Lesson 1 Flashcards
Real Estate agents are not employees. The IRS requires agents to sign _____________ with the brokerage.
Independent Contractor Agreement
Every real estate brokerage should adopt a ______________ that identifies and describes the types of real estate brokerage relationships in which the broker and affiliated licensees may engage.
Written Company Policy
The NAR established ___________ to set a minimum standard of acceptable practice for realtors - it applies only to those who join the REALTOR® organization.
Code of Ethics (COE)
System for companies to promote listed properties to other companies and to facilitate the bringing together of sellers and buyers in a market.
Multiple Listing Services (MLS)
Agents are expected to _______ if they become associated with a brokerage that is part of a franchise.
Pay a Fee
Person who owns an unincorporated business by himself.
Sole Proprietor
The owner of this type of business is personally liable for the debts of the business.
Sole Proprietorship
Business with the legal structure of a corporation but with the tax efficiencies & operational flexibility of a partnership.
Limited Liability Company (LLC)
In this business, all profits and losses are “passed through” the business to each member.
Limited Liability Company (LLC)
This business entity is perpetual and survives the lives of any of its shareholders. It must be legally dissolved.
Corporation
Business where every partner is responsible for the debts of the partnership.
General Partnership
Business where only the general partners accept personal liability and other partners can only lose the amount they invested.
Limited Partnership
A partnership in a single defined project that is expected to end at a certain time.
Joint Venture
When a licensee that started a chain of events that went unbroken, resulting in the closing sale.
Procuring Cause
In place to promote free and open competition in the economy, and to promote fair traid & prevent price fixing
Antitrust Laws
Prohibits discrimination against job applicants because of race, olor, religion, sex, national origin, age (40+), disability or genetic information.
Equal Employment Opportunity Act (EEOA)
The purpose of the Maine Real Estate Commission.
Promote public understanding & confidence in the business of real estate brokerage
The Maine Real Estate Commission consists of…
4 Industry members
2 Public members
The maximum fine that may be imposed by the Maine Real Estate Commission is…
$2,000 (two thousand dollars)
Maine Real Estate Commission may _____ a real estate license if the licensee violate Maine real estate law.
Suspend
The day-to-day business of the Maine Real Estate Commission is managed by the…
Director of the Maine Real Estate Commission
