Chapter 1 Flashcards
Sphere of influence
A list of prospects that an agent regularly contacts in the hope they will become clients
Errors and omission insurance
Most brokers carry this professional liability insurance to protect themselves and their agents against catastrophic lawsuits
Straight commission
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
Training
Hands on experience and mentoring meant to improve your performance or help you attain a required level of skill
Employee
This person works under the direct control and supervision of the employer
Independent contractor
This person sells results rather than time and his or her physical conduct is not subject to the control of another
Geographical farm
A group of house holds within a geographical area with whom the agent stays in touch on a regular basis
Cold calls
Calling prospective clients who are not known to the salesperson
Reverse directory
A website or publication similar to a phone book where numbers are listed by address rather than name
Sales kit
An inventory of items or aids that you may need in your daily real estate related activities
Fiduciary relationship
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
Expired listings
Listings that did not sell within the contract period
Warm calls
Calls made to people you already know in which you are usually more productive
Dual agency
When a broker represents more than one party (I.E, both buyer and seller)
Transaction file
Includes all property contracts, documents, and disclosures signed or initialed by the principles ( broker must keep for at least three years.)
