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CLI Prelicensing > Unit 8 > Flashcards

Unit 8 Flashcards

1
Q

What is the purpose of real estate state license laws?

A

to protect the public

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2
Q

If a personal assistant does not have a real estate license, can they hold an open house for you?

A

no

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3
Q

What is the most famous antitrust law?

A

Sherman Antitrust Act

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4
Q

National Do Not Call Registry

A

legislation that requires you check the registry if you are going to make solicitation calls

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5
Q

CAN-SPAM Act

A

act that says if you are going to be sending out emails to people, you have to identify who you are, specific subject line, and identify it as a solicitation add, and give people an opportunity to opt out of receiving any more emails

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6
Q

What is the purpose of real esatte license laws?

A

to protect the public

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7
Q

Are licensing laws statutory or federal?

A

statutory

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8
Q

How do real estate laws protect the public

A
  1. establishing basic requirements for getting a license
  2. High school graduate or completed GED
  3. Fingerprinted
  4. Purchase insurance
  5. Requirements for keeping license after you get it (continuing education, renewal fee)
  6. Define which activities require a license and which do not
  7. Standards of conduct and practices (ethics and morals)
  8. Enforcing standards through disciplinary system (TN State Commission)
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9
Q

Brokerage

A

business of bringing parties together in a real estate transaction

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10
Q

Real Estate Broker

A

real estate agent licensed to buy, sell, exchange or lease real property for others and to charge a fee for those services; Can own and run a real estate company

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11
Q

Requirements to qualify as an independent contractor

A
  1. Sales associate must have a current real estate license
  2. Sales associate must have a written contract with the broker that specifies that the sales associate will not be treated as an employee for federal tax purposes
  3. A substantial portion of the sales associate’s income as a real estate professional must be based on sales production or other output and not on the number of hours worked
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12
Q

Real Estate Assistant

A

a combination office manager, marketer, organizer, and facilitator who has the fundamental understanding of the real estate industry with good clerical, technological and communication skills

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13
Q

Commission

A

a percentage of the final sales price; negotiable amount

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14
Q

Is commission negotiable?

A

yes

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15
Q

Discount brokers

A

charge a lower commission for doing less work for seller

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16
Q

flat rate broker

A

flat rate no matter the price of listing

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17
Q

limited service brokerage

A

agent just puts listing in MLS and seller does the rest of the work, pays for them to list it

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18
Q

Multiple Listing Service

A

expose listing to other real estate firms for a cooperative transaction in the MLS

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19
Q

What has to happen for commission to be paid?

A

has to be a broker

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20
Q

Can an affiliate broker be paid directly by the consumer?

A

never

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21
Q

How does a broker receive compensation?

A
  1. be a licensed real estate broker
  2. employed by the buyer or seller under a valid contract
  3. procuring cause of sale
22
Q

Procuring cause

A

started an uninterrupted chain of events that ultimately ended up in the sale

23
Q

Ready, Willing and Able buyer

A

one who is prepared to buy on the seller’s terms and is ready to take positive steps towards consummation of the transaction

24
Q

When are most commissions paid

A

at delivery and acceptance of seller’s deed

25
Q

graduated compensation splits

A

based on a sales associate’s achieving specific production goals

26
Q

Listing company

A

one who lists house for sale for seller

27
Q

Selling company

A

one who gets buyer for sale of home

28
Q

Comparative Market Analysis

A

way of assisting the seller in pricing the property by comparing it to similar properties

29
Q

Limited Services have to have at least

A
  1. Accept delivery of and present offers and counteroffers to the client
  2. Assist the client in developing, negotiating, adn presenting offers and counteroffers
  3. Answer the client’s questions about offers, counteroffers, and contingencies
30
Q

What do you have to disclose for homes built before 1978?

A

dead based paint form

31
Q

Antitrust laws

A

federal laws that prohibit monopolies and any contracts, combinations and conspiracies among competitors that unreasonably restrain trade

32
Q

What are the 4 major violations of antitrust

A
  1. Price fixing
  2. group boycotting
  3. allocation of customers or markets
  4. Tie in agreements
33
Q

Price Fixing

A

when 2 or more brokers collectively agree to charge the same commission

34
Q

Group boycotting

A

when 2 or more businesses conspire against another business or agree to withhold their patronage to reduce competition

35
Q

Allocation of customers or markets

A

agreement between real estate brokers to divide their markets and refrain from competing for each other’s business

36
Q

Tie in agreements

A

agreements to sell one product only if the buyer purchases another product as well

37
Q

What are antitrust penalties

A

severe with fines up to $1,000,000 and 10 years in prison

38
Q

How much can an individual who has suffered a loss because of an antitrust violation?

A

treble

39
Q

Trade associations

A

rganizations that serve the real estate business

40
Q

Code of Ethics

A

a written system of standards for ethical conduct

41
Q

What do trade associations offer?

A

training, networking, designations, etc.

42
Q

What’s the largest trade association?

A

National Association of Realtors®

43
Q

How do you become a Realtor®

A

you take a course on the association then the code of ethics course (17 articles)

44
Q

Internet Data Exchange (IDX)

A

for cooperative transactions on MLS; allows all MLS members to have equal rights to display MLS data while respecting the rights of the property owner and real estate broker

45
Q

If you have a personal real estate website, what must be on each page of the website?

A

company name and telephone number

46
Q

What must all advertisements be?

A

true, current and accurate

47
Q

Electronic Contracting

A

most paperwork is done electronically now (including signatures)

48
Q

Do not call act

A

solicitors cannot solicit people if they are on the do not call list

49
Q

What are the do not call lists of TN

A

federal and state

50
Q

How much can you get fined if you call someone on the do not call list?

A

$11,000 in Nashville and $2,000 in TN

CLI Prelicensing (23 decks)

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