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Principles of Real Estate > Orientation > Flashcards

Orientation Flashcards

1
Q

Land and anything attached to land by a foundation

A

Real Estate

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2
Q
  • multi-step process that results in a property being transferred from one party to another
  • includes offers, counter-offers, inspections, etc
A

Real Estate Transaction

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3
Q

Final step of real estate transaction

A

Real Estate Closing

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4
Q

the process of bringing parties together

A

Brokerage

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5
Q

a real estate company or “real estate agency”

A

Real Estate Brokerage

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6
Q

oversees the entire operation at the main office and compensates everyone

A

Supervising Broker

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7
Q
  • similar role to supervising broker

- responsible for operations at the branch office and the activities of licensees at that office

A

Branch Broker

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8
Q
  • has broker’s license but is associated with/supervised by a supervising broker
  • often acts as a salesperson
A

Associate Broker

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9
Q

generates business and provides services on behalf of the broker

A

Salesperson

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10
Q

perform administrative duties at the office

A

Staff

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11
Q

2 or more licensees in the same company that form a team with a team leader and team members

A

Team

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12
Q

computer-based system that allows brokers to share info about their listings and efficiently find properties for their buyers

A

Multiple Listing Service (MLS)

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13
Q

Commission rate is established by…

A

the listing broker

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14
Q

clarifies compensation available and promotes cooperation between real estate companies

A

MLS

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15
Q

Compensation must originate from…

A

the Broker

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16
Q

2 ways Licensee A can hire Licensee B and compensate them…

A

a) Broker pays A & B according to their agreement

b) Broker pays A and gives A written permission to pay B

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17
Q

Team forms LLC… how does the team get paid?

A

Broker pays LLC directly & gives team leader written permission to pay team members

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18
Q

Rebate

A
  • an unlicensed person receiving money in some form for real estate activity
  • ILLEGAL in KS
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19
Q

Referral Fee

A
  • licensee recommends another licensee

- must pass between broker first

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20
Q

BRRETA

A

Brokerage Relationships in Real Estate Transactions Act of 1997

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21
Q

2 Objectives of BRRETA

A

1) Define roles of licensees

2) Ensure that consumers understand types of services available to them

22
Q

2 types of services licensees can offer

A

1) Transaction Broker

2) Agent or Designated Agent

23
Q

The BRRETA brochure must be given to a potential client at…

A

1st practical opportunity

24
Q

Facilitation, information only, neutral

A

Transaction Broker

25
Q

Coaching, representation, info and advice, acts on client’s behalf

A

Agent

26
Q

Licensee represents both the buyer and the seller

A

Dual Agency

27
Q

Licensee acts as transaction broker for both buyer and seller

A

Middleman

28
Q

Principal

A

Client who signs a written agreement with a licensee

29
Q

Customer

A

Buyer or seller who has not signed a written agreement

30
Q

Creates a one-to-one relationship between a licensee and a client

A

Designated Agency

31
Q

All licensees in a real estate company are tied to all clients

A

Agency

32
Q

Agency agreements… (3 things)

A

1) copy must be given to a client in a reasonable amount of time
2) cannot authorize the agent to act as the legal rep of the client
3) cannot be changed without written consent of both parties

33
Q

Document needed to change role from agent to transaction broker

A

Transaction Broker Addendum

34
Q

A bank account in which the supervising broker or branch broker holds other people’s money

A

Trust Account

35
Q

Violation in which more than $100 of the broker’s money is being kept in a trust account

A

Commingling

36
Q

After contract is signed, deposit must be made into trust account or escrow account within ____ days

A

5 business days

37
Q

3rd party option instead of trust account

A

Escrow agent

38
Q

Services that are informative in nature, such as answering phone questions, giving information on a property during an open house, or setting an appt to show a property

A

Ministerial acts

39
Q

A licensee being compensated by taking the difference between the sale price and the listing price

A

Net listings- ILLEGAL

40
Q

Government agency that governs real estate licensees

A

Kansas Real Estate Commission (KREC)

41
Q

KREC- # of members

A

5

42
Q

KREC- # that must have been licensed brokers for at least 5 years

A

3 or more

43
Q

KREC- keeps records but doesn’t vote

A

Director

44
Q

Published names of licensees who have acted improperly

A

Censure

45
Q

Licensee prevented from doing business; usually 30-90 days

A

Suspension

46
Q

Possible consequence of serious infractions

A

Revocation

47
Q

Restricted licensee activity

A

Restriction

48
Q

Possible civil fine per violation

A

up to $1000

49
Q

Possible civil fine per “aggravated” violation (extreme or intentional)

A

up to $5000

50
Q

If enough facts are known, the KREC can take this step (eg. applicant didn’t meet the education requirements)

A

Summary Adjudicative Hearing

51
Q

Willful violation of license law or BRRETA

A

misdemeanor

Principles of Real Estate (3 decks)

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