neither motivate salespeople nor retain top producers. No. disclosure of deferred interest. an accredited property manager. every listing. 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 blank space since it attracts attention. An agents inspection under Easton v. Strassburger (as codified by state statutes) applies to. there is a licensed care facility that serves three people across the street from the property. get a higher gross price. rent skimming. It should be completed annually to reaffirm the relationship that exists between you and your agents. d. You will not post any information intended to sell or advertise a business, product, or service. Licensed care facilities near the property that serve 6 or fewer people need not be disclosed. return it to the offeror. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to motivate salespeople and retain top producers Using time-management to increase income, you should realize that doubling "A" time activities should double your income. prospective buyers who respond to newspaper ads are likely to buy a property other than the property advertised. 360-day year. It depends. the exchange must be completed no more than 180 days after transfer of exchanged property. chemical tests of the soil for all dangerous contaminants. Brokers have liability to commission salespeople as to: Workmen's Compensation One of the requirements for a real estate salesperson to be regarded as Commission amounts vary but due to the nature of the paycheck calculation, employees and employers come to an agreement on the amount of the commission per each paycheck and how often it is paid. The Real Estate Recovery Fund is a fund created by the Real Estate License Act that is maintained by the Texas Real Estate Commission (the state agency regulating Texas real estate brokers and salesmen). The seller entitled to it and the buyer pays. Conceal the fact that the advertiser is an agent, But any indication, like Agt., meets the requirement.Page 366. is satisfied with the area. combination of percentage of the gross and minimum fee. o all of these. open-end loan. The damages cannot exceed 3% of the purchase price. Fred Smith sells a $1,000 widget for ABC International. CA Real Estate Practice Flashcards Preview - Brainscape These are suggestions not necessarily legal duties.page 66-67. the name of the agent to call. Owners are most interested in the bottom line.Page 490, When an offer is received, the owner should be made aware that. Secondary financing refers to the resale of existing loans. (Page 231). the most desirable feature. an estate. Monitoring and participating in the actions of governmental agencies 6. Yes, as long as you follow the rules set out in the Real Estate Settlement Procedures Act (RESPA). both 39 years for the property life and the straight-line method. Brown Act. A broker who is the designated broker for a business entity is subject to this rule whether or not the business entity sponsors salespeople. Lowercase letters are easier to read than capital letters. you will work just as hard as the large firm. uniformly to all real estate transactions. An unhappy seller could mean a sale that does not close. salesperson is not responsible to a broker. keep in mind their first duty is to the owners, not to themselves or their firm. At the time of the contract, the agent provided the buyer with a detailed written statement (signed by the buyer) about the toxic dangers and health hazards posed to residents of the subdivision, since it was known that a nearby site was environmentally contaminated. Because buyers seldom offer the list price, the list price has no effect on time to sell. both, the agents have inventory and the buyers want to quickly locate property that meets their needs. unrecorded liens. Your answer is correct 3 Brokers have liability to commission The buyers originally alleged damages in excess of $30 million. forgery in the chain of title. Primary financing refers to loans made directly by the lender to the borrower. The property was most likely advertised as. all of these. You should contact your attorney to obtain advice with respect to any particular issue or problem. Yes. 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. Which of the following statements regarding mobile home sales is TRUE? All of these Lawful purpose Writing Consideration, Contract requirements plus Statute of Frauds.Page 263, The reason most mentioned by owners for NOT renewing listings is. neither use their own funds to make loans nor service loans they make. 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. Chapter One; Getting Started in Real Estate - Quizlet before the buyer executes an offer. c. You will not post content or take any action on our blog posts that infringes someone elses rights or otherwise violates the law. Ultimately, the board of directors must make a determination if the use of the Legal Fund satisfies the purposes and intent of the fund. primarily for 1 to 4 residential units. Three years after the purchase, the property flooded and the buyers then learned that the property had previously flooded. Turn perceived negative into a positive. In a sublease, the sublessor is liable to the owner. A sample of 100 is used and the population standard deviation is 12 . attention, interest, desire, action. A both motivate salespeople and retain top producers. any of these. There are no do-not-knock or do-not-mail laws that would prohibit these methods of soliciting business, so you could consider sending a nicely worded letter to the owner or making a personal visit to the home. Which of the following is an example of a tie-down? H0:80Ha:<80\begin{aligned} One who has a guide dog. A recorded abstract of judgment has priority over a homestead declaration when O it was recorded prior to the homestead O the owner has rented the property to another O. Legally binding agency relationships may be formed between a principal, Select the statement that is true of consumer law prior to the 20th century. newly acquired property to have a maximum basic tax levy of 1%. The payment of any . Sells the firm, not a specific property.Page 342. Use =.01\alpha=.01=.01. the Bureau of Real Estate. 4: The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to: (a) motivate salespeople. Ethics tends to precede the law. motivate salespeople. For copies of the procedures or applications, contact the Legal Affairs Department. Which of the following would constitute an acceptance? Most people read from the upper left to the lower right corner when looking at an ad. Holden Act. lack of communication from the agent. (Page 580). ad within a price range or area creates prospects for other homes in the price range or area. Harry has some buyers that he believes are ready to make an offer. (Page 427), When dealing with a prospect who is silent, the BEST approach would be to. A clear description of the copyrighted work infringed; A statement that you have a good faith belief that the use of the content identified in your DMCA notice is not authorized by the copyright owner, its agent or the law; Your contact information (such as your name, email address and telephone number); A certification, under penalty of perjury, that the DMCA notice is accurate, signed (either electronically or physically) by the copyright owner or the copyright owners legal representative. One who has children. A release from time pressures Very rarely. both federally related loans and 1 to 4 residential units only. that the seller post a bond to cover damages by hazards discovered at a later date. information about yourself. supporting statements with facts. Which of the following is true of agency relationships? ad within a price range or area creates prospects for other homes in the price range or area. cashiers checks. At the time of the purchase, flood maps for the area showed the property not to lie in a flood hazard area. health. Need adequate number of comparable sales.Page 222-223, The likelihood of a sale within 90 days is. all of these. They hope to keep fee for themselves.page 190, If your firm is small, to obtain a listing when competing against a large firm you should emphasize that. a resident manager. It saves time and buyers dont have to deal with owners directly. they want to quickly locate property that meets their needs. owners name from the tax number. Direct relationship between list price and time to sell.Page 224-225, 228, Benefits that an owner receives by listing with an agent include. Net Exclusive agency Exclusive right-to-sell Open, It is a unilateral contract and the agent has not agreed to use diligence.Page 264. Without all owners, it cant be accepted.Page 479. prior to showing property. 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. When a change is required to escrow instructions: the seller can amend the escrow instructions. amount over the index the lender charges as interest. The damages cannot exceed 3% of the purchase price. credit terms. both is satisfied with the general appearance of the home and is satisfied with the area. The following statements are all examples of abstract goals EXCEPT: d.) (I will obtain three new listings each month. Which of the following listings does NOT require the agent to use diligence to locate a buyer? 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. How much of their gain would be taxable? both let the buyer know the price so they can consider it before the agent arrives and arrange to have all owners present for the presentation. Case 2: The association filed an amicus brief in an Austin case in which a savings and loan association filed suit against the attorney general of Texas, arguing that federal regulations preempted the Texas Constitution regarding its homestead protection. California Real Estate Practice Final Exam (Questions - Browsegrades (Page 410-411), When arriving at a property for a showing, if another agent is showing the property, you should. A mobile home must be at least 2 years old for a real estate agent to sell it. eminent domain. the factor that makes a neighborhood cohesive. listings of 1 to 4 residential units. (Page 397), When a caller wont give a name, the best approach would be to, hang up. Properties listed above market value tend to sell faster than properties listed at prices closer to market value. neither agents have inventory nor they want to quickly locate property that meets their needs. I will improve my communication skills. It was more important than it is now, because consumer products were less sophisticated. By interacting with any of our blog posts, you agree to comply with the following terms and conditions: Texas REALTORS, in its sole discretion, reserves the right to remove any content you have uploaded, posted, or submitted onto any of our blog posts if we believe that it violates these terms or conditions. To be enforceable, which element is required in an exclusive right-to-sell listing? use technical terms wherever possible. information about the buyers. What are the advantages of a good time-management program? Before accepting the claim at face value, ask to see a copy of HUD's approval. Brokers who are exempt from continuing education requirements are those who were informed in writing of their eligibility by TREC, gave notice between between October 1 and 30, 1991, of their wish to opt out, and paid the applicable fee. gap loan. Which proposition makes it possible for taxpayers 55 years or older to transfer current base-year value of their principal residence to a replacement home within the same county? The independent contractor agreement formally defines the obligations and rights of a broker and an agent and outlines provisions that make it clear the agent is not an employee. it is better to estimate costs a little on the high side than the low side. show buyers homes they cannot afford to impress them with the caliber of homes to which the agent has access. While real estate agents will find it difficult to serve as both real estate agents and mortgage brokers, or real estate agents and part-time lender employees, agents may still be paid under a RESPA exemption that permits persons (even ones that refer lenders business) to be paid for services rendered, so long as the payment is commensurate with the services provided. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to a. motivate salespeople. Some programs offer to make real estate agents part-time employees of the lender. the average time from listing to sale for your firm is 42 days less than the average sale in your MLS. does none of these. loan in designated areas. retain top producers. 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. A brokerage firm has operating expenses of $254,000. personal property. interest. 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. Reasonable compensation (generally a flat fee, not a percentage of the loan amount) may be justified. Can a brokerage allow a mortgage company to sponsor a luncheon that offers CE for its agents? sell the item, not the benefits. none of these. showing owners you are working on their behalf. A real estate agent can sell a mobile home with the land it is sited on. a sports car to show you are a modern person. land it is sited on. 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. Incentive to do more and to stay.page 20 Are there any risks I should be aware of before agreeing to this? both motivate salespeople and retain top producers. If it is unethical, it is illegal. This is a debit to the commission expense account and a credit to a commission liability account (which is usually classified as a short-term liability, except for cases where you expect to pay the commission in more than one year). both 30-day month and 360-day year. neither federally related loans nor 1 to 4 residential units only. 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. Agents sell while owners seldom sell themselves.Page 239. failure to mention the presence of the group would make you liable for any damages the buyer suffered. The Legal Review Committee, in turn, makes a recommendation to the Texas REALTORS Board of Directors either to approve or deny the application. Assuming a 6% commission, Salesperson Andrews share would be: $11,370.00. She has a signed liquidated damages clause. Persons who are not members of the REALTOR organization have asked TAR to file amicus briefs in cases in which no REALTOR is involved. 39 years for the property life. the down payment divided by the purchase price. Is the legal fund ever used for purposes not directly related to REALTORS? 3. bare-bones classified ad on a property. None of these. why the owners should deal with your firm. Buyers are attracted to bargains, not overpriced property. provide sufficient facts so the receivers can form valid conclusions.You should be selling the benefits so they are understood. an exculpatory clause. Which of the following is NOT one of the three? If the price quoted is too high, you can be sure the caller will let the agent know. Unit 13 Florida Real Estate - Chegg first 20 days of the listing. settlement sheet issued on closing a transaction. With a constant stream of prospects.page 207, A major reason owners attempt to sell without an agent is to. let the owners know which offers provide the agent with the greatest benefits. (page 14-15), Using time-management to increase income, you should realize that. neither 39 years for the property life nor the straight-line method. direct mail solicitations. participation loans. neither that the property must have been held for productive use in a trade or business or for investment purposes nor that the exchange property must be of like-kind. all of these. allow buyers a chance to confer without the agent being present. Bait-and-switch advertising is a federal offense. an estate at will. I keep hearing about new RESPA rules that allow real estate agents to sell a buyer a home and earn a loan-origination fee from the lender. Agency relationships require an exchange of consideration to be formed. sales taxes. applies to 1 to 4 residential units. Mentioning it could be steering. Proposition 90 Proposition 58 Proposition 13 Proposition 60, Must cost the same, or less, than the home sold.Page 616, Tax benefits of a principal residence include all of the following EXCEPT. Adjust does not have the connotation of lowering.page 312, The period that tends to be the most productive sales period for listings is the. a history of the listing and your sales effort. The mortgage company cant sponsor the luncheon on the condition that it will receive referrals, either. both that the property must have been held for productive use in a trade or business or for investment purposes and that the exchange property must be of like-kind. all of these. three months rent. At the end of the accounting period in which Mr. Smith generates the sale, ABC creates the following entry to record its liability for the commission: ABC then reverses the entry at the beginning of the following accounting period, because it is going to record the actual payment on the 15th of the month. If he were working exclusively for the builder, he would be exempt from the act and you would not be responsible for his activities. In another case, litigants in a city-zoning dispute asked the Texas REALTORS to file briefs with the court. occupants name from the address. welcoming the objections. all of these. none of these. a gross lease. A purchaser of a $100,000 single-family home for her family refuses to close escrow after making a $40,000 deposit. recommend to the owner to ignore it. all of these. you must mention this to a prospective buyer. (page 20), You can find out how things are done in your office by. the firms logo. taxes. A broker may discriminate against which type of tenant? Probably, the most crucial requirement to satisfy in the application process is that the case must be of significance to REALTORS as a class or the real estate industry as a whole. $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. ad will cover every major feature of a house. Which of the following are exempt from licensing under the escrow law? The sublessee is a tenant of the original lessee. as expensive a car as possible to impress others. percentage of the gross. A sales force of 13 people share 10 desks. Texas brokers who are exempt from TRECs continuing education requirements do not have to take the Broker Responsibility course. re120Q1.docx - Question 1 1 / 1 pts Which of the following And get buyer reactions which might alter showings. Plus credit information, cash out sellers, warnings, etc.page 144-149, Compliance with environmental hazards disclosure requires. 10080. an unknown spousal interest. The Statement of Understanding contains statements, agreed to by the agent, which would help confirm the existence of an independent contractor relationship under the law. 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. The Austin Federal District Court disregarded the savings and loans claims and upheld the Texas Constitution. buyers only. the straight-line method. both, an owner who gets less than they expected to receive from a sale is likely to be unhappy with you, and it is better to estimate costs a little on the high side than the low side. o workers compensation. claims that a correct survey would have revealed. neither blockbusting nor steering. can sell a mobile home in a rental park space and A real estate agent can sell a mobile home with the 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. report violations of the real estate law to the Bureau of Real Estate. (doubling "A" time activities should double your income.). The Recovery Fund is funded by a $10 fee paid with every broker's or salesman's original license application. brokers have liability to commission salespeople as to I know that Texas Real Estate Commission rules require a broker to maintain written policies and procedures for the brokers sponsored salespersons. Note, however, that real estate agents may not take loan applications in connection with FHA-insured loans. workers compensation. Which of the following loans is MOST likely to have the highest initial interest rate? Open listing Exclusive agency listing Any of these Exclusive authorization to acquire real property listing, If any agent sells the listing, the agent is paid.Page 274, Written notice that the amount of commission is negotiable is required in. $2,842.50. Which of the following statements regarding the use of goal-setting is FALSE? This appears permissible under RESPA guidelines as long as the fee is minimal and not tied to whether that click results in a loan. 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. An exclusive listing without a termination date, Must have a definite termination date.Page 266. keep in mind their first duty is to the owners, not to themselves or their firm. pre-showings. Brokers have liability to commission salespeople as to workers compensation. Brokers have liability to commission salespeople as to workers compensation. Salesperson Andrews listing was sold by another office for $189,500. (page 38), The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to. office buildings. The Real Estate Recovery Fund is a fund created by the Real Estate License Act that is maintained by the Texas Real Estate Commission (the state agency regulating Texas real estate brokers and salesmen). d. all of the above 4. d. salesperson not be supervised by the broker. Real Estate Practice Flashcards | Quizlet 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. increased by a list price below that indicated by the comparative market analysis. The Texas REALTORS strongly encourages members to maintain E&O insurance. decreased by listing above the market value. 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.The commission may be based on a flat fee arrangement, or (more commonly) as a percentage of the revenue generated. One of the agents I sponsor wants to also work part time selling homes for a local home builder. both A and. Owner Adams sold the house without the aid of Broker Baker. demand advertising. both buyer and seller must agree to amend the escrow instructions. delegating paperwork to others. show unoccupied property first to give owner-occupants a chance to prepare for the showing. Having the ability to switch property is important. checking the regulations of the Bureau of Real Estate. Neither Primary financing refers to loans made directly by the lender to the borrower nor Secondary financing refers to the resale of existing loans. It has also been used to fund the filing of analyses and comments before governmental agencies. Usually 28 percent for qualifying. Thats selling and listing opportunities is where commissions come from.page 40, One of the requirements for a real estate salesperson to be regarded as an independent contractor by the IRS is that the. Only part of the leasehold is transferred in a sublease. Which of the following statements regarding the time it takes for a property to sell is TRUE? For listing agents, selling real estate involves three separate sales. The Texas REALTORS Legal Fund is maintained by the association through the oversight of the Legal Review Committee. prior to qualifying the buyer. The commission may be based on a flat fee arrangement, or (more commonly) as a percentage of the revenue generated. (Page 388). If you are going to be buying a new car for real estate sales, you should consider. advertising by season. Although showing owners you are working on their behalf is least important.page 327-331. procedure for showing a property to prospective buyers. Disclose as soon as possible, confirm with offer.page 119-120. the property has earthquake weakness if it was built before 1960. occupancy. meeting objections half-way. DVA loan. disclose, elect, confirm. c. minimum wage requirements. all of these. The sublessee is a tenant of the sublessor. caravans. both use their own funds to make loans and service loans they make. retain top producers . So if reasonable, it should be accepted. If you are going to be buying a new car for real estate sales, you should consider - a full-sized, fourdoor car for easy entrance and exit. Is the legal fund like an errors and omissions insurance policy? that the Alquist-Priolo Act be complied with. mentioning a potential objection before the customer does. For injuries. Either Open or Exclusive agency Exclusive agency Exclusive right-to-sell Open, A commission paid only if agent makes sale.Page 264-272. being over-eager to close. One large picture is generally more effective than several smaller pictures. Browse over 1 million classes created by top students, professors, publishers, and experts. (Page 351-352). It is also acceptable to classify it as part of the expenses of the sales department. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to - blockbusting. flyer pointing out attractive features about a property. The caller may want a lower-priced property.