parks. keep in mind their first duty is to the owners, not to themselves or their firm. Although HUD has never published criteria, it's likely the IRS rules would prevail. neither motivate salespeople nor retain top producers. Brokers have liability to commission salespeople as to a. unemployment insurance. The damages cannot exceed 3% of the purchase price. Types of property requiring property management include. Brokers have liability to commission salespeople as to - workers compensation. Commission is negotiable and not set by law. all of these. With a constant stream of prospects.page 207, A major reason owners attempt to sell without an agent is to. Which of the following statements regarding the use of goal-setting is FALSE? 360-day year. Ads in an outside column will generate more interest than ads in an inside column. use their own funds to make loans. A mobile home must be at least 2 years old for a real estate agent to sell it. a particular mobile home park. ), The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to. a defeasance clause. neither 39 years for the property life nor the straight-line method. two months rent. Bait-and-switch advertising is a federal offense. 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. The application is submitted to the applicants local association for review. Conceal the fact that the advertiser is an agent, But any indication, like Agt., meets the requirement.Page 366. conforming loans. Only required for exclusive listings.Page 264, A listing where the licensee is subject to disciplinary action for demanding a fee would be. both applies to 1 to 4 residential units and must be signed by buyer and seller. unemployment insurance . retain top producers. they want to quickly locate property that meets their needs. blockbusting. As an indication of value, which of the following would BEST indicate the market value of a home? Direct relationship between list price and time to sell.Page 224-225, 228, Benefits that an owner receives by listing with an agent include. Inclusion of white space serves to emphasize a message. always selling a new home to the seller. Texas REALTORS is committed to advocating for a strong real estate industry, advancing a culture of continued learning, and staying ahead of issues concerning members and their clients. (page 308). The legal fund assisted the defendant in resolving the case favorably. neither you must mention this to a prospective buyer nor failure to mention the presence of the group would make you liable for any damages the buyer suffered. every listing. Need adequate number of comparable sales.Page 222-223, The likelihood of a sale within 90 days is. the FHA. Assuming a 6% commission, Salesperson Andrews share would be: $11,370.00. Brokers have liability to their commissioned salespersons in respect to: If you are going to be buying a new car for real estate sales, you should consider: b.) a.) broker that fails to advertise a property every week is not doing a proper job of advertising. 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. A sales force of 13 people share 10 desks. maximum that can be charged for the loan. One who has a guide dog. all of these. d. You will not post any information intended to sell or advertise a business, product, or service. Every six months, the Texas REALTORS Legal Review Committee reviews applications and requests for funding from the Legal Fund from Texas REALTORS and litigants involving cases that significantly affect the entire real estate industry. H0:80Ha:<80\begin{aligned} 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. Or changing instructions without agreement of all parties. There is no limit for the damages. Can a brokerage allow a mortgage company to sponsor a luncheon that offers CE for its agents? Accepting the offer but conditioning the acceptance on a different escrow office than specified in the offer None of these Accepting the offer verbally with a promise of a later written confirmation Accepting an offer but changing the closing date, Must be accepted in writing without any conditions or variance.Page 497. This exception does not apply if the owner has asked your company to place his number on the company do-not-call list. a full-sized, four-door car for easy entrance and exit. Brown Act. 3. neither paying a referral fee to anyone other than his or her own employees nor accepting escrow instructions having blanks that are to be filled in after the instructions are signed. checking the regulations of the Bureau of Real Estate. If you are going to be buying a new car for real estate sales, you should consider . asking every prospect to recommend another prospect. Which of the following loans is MOST likely to have the highest initial interest rate? Which of the following statements regarding the truth-in-lending law is TRUE? one months rent. a fixer-upper. 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. (Page 591). Disclosure of AIDS is never required. uniformly to all real estate transactions. all of these. To be enforceable, which element is required in an exclusive right-to-sell listing? ), Using time-management to increase income, you should realize that, b.) Your answer is correct. the firms logo. a credit on the sellers closing statement. you should concentrate more on possibilities than probabilities. it is better to estimate costs a little on the high side than the low side. arbitrate disputes if directed to by the court. both use their own funds to make loans and service loans they make. applies to 1 to 4 residential units. portfolio loans. 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. a resident manager. Buyers resist pressure before they are ready.Page 447, Disadvantages of home-ownership include all of the following EXCEPT. 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. The damages cannot be recovered by the seller. A number of statutory elements must be satisfied by the consumer before he can file a claim for payment out of the recovery fund, including first obtaining a judgment against the broker or salesman that is not satisfied. b.) an estate for years. Or working an area for a type of property or buyer group.page 213, A reverse directory allows an agent to have the. open-end loan. both 30-day month and 360-day year. provide sufficient facts so the receivers can form valid conclusions. Applicability of the legal principles discussed in this material may differ substantially in individual situations. Neither buyer nor seller may unilaterally modify the escrow instructions. they extend the listing for a longer period as price is related to time to sell. neither the exchange property must be identified within 45 days nor the exchange must be completed no more than 180 days after transfer of exchanged property. To catch the eye of buyers who desire that feature.Page 352. a subordination clause. Residential real estate uses 27.5 years. Which of the following would constitute an acceptance? A real estate agent can sell a mobile home in a rental park space. risk. What type of listing did the broker have? all of these. A release from time pressures What type of listing is legal in California, but is considered illegal in some other states? What kind of closing technique is Harry using? a former owner had AIDS. A mortgage company sponsoring an educational event to promote its services can do so as long as the cost associated with the event doesnt cover any of the agents other expenses they would otherwise have to pay, such as the cost of the CE credit. all of these. a listing where the agent was not authorized to accept a deposit. percentage of the gross. You can find out how things are done in your office by - studying your office procedure manual. using one period of time to list and another period of time to sell in a never-ending cycle. (Page 693-695), Security deposits for unfurnished residential rentals cannot exceed. 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. That means in order to be considered an employee rather than an independent contractor, the agent/loan officer must: 1) be under the supervision and control of a lender's office; 2) use the lender's equipment; 3) have set hours; 4) receive a W-2 form; 5) receive standard employee benefits; and 6) have the lender be liable for the employee's conduct. Brokers have liability to commission salespeople as to workers compensations The California Act that prohibits discrimination by all California businesses is the Unruh Act Redlining is prohibited by the The Holden Act A selling agent must comply with agency disclosures to the buyer before the buyer executes an offer If you are going to be buying a new car for real estate sales, you should consider. Which of the following is NOT one of the three? forgery in the chain of title. You will not post any defamatory, discriminatory, libelous, threatening, vulgar, sexually explicit, abusive, profane, rude, or obscene content (including comments); b. Three years after the purchase, the property flooded and the buyers then learned that the property had previously flooded. 4: The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to: (a) motivate salespeople. talk fast if the customer talks slowly. 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. Thus, a real estate agent could receive nominal compensation, for supplying a lender with certain basic information about a customer (i.e., name, address, telephone number, price of the newly purchased home, etc.). both motivate salespeople and retain top producers. your average sale is at 94.5% percent of list price while the average for your MLS is 87.3%. asking every prospect to recommend another prospect. The Fifth Circuit Court of Appeals reversed and held that the Texas Constitution had been superseded. Reimbursing travel expenses of Texas REALTORS who participate in form-development task forces. FHA loan. d. all of the above 4. the buyer can amend the escrow instructions. Bill and sue. Yes. None of these. a counteroffer really rejects the offer. changes in the zoning. amount over the index the lender charges as interest. arrange to have all owners present for the presentation. I will improve my communication skills. neither it is best to advertise properties in areas or price ranges where other properties are also available nor prospective buyers who respond to newspaper ads are likely to buy a property other than the property advertised. Buyers are attracted to bargains, not overpriced property. have a quicker sale. Principal residence does not qualify for a tax deferred exchange.Page 628. none of these. return it to the offeror. it is best to advertise properties in areas or price ranges where other properties are also available. a commercial building. The earthquake safety disclosure statement. Which of the following statements regarding display advertising is TRUE? - Both A real estate agent 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 The damages cannot exceed 3% of the purchase price. Owners presence inhibits buyers. 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.

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