Unit 7 - Vocab

Question 1

Names for unscrupulous agents going into neighborhoods, trying to panic sellers into selling

Answer 1

panic selling, panic peddling or block busting

Question 2

Fair market value

Answer 2

the price or value that a prospective buyer would expect to pay or be charged for, for a similar item of like quality and quantity in a retail outlet that offers the item for sale to the general public

Question 3

Real estate companies, franchises or networks may promote, endorse or advertise its association, affiliation or connection to a real estate education provider or a college, university or institute of higher learning so long as:

Answer 3

The association, affiliation, or connection (including ownership interests) is disclosed in all promotions, endorsements and advertisements.

Question 4

Discriminatory advertising will be considered by the Commission as…

Answer 4

bad faith, which can lead to the loss of license and federal charges

Question 5

advertisements for lotteries and gifts:

Answer 5

• any offering of any gift must be accompanied by a statement of fair market value. if it’s sent by mail, the statement must be in a clear and conspicuous manner.
• Must be included a statement about any fees and the maximum amount that the prizewinner must pay in order to receive the price.
• If the offering is by mail, it must be written clearly using common words and terms. IT must include a concise description of the property and if it is a time share.
• If the prospective prizewinner must personally visit and inspect the property and listen to a sales presentation to win, the offering must state that fact.

Question 6

When a broker advertises about Sales Volume:

Answer 6

it can only mean a closed transaction

Question 7

When a broker advertises about Market Position:

Answer 7

He must identify the municipality that the market comprises.

Question 8

When a broker advertises about Number of branches:

Answer 8

These are only the offices that have been issued branch licenses by the Commission

Question 9

Real Estate companies may advertise its connection to a real estate_______ so long as _____

Answer 9

Education Provider…… the connection is disclosed in all advertisements

Question 10

Internet Advertising - A LICENSED FIRM advertising must include on Each Page:

Answer 10

• The company’s name as registered with the Commission
• The city and state where the firm’s main office is located
• The regulatory jurisdiction in which the firm holds a real estate broker’s license

Question 11

Internet Advertising - a LICENSEE advertising must include on Each Page:

Answer 11

• The licensee’s name
• The name of the firm with which the licensee is affiliated
• the city and state in which the licensee’s office locatedd
• The regulatory jurisdiction in which the licensee holds a license

Question 12

Internet Advertising - a LICENSED FIRM using any internet electronic communication must include:

Answer 12

• the name of the firm with which the licensee is affiliated as the firm is registered with the Commission
• the city and state in which the licensee’s office is located
• The regulatory jurisdiction in which the licnesee holds a broker’s license

Question 13

Internet Advertising - A LICENSEE using any internet electronic communication must include:

Answer 13

• The licensee’s name
• The name of the firm with which the licensee is affiliated as the firm is registered with the Commission
• The city and state in which the licensee’s office is located
• the regulatory jurisdiction in which the licensee holds a broker’s licnese