Real Estate Brokerage Flashcards
Brokerage
the business of bringing parties together
Managing Broker
responsible for supervision of the real estate professionals who act on behalf of the brokerage
Commission
compensation computed as a percentage of the total sales price; negotiable in every case, however a broker may set the minimum acceptable rate for the firm
Procuring Cause
the broker must have started or caused an uninterrupted chain of events that resulted in the sale
Ready, Willing and Able
in reference to a buyer; one who is prepared to buy on the seller’s terms and is ready to take positive steps toward consummation of the transaction
Price-fixing
a practice in which competitors agree to set prices or other terms and conditions for products or services rather than letting competition in the open market establish those prices
Sherman Antitrust Act
provides specific penalties for illegal business activities; prohibits monopolies and conspiracies among competitors that unreasonably restrain trade; price fixing, group boycott, allocation of market and tie-in agreements
Group Boycott
when two or more businesses conspire against another business or agree to withhold their patronage to reduce competition
Tie-In Agreements
agreements to sell one product only if the buyer purchases another product as well
Internet Data Exchange (IDX)
allows all MLS members to display MLS data while also respecting the rights of the owner and broker
Federal Acts Governing Electronic Contracting
Uniform Electronic Transactions Act (UETA) & Electronic Signatures in Global and National Commerce Act
Risk Management Plan
Avoid, Control, Transfer, Retain
