Chapter 8 vocab Flashcards
membership in the service provides an opportunity for marketing of the property
Multiple listing service (MLS)
statutes enacted by state legislators to protect the public and ensure a standard of competence in the real estate industry
Real estate license laws
The device by which is state licensing authority administers and enforces the statutory law
Administrative regulations
The business of bringing parties together
Brokerage
An individual whose license to buy, sell, exchange, or lease property, for others, and to charge a fee for those services
Real estate broker
when two or more businesses conspire against another business to withhold patronage to reduce competition
Group boycott
person who is licensed only to perform real estate activities on behalf of a broker
Sales associate
A sales associate whose activities are closely controlled, and who is entitled to benefits, unemployment, compensation, and income tax withholding
Employee
A sales associate who works under the terms of a written contract, and receives a substantial portion of her income from sales production rather than hours worked
Independent contractor
A form of compensation computed as a percentage of the total sales price of a property
Commission
The broker who starts an uninterrupted chain of events that results in the sale of the property
Procuring cause
A person who is prepared to buy on the sellers terms, and is ready to take positive steps towards consummation of the transaction
ready, willing, and able buyer
and analysis performed to assist the seller and pricing a property
Comparative market analysis (CMA)
an illegal division of territories to avoid competition
Allocation of markets
laws that prohibit, price-fixing, and tie in agreements
Antitrust laws
