Chpt9 Real Estate Brokerage Flashcards
Statutes enacted by state legislatures to protect the public and ensure a standard of competence in the real estate industry
Real estate license laws
The devise by which state licensing authority administrates and enforces the statutory law
Administrative regulations
The business of bringing parties together
Brokerage
Membership in this service provides an opportunity for the marketing of property
Multiple listing service
An individual who is licensed to buy, sell, exchange or lease property for others and to charge a fee for these services
Real estate broker
When two or more businesses conspire against another business to withhold patronage to reduce competition
Group boycott
A person who is licensed only to perform real estate activities on behalf of a broker
Sales associate
A sales associate who’s activities are closely controlled and who is entitled to benefits, unemployment compensation and income 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 result in the sale of a property
Procuring cause
A person who is prepared to buy on the sellers terms and is ready to take positive steps toward consummation of the transaction
Ready, willing and able buyer
An analysis performed to assist a seller in pricing a property
Comparative market analysis
An illegal division of territories to avoid competition
Allocation of markets
Laws that prohibit price fixing and tie-in agreements
Antitrust laws
