Course 1-1 Flashcards
Learn/ Memorize Realestate Vocab
Economic Factors in Real Estate
Supply and Demand, Pricing, Costs incurred in bringing to market. Value aspect of desire.
How are sale effected by the local economy
If the economy slows, so do sales, the reverse is the same.
List three kinds of properties
Commercial, residential, Agriculture, industrial, special purpose, recreational, investment.
Jim decided to focus on sub divisions west of town, what kind of real estate did he specialize in?
Geography.
Trade Association?
National Association of Realtors NARs
Trade Associations for Brokers
National Association of Real Estate Brokers
Some of the guildlines in the Code of Ethics?
Protecting and promoting the interests of the client
Avoiding exaggeration, misrepresentation and the concealment of pertinent facts
Cooperating with other brokers
Informing sellers or purchasers of the licensee’s interest in a property
Accepting commissions
Handling trust funds
Duties outlined in the Code of Ethics
Providing equal, non-discriminatory services to all persons
Refraining from providing professional services outside the licensee’s field of expertise
Being truthful and clear in advertising
Avoiding activities that might constitute the practice of law
Refraining from false or misleading statements about competitors
What ethical standard guide real estate professionals?
The code of ethics and standard practices set forth by NAR
Identify two duties set for by NAR in regards to clients.
Avoiding misrepresentation, exaggerations, and concealment of pertinent facts.
List two duties set forth by NAR in regards to public
Providing equal, non discriminatory services to all persons, refraining from providing professional services outside the licensees field of expertise.
Why is practicing ethical behavior a good business practice
Clients will be loyal and send referrals your way.
From who may a salesperson receive compensation for performed activities?
ONLY from the employing broker
What is the major difference between an employee and a contractor
The issue of control, a broker can control the what and the how of an employee. A broker can control the what but not the how of an independent contractor.
What kinds of insurance do brokers normally require of their employees?
High limits of auto insurance with the broker named as the insured errors and omissions insurance.