participation loans. eminent domain. interest. Prohibited by Civil Rights Act of 1968 and the Holden Act.page 71. steering. exclusive agency listing. I will become a better salesperson. a warning as to balloon payments. present the firms offer first and, if rejected, then present the other offer(s). ask, inform, demonstrate, approve. recommend to the owner to counter the offer. What kind of cases or actions has the Texas REALTORS Legal Fund been used for in the past? both buyer and seller must agree to amend the escrow instructions. net lease. conceding before answering. (Page 277), By initialing the dispute resolution clause in the exclusive right-to-sell listing the seller and broker agree to. As an indication of value, which of the following would BEST indicate the market value of a home? tell your prospects that they had better act fast as you are sure the other party wants to buy the house. What are the advantages of a good time-management program? (c) minimum wage requirements. An unhappy seller could mean a sale that does not close. Such as a Transfer Disclosure Statement.page 107, A fiduciary relationship applies to a real estate licensee and to. operational advertising. It was more important than it is now, because consumer products were less sophisticated. (Page 397). Which of the following statements regarding the use of goal-setting is FALSE? Unruh Act. try to overcome objections raised. Three years after the purchase, the property flooded and the buyers then learned that the property had previously flooded. an open listing. Texas REALTORS provides content through various online platforms, including this blog. Rumford Act. appreciation. The Legal Fund was able to assist the REALTOR in defeating the unfounded claim. Keeping rent receipts until foreclosed.Page 489, When presenting multiple offers the agent should. How does this work and is it legal? It depends. reading the information on the back of your real estate license. prospective buyers who respond to newspaper ads are likely to buy a property other than the property advertised. Are there any additional restrictions or limitations for access to the legal fund? You should consult an attorney regarding the risks involved and how to protect yourself from liability before agreeing to this situation. a fixer-upper. both 39 years for the property life and the straight-line method. None of these. What type of listing did the broker have? It has also been used to fund the filing of analyses and comments before governmental agencies. The opposite of most advertising. you should concentrate more on possibilities than probabilities. checks that have cleared. attention, interest, desire, action. visitations. . And the company must promote its services during the event to qualify for the Real Estate Settlement Procedures Act (RESPA) advertising exemption. portfolio loans. lack of capacity of a grantor. is satisfied with the general appearance of the home. the IRS is that the - broker-salesperson contract states that the salesperson shall be treated as an A both motivate salespeople and retain top producers. Texas REALTORS is committed to advocating for a strong real estate industry, advancing a culture of continued learning, and staying ahead of issues concerning members and their clients. ethnic groups. (Once set, goals should never be changed. A sample of 100 is used and the population standard deviation is 12 . Buyers are attracted to bargains, not overpriced property. When loan puts a lien on borrowers residence.Page 560. Principal residence does not qualify for a tax deferred exchange.Page 628. none of these. the FHA. If the price quoted is too high, you can be sure the caller will let the agent know. Brokers have liability to commission salespeople as to workers compensations The California Act that prohibits discrimination by all California businesses is the Unruh Act Redlining is prohibited by the The Holden Act A selling agent must comply with agency disclosures to the buyer before the buyer executes an offer One who has AIDS. The Texas REALTORS strongly encourages members to maintain E&O insurance. The entire leasehold must be transferred. Because buyers seldom offer the list price, the list price has no effect on time to sell. A broker shall provide the name of each delegated supervisor to the Commission on a form or through the online process approved by the Commission within 30 days of any such delegation that has lasted or is anticipated to last more than three consecutive months. property taxes to be increased up to 2% each year. that the exchange property must be of like-kind. caravans. Which of the following is an example of a tie-down? both blockbusting and steering. both paying a referral fee to anyone other than his or her own employees and accepting escrow instructions having blanks that are to be filled in after the instructions are signed. A lease that needs no notice for termination, would be. a model home. One of the requirements for a real estate salesperson to be regarded as an independent contractor by the IRS is that the, d.) (broker-salesperson contract states that the salesperson shall be treated as an independent contractor for tax purposes. Applicability of the legal principles discussed in this material may differ substantially in individual situations. Information about real estate agent and mortgage broker compensation first appeared in a 1995 HUD informal advisory opinion issued to the Independent Bankers Association of America. Having the ability to switch property is important. because owners want to get as much as possible, you should underestimate costs so the net will be greater. There is no limit for the damages. wait to show the property until the other agent has left. Brokers have liability to commission salespeople as to - workers compensation. Agency representation Listing Commission Cost, Listing has a connotation of paying a commission.Page 287-288. Incentive to do more and to stay.page 20 Agents sell while owners seldom sell themselves.Page 239. Download a PDF of the Model Privacy Policy just for Texas REALTORS from theManuals & Guides page. primarily for 1 to 4 residential units. The Legal Fund is used for a number of expressed purposes: 1. If an employee is receiving a commission, then the company withholds income taxes on the amount of the commission paid to the employee. c. minimum wage requirements. Even if it is for just a few months.Page 675, A property manager who lives on the property and is employed by the owner, would be. Which promotion would have the lowest cost to the broker? ratio of current rental costs to estimated housing costs. The Real Estate Recovery Fund is a fund created by the Real Estate License Act that is maintained by the Texas Real Estate Commission (the state agency regulating Texas real estate brokers and salesmen). Disclosure of AIDS is never required. Instructions to an owner upon taking a listing should include all EXCEPT. speed up your presentation. Without all owners, it cant be accepted.Page 479. both the exchange property must be identified within 45 days and the exchange must be completed no more than 180 days after transfer of exchanged property. both a counteroffer really rejects the offer and once rejected, an offer cannot be accepted. I will strive to improve my sales techniques. If Im a broker whos exempt from continuing education requirements, do I still have to take the Broker Responsibility course? disclosure of deferred interest. ad within a price range or area creates prospects for other homes in the price range or area. assessed value of property acquired before 1978 to be reduced to the amount shown in the 1975 tax roll. federal income taxes. changes in the zoning. ), Chapter one of the 'Real Estate Practice' book for California Realty Training. H0:80Ha:<80. $3,411.00. Buyers resist pressure before they are ready.Page 447, Disadvantages of home-ownership include all of the following EXCEPT. Which of the following is NOT an institutional lender? Thus, the reversing entry is: On the 15th of the month, ABC pays Mr. Smith his commission and records this entry. advertising by season. Nonresidential real estate purchased since 1987 must be depreciated using: both 39 years for the property life and the straight-line method. Others claim that their programs have been blessed by HUD. However, while working as a salesperson under you as his sponsoring broker, he is covered by the provisions of the act and you are responsible for his real estate-related activities. industrial parks. any of these. is merely an offer to insure. H0:80Ha:<80\begin{aligned} Case 1: A REALTOR was sued by a buyer who alleged the agent failed to properly advise him that the property lay near an environmentally contaminated site. In each of these cases, the board of directors determined that there was a significance to REALTORS as a class. (Page 486), In making an appointment to present an offer, the agent should. waive their rights to arbitrate. California Real Estate Practice Final Exam (Questions - Browsegrades All are protected by 1988 Amendment.page 73, Advertising a home in an area occupied solely by members of a minority group only in newspapers directed toward that minority group would be regarded as. downpayment. The caller can afford the home and area or they would not have called. (Page 591). owners who get less than they expected to receive from a sale are likely to be unhappy with you. both 30-day month and 360-day year. (Page 561), The margin on an adjustable rate loan refers to the. when property is shown, follow the agent closely and provide information to the prospective buyers. a former owner had AIDS. inheritance taxes. neither motivate salespeople nor retain top producers. Unit 13 Florida Real Estate - Chegg The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to - all of these. information about the buyers. None of these. One of the agents I sponsor wants to also work part time selling homes for a local home builder. FHA loan. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to motivate salespeople and retain top producers Using time-management to increase income, you should realize that doubling "A" time activities should double your income. All of these Lawful purpose Writing Consideration, Contract requirements plus Statute of Frauds.Page 263, The reason most mentioned by owners for NOT renewing listings is. A broker who is the designated broker for a business entity is subject to this rule whether or not the business entity sponsors salespeople. While mortgage brokers act as middlemen.Page 517-518, A loan that can be increased to an agreed upon limit would be a. wrap-around loan. real property taxes. an exclusive listing without a termination date. Fair Housing Month signifies a recommitment to advancing equitable opportunities and expanding homeownership. lack of liquidity. For example, litigants in one case involving antitrust issues asked the association to file briefs with the court. Thats selling and listing opportunities is where commissions come from.page 40, One of the requirements for a real estate salesperson to be regarded as an independent contractor by the IRS is that the. Course Hero is not sponsored or endorsed by any college or university. ignore the other agent and go ahead with your showing. These rules come into play any time a real estate broker in a position to refer mortgage business to a lender is paid a thing of value by the lender. Which of the following loans is MOST likely to have the highest initial interest rate? Advertising a property that is not available and you wont sell so you can find buyers that you hope to switch to other properties. What was the reason for creating the inferior courts? You should tell someone about your goals. both is satisfied with the general appearance of the home and is satisfied with the area. You should contact your attorney to obtain advice with respect to any particular issue or problem. keep in mind their first duty is to the owners, not to themselves or their firm. delegating paperwork to others. (page 308). What are these new rules and have lenders received HUD approval for these programs? elect, disclose, confirm. there is a licensed care facility that serves three people across the street from the property. The buyers originally alleged damages in excess of $30 million. visual inspections. settlement sheet issued on closing a transaction. The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. Fred Smith sells a $1,000 widget for ABC International. (doubling "A" time activities should double your income.). The fund is used only for purposes authorized by the Texas REALTORS Board of Directors and may only be accessed by REALTORS through a formal application process. retain top producers. have a quicker sale. This appears permissible under RESPA guidelines as long as the fee is minimal and not tied to whether that click results in a loan. a subordination clause. For listing agents, selling real estate involves three separate sales. a recapture clause. the buyer can amend the escrow instructions. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to motivate salespeople and retain top producers The following statements are all examples of abstract goals I will improve my communication skills. b. workers compensation. workers compensation. c.) both a and b. d.) neither a nor b. In fact, the Legal Review Committee recommends that a number of applications be denied each year. amount over the index the lender charges as interest. a two-door model to control the passengers. Reasonable compensation (generally a flat fee, not a percentage of the loan amount) may be justified. The original lessee is secondarily liable, and the person in possession is primarily liable under the original lease. all of these. Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. Brokers have liability to commission salespeople as to: The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to: All of the following are all examples of abstract goals EXCEPT: Which of the following statements regarding the use of goal-setting is FALSE. Sells the firm, not a specific property.Page 342. four months rent. Bait-and-switch advertising is a federal offense. a.) 3: Brokers have liability to commission salespeople as to: (a) unemployment insurance. The Recovery Fund is funded by a $10 fee paid with every brokers or salesmans original license application. checking the regulations of the Bureau of Real Estate. One who has children. Liquidated damages are limited by law.Page 465. comfort and convenience. If the flow rate of the river is F=2.3105m3/hrF=2.3 \times 10^5 \mathrm{~m}^3 / \mathrm{hr}F=2.3105m3/hr, use the formula you found in Question 4 to estimate the total amount of cadmium discharged from the plant during this 24-hour period. The Internal Revenue Service sets strict standards for employment. broker-salesperson contract states that the salesperson shall be treated as an independent contractor for tax purposes. the price was too high. Which proposition makes it possible for taxpayers 55 years or older to transfer current base-year value of their principal residence to a replacement home within the same county? all of these. influential people in the community. pre-showings. Net Exclusive right-to-sell Exclusive agency Open, The broker did not give the principal a copy of the listing. the buyer sign that they have received a booklet titled Environmental Hazards: A Guide for Homeowners, Buyers, Landlords, and Tenants. Direct relationship between list price and time to sell.Page 224-225, 228, Benefits that an owner receives by listing with an agent include. stay in close communication with clients or customers. Since it indicates that you fail to sell 50 percent of your listings.Page 253, Serious buyers contact real estate agents because. Texas brokers who are exempt from TRECs continuing education requirements do not have to take the Broker Responsibility course. (Page 693-695), Security deposits for unfurnished residential rentals cannot exceed. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to a.) promotion and advertising paid by the agent. The firm's approximate desk cost is 19500.0 A licensed sales associate has employed an unlicensed personal assistant. all of these. list in designated areas. information about yourself. Proposition 90 Proposition 58 Proposition 13 Proposition 60, Must cost the same, or less, than the home sold.Page 616, Tax benefits of a principal residence include all of the following EXCEPT. conforming loans. A commission is a fee that a business pays to a salesperson in exchange for his or her services in either facilitating, supervising, or completing a sale. These are all good pieces of advice.Page 415-416. the total dollar costs to take possession. 60% of $5,685 = $3,411.page 317, Advantages of holding open houses include. A mobile home must be at least 2 years old for a real estate agent to sell it. is voluntary. Chapter 1 - Real Estate Practice Flashcards | Quizlet arbitrate disputes if directed to by the court. you should divide your time equally between A, B, C, and D category activities. Holden Act. neither use their own funds to make loans nor service loans they make. both it is best to advertise properties in areas or price ranges where other properties are also available and prospective buyers who respond to newspaper ads are likely to buy a property other than the property advertised. What are the advantages of a good time-management program? the condition of the property. 1031 exchange. Is the legal fund like an errors and omissions insurance policy? Neither buyer nor seller may unilaterally modify the escrow instructions. real property taxes. neither is satisfied with the general appearance of the home nor is satisfied with the area. A listing office typically gives 50% of the gross commission to the selling office and splits the remainder with 40% to the broker and 60% to the listing salesperson. The Recovery Fund is funded by a $10 fee paid with every broker's or salesman's original license application. Yes. Persons who are not members of the REALTOR organization have asked TAR to file amicus briefs in cases in which no REALTOR is involved. deductibility of taxes. both buyer and seller must agree to amend the escrow instructions. No. all of these. occupants name from the address. brokers have liability to commission salespeople as to Which of the following listings does NOT require the agent to use diligence to locate a buyer? all of these. 30-day month. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to - both motivate salespeople and retain top producers. Brown Act. The Real Estate Recovery Fund is a fund created by the Real Estate License Act that is maintained by the Texas Real Estate Commission (the state agency regulating Texas real estate brokers and salesmen). title insurance costs. arrange to have all owners present for the presentation. First, there are no new changes to RESPA. provide sufficient facts so the receivers can form valid conclusions. price. failure to mention the presence of the group would make you liable for any damages the buyer suffered. A brief summary of three recent cases is noted below. a sports car to show you are a modern person. all parties the agent has dealings with. allow the prospective buyers to bring along a friend or confidant. These are suggestions not necessarily legal duties.page 66-67. percentage lease. And get buyer reactions which might alter showings. Less-common commission structures are based on the gross margin or net income generated by a sale; these structures are . Under the cash basis of accounting, you should record a commission when it is paid, so there is a credit to the cash account and a debit to the commission expense account. salesperson is not supervised by the broker. Although HUD has never published criteria, it's likely the IRS rules would prevail. say, I will give you the address if you give me your name. say, Would it be all right if I sent you some information and photos of that property and several others? say, Im sorry; office policy prohibits me from discussing any properties if I dont know with whom I am talking., say, Would it be all right if I sent you some information and photos of that property and several others?, It is not threatening and most will agree. accepting escrow instructions having blanks that are to be filled in after the instructions are signed. However, the fund has been used to pay for expenses in filing briefs in cases involving homestead issues (as discussed above), contractual issues and other issues. Lowercase letters are easier to read than capital letters. an estate from period to period. the factor that makes a neighborhood cohesive. Most people read from the upper left to the lower right corner when looking at an ad. Helping Texas REALTORS understand their legal rights and duties under law 2. Rumford Act. Brokers have liability to their commissioned salespersons in respect to: a.) both let the buyer know the price so they can consider it before the agent arrives and arrange to have all owners present for the presentation. How can I help make clear to the IRS that my agents are independent contractors, not employees? You can find out how things are done in your office by studying your office procedure manual. In one informal HUD interpretation, the department indicated that a sale of a list of consumers to a settlement service provider did not violate RESPA provided the payment is for the use of the list and is not further conditioned upon the number of closed transactions resulting from the list, or any other consideration, such as an endorsement of the product being offered by the seller of the list. If you are going to be buying a new car for real estate sales, you should consider . welcoming the objections. third month of a six-month listing. your average sale is at 94.5% percent of list price while the average for your MLS is 87.3%. Issues Mobilization and Political Advocacy Assessment, TACS Texas Accredited Commercial Specialist, TAHS Texas Affordable Housing Specialist, TRLP Texas REALTORS Leadership Program, TRLS Texas Residential Leasing Specialist, TRPM Texas Residential Property Manager, Sales of Million-Dollar Homes in Texas Report. The following statements are all examples of abstract goals EXCEPT. neither that the property must have been held for productive use in a trade or business or for investment purposes nor that the exchange property must be of like-kind. an unknown spousal interest. institutional loans. All types of properties are subject to management.Page 658, A lease for a definite period of time would be. unrecorded liens. Which of the following would constitute an acceptance? recommend to the owner to ignore it. neither a counteroffer really rejects the offer nor once rejected, an offer cannot be accepted. Owners are most interested in the bottom line.Page 490, When an offer is received, the owner should be made aware that. A commission is a fee that a business pays to a salesperson in exchange for his or her services in either facilitating, supervising, or completing a sale.The commission may be based on a flat fee arrangement, or (more commonly) as a percentage of the revenue generated. all of these. The Legal Review Committee, in turn, makes a recommendation to the Texas REALTORS Board of Directors either to approve or deny the application. single-family residence. federally related loans. a counteroffer really rejects the offer. can sell a mobile home in a rental park space and A real estate agent can sell a mobile home with the Defraying legal expenses for cases in which the association intervenes or files briefs as a friend of the court 5. buyers only. The recovery fund is a state-run consumer protection fund used to reimburse aggrieved persons who suffer actual damages by reasons of certain acts committed by brokers, salesmen, or their unlicensed employees or agents. both a counteroffer really rejects the offer and once rejected, an offer cannot be accepted. You may assume that the concentration is 0 when the cadmium is first discharged; that is, C(0)=0C(0)=0C(0)=0. What is the best test to evaluate if an act is ethical? I know that Texas Real Estate Commission rules require a broker to maintain written policies and procedures for the brokers sponsored salespersons. Residential real estate uses 27.5 years. Finally, many of the promotional materials claim their compensation programs have received HUD "approval." Real Estate Practice Flashcards | Quizlet firsts. Types of property requiring property management include. both 30-day month and 360-day year. a periodic tenancy. gap loan. save paying the commission. office buildings. Should cover what is expected and how.page 48, The Civil Rights Act that applied only to race was the, The Civil Rights Act of 1866 gave rights to recently freed slaves. that the seller post a bond to cover damages by hazards discovered at a later date. The application is submitted to the applicants local association for review. The Statement of Understanding contains statements, agreed to by the agent, which would help confirm the existence of an independent contractor relationship under the law. all of these. The Austin Federal District Court disregarded the savings and loans claims and upheld the Texas Constitution. the Truth in Lending Act. Compute the ppp-value and state your conclusion for each of the following sample results. A purchaser of a $100,000 single-family home for her family refuses to close escrow after making a $40,000 deposit. Advertising one property brings in buyers for other properties. exclusive right to represent listing. once rejected, an offer cannot be accepted. Brokers have liability to commission salespeople as to: Workmen's Compensation One of the requirements for a real estate salesperson to be regarded as Commission amounts vary but due to the nature of the paycheck calculation, employees and employers come to an agreement on the amount of the commission per each paycheck and how often it is paid. recommend to the owner to counter the offer. Flyer pointing out attractive features about a property. However, under the circumstances, the real estate agent should not promote the lender or its services to the customer, and the payment must be made to the agent, regardless of whether the lead ultimately turns into a closed loan. The Texas REALTORS created a model privacy policy to help you develop your office's policy about the maintenance and destruction of customers' and clients' personal information. $570,000 $70,000 $650,000 None of these, They have a gain of $570,000 and a $500,000 exclusion.Page 634, A clause in a percentage lease whereby the landlord has a right to regain the premises if the tenant fails to achieve a stated gross would be. 39 years for the property life. Assuming a 6% commission, Salesperson Andrews share would be: $11,370.00. the total monthly housing payment divided by the gross monthly income. use technical terms wherever possible. Use =.01\alpha=.01=.01.
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