Real Estate Brokerage

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  1. Define: Antitrust Laws
    - Laws designed to preserve the free enterprise of the open marketplace by making illegal certain private conspiracies and combinations formed to minimize competition. Most violations of antitrust laws in the real estate business involve either price-fixing (brokers conspiring to set fixed compensation rates) or allocation of customer or markets (brokers agreeing to limit their areas of trade or dealing to certain areas or properties).
  2. Define: Brokerage
    - The business of bringing parties together.
  3. Define: Commission
    - Payment to a broker for services rendered, such as in the sale or purchase of real property; usually a percentage of the selling price of the property.
  4. Define: Disclaimers
    - A statement indicating no legal responsibility for information; no warranties or representations have been made.
  5. Define: Electronic Contracting
    - A process of integrating information electronically in a real estate transaction between clients, lender, and title and closing agents.
  6. Define: Electronic Signatures in Global and National Commerce Act (E-Sign)
    - An act that makes contracts (including signatures) and records legally enforceable regardless of the medium in which they are created.
  7. Define: Employee
    - Follows rules such as those governing working hours, office routing, attendance at sales meetings, assignment of sales quotas, and adherence to dress codes.
  8. Define: Independent Contractor
    - Operates more independently than an employee, and a broker may not exercise the same degree of control over and independent salesperson's activities.
  9. Define: Internet Advertising
    - A powerful computer tool for providing information about properties, relocation services, and particular communities; however, state laws do apply.
  10. Define: Internet Listing Display Policy
    - A policy from the National Association of Realtors that allows all MLS members to have equal right to display MLS data, and respects the rights of property owners and their listing brokers to market a property as they wish.
  11. Define: Minimum level of services
    - Some states are requiring that licensees perform some minimum level of service to clients.
  12. National Do Not Call Registry
    - A national registry, managed by the Federal Trade Commission, that lists the phone numbers of consumers who have indicated their preference to limit the telemarketing calls they receive.
  13. Define: Procuring Cause
    - The effort that brings about the desired result. Under an open listing, the broker who is the procuring cause of the sale receives the commission.
  14. Define: Ready, Willing, and Able Buyer
    - One who is prepared to buy on the seller's terms and ready to take positive steps toward consummation of the transaction.
  15. Define: Uniform Electronic Transactions Act (UETA)
    - Sets forth rules for entering into an enforceable contract using electronic means.
  16. What does "MLS" stand for?
    Multiple Listing Service
  17. Uniform policies and standards for administering and enforcing state license laws are promoted by?
    ARELLO; Association of Real Estate License Law Officials
  18. Antitrust violations include:
    • - Price-fixing
    • - Group boycotting
    • - Allocation of customers
    • - Allocation of markets
    • - Tie-in agreements
Card Set
Real Estate Brokerage
Chapter 05 Review/Material
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