Unit 8: Real Estate Brokerage Flashcards

1
Q

What is the main objective of Real Estate Law?

A

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

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2
Q

______ is simply the business of bringing parties together.

A

Brokerage

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3
Q

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

A

Real Estate Broker

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4
Q

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

A

Salesperson

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5
Q

The broker for whom the salesperson works is called the _______

A

Employing broker

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6
Q

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.

A

Managing broker

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7
Q

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

A

Independent Contractor

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8
Q

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.

A

Commission

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9
Q

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

A

Procuring cause

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10
Q

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

A

Ready, willing, and able buyer.

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11
Q

The most common antitrust violations are_____.

A

Price fixing

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12
Q

______ 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.

A

Price-Fixing

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13
Q

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

A

Boycott

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14
Q

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

A

Tie- In agreements

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15
Q

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

A

Code of ethics

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16
Q

What is the primary purpose of the UETA?

A

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