Chapter 1 Flashcards

1
Q

Sphere of influence

A

A list of prospects that an agent regularly contacts in the hope they will become clients

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2
Q

Errors and omission insurance

A

Most brokers carry this professional liability insurance to protect themselves and their agents against catastrophic lawsuits

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3
Q

Straight commission

A

The broker usually does not charge a desk fee but pays the agent based on a set percentage of the selling price at the close of escrow

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4
Q

Training

A

Hands on experience and mentoring meant to improve your performance or help you attain a required level of skill

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5
Q

Employee

A

This person works under the direct control and supervision of the employer

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6
Q

Independent contractor

A

This person sells results rather than time and his or her physical conduct is not subject to the control of another

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7
Q

Geographical farm

A

A group of house holds within a geographical area with whom the agent stays in touch on a regular basis

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8
Q

Cold calls

A

Calling prospective clients who are not known to the salesperson

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9
Q

Reverse directory

A

A website or publication similar to a phone book where numbers are listed by address rather than name

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10
Q

Sales kit

A

An inventory of items or aids that you may need in your daily real estate related activities

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11
Q

Fiduciary relationship

A

Brokers owe a duty of the highest care and confidentiality to their principals (clients), Who is interested promote even at the cost of some greater benefit to them selves

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12
Q

Expired listings

A

Listings that did not sell within the contract period

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13
Q

Warm calls

A

Calls made to people you already know in which you are usually more productive

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14
Q

Dual agency

A

When a broker represents more than one party (I.E, both buyer and seller)

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15
Q

Transaction file

A

Includes all property contracts, documents, and disclosures signed or initialed by the principles ( broker must keep for at least three years.)

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16
Q

Sole proprietorship

A

In the office to run by one owner is solely responsible for all decisions

17
Q

Corporation

A

A form of ownership considered a legal “artificial being “conducting business under its California charter name

18
Q

Partnership

A

And association of two or more persons as coworkers of the business for profit

19
Q

Commingling

A

The legal mixing of the clients and brokers funds

20
Q

Commingling

A

The legal mixing of the clients and brokers funds

21
Q

Conversion

A

The legal practice of misappropriation and using the clients money

22
Q

Stock

A

Owners of a corporation each own shares of this as evidence of ownership

23
Q

Office policy manual

A

This guide is found in many brokerage office is to help handle reoccurring situation and is designed to give rules and policies for the staff in their relationships inside and outside the office sphere

24
Q

Green office

A

Well here is to create a healthy work environment, conserve energy, and reduce pollution

25
Q

Commission split

A

What percentage that goes to the sales person and what percentage does the broker

26
Q

zipForms®️

A

Catalog of contract forms and one in California and available for free to CAR members

27
Q

DBA

A

Doing business A.s Fictitious business name

28
Q

Domain name

A

The unique name that identifies the website

29
Q

100% commission

A

A commission system where the broker pays all of the commission to the sales person but charges this helps person a desk to be a $750-$1000 per month

30
Q

Apple, Inc.

A

Maker of such products as the iPhone ®️, iPad ®️, and iPod®️

31
Q

Android®️

A

Operating system other than Apple

32
Q

CalBRE

A

The California Bureau of real estate, which governs all real estate licensing and enforces the California real estate commissioners regulations