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
“I am a licensed real estate sales person. I set my own hours and pay my own taxes”
sales associate (independent contractor)
“I’m a broker license to buy, sell, exchange, or lease real property for a fee. I’m responsible for the actions performed in the course of the real estate business by all persons license under my name.”
Broker
“I am licensed to perform real estate activities on behalf of a broker. I have health insurance and a retirement plan through the company”
Sales associate (employee)
“although I don’t have a real estate license, I work closely with the licensed real estate professionals in the office to ensure that the office run smoothly and transactions go to closing.”
Real estate assistant
