blanket loan. the commission was too high. Texas brokers who are exempt from TRECs continuing education requirements do not have to take the Broker Responsibility course. These show that you understand the buyers concerns.Page 439-441. 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. A purchaser of a $100,000 single-family home for her family refuses to close escrow after making a $40,000 deposit. For example, it would be a RESPA violation if you received a fee for every click that resulted in an application or closed loan. information about your firm. accepting escrow instructions having blanks that are to be filled in after the instructions are signed. Your answer is correct. Neither Primary financing refers to loans made directly by the lender to the borrower nor Secondary financing refers to the resale of existing loans. (Page 411), When showing a property to a prospective buyer, the agent should. sales taxes. love of family. Usually 36 percent for qualifying. The statement, The price seems a little high. All of these A reluctance to leave a property An inquiry as to when possession would be possible, These are words or actions indicating an interest.Page 437-438, An example of an open-ended question would be, Do you like this house? What do you like about this neighborhood? Is there any more information you would like? Can you afford a $1,500 house payment?, What do you like about this neighborhood?, You want an explanation, not yes or no answers.Page 428, For effective communication it is BEST to. ), Chapter one of the 'Real Estate Practice' book for California Realty Training. What kind of cases or actions has the Texas REALTORS Legal Fund been used for in the past? Agents must advertise their names and license status. both 39 years for the property life and the straight-line method. the Truth in Lending Act. Independent Contractor Agreement for Sales Associate, Texas REALTORS is stronger when members work together. 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. both a debit on the buyers closing statement and a credit on the sellers closing statement. Owner Adams has a listing in force with Broker Baker. can sell a mobile home in a rental park space and A real estate agent can sell a mobile home with the properties that set the neighborhood value. One large picture is generally more effective than several smaller pictures. it is best to advertise properties in areas or price ranges where other properties are also available. a former owner had AIDS. an FHA home-purchase plan for renters. 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. a commercial building. that the exchange property must be of like-kind. Which of the following loans is MOST likely to have the highest initial interest rate? With reasonable expertise of a licensee.page 124. to buyer disclosure only. The legal fund is not a substitute for errors-and-omissions insurance. 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. Others claim that their programs have been blessed by HUD. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to a. motivate salespeople. An agents inspection under Easton v. Strassburger (as codified by state statutes) applies to. Which of the following is NOT one of the three? For a property built before 1960, earthquake weakness must be disclosed. But the caller might not be able to afford the property. What was the reason for creating the inferior courts? minimum wage requirements. mentioning a potential objection before the customer does. health. California Real Estate Law. Which of the following would constitute an acceptance? specific advertising. 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. Since it indicates that you fail to sell 50 percent of your listings.Page 253, Serious buyers contact real estate agents because. Lowercase letters are easier to read than capital letters. (Page 480-481). that the property must have been held for productive use in a trade or business or for investment purposes. The commission may be based on a flat fee arrangement, or (more commonly) as a percentage of the revenue generated. Brokers have liability to their commissioned salespersons in respect to: a.) 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. Need adequate number of comparable sales.Page 222-223, The likelihood of a sale within 90 days is. 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 sellers MOST common objection to an offer is. 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. a vacant lot. delegating paperwork to others. You can find out how things are done in your office by studying your office procedure manual. 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. show buyers homes they cannot afford to impress them with the caliber of homes to which the agent has access. \end{aligned} arbitrate disputes if directed to by the court. retain top producers. the Bureau of Real Estate. salesperson is not supervised by the broker. present them in the order received, obtaining acceptance, rejection, or counteroffer for each offer before proceeding to the next offer. 360-day year. locating prospective buyers. flyer pointing out attractive features about a property. 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. The best heading for a classified ad on a home would be. 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. Agents sell while owners seldom sell themselves.Page 239. Having the ability to switch property is important. (Page 369), In advertising, the real estate agent should know that it is illegal to. 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. recommend to the owner to ignore it. 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. property taxes to be increased up to 2% each year. both, the agents have inventory and the buyers want to quickly locate property that meets their needs. rights of parties in possession. conceal the fact that the advertiser is an agent. Only required for exclusive listings.Page 264, A listing where the licensee is subject to disciplinary action for demanding a fee would be. report violations of the real estate law to the Bureau of Real Estate. the factor that makes a neighborhood cohesive. Keeping rent receipts until foreclosed.Page 489, When presenting multiple offers the agent should. What is legal but unethical now might be illegal tomorrow. Most people read from the upper left to the lower right corner when looking at an ad. (Page 277), By initialing the dispute resolution clause in the exclusive right-to-sell listing the seller and broker agree to. (page 302), If a listing is overpriced, the agent should suggest to the owners that. all of these. b. workers compensation. chemical tests of the soil for all dangerous contaminants. the average time from listing to sale for your firm is 42 days less than the average sale in your MLS. advertise in designated areas. a subordination clause. If he were working exclusively for the builder, he would be exempt from the act and you would not be responsible for his activities. About a month after closing, the flood maps were revised and included the property in a flood hazard area. No title insurance covers zoning changes.Page 599. cash. special assessments. 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. all of these. 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. total monthly housing expenses plus monthly long-term credit obligations divided by gross monthly income. minimum fee. Real Estate Practice Flashcards | Quizlet - Once set, goals Which of the following statements regarding the use of goal-setting is FALSE? Harry has some buyers that he believes are ready to make an offer. a particular mobile home park. 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. an exclusive listing without a termination date. a fixer-upper. Agency representation Listing Commission Cost, Listing has a connotation of paying a commission.Page 287-288. unsolicited fax messages. the buyer can amend the escrow instructions. conversion. all of these. The damages cannot exceed 3% of the purchase price. it is best not to mention any problems with the property. Unruh Act. both motivate salespeople and retain top producers. (Page 511-512), A loan in which the borrower buys under a land contract would be a. CalVet loan. If Im a broker whos exempt from continuing education requirements, do I still have to take the Broker Responsibility course? real property taxes. a debit on the buyers closing statement. Owner Adams sold the house without the aid of Broker Baker. 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. 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? The caller can afford the home and area or they would not have called. open listing. 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. Attorneys Savings associations All of these Banks, As well as brokers, under specified circumstances.Page 577. provides extended coverage for lenders. particular ethnic group. One of the requirements for a real estate salesperson to be regarded as an independent contractor by 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? And get buyer reactions which might alter showings. No. o workers compensation. reading the information on the back of your real estate license. using one period of time to list and another period of time to sell in a never-ending cycle. Which of the following statements regarding the truth-in-lending law is TRUE? salesperson is not responsible to a broker. lack of liquidity. a licensed property manager. there is a licensed care facility that serves three people across the street from the property. The case proceeded to a jury which found for the defendant REALTOR. both a counteroffer really rejects the offer and once rejected, an offer cannot be accepted. Buyers resist pressure before they are ready.Page 447, Disadvantages of home-ownership include all of the following EXCEPT. welcoming the objections. B. motivate salespeople . greater responsibility. 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. Since RESPA exempts payments by an employer to its employees, several programs offer to make the real estate agent a part-time employee of the lender. information about the buyers. before the buyer executes an offer. Present all offers together fairly. Which of the following statements BEST describes a sublease? let the buyer know the price so they can consider it before the agent arrives. The entire leasehold must be transferred. Exchanger cannot have control of funds. The sublessee is a tenant of the original lessee. A sample of 100 is used and the population standard deviation is 12 . If you are going to be buying a new car for real estate sales, you should consider . Disclose as soon as possible, confirm with offer.page 119-120. 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 motivate salespeople and retain top producers. A person employed by a builder to sell the builders homes is exempt from the Real Estate License Act. Information about real estate agent and mortgage broker compensation first appeared in a 1995 HUD informal advisory opinion issued to the Independent Bankers Association of America. The Texas REALTORS strongly encourages members to maintain E&O insurance. a percentage lease. Owners are most interested in the bottom line.Page 490, When an offer is received, the owner should be made aware that. Protects landlord against a poor operator.Page 677, A lease stipulating that the tenant pays a fixed monthly rental and the landlord pays all other property expenses would be a. gross lease. attention, interest, desire, action. Course Hero is not sponsored or endorsed by any college or university. The following statements are all examples of abstract goals EXCEPT: d.) (I will obtain three new listings each month. Primary financing is first trust deeds and secondary financing refers to junior liens. (doubling "A" time activities should double your income.). The buyers originally alleged damages in excess of $30 million. 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. paying a referral fee to anyone other than his or her own employees. Independent Contractor Status Frequently Asked Questions All of these. a certified property manager. blockbusting. undue influence. 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. downpayment. waive their rights to arbitrate. the most desirable feature. In each of these cases, the board of directors determined that there was a significance to REALTORS as a class. doubling A time activities should double your income. (page 308). institutional advertising. 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. 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. ), Using time-management to increase income, you should realize that, b.) pre-showings. forgery in the chain of title. both increased by a list price below that indicated by the comparative market analysis and decreased by listing above the market value. risk. advertising by season. listings of 1 to 4 residential units. 6 the purpose of a broker providing a sliding - Course Hero Ads in an outside column will generate more interest than ads in an inside column. visitations. A real estate agent can sell a mobile home in a rental park space. a counteroffer really rejects the offer. Applicability of the legal principles discussed in this material may differ substantially in individual situations. military-based housing. At the time of the refinance a survey incorrectly stated that the property did not lie in a flood hazard area. introduce yourself and your buyers to the other agent and go ahead with your showing. workers compensation. a subsidized rent program for low-income tenants. all of these. wait to show the property until the other agent has left. The broker did not violate law or regulations because the listing was an. One of the agents I sponsor wants to also work part time selling homes for a local home builder. A brokerage firm has operating expenses of $254,000. A broker may charge a lender a flat fee to place the lenders banner ads or hyperlinks on the brokers website, but the payment must be reasonable and commensurate with the value of the service. A Transfer Disclosure Statement must be provided to the buyer when the sale involves. 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.

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