Unit 8 Key Terms Flashcards
Laws designed to preserve the free enterprise of the open marketplace by making illegal certain private conspiracies and combinations formed to minimize competition; such as price-fixing or allocation of customers or markets.
Antitrust laws
When individuals or businesses withhold their patronage to a business as a protest or to reduce competition.
Boycott
The bringing together of parties interested in making a real estate transaction
Brokerage
A written system of standards for ethical conduct
Code of ethics
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.
Commission
A statement indicating no legal responsibility for information; no warranties or representations have been made.
Disclaimers
A process of integrating information electronically in a real estate transaction between clients, lender, and title and closing agents.
Electronic contracting
An act that makes contracts (including signatures) and records legally enforceable regardless of the medium in which they are created.
Electronic Signatures in Global National Commerce Act (E-sign)
For tax purposes, someone who works as a direct employee and has employee status. The employer is obligated to withhold income taxes and social security taxes from the compensation of employees.
Employee
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. They receive no employee benefits and pays for their own social security and income taxes. Most real estate sales associates are ______________.
Independent contractor
Policy that allows all multiple listing service (MLS) members to restrict internet access to MLS property listings.
Internet Data Exchange (IDX) Policy
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.
Managing broker
The services that real estate professionals must provide to clients, as prescribed differently by certain states; for example, assisting clients in negotiating and answering questions from clients about offers, counteroffers and contingencies.
Minimum level of services
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 ____ accept exclusive right-to-sell or exclusive agency listings from their members.
Multiple listing service (MLS)
A national registry, managed by Federal Trade Commission, that lists the phone numbers of consumers who have indicated their preference to limit the telemarketing calls they receive.
National Do Not Call Registry
