The Real Estate Business Flashcards
What is the REAL ESTATE BUSINESS?
BULIExRS
The Real Estate Business is people buying, using leasing, improving, exchanging, renting, and selling, real property - thus createing the real estate market.
What is our product?
RIGHTS in real estate.
What are some of the laws that the industry is subject to?
REBrLr
- Real Estate Laws
- Ethics - professional and personal
- Licensing Requirements
- Board Regulations
The Real Estate Sales Profession Includes:
BBS
- Brokerage Firms (Licensed)
- Brokers
- Sales People (Licensed)
Are property owners who only deal with their own property required to hold a real estate license?
No.
Who is required to hold a valid real estate license?
Any person who gets paid or is promised payment to:
list or offer to list, sells or offers to sell, buys or offers to buy, negotiates or offers to negotiate either directly or indirectly for the purpose of bringing about a sale, purchase, option to purchase, exchange, lease or rental of real estate or any interest in real estate.
Brokerage Firm
Employed by the public to perform acts of brokerage. Referred to as the BROKER.
Principle Broker/ Employing Broker
PRINCIPLE BROKER runs all real estate operations conducted by a Real Estate Brokerage Firm.
What do Salesperson and Associate Brokers do?
Employed by Broker, to act as the Broker’s AGENT in conducting real estate transactions.
Are Salesperson and Associate Brokers employed by the public - like Brokers?
No. They can only accept compensation from their Employing BROKER.
Most Associate Brokers and Salespeople are employed as_______?
Independent Contractors
Client
The party who employs the BROKER.
Who does the CLIENT pay?
Usually (but not always) pays the Brokerage.
Prospect, Customer and Third Parties
This is the Broker’s customer base.
RE Boards and Commissions
They are REGULATORY BOARDS who grant and revoke LICENSES and REGULATE Real Estate Professionals to protect the public.
