Ch. 9 Real Estate Brokerage

Question 1

antitrust laws

Answer 1

Laws designed to preserve the free enterprise of the open marketplace by making illegal certain private conspiracies and combinations formed to minimize competition.

Question 2

boycott

Answer 2

When individuals or businesses withhold their patronage to a business as a protest or to reduce competition

Question 3

brokerage

Answer 3

The bringing together of parties interest in making a real estate transaction

Question 4

commission

Answer 4

payment to a real estate professional for services rendered, such as in the sale or purchase of real property; usually a percentage of the selling price of the property

Question 5

disclaimers

Answer 5

A statement indicating no legal responsibility for information; no warranties or representations have been made

Question 6

electronic contracting

Answer 6

A process of integrating information electronically in a real estate transaction between clients, lender, and title and closing agents

Question 7

Electronic Signatures in Global and National Commerce Act (E-Sign)

Answer 7

An act that makes contracts (including signatures) and records legally enforceable regardless of the medium in which they are created

Question 8

employee

Answer 8

for tax purposes, someone who works as a direct employee of an employer and has employee status. The employer is obligated to withhold income taxes and Social Security taxes from the compensation of employees

Question 9

independent contractor

Answer 9

someone who is retained to perform a certain act but who is subject to the control and direction of another only as to the end result and not as to the way in which the act is performed. pays all expenses and social security and income taxes and receives no employee benefits

Question 10

Internet Data Exchange (IDX) policy

Answer 10

Policy that allows all multiple listing services (MLS) members to restrict internet access to MLS property listing.

Question 11

managing broker

Answer 11

The real estate professional who is responsible for supervision of the real estate professionals who act on behalf of the brokerage; may also be called a supervising broker

Question 12

minimum level of service

Answer 12

The services that real estate professionals must provide to clients, -assisting clients in negotiation and answering questions from clients about offers, counteroffers, and contingencies.

Question 13

multiple listing service (MLS)

Answer 13

marketing organization composed of member real estate professionals who agree to share their listings agreements with one another in the hope of procuring a ready, willing and able buyer for their properties more quickly than they could on their own.

Question 14

National Do Not Call Registry

Answer 14

the registry is a list of telephone numbers from consumers who have indicated their preference to limit the telemarketing calls they receive

Question 15

price-fixing

Answer 15

practice in which competitors agree to set prices or other terms and conditions for products or services rather than letting competition in the open market establish those prices

Question 16

procuring cause

Answer 16

The effort that brings about the desired result.

Question 17

ready, willing, and able buyer

Answer 17

Person who is prepared to buy property on the seller’s terms and is ready to take positive steps to consummate the transaction

Question 18

Uniform Electronic Transaction Act (UETA)

Answer 18

Sets forth rules for entering into an enforceable contract using electronic means