Unit 8: Real Estate Brokerage Flashcards
What is the main objective of Real Estate Law?
To make sure that the rights of purchases, sellers, tenants, and owners protected from unscrupulous or negligent practices.
______ is simply the business of bringing parties together.
Brokerage
___ is licensed to buy, sell, exchange, or lease property for others and to charge a fee for those services.
Real Estate Broker
_______ is licensed to perform real estate activities on behalf of a licensed real estate broker
Salesperson
The broker for whom the salesperson works is called the _______
Employing broker
A ____________, who may also be called the supervising broker, is responsible for supervision of the real estate professionals who act on behalf of the brokerage.
Managing broker
________ operates with more independence than an employee, and the employer may not exercise the same degree of control over an independent contractors activities.
Independent Contractor
Compensation can be in the form of _________ or brokers fee, a flat fee, or an hourly rate. The amount of a brokers _______ is negotiable in every case.
Commission
To be considered a _______ of a sale, the broker must have started or caused an interrupted chain of events that resulted in the sale.
Procuring cause
A ____________ is one who is prepared to buy on a sellers terms and is ready to take positive steps toward consummation of the transactions.
Ready, willing, and able buyer.
The most common antitrust violations are_____.
Price fixing
______ is a practice in which competitors agree to set prices or other terms and conditions for products or services rather than letting competition on the open market establish those prices.
Price-Fixing
A group ____ occurs when two or more business conspire against another business or agree to withhold their patronage to reduce competition.
Boycott
____ are agreements to sell one product only if the buyer purchases another product as well
Tie- In agreements
_____ is a written system of standards for ethical conduct. The code contains statements designed to advise, guide, and regulate behavior.
Code of ethics