Unit 8: Real Estate Brokerage

Question 1

What is the main objective of Real Estate Law?

Answer 1

To make sure that the rights of purchases, sellers, tenants, and owners protected from unscrupulous or negligent practices.

Question 2

______ is simply the business of bringing parties together.

Answer 2

Brokerage

Question 3

___ is licensed to buy, sell, exchange, or lease property for others and to charge a fee for those services.

Answer 3

Real Estate Broker

Question 4

_______ is licensed to perform real estate activities on behalf of a licensed real estate broker

Answer 4

Salesperson

Question 5

The broker for whom the salesperson works is called the _______

Answer 5

Employing broker

Question 6

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.

Answer 6

Managing broker

Question 7

________ operates with more independence than an employee, and the employer may not exercise the same degree of control over an independent contractors activities.

Answer 7

Independent Contractor

Question 8

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.

Answer 8

Commission

Question 9

To be considered a _______ of a sale, the broker must have started or caused an interrupted chain of events that resulted in the sale.

Answer 9

Procuring cause

Question 10

A ____________ is one who is prepared to buy on a sellers terms and is ready to take positive steps toward consummation of the transactions.

Answer 10

Ready, willing, and able buyer.

Question 11

The most common antitrust violations are_____.

Answer 11

Price fixing

Question 12

______ 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.

Answer 12

Price-Fixing

Question 13

A group ____ occurs when two or more business conspire against another business or agree to withhold their patronage to reduce competition.

Answer 13

Boycott

Question 14

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

Answer 14

Tie- In agreements

Question 15

_____ is a written system of standards for ethical conduct. The code contains statements designed to advise, guide, and regulate behavior.

Answer 15

Code of ethics

Question 16

What is the primary purpose of the UETA?

Answer 16

To remove barriers in electronic commerce that would otherwise prevent enforceability of contracts