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. While Texas REALTORS has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, Texas REALTORS makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here. that the property must have been held for productive use in a trade or business or for investment purposes. advertise in designated areas. If it is legal, it is ethical. The earthquake safety disclosure statement. Your answer is correct. The case proceeded to a jury which found for the defendant REALTOR. If you are going to be buying a new car for real estate sales, you should consider . three months rent. (Page 351-352). Brokers have liability to commission salespeople as to - workers compensation. Which of the following statements regarding the truth-in-lending law is TRUE? A both motivate salespeople and retain top producers. none of these. All are protected by 1988 Amendment.page 73, Advertising a home in an area occupied solely by members of a minority group only in newspapers directed toward that minority group would be regarded as. Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. do all of these. & H_0: \mu \geq 80 \\ home solicitation phone calls. obtaining listings from visitors. the monthly gross income divided by the amount to be financed. Which of the following is NOT a legal notice? Salesperson Andrews listing was sold by another office for $189,500. 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. Properties listed below market value tend to take longer to sell than properties listed at market value. the IRS is that the - broker-salesperson contract states that the salesperson shall be treated as an disclosure of deferred interest. Are there any additional restrictions or limitations for access to the legal fund? mentioning a potential objection before the customer does. 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. risk. DVA loan. Noncomforming loans are Jumbo loans.Page 514. 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 history of the listing and your sales effort. Harry has some buyers that he believes are ready to make an offer. Telephone responses from a For Sale sign indicate what about the prospective buyer? the Truth in Lending Act. Yes, as long as you follow the rules set out in the Real Estate Settlement Procedures Act (RESPA). 3: Brokers have liability to commission salespeople as to: (a) unemployment insurance. Having the ability to switch property is important. Is the legal fund ever used for purposes not directly related to REALTORS? broker that fails to advertise a property every week is not doing a proper job of advertising. rights of parties in possession. the buyer can amend the escrow instructions. his or her principal. confirm, elect, disclose. The Civil Rights Act of 1968 prohibited discrimination in housing based on national original, race, religion, and color. a sports car to show you are a modern person. exclusive agency listing. Their adjusted cost basis is $80,000. Secondary financing refers to the resale of existing loans. What type of listing is legal in California, but is considered illegal in some other states? type of property. legal description from the address. 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. 39 years for the property life. You may assume that the concentration is 0 when the cadmium is first discharged; that is, C(0)=0C(0)=0C(0)=0. (Page 277), By initialing the dispute resolution clause in the exclusive right-to-sell listing the seller and broker agree to. a licensed property manager. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to a. motivate salespeople. total monthly housing expenses plus monthly long-term credit obligations divided by gross monthly income. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to a.) occupants name from the address. Lowercase letters are easier to read than capital letters. Through the Legal Fund, the Texas REALTORS was able to monitor and participate in the action. both a debit on the buyers closing statement and a credit on the sellers closing statement. unemployment insurance . 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. What about programs that offer to pay a real estate agent for names of potential borrowers? For listing agents, selling real estate involves three separate sales. special assessments. meeting objections half-way. being over-eager to close. For Sale By Owner Code violations Probate Evictions, The phrase centers of influence refers to. Chapter 1 - Real Estate Practice Flashcards | Quizlet The sublessee is a tenant of the sublessor. settlement sheet issued on closing a transaction. you must mention this to a prospective buyer. it is best to advertise properties in areas or price ranges where other properties are also available. Can you afford this house? What would you use this pantry for? Would you prefer to buy now or think it over? This is an exceptionally large kitchen, isnt it?, This is an exceptionally large kitchen, isnt it?, You get a series of yes answers.Page 415, If members of a minority racial or ethnic group live in the neighborhood of a home you are showing. 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. The property was most likely advertised as. The damages cannot exceed 3% of the purchase price. Prospecting from legal notices can be effective. conversion. ), Chapter one of the 'Real Estate Practice' book for California Realty Training. 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. both 30-day month and 360-day year. Even if I do not perform the requisite number of functions to be considered a mortgage broker or do not become a true part-time employee of the lender, can I still be paid something for the work I perform for the lender? One large picture is generally more effective than several smaller pictures. percentage of the gross. both the exchange property must be identified within 45 days and the exchange must be completed no more than 180 days after transfer of exchanged property. b. workers compensation. d. You will not post any information intended to sell or advertise a business, product, or service. Brokers have liability to commission salespeople as to: The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to: All of the following are all examples of abstract goals EXCEPT: Which of the following statements regarding the use of goal-setting is FALSE. (Page 397). ethnic groups. credit terms. At the time of the purchase, flood maps for the area showed the property not to lie in a flood hazard area. a blank space since it attracts attention. influential people in the community. Compute the ppp-value and state your conclusion for each of the following sample results. 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. both 30-day month and 360-day year. One of the requirements for a real estate salesperson to be regarded as an independent contractor by eminent domain. recommend to the owner to counter the offer. the offer itself. the Real Estate Settlement Procedures Act. all of these. A listing office typically gives 50% of the gross commission to the selling office and splits the remainder with 40% to the broker and 60% to the listing salesperson. 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. Such as an equity line of credit.Page 531, A rescission right until midnight of the 3rd day after signing is provided for by. neither 30-day month nor 360-day year. 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. A court or TREC hearing officer might reach the same conclusion and assess liability or responsibility on the broker. To be enforceable, which element is required in an exclusive right-to-sell listing? promotion and advertising paid by the agent. both is satisfied with the general appearance of the home and is satisfied with the area. The fees must be "reasonably related to the value of the services performed." 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. both is satisfied with the general appearance of the home and is satisfied with the area. Your answer is correct. The best heading for a classified ad on a home would be. Which of the following loans is MOST likely to have the highest initial interest rate? flyer pointing out attractive features about a property. Net Exclusive right-to-sell Exclusive agency Open, The broker did not give the principal a copy of the listing. ratio of current rental costs to estimated housing costs. a 3-unit residential building. the exchange property must be identified within 45 days. both, the agents have inventory and the buyers want to quickly locate property that meets their needs. . 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. introduce yourself and your buyers to the other agent and go ahead with your showing. ad within a price range or area creates prospects for other homes in the price range or area. both a counteroffer really rejects the offer and once rejected, an offer cannot be accepted. Buyers are attracted to bargains, not overpriced property. the most desirable feature. The buyers originally alleged damages in excess of $30 million. claims that a correct survey would have revealed. (page 308). Agency representation Listing Commission Cost, Listing has a connotation of paying a commission.Page 287-288. The owner should understand the brokers advertising policy, including the fact that a(n): display ad should be used to impress home-seekers. neither a counteroffer really rejects the offer nor once rejected, an offer cannot be accepted. Disclosure of AIDS is never required. Which of the following should an agent regard as a buying signal? $2,842.50. none of these. I recently got my brokers license, but I dont sponsor any agents. California Real Estate Practice Flashcards | Chegg.com (Page 352). Very rarely. it is best not to mention any problems with the property. Assuming a 6% commission, Salesperson Andrews share would be: $11,370.00. For example, litigants in one case involving antitrust issues asked the association to file briefs with the court. commercial property. the Bureau of Real Estate. industrial parks. every nonresidential listing. (Page 383). About a month after closing, the flood maps were revised and included the property in a flood hazard area. neither blockbusting nor steering. $5,685.00. elect, confirm, disclose. The entire leasehold must be transferred. Question 4 1 / 1 pts The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to. why the owners should deal with your firm. 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.
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