brokers have liability to commission salespeople as to

all of these. return it to the offeror. . The association needs you to volunteer your voice and exper. blockbusting. It was more important than it is now, because consumer products were less sophisticated. listings of 1 to 4 residential units. In real estate, the term farming refers to. ask leading questions. The following statements are all examples of abstract goals EXCEPT. lack of liquidity. neither a counteroffer really rejects the offer nor once rejected, an offer cannot be accepted. properties that set the neighborhood value. paying a referral fee to anyone other than his or her own employees. conforming loans. office buildings. Owner Adams sold the house without the aid of Broker Baker. disclosure of deferred interest. 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. as expensive a car as possible to impress others. What is the best test to evaluate if an act is ethical? military-based housing. they extend the listing for a longer period as price is related to time to sell. The buyer purchased the property under an assumption and refinanced the lien six months after closing. Where can we find information about what we should include in our privacy policy? What are the advantages of a good time-management program? let the owners know which offers provide the agent with the greatest benefits. (a full-sized, four-door, car for easy entrance and exit. With reasonable expertise of a licensee.page 124. to buyer disclosure only. interest. institutional loans. Reimbursing travel expenses of Texas REALTORS who participate in form-development task forces. unsolicited fax messages. pre-showings. 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. motivate salespeople and retain top producers. the property has earthquake weakness if it was built before 1960. none of these. combination of percentage of the gross and minimum fee. To be enforceable, which element is required in an exclusive right-to-sell listing? chemical tests of the soil for all dangerous contaminants. 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. the exchange property must be identified within 45 days. Without all owners, it cant be accepted.Page 479. Brokers have liability to commission salespeople as to unemployment insurance. You will not post any defamatory, discriminatory, libelous, threatening, vulgar, sexually explicit, abusive, profane, rude, or obscene content (including comments); b. accepting escrow instructions having blanks that are to be filled in after the instructions are signed. the commission was too high. (Page 410-411), When arriving at a property for a showing, if another agent is showing the property, you should. list in designated areas. restrictions on e-mail solicitations. 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. One who has AIDS. exclusive right to sell net listing. Principal residence does not qualify for a tax deferred exchange.Page 628. none of these. both a counteroffer really rejects the offer and once rejected, an offer cannot be accepted. ethnic groups. both increased by a list price below that indicated by the comparative market analysis and decreased by listing above the market value. What are the advantages of a good time-management program? The legal fund is not a substitute for errors-and-omissions insurance. The Fifth Circuit Court of Appeals reversed and held that the Texas Constitution had been superseded. Primary financing refers to loans made directly by the lender to the borrower. You should contact your attorney to obtain advice with respect to any particular issue or problem. allow buyers a chance to confer without the agent being present. Neither buyer nor seller may unilaterally modify the escrow instructions. the offer itself. A both motivate salespeople and retain top producers. Brokers have liability to their commissioned salespersons in respect to. the firms logo. Which of the following is NOT a legal notice? A person employed by a builder to sell the builders homes is exempt from the Real Estate License Act. delegating paperwork to others. bare-bones classified ad on a property. occupancy. What would be a word or words to use in a listing presentation that denotes a benefit? If the price quoted is too high, you can be sure the caller will let the agent know. rights of parties in possession. disclose, elect, confirm. Texas REALTORS provides content through various online platforms, including this blog. 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? 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. 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. both 30-day month and 360-day year. Brokers have liability to commission salespeople as to workers compensation. (Page 621). unrecorded liens. An agents inspection under Easton v. Strassburger (as codified by state statutes) applies to. Applicability of the legal principles discussed in this material may differ substantially in individual situations. is satisfied with the area. both applies to 1 to 4 residential units and, Residential Earthquake Hazards Report.Page 124, The proper order of the steps taken in agency disclosure is. upon delivery of the sellers acceptance. steering. you should concentrate on D category activities before proceeding to B and C activities. In addition to the Civil Rights Act of 1968.page 77, The California Act that prohibits discrimination by all California businesses is the. 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. None of these. a history of the listing and your sales effort. 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. confirm, elect, disclose. First, there are no new changes to RESPA. specific advertising. The Internal Revenue Service sets strict standards for employment. The fees must be "reasonably related to the value of the services performed." Are there any risks I should be aware of before agreeing to this? Plus credit information, cash out sellers, warnings, etc.page 144-149, Compliance with environmental hazards disclosure requires. 6% of $189,500 = $11,370. (Page 427), When dealing with a prospect who is silent, the BEST approach would be to. 360-day year. let the buyer know the price so they can consider it before the agent arrives. Disclosure of AIDS is never required. d. all of the above 4. Neither Primary financing refers to loans made directly by the lender to the borrower nor Secondary financing refers to the resale of existing loans. Avoid wasting time and prioritize time. One of the requirements for a real estate salesperson to be regarded as an independent contractor by the IRS is that the, d.) (broker-salesperson contract states that the salesperson shall be treated as an independent contractor for tax purposes. No. obtaining listings from visitors. The application is submitted to the applicants local association for review. Only a broker who sponsors salespeople or is a designated broker for a business entity must maintain up-to-date written policies and procedures. 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. every residential listing. redlining. Flyer pointing out attractive features about a property. 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. credit terms. 360-day year. mproved efficiency If you are going to be buying a new car for real estate sales, you should consider . The mortgage company cant sponsor the luncheon on the condition that it will receive referrals, either. 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. No. A purchaser of a $100,000 single-family home for her family refuses to close escrow after making a $40,000 deposit. an FHA home-purchase plan for renters. blockbusting. Ethics and good business are not compatible. a debit on the buyers closing statement. Brokers have liability to commission salespeople as to workers compensation. broker-salesperson contract states that the salesperson shall be treated as an independent contractor for tax purposes. You may assume that the concentration is 0 when the cadmium is first discharged; that is, C(0)=0C(0)=0C(0)=0. Which promotion would have the lowest cost to the broker? an estate at will. Types of property requiring property management include. B. motivate salespeople . (Page 480-481). appreciation. 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. A sales force of 13 people share 10 desks. all of these. 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. Assuming a 6% commission, Salesperson Andrews share would be: $11,370.00. (Page 369), In advertising, the real estate agent should know that it is illegal to. waive their rights to arbitrate. primarily for 1 to 4 residential units. A brokerage firm has operating expenses of $254,000. elect, disclose, confirm. The fund is used only for purposes authorized by the Texas REALTORS Board of Directors and may only be accessed by REALTORS through a formal application process. Unruh Act. (page 302), If a listing is overpriced, the agent should suggest to the owners that. doubling A time activities should double your income. What kind of closing technique is Harry using? information about the buyers. 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. Or changing instructions without agreement of all parties. Nonresidential real estate purchased since 1987 must be depreciated using: both 39 years for the property life and the straight-line method. locating prospective buyers. (Page 486), In making an appointment to present an offer, the agent should. county-owned housing projects. 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. (Page 228,230). it is best to advertise properties in areas or price ranges where other properties are also available. address from the occupants name. before the buyer executes an offer. a subsidized rent program for low-income tenants. Monitoring and participating in the actions of governmental agencies 6. owners name from the tax number. have a quicker sale. It should not matter. that the Alquist-Priolo Act be complied with. allow the prospective buyers to bring along a friend or confidant. show unoccupied property first to give owner-occupants a chance to prepare for the showing. Owner Adams has a listing in force with Broker Baker. For example, it would be a RESPA violation if you received a fee for every click that resulted in an application or closed loan. Holden Act. Properties listed above market value tend to sell faster than properties listed at prices closer to market value. 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. 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. The property was most likely advertised as. 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. you must mention this to a prospective buyer. both federally related loans and 1 to 4 residential units only. 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. (Page 397), When a caller wont give a name, the best approach would be to, hang up. Browse over 1 million classes created by top students, professors, publishers, and experts. 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. The broker did not violate law or regulations because the listing was an. b. workers compensation. Which of the following statements regarding ethics is TRUE? being over-eager to close. Prospecting from legal notices can be effective. Having the ability to switch property is important. Commercial banks Mortgage companies Insurance companies Savings associations, Not government regulated lenders.Page 514, 516-517, The extended coverage for a title insurance policy offers protection covering all of the following EXCEPT. none of these. A real estate agent can sell a mobile home in a rental park space. B. . a model home. both A and. the price was too high. A broker never saw, talked to, or corresponded with a buyer, yet earned a commission. 30-day month. show buyers homes they cannot afford to impress them with the caliber of homes to which the agent has access. Bait-and-switch advertising is a federal offense. provide sufficient facts so the receivers can form valid conclusions. (doubling "A" time activities should double your income.). She has a signed liquidated damages clause. nonbinding arbitration of disputes. amount over the index the lender charges as interest. What kind of cases or actions has the Texas REALTORS Legal Fund been used for in the past? Which of the following loans is MOST likely to have the highest initial interest rate? both motivate salespeople and retain top producers. With a constant stream of prospects.page 207, A major reason owners attempt to sell without an agent is to. Finally, many of the promotional materials claim their compensation programs have received HUD "approval." why the owners should deal with your firm. It should be completed annually to reaffirm the relationship that exists between you and your agents. 79 of 100 Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. One of the agents I sponsor wants to also work part time selling homes for a local home builder. Owners are most interested in the bottom line.Page 490, When an offer is received, the owner should be made aware that. wait to show the property until the other agent has left. maximum that can be charged for the loan. Reasonable compensation (generally a flat fee, not a percentage of the loan amount) may be justified. a vacant lot. 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. Under the accrual basis of accounting, you should record an expense and an offsetting liability for a commission in the same period as you record the sale generated by the salesperson, and when you can calculate the amount of the commission. 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. an estate from period to period. benefits of listing. an unknown spousal interest. Disclosure law that also prohibits lender rebates. increased by a list price below that indicated by the comparative market analysis. supporting statements with facts. total monthly housing expenses plus monthly long-term credit obligations divided by gross monthly income. keep in mind their first duty is to the owners, not to themselves or their firm. 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. salesperson is not responsible to a broker. Index plus margin equal interest charged.Page 539, Loans that meet the underwriting standards of Fannie Mae or Freddie Mac are known as. can sell a mobile home in a rental park space and A real estate agent can sell a mobile home with the New listings excite agents and buyers.page 325, An open house was held on a property needing many obvious repairs. Only required for exclusive listings.Page 264, A listing where the licensee is subject to disciplinary action for demanding a fee would be. Cost of sales is 45% of the gross commissions. properties in close proximity. neither use their own funds to make loans nor service loans they make. Question 4 1 / 1 pts The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to. accessible areas only. his or her principal. submit all written offers in a prompt and timely manner. 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. amount over the index the lender charges as interest. Thus, the reversing entry is: On the 15th of the month, ABC pays Mr. Smith his commission and records this entry. prospecting your farm area on a continuous basis. all of these. recommend to the owner to accept it. Agents sell while owners seldom sell themselves.Page 239. 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. last 20 days of the listing. use abbreviations such as Agt. or Bro. instead of the name of the firm. Similar properties sold within the past 2 years, Similar properties sold within the past 3 months, A listing presentation manual should include. All of these. Some programs offer to make real estate agents part-time employees of the lender. To catch the eye of buyers who desire that feature.Page 352. prior to qualifying the buyer. the monthly gross income divided by the amount to be financed. \end{aligned} Is the legal fund ever used for purposes not directly related to REALTORS? Licensed care facilities near the property that serve 6 or fewer people need not be disclosed. Download a PDF of the Model Privacy Policy just for Texas REALTORS from theManuals & Guides page. Owners presence inhibits buyers. Net Exclusive right-to-sell Exclusive agency Open, The broker did not give the principal a copy of the listing. they want to quickly locate property that meets their needs. land it is sited on. A broker who is the designated broker for a business entity is subject to this rule whether or not the business entity sponsors salespeople. This appears permissible under RESPA guidelines as long as the fee is minimal and not tied to whether that click results in a loan. Which of the following statements regarding the truth-in-lending law is TRUE? show the prospective buyers homes they have listings for in order to please the owners of those listings. Is it difficult for a Texas REALTOR to obtain assistance from the legal fund? 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. Turn perceived negative into a positive. The Texas REALTORS created a model privacy policy to help you develop your office's policy about the maintenance and destruction of customers' and clients' personal information. An unhappy seller could mean a sale that does not close. they adjust the price to the current market. If not initialed, then the matter can go to the courts.Page 281. Secondary financing refers to the resale of existing loans. H0:80Ha:<80\begin{aligned} Brown Act. portfolio loans. Salesperson Andrews listing was sold by another office for $189,500. both, the agents have inventory and the buyers want to quickly locate property that meets their needs. claims that a correct survey would have revealed. arbitrate disputes if directed to by the court. 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. eminent domain. conceal the fact that the advertiser is an agent. 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. And the company must promote its services during the event to qualify for the Real Estate Settlement Procedures Act (RESPA) advertising exemption. institutions within an area that influence behavior. legal description from the address. it is better to estimate costs a little on the high side than the low side. The burden of responsibility. The Austin Federal District Court disregarded the savings and loans claims and upheld the Texas Constitution. She is, California Real Estate Law. He says to them, "Would you prefer to take possession on September 1 or October 1?" applies to 1 to 4 residential units. The caller may want a lower-priced property. a listing where the agent was not authorized to accept a deposit. The earthquake safety disclosure statement. Others claim that their programs have been blessed by HUD. At the time of the refinance a survey incorrectly stated that the property did not lie in a flood hazard area. 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. talk fast if the customer talks slowly. net lease. unemployment insurance . a commercial building. newly acquired property to have a maximum basic tax levy of 1%. three months rent. is merely an offer to insure. The owner should understand the brokers advertising policy, including the fact that a(n): display ad should be used to impress home-seekers. 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. an open listing. 3. I will become a better salesperson. every nonresidential listing. Course Hero is not sponsored or endorsed by any college or university. 39 years for the property life. All of these. 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. 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. Increased income Three years after the purchase, the property flooded and the buyers then learned that the property had previously flooded. health. Direct relationship between list price and time to sell.Page 224-225, 228, Benefits that an owner receives by listing with an agent include. Is the legal fund the same as the recovery fund? Although HUD has never published criteria, it's likely the IRS rules would prevail. The caller may want a lower-priced property. the FHA. mentioning a potential objection before the customer does. risk. misrepresentation. How much of their gain would be taxable? a sports car to show you are a modern person. staying with a prospect until you have a contract. deductibility of interest. a. Which of the following is NOT one of the three? Primary financing is first trust deeds and secondary financing refers to junior liens. Lowercase letters are easier to read than capital letters. participation loans. binding arbitration of disputes. Automatically ends at the end of the lease period.Page 694, A property manager would know that Section 8 housing refers to. retain top producers. information about yourself. One of the requirements for a real estate salesperson to be regarded as an independent contractor by

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