Glossary of RE Law Chapter 3
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- __________ is doing what is right and just in your life and business.
- In selling the listing of another broker, the sales person is responsible to whom?
- THE LISTING BROKER
- The law of Independent Contractors for RE Agents, say what three things must exist?
- 1) License
2) Commission on Sales Only
3) Written Independent Contract Agreement
- A broker must carry what insurance for its agents?
- Workman Compensation
- Where would an agent go if he had a commission dispute with his broker?
- STATE LABOR COMMISSIONER
- A non-licenced person can only receive a fee for what?
- FINDERS FEE FON INTRODUCION OF THE PARTIES.
- What is the best advise of racial issues?
- COLOR BLIND...RACE CANNOT MATTER
- What is the agents role in setting a price of a property?
- To determine in all methods the highest value of the property.
- A _____ _____ is an amount that may be offered to an agent as an "under the table" type of incentive. What is the penalty of this?
- SECRET PROFIT
LOSS OF COMMISSION
LOSS OF SECRET PROFIT
- The only time an agent does not have to presnt an offer is when?
- THE ESCROW HAS CLOSED
- In a NET LISTING, what must be disclosed to the principal?
- a ______ listing is a listing to potentially buy a property in the future.
- What can happen to an agent who purchases a home without disclosure of the intention?
- Return of any profit.
- What case states that an agent must disclose any facts material about the property?
- EASTON VS. STRASSBURGER
- How long is the statute of limitation on the disclosure statement after the close of escrow?
- TWO YEARS
- Who could be liable for the lack of disclosure of a well on the property?
- BROKER AND THE OWNER
- Mandatory inspection and disclosure is limited to what type of real estate?
- ONE-FOUR UNIT RESIDENTIAL
- What is the disclosure requirement about death in the home? What death does NOT apply?
- UP TO THREE YEARS, ANY DEATH MUST BE DISCLOSED.
AIDS: THIS CAUSE OF DEATH DOES NOT HAVE TO BE DISCLOSED>
- A Commercial Buyer is looking at a property to open a Pre-School. The Agent knows the zoning won't permit this. What is her responsiblity?
- TO INFORM THE BUYER THAT THE ZONING IS NOT APPROPRIATE FOR THE INTENDED USE.
- Telling a client things like "you will love living in this neighborhood" is a statement called _________.
- Normally, a broker is not responsible for torts committed by whom?
- OTHER OUTSIDE AGENTS OR BROKERS ACTING AS SUBAGENTS.
- What must a buyer disclose to the seller?
- Qualification to buy.
Nothing else. ( purpose, other property owned, personal information)
- Does a broker have an obligation to cooperate with other brokers?
USUALLY THEY DO BECAUSE IT IS THEIR BEST INTEREST HOWEVER.
- What is the association of brokers called?
- NATIONAL ASSOCIATION OF REALTORS.
- Who must approve the subagent (mls)relationship?
- THE PRINCIPAL
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