Agency Relationship Flashcards
Sherman antitrust act
The Federal Trade Commission for bids brokers from discussing their commissions fee schedules and collaborating to agree to one schedule for the market commission fees an open to negotiations and should be listed in writing in a brokerage agreement
Single agent
If a buyer Hies an agent to perform a specific act the agent hired is a single agent
If buying withdraws an offer to purchase after it has been excepted by the seller
The buyer forfeits the earnest money. This situation constitutes a liquidating damage
Open agency
An open agency is when he broker has authorization to sell a building but not the sole authorization. The seller does have a right to market the property himself or through other brokers and only pay a commission to the procuring cause Broker
General agent
The general agent has received multiple authorization from the same owner
The Board of registration of real estate brokers and salespersons must have three members that actively engaged in real estate with at least
Seven years of experience all three real estate brokers that are members must have at least seven years of full-time experience as a full-time occupation in the real estate business
A salesperson can never become self-employed. He or she must work for a broker for two years, take the brokers cause, and pass the state exam. Then he or she can become self-employed as a broker
Salesperson
Real estate listing is
It is in agreement or contract detailing the description of the property, terms and conditions of the commission payment, and length of the marketing, it is marketing agreement between the real estate agent seller. In Massachusetts a listing agreement is not required to be in writing but it is enforceable if in writing
The Massachusetts Board of registration of real estate brokers and salespersons
The board that administers the rules and regulations for real estate brokers and salespeople
Facilitator
A facilitator does not represent either the buyer or the seller and must represent every property honestly and accurately
A real estate broker in Massachusetts is required to hold a real estate bond in the amount of
$5000
The Board of registration of real estate brokers and salespersons consist of
Five members
A sales person may be hired by is all her broker as a
Hey licensed sales agent is required by law to be supervised by his or her Broker , may be hired as an employee full-time or part-time or as a independent contractor
Bonuses
Bonuses are still commissions, commissions may only be paid by The employing broker
In Massachusetts in order for a real estate salesperson to become a real estate broker the person must
A person must work at least 25 hours per week for one year to become a broker
