visual inspections. Lowercase letters are easier to read than capital letters. The Residential Lease Application states that our company must make our office privacy policy available to rental applicants upon request. unsolicited fax messages. keep in mind their first duty is to the owners, not to themselves or their firm. (Page 277), By initialing the dispute resolution clause in the exclusive right-to-sell listing the seller and broker agree to. disclosure of deferred interest. What kind of closing technique is Harry using? Commission is negotiable and not set by law. 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. What was the reason for creating the inferior courts? Principal residence does not qualify for a tax deferred exchange.Page 628. none of these. Instructions to an owner upon taking a listing should include all EXCEPT. try to overcome objections raised. Agency representation Listing Commission Cost, Listing has a connotation of paying a commission.Page 287-288. conforming loans. Are there any additional restrictions or limitations for access to the legal fund? you should concentrate more on possibilities than probabilities. minimum fee. asking every prospect to recommend another prospect. use their own funds to make loans. Having the ability to switch property is important. 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. Or changing instructions without agreement of all parties. you should concentrate on D category activities before proceeding to B and C activities. 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. claims that a correct survey would have revealed. a two-door model to control the passengers. the offer itself. Ultimately, the board of directors must make a determination if the use of the Legal Fund satisfies the purposes and intent of the fund. Buyers resist pressure before they are ready.Page 447, Disadvantages of home-ownership include all of the following EXCEPT. She is, California Real Estate Law. Because buyers seldom offer the list price, the list price has no effect on time to sell. (Page 397). 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. Buyers are attracted to bargains, not overpriced property. 6 the purpose of a broker providing a sliding - Course Hero 1031 exchange. Is the legal fund the same as the recovery fund? both motivate salespeople and retain top producers. primarily for 1 to 4 residential units. First, there are no new changes to RESPA. 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 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). Ethics and good business are not compatible. office buildings. when property is shown, follow the agent closely and provide information to the prospective buyers. One of the requirements for a real estate salesperson to be regarded as an independent contractor by The Austin Federal District Court disregarded the savings and loans claims and upheld the Texas Constitution. An exclusive listing without a termination date, Must have a definite termination date.Page 266. Noncomforming loans are Jumbo loans.Page 514. a recapture clause. it is best to advertise properties in areas or price ranges where other properties are also available. neither 30-day month nor 360-day year. One large picture is generally more effective than several smaller pictures. misrepresentation. DVA loan. all of these. The sellers MOST common objection to an offer is. The Fifth Circuit Court of Appeals reversed and held that the Texas Constitution had been superseded. Rumford Act. Brokers have liability to commission salespeople as to unemployment insurance. 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. The application is submitted to the applicants local association for review. the down payment divided by the purchase price. prospecting your farm area on a continuous basis. You should tell someone about your goals. exclusive right to represent listing. c.) both a and b. d.) neither a nor b. The California Homeowners Exemption for property taxes is, But the Veterans exemption is $4,000.Page 617. 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. broker that fails to advertise a property every week is not doing a proper job of advertising. What kind of listing did Broker Baker have if Owner Adams has no commission obligation to Broker Baker? a 3-unit residential building. insurance. d. all of the above 4. 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. remain silent to force the prospect to talk. a sports car to show you are a modern person. She has a signed liquidated damages clause. If the agent advertises the APR, the agent must include all credit terms. 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. Real Estate Practice, Edition 10, Chapter 1 Quiz Flashcards | Quizlet With a constant stream of prospects.page 207, A major reason owners attempt to sell without an agent is to. These are all good pieces of advice.Page 415-416. the total dollar costs to take possession. Monitoring and participating in the actions of governmental agencies 6. ask, interact, demonstrate, approve. both applies to 1 to 4 residential units and must be signed by buyer and seller. both a debit on the buyers closing statement and a credit on the sellers closing statement. Which promotion would have the lowest cost to the broker? Neither the cities nor the (a) countries, (b) counties took responsibility for their deteriorating infrastructures. advertise in designated areas. before the buyer executes an offer. For injuries. A lease that needs no notice for termination, would be. Licensed care facilities near the property that serve 6 or fewer people need not be disclosed. A real estate agent can sell a mobile home with the land it is sited on. sales taxes. I will improve my communication skills. both the worse you make the property appear, the greater your response is likely to be and people are attracted to fixer-upper ads because they sense a bargain. I will become a better salesperson. The caller may want a lower-priced property. is satisfied with the area. benefits of listing. re120Q1.docx - Question 1 1 / 1 pts Which of the following portfolio loans. 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. The earthquake safety disclosure statement. four months rent. all of these. a resident manager. $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. all of these. do all the talking yourself. salesperson is not responsible to a broker. institutional advertising. a commercial building. The sublessee is a tenant of the sublessor. Such as an equity line of credit.Page 531, A rescission right until midnight of the 3rd day after signing is provided for by. Before accepting the claim at face value, ask to see a copy of HUD's approval. d. You will not post any information intended to sell or advertise a business, product, or service. Ads in an outside column will generate more interest than ads in an inside column. ), The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to. 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. Attracts attention and is easy to read.Page 357. attention, interest, demand, action. an accredited property manager. settlement sheet issued on closing a transaction. The Legal Fund was able to assist the REALTOR in defeating the unfounded claim. The Real Estate Commissioners suggestions for professional conduct include that the agent. both increased by a list price below that indicated by the comparative market analysis and decreased by listing above the market value. If not initialed, then the matter can go to the courts.Page 281. provides insurance coverage until the title insurance policy is issued. doubling A time activities should double your income. A Transfer Disclosure Statement must be provided to the buyer when the sale involves. deductibility of taxes. show buyers homes they cannot afford to impress them with the caliber of homes to which the agent has access. institutions within an area that influence behavior. Which of the following statements BEST describes a sublease? (Page 591). conceal the fact that the advertiser is an agent. A broker may discriminate against which type of tenant? prior to showing property. The opposite of most advertising. neither agents have inventory nor they want to quickly locate property that meets their needs. c. minimum wage requirements. Attorneys Savings associations All of these Banks, As well as brokers, under specified circumstances.Page 577. provides extended coverage for lenders. 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. cashiers checks. 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. Telephone responses from a For Sale sign indicate what about the prospective buyer? (Page 388). appreciation. & H_{\mathrm{a}}: \mu<80 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. Your answer is correct 3 Brokers have liability to commission None of these. exclusive right to sell net listing. owners who get less than they expected to receive from a sale are likely to be unhappy with you. mentioning a potential objection before the customer does. H0:80Ha:<80\begin{aligned} (page 14-15), Using time-management to increase income, you should realize that. 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. because you concentrate on a small number of select properties, you are able to give more individual attention to the property. A both motivate salespeople and retain top producers. that the Alquist-Priolo Act be complied with. an exculpatory clause. What type of listing did the broker have? Brokers have liability to commission salespeople as to a. unemployment insurance. interest. (Page 621). Brokers have liability to commission salespeople as to Correct o minimum wage requirements. 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? Yes, as long as you follow the rules set out in the Real Estate Settlement Procedures Act (RESPA). both a counteroffer really rejects the offer and once rejected, an offer cannot be accepted. Chapter One; Getting Started in Real Estate - Quizlet avoid seller disclosures. ad within a price range or area creates prospects for other homes in the price range or area. 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. ), Chapter one of the 'Real Estate Practice' book for California Realty Training. b.) a model home. As an indication of value, which of the following would BEST indicate the market value of a home? The local association may forward the application to the Texas REALTORS Legal Review Committee recommending that the application be approved, or it may deny the application and return it to the applicant. (page 308). However, the fund has been used to pay for expenses in filing briefs in cases involving homestead issues (as discussed above), contractual issues and other issues. Is it difficult for a Texas REALTOR to obtain assistance from the legal fund? One who has AIDS. Download a PDF of the Model Privacy Policy just for Texas REALTORS from theManuals & Guides page. 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? And the company must promote its services during the event to qualify for the Real Estate Settlement Procedures Act (RESPA) advertising exemption. Persons who are not members of the REALTOR organization have asked TAR to file amicus briefs in cases in which no REALTOR is involved. Prospecting from legal notices can be effective. Net Exclusive agency Exclusive right-to-sell Open, It is a unilateral contract and the agent has not agreed to use diligence.Page 264. commercial property. single-family residence. (b) workers compensation. It saves time and buyers dont have to deal with owners directly. both buyer and seller must agree to amend the escrow instructions. At the time of the refinance a survey incorrectly stated that the property did not lie in a flood hazard area. (a full-sized, four-door, car for easy entrance and exit. Most people read from the upper left to the lower right corner when looking at an ad. prior to qualifying the buyer. prospective buyers who respond to newspaper ads are likely to buy a property other than the property advertised. Do I have to check the National Do Not Call Registry before soliciting listings of those who have a for sale by owner sign in their yard or sellers with expired listings in the MLS? all of these. In each of these cases, the board of directors determined that there was a significance to REALTORS as a class. The Texas REALTORS strongly encourages members to maintain E&O insurance. Neither Primary financing refers to loans made directly by the lender to the borrower nor Secondary financing refers to the resale of existing loans. the Bureau of Real Estate. Plus they must be licensed and paid only for success. rights of parties in possession. REALTOR membership is a criterion that a broker may voluntarily choose to require of independent contractors. independent contractor for tax purposes. 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. (Once set, goals should never be changed. Unruh Act. paying a referral fee to anyone other than his or her own employees. promotion and advertising paid by the agent. recommend to the owner to ignore it. a credit on the buyers closing statement and a debit on the sellers statement. particular ethnic group. The Civil Rights Act of 1968 prohibited discrimination in housing based on national original, race, religion, and color. $3,411.00. a.) gap loan. (Page 480-481). possible periodic increases. 1 to 4 residential units only. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to a. motivate salespeople. Index plus margin equal interest charged.Page 539, Loans that meet the underwriting standards of Fannie Mae or Freddie Mac are known as. neither use their own funds to make loans nor service loans they make. 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. upon delivery of the sellers acceptance. One who has a guide dog. (doubling "A" time activities should double your income.). Mentioning it could be steering. 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. Usually 36 percent for qualifying. Thus, the reversing entry is: On the 15th of the month, ABC pays Mr. Smith his commission and records this entry. Owners are most interested in the bottom line.Page 490, When an offer is received, the owner should be made aware that. How much of their gain would be taxable? Which of the following are exempt from licensing under the escrow law? The following statements are all examples of abstract goals EXCEPT. 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. avoid cooking with foods having strong and lasting odors. an estate for years. 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. have a quicker sale. 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.). This includes possible civil liability for negligent or other inappropriate activities. Usually 28 percent for qualifying. To catch the eye of buyers who desire that feature.Page 352. allow the prospective buyers to bring along a friend or confidant. present the firms offer first and, if rejected, then present the other offer(s). However, under the circumstances, the real estate agent should not promote the lender or its services to the customer, and the payment must be made to the agent, regardless of whether the lead ultimately turns into a closed loan. allow buyers a chance to confer without the agent being present. 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. Law provides that agents are not liable for failure to disclose any deaths on the property that occurred more than three years ago. elect, confirm, disclose. Providing legal assistance for matters pending in court or governmental agencies 3. land it is sited on. that the seller post a bond to cover damages by hazards discovered at a later date. service loans they make. What are the advantages of a good time-management program? all of these. You should consult an attorney regarding the risks involved and how to protect yourself from liability before agreeing to this situation. title insurance costs. a licensed property manager. Rumford Act. After careful review, the board of directors chose not to file the requested briefs. visitations. checks that have cleared. show the prospective buyers homes they have listings for in order to please the owners of those listings. Question 4 1 / 1 pts The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to. One of the agents I sponsor wants to also work part time selling homes for a local home builder. both 39 years for the property life and the straight-line method. conceding before answering. Disclose as soon as possible, confirm with offer.page 119-120. applies to 1 to 4 residential units. institutional loans. recommend to the owner to counter the offer. a family-oriented home. It should not matter. Which of the following is an example of a tie-down? 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. eminent domain. 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. obtaining listings from visitors. A brokerage firm has operating expenses of $254,000. Real Estate Practice - Chapter Two; Ethics, F, Real Estate Practice - Chapter Three; Mandato, Real Estate Practice - Chapter Four; Prospect, Real Estate Practice - Chapter 5; Listing Pre, Real Estate Finance - Chapter Fifteen; Mathem, Real Estate Finance - Chapter Fourteen; Inves, Real Estate Finance - Chapter Thirteen; Loan, Alexander Holmes, Barbara Illowsky, Susan Dean, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal. is voluntary. a history of the listing and your sales effort. it is best not to mention any problems with the property. you should divide your time equally between A, B, C, and D category activities.
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