Chapter Five Flashcards
payment to a broker for services rendered such as in the sale or purchase of real property
commission
laws designed to preserve the free enterprise of the open marketplace by making illegal certain private conspiracies and combinations formed to minimize competition.
antitrust laws
a statement indicating no legal responsibility for information; no warranties or representations have been made. 77
disclaimer
a process of integrating information electronically in a real estate transation between clients, lender, and title and closing agents. 78
electronic contracting
an act that makes contracts (including signatures) and records legally enforceable regardless of the medium in which they are created. 78-79
Electronic Signatures in Global and National Commerce Act (E-Sign) 78-79
someone 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. 75
independent contractor
a powerful computer tool for providing information about properties, relocation services, and particular communities; however state laws do apply. 78
internet advertising
a policy from the National Association of Realtors that allows all MLS members to have equal right to display MLS data, and respects the rights of property owners and their listing brokers to market a property as they wish. 77
Internet Listing Display Policy
some states are requiring that licensees perform some minimum level of service to clients. 74-75
minimum level of service
a national registry managed by the Federal Trade Commission, that lists the phone numbers of consumers who have indicated their preference to limit the telemarketing calls they receive. 79
National Do Not Call Registry
the effort that brings about the desired result. Under an open listing, the broker who is the cause of the sale receives the commission 71
procuring cause
person who is prepared to buy property on the seller’s terms and is ready to take positive steps to consummate the transaction. 71
ready, willing, and able buyer
sets forth rules for entering into an enforceable contract using electronic means. 7-8
UniformElectronic Transactions Act (UETA)
uniform policies and standards for administering and enforcing state license laws are promoted by who? 68
ARELLO, Association of Real Estate License Law Officials
the practice of setting prices for products or services rather than letting competition in the open market establish those prices. 76
price fixing
