Real Estate Test Unit 8 Flashcards
antitrust laws
Laws designed to preserve the free enterprise of the open marketplace by making illegal certain private conspiracies and combinations formed to minimize competition. Most violations of antitrust laws in the real estate business involve either price-fixing or allocation of customers or markets
brokerage
the bringing together of parties interested in making a real estate transaction
commission
payment to a real estate professional for services rendered, such as in the sale or purchase of real property; usually a percentage of the selling price of the property
delivery and acceptance
when the title to property is delivered by the grantor and accepted by the grantee
disclaimer
a statement indicating no legal responsibility for information; no warranties or representations have been made
do not call registry
a national registry, managed by the federal trade commission, that lists the phone numbers of consumers who have indicated their preference to limit the telemarketing calls they receive
electronic contracting
a process of integrating information electronically in a real estate transaction between clients, lender, and title and closing agents
electronic signatures in global and national commerce act (e-sign)
an act that makes contracts (including signatures) and records legally enforceable regardless of the medium in which they are created
employee
for tax purposes, someone who works as a direct employee of an employer and has employee status. the employer is obligated to withhold income taxes and social security taxes from the compensation of employees
fee-for-service
arrangement by which a consumer asks a real estate professional to perform specific real estate services for an agreed-upon fee
independent contractor
someone who is retained to perform a certain act but who is subject to the control and direction of another only as to the end result and not as to the way in which the act is performed. unlike an employee, an independent contractor pays for all expenses and social security and income taxes and receives no employee benefits. most real estate sales associates are independent contractors, meeting the internal revenue service definition for a qualified real estate agent
internet data exchange (IDX) policy
policy that allows all multiple listing service (MLS) members to restrict internet access to MLS property listings
managing broker
the real estate professional who is responsible for supervision of the real estate professionals who act on behalf of the brokerage; may also be called a supervising broker
multiple listing service (MLS)
a marketing organization composed of member real estate professionals who agree to share their listing agreements with one another in the hope of procuring ready, willing, and able buyers for their properties more quickly than they could on their own. most multiple listing services accept exclusive right-to-sell or exclusive agency listings from their member real estate professionals
minimum level of services
the services that real estate professionals must provide to clients, as prescribed differently by certain states; for example, assisting clients in negotiation and answering questions from clients about offers, counteroffers, and contingencies
