brokers have liability to commission salespeople as tonarragansett beer date code
recommend to the owner to accept it. d. You will not post any information intended to sell or advertise a business, product, or service. listings of 1 to 4 residential units. Agency representation Listing Commission Cost, Listing has a connotation of paying a commission.Page 287-288. 60% of $5,685 = $3,411.page 317, Advantages of holding open houses include. 4: The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to: (a) motivate salespeople. 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. 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. all of these. The sellers MOST common objection to an offer is. 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). Yes. (Page 228,230). present them in the order received, obtaining acceptance, rejection, or counteroffer for each offer before proceeding to the next offer. (Page 397), When a caller wont give a name, the best approach would be to, hang up. 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. Brokers have liability to commission salespeople as to unemployment insurance. (Once set, goals should never be changed. both a counteroffer really rejects the offer and once rejected, an offer cannot be accepted. Owner Adams sold the house without the aid of Broker Baker. do all the talking yourself. assessed value of property acquired before 1978 to be reduced to the amount shown in the 1975 tax roll. Thus, the reversing entry is: On the 15th of the month, ABC pays Mr. Smith his commission and records this entry. Owners want to know what is happening.page 300. Residential real estate uses 27.5 years. 39 years for the property life. recommend to the owner to counter the offer. Where can we find information about what we should include in our privacy policy? (Page 584), A standard policy of title insurance protects the purchaser from all EXCEPT. people are attracted to fixer-upper ads because they sense a bargain. 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. When a change is required to escrow instructions: the seller can amend the escrow instructions. $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. none of these. 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). none of these. Mentioning it could be steering. 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. particular subdivision. Agents must advertise their names and license status. both 30-day month and 360-day year. Which promotion would have the lowest cost to the broker? Usually 28 percent for qualifying. wait to show the property until the other agent has left. open listing. tell your prospects that they had better act fast as you are sure the other party wants to buy the house. The entire leasehold must be transferred. both is satisfied with the general appearance of the home and is satisfied with the area. failure to mention the presence of the group would make you liable for any damages the buyer suffered. The Texas REALTORS Legal Fund is maintained by the association through the oversight of the Legal Review Committee. If you are going to be buying a new car for real estate sales, you should consider . asking every prospect to recommend another prospect. They like it and hope they can afford it.Page 383, When you receive For Sale sign inquiries you can assume that the caller. 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. exclusive agency listing. Since it indicates that you fail to sell 50 percent of your listings.Page 253, Serious buyers contact real estate agents because. (Page 277), By initialing the dispute resolution clause in the exclusive right-to-sell listing the seller and broker agree to. it is best not to mention any problems with the property. Fred Smith sells a $1,000 widget for ABC International. (Page 591). both a counteroffer really rejects the offer and once rejected, an offer cannot be accepted. What type of listing is legal in California, but is considered illegal in some other states? staying with a prospect until you have a contract. Properties listed above market value tend to sell faster than properties listed at prices closer to market value. 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. benefits of listing. o unemployment insurance. Brown Act. I will obtain three new listings each month. Less-common commission structures are based on the gross margin or net income generated by a sale; these structures are typically less used, since they are more difficult to calculate. None of these. 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 family-oriented home. 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. She has a signed liquidated damages clause. disclose, elect, confirm. I will strive to improve my sales techniques. A commission may be earned by an employee or an outside salesperson or entity. 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. 1031 exchange. you must mention this to a prospective buyer. ratio of net income to PITI. Which of the following statements regarding the use of goal-setting is FALSE? there is a licensed care facility that serves three people across the street from the property. both a debit on the buyers closing statement and a credit on the sellers closing statement. 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. the buyer can amend the escrow instructions. upon delivery of the sellers acceptance. The Austin Federal District Court disregarded the savings and loans claims and upheld the Texas Constitution. Which of the following statements regarding the truth-in-lending law is TRUE? they extend the listing for a longer period as price is related to time to sell. a commercial building. Similar properties sold within the past 2 years, Similar properties sold within the past 3 months, A listing presentation manual should include. the average time from listing to sale for your firm is 42 days less than the average sale in your MLS. avoid cooking with foods having strong and lasting odors. Plus credit information, cash out sellers, warnings, etc.page 144-149, Compliance with environmental hazards disclosure requires. A real estate agent can sell a mobile home in a rental park space. Liquidated damages are limited by law.Page 465. comfort and convenience. is satisfied with the general appearance of the home. (b) workers compensation. Yes, as long as you follow the rules set out in the Real Estate Settlement Procedures Act (RESPA). A sample of 100 is used and the population standard deviation is 12 . (Page 369), In advertising, the real estate agent should know that it is illegal to. The following statements are all examples of abstract goals EXCEPT. conceding before answering. Ads in an outside column will generate more interest than ads in an inside column. 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. deductibility of interest. an estate for years. I recently got my brokers license, but I dont sponsor any agents. Ethics and good business are not compatible. working an area for buyers and sellers. downpayment. It should not matter. One of the requirements for a real estate salesperson to be regarded as an independent contractor by What is legal but unethical now might be illegal tomorrow. If he were working exclusively for the builder, he would be exempt from the act and you would not be responsible for his activities. a certified property manager. An agents inspection under Easton v. Strassburger (as codified by state statutes) applies to. (page 14-15), Using time-management to increase income, you should realize that. The buyers originally alleged damages in excess of $30 million. 50% of $11,370 = $5,685. both increased by a list price below that indicated by the comparative market analysis and decreased by listing above the market value. 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. It has also been used to fund the filing of analyses and comments before governmental agencies. remain silent to force the prospect to talk. all of these. unrecorded liens. How can I help make clear to the IRS that my agents are independent contractors, not employees? A Transfer Disclosure Statement must be provided to the buyer when the sale involves. Disclosure of AIDS is never required. is merely an offer to insure. 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. a resident manager. 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. (Page 388). a subordination clause. There is a formal application and certification that an applicant, or his attorney, must complete. 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. Independent Contractor Agreement for Sales Associate, Texas REALTORS is stronger when members work together. d. all of the above 4. 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. let the owners know which offers provide the agent with the greatest benefits. (Page 693-695), Security deposits for unfurnished residential rentals cannot exceed. it is best to advertise properties in areas or price ranges where other properties are also available. bare-bones classified ad on a property. None of these. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to a.) 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. (Page 231). first month of the second listing extension. Owners are most interested in the bottom line.Page 490, When an offer is received, the owner should be made aware that. What kind of listing did Broker Baker have if Owner Adams has no commission obligation to Broker Baker? demand advertising. (Page 351-352). reading the information on the back of your real estate license. all parties the agent has dealings with. motivate salespeople. property taxes to be increased up to 2% each year. the straight-line method. a percentage lease. specific advertising. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to - Plus they must be licensed and paid only for success. All of these. claims that a correct survey would have revealed. that the Alquist-Priolo Act be complied with. 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. keep in mind their first duty is to the owners, not to themselves or their firm. neither blockbusting nor steering. use their own funds to make loans. combination of percentage of the gross and minimum fee. 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.) 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. 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. the buyer sign that they have received a booklet titled Environmental Hazards: A Guide for Homeowners, Buyers, Landlords, and Tenants. confirm, elect, disclose. What kind of loan do they have? Rumford Act. all of these. 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. The original lessee is secondarily liable, and the person in possession is primarily liable under the original lease. a counteroffer really rejects the offer. 6% of $189,500 = $11,370. A real estate agent who spends an hour with a customer taking a preliminary credit application and collecting certain credit documents (i.e., W-2s, pay stubs, bank statements) has performed a genuine service for the lender that is actual, necessary, and distinct from the agent's normal duties. 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? loan index. every nonresidential listing. 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? speed up your presentation. ask leading questions. that the property must have been held for productive use in a trade or business or for investment purposes. Can a brokerage allow a mortgage company to sponsor a luncheon that offers CE for its agents? the exchange must be completed no more than 180 days after transfer of exchanged property. Net Exclusive agency Exclusive right-to-sell Open, It is a unilateral contract and the agent has not agreed to use diligence.Page 264. all of these. Ethics tends to precede the law. The legal fund assisted the defendant in resolving the case favorably. o all of these. the exchange property must be identified within 45 days. 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. recommend to the owner to ignore it. all of these. submit all written offers in a prompt and timely manner. (page 20), You can find out how things are done in your office by. motivate salespeople and retain top producers. both motivate salespeople and retain top producers. 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. A person employed by a builder to sell the builders homes is exempt from the Real Estate License Act. 3: Brokers have liability to commission salespeople as to: (a) unemployment insurance. Sells the firm, not a specific property.Page 342. A real estate agent can sell a mobile home with the land it is sited on. To catch the eye of buyers who desire that feature.Page 352. Most people read from the upper left to the lower right corner when looking at an ad. The damages cannot exceed 3% of the purchase price. military-based housing. More than two typefaces in an ad will likely have a negative effect on the ad. pre-showings. Brokers have liability to commission salespeople as to - workers compensation. Is it difficult for a Texas REALTOR to obtain assistance from the legal fund? get a higher gross price. Noncomforming loans are Jumbo loans.Page 514. Because buyers seldom offer the list price, the list price has no effect on time to sell. none 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. a credit on the sellers closing statement. an exculpatory clause. accepting escrow instructions having blanks that are to be filled in after the instructions are signed. buyers only. 10080. 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. The Civil Rights Act of 1968 prohibited discrimination in housing based on national original, race, religion, and color. It is also acceptable to classify it as part of the expenses of the sales department. a credit on the buyers closing statement and a debit on the sellers statement. While a written independent contractor agreement and statement of understanding are not required by law to establish and maintain an independent contractor relationship, its a good idea for brokers to use both. 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. the Real Estate Settlement Procedures Act. It should be completed annually to reaffirm the relationship that exists between you and your agents. checks that have cleared. Which of the following is true of agency relationships? If it is unethical, it is illegal. office buildings. a full-sized, four-door car for easy entrance and exit. The buyer purchased the property under an assumption and refinanced the lien six months after closing. information about your firm. A broker never saw, talked to, or corresponded with a buyer, yet earned a commission. report violations of the real estate law to the Bureau of Real Estate. an estate from period to period. (Page 486), In making an appointment to present an offer, the agent should. being over-eager to close. 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. Texas REALTORS is committed to advocating for a strong real estate industry, advancing a culture of continued learning, and staying ahead of issues concerning members and their clients. welcoming the objections. Which of the following statements regarding mobile home sales is TRUE? a listing where the agent was not authorized to accept a deposit. 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. At the time of the refinance a survey incorrectly stated that the property did not lie in a flood hazard area. Brokers have liability to commission salespeople as to workers compensation. ethnic groups. Brokers have liability to commission salespeople as to - workers compensation. prior to showing property. Turn perceived negative into a positive. Which of the following statements regarding the time it takes for a property to sell is TRUE? Primary financing is first trust deeds and secondary financing refers to junior liens. the Truth in Lending Act. apartments. The caller may want a lower-priced property. The payment of any . show buyers homes they cannot afford to impress them with the caliber of homes to which the agent has access. She is, California Real Estate Law. county-owned housing projects. Which of the following statements regarding the use of goal-setting is FALSE? show unoccupied property first to give owner-occupants a chance to prepare for the showing. ), Using time-management to increase income, you should realize that, b.) both paying a referral fee to anyone other than his or her own employees and accepting escrow instructions having blanks that are to be filled in after the instructions are signed. the name of the agent to call. 360-day year. The owner should understand the brokers advertising policy, including the fact that a(n): display ad should be used to impress home-seekers. the factor that makes a neighborhood cohesive. You should tell someone about your goals. 30-day month. talk fast if the customer talks slowly. 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. Either Open or Exclusive agency Exclusive agency Exclusive right-to-sell Open, A commission paid only if agent makes sale.Page 264-272. About a month after closing, the flood maps were revised and included the property in a flood hazard area. Owner Adams has a listing in force with Broker Baker. 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. For Sale By Owner Code violations Probate Evictions, The phrase centers of influence refers to. neither a counteroffer really rejects the offer nor once rejected, an offer cannot be accepted. For example, litigants in one case involving antitrust issues asked the association to file briefs with the court. What was the reason for creating the inferior courts? Brokers have liability to commission salespeople as to workers compensation. condominium. Direct relationship between list price and time to sell.Page 224-225, 228, Benefits that an owner receives by listing with an agent include. Through the Legal Fund, the Texas REALTORS was able to monitor and participate in the action. 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. These rules come into play any time a real estate broker in a position to refer mortgage business to a lender is paid a thing of value by the lender. You may assume that the concentration is 0 when the cadmium is first discharged; that is, C(0)=0C(0)=0C(0)=0. exclusive right to represent listing. retain top producers . the firms logo. The damages cannot exceed 3% of the purchase price. Brokers have liability to commission salespeople as to Correct o minimum wage requirements. conceal the fact that the advertiser is an agent. I will improve my communication skills. meeting objections half-way. You should consult an attorney regarding the risks involved and how to protect yourself from liability before agreeing to this situation. 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. let the buyer know the price so they can consider it before the agent arrives. What are the advantages of a good time-management program? Reg. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to motivate salespeople and retain top producers The following statements are all examples of abstract goals I will improve my communication skills. Net Exclusive right-to-sell Exclusive agency Open, The broker did not give the principal a copy of the listing. taxes based on a persons ability to pay. greater responsibility.
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