Unit 5 - Real Estate Brokerage Flashcards
Define Sponsoring Broker
The entity holding the company real estate license
Define Managing Broker
The person responsible for the supervision of all real estate activities within the agency
Define a Written Employment Agreement
Define the employment or independent contractor relationship including duties, compensation and termination
Define Business Plan
Every business decision is guided by this. Must be flexible, measurable and achievable
What is E&O Insurance
Errors & Omissions Insurance
Define Fiduciary Standards
A legal standard that holds a licensee to the highest ethical standard
Define Professional Real Estate Services
Services that require a person to have a real estate license
Define a Personal Assistant
Often a combination office manager, marketer, organizer and facilitator
Define Cooperative Commission
Allows the listing brokerage to pay the selling brokerage the advertised commission upfront
Define Procuring Cause
When the broker starts a chain of events that resulted in a sale
Define a Ready, Willing and Able Buyer
One who is prepared to buy on the sellers terms
Define Anti Trust Laws
Laws that prohibit monopolies or contracts that restrain trade
What are the types of Anti Trust Laws?
Price Fixing
Group Boycotting
Allocation of Customers/Markets
Tie In agreements
Define Price Fixing
When competing real estate companies agree to set standard fees
Define Group Boycotting
When two or more companies conspire against another business
