Brokers have liability to commission salespeople as to workers compensation. ground lease. you should concentrate more on possibilities than probabilities. The case was ultimately moot as a result of Congressional action initiated by Rep. Gonzales of San Antonio that amended the Home Owner Loan Act so that it was clear that Congress did not intend to supersede the Texas Constitution. ask leading questions. A real estate agent who spends an hour with a customer taking a preliminary credit application and collecting certain credit documents (i.e., W-2s, pay stubs, bank statements) has performed a genuine service for the lender that is actual, necessary, and distinct from the agent's normal duties. doubling A time activities should double your income. The Residential Lease Application states that our company must make our office privacy policy available to rental applicants upon request. One risk you face is that the lines of activities, duties, and responsibilities between the two positions can become blurred, especially to a buyer. The three stages of presenting an offer include all of the following EXCEPT. While Texas REALTORS has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, Texas REALTORS makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here. Attorneys Savings associations All of these Banks, As well as brokers, under specified circumstances.Page 577. provides extended coverage for lenders. keep in mind their first duty is to the owners, not to themselves or their firm. salesperson is not supervised by the broker. you will work just as hard as the large firm. confirm, elect, disclose. c. You will not post content or take any action on our blog posts that infringes someone elses rights or otherwise violates the law. show unoccupied property first to give owner-occupants a chance to prepare for the showing. occupants name from the address. insurance. Buyers are attracted to bargains, not overpriced property. love of family. A broker never saw, talked to, or corresponded with a buyer, yet earned a commission. 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). Ads in an outside column will generate more interest than ads in an inside column. 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. 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. ignore the other agent and go ahead with your showing. Bait-and-switch advertising is a federal offense. mproved efficiency 15-year amortized loan 30-year loan due in 5 years Adjustable rate mortgage 30-year-term amortized loan, But the rate is guaranteed for 30 years.Page 533-536, Mortgage companies differ from mortgage loan brokers in that mortgage companies. Brokers who carefully maintain independent contractor relationships and follow the terms of the agreement can reduce their risk of the IRS, the Texas Workforce Commission, or other government agencies asserting that there are employer-employee laws applicable to the relationship. Open listing Exclusive agency listing Any of these Exclusive authorization to acquire real property listing, If any agent sells the listing, the agent is paid.Page 274, Written notice that the amount of commission is negotiable is required in. Noncomforming loans are Jumbo loans.Page 514. I will obtain three new listings each month. At the time of the refinance a survey incorrectly stated that the property did not lie in a flood hazard area. a particular mobile home park. Brokers have liability to their commissioned salespersons in respect to: a.) a listing where the agent was not authorized to accept a deposit. Rumford Act. appreciation. Selling the lender on making the loan Selling the seller on an acceptance Selling the buyer on making an offer Selling the owner on giving a listing, This is not a sale. And the company must promote its services during the event to qualify for the Real Estate Settlement Procedures Act (RESPA) advertising exemption. (Page 561), The margin on an adjustable rate loan refers to the. applies to 1 to 4 residential units. At the time of the purchase, flood maps for the area showed the property not to lie in a flood hazard area. forgery in the chain of title. Although HUD has never published criteria, it's likely the IRS rules would prevail. firsts. o unemployment insurance. asking every prospect to recommend another prospect. The independent contractor agreement formally defines the obligations and rights of a broker and an agent and outlines provisions that make it clear the agent is not an employee. Usually 36 percent for qualifying. Harry has some buyers that he believes are ready to make an offer. elect, disclose, confirm. It saves time and buyers dont have to deal with owners directly. c. minimum wage requirements. neither federally related loans nor 1 to 4 residential units only. Cost of sales is 45% of the gross commissions. d. all of the above 4. An agent is required to disclose to a buyer that: the property has earthquake weakness if it was built before 1960. there was a death by murder or suicide on the property more than 3 years ago. You should check the do-not-call list before soliciting such listings to avoid violating the law. Brokers have liability to commission salespeople as to workers compensation. Liquidated damages cannot result from buyer default. Incentive to do more and to stay.page 20 An example of a closed-ended question, would be, Would you use this room as a bedroom or a den? Whose bedroom would this be? What do you think of the floor plan? Isnt this a large living room?, Can be answered with a yes or no.Page 428, In meeting a buyers objections the agent should consider. First, there are no new changes to RESPA. taxes based on a persons ability to pay. Advertising a property that is not available and you wont sell so you can find buyers that you hope to switch to other properties. Advertising one property brings in buyers for other properties. return it to the offeror. should never be changed. Do I have to check the National Do Not Call Registry before soliciting listings of those who have a for sale by owner sign in their yard or sellers with expired listings in the MLS? chemical tests of the soil for all dangerous contaminants. In real estate, the term farming refers to. (Page 388). an exclusive listing without a termination date. The local association may forward the application to the Texas REALTORS Legal Review Committee recommending that the application be approved, or it may deny the application and return it to the applicant. conceding before answering. demand advertising. The application is submitted to the applicants local association for review. once rejected, an offer cannot be accepted. No persuasion.Page 478, What the buyers will pay, not what sellers want.Page 490, An agent who receives an unreasonable offer on their principals property should generally. both buyer and seller must agree to amend the escrow instructions. The buyers originally alleged damages in excess of $30 million. flyer pointing out attractive features about a property. Salesperson Andrews listing was sold by another office for $189,500. There is an exception to the do-not-call rules: If you have a prior business relationship with the owner that ended within 18 months, you can call him. Disclose as soon as possible, confirm with offer.page 119-120. staying with a prospect until you have a contract. 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. After careful review, the board of directors chose not to file the requested briefs. particular ethnic group. For listing agents, selling real estate involves three separate sales. the commission was too high. that the exchange property must be of like-kind. 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. By interacting with any of our blog posts, you agree to comply with the following terms and conditions: Texas REALTORS, in its sole discretion, reserves the right to remove any content you have uploaded, posted, or submitted onto any of our blog posts if we believe that it violates these terms or conditions. 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. visual inspections. Which of the following loans is MOST likely to have the highest initial interest rate? The California Homeowners Exemption for property taxes is, But the Veterans exemption is $4,000.Page 617. 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. Directing to properties based on race.page 71. cooperate with other agents in designated areas. conceal the fact that the advertiser is an agent. What is legal but unethical now might be illegal tomorrow. Which of the following statements is TRUE? information about yourself. (Page 486), In making an appointment to present an offer, the agent should. Which of the following is an example of a tie-down? Such as a Transfer Disclosure Statement.page 107, A fiduciary relationship applies to a real estate licensee and to. get a higher gross price. is satisfied with the area. If he were working exclusively for the builder, he would be exempt from the act and you would not be responsible for his activities. (Page 411), When showing a property to a prospective buyer, the agent should. Present all offers together fairly. For example, it would be a RESPA violation if you received a fee for every click that resulted in an application or closed loan. the buyer sign that they have received a booklet titled Environmental Hazards: A Guide for Homeowners, Buyers, Landlords, and Tenants. a recapture clause. A married couple sells their principal residence of 30 years for $650,000. exclusive right to represent listing. eminent domain. Prospecting from legal notices can be effective. A sales force of 13 people share 10 desks. use their own funds to make loans. & H_{\mathrm{a}}: \mu<80 No. a full-sized, four-door car for easy entrance and exit. let the buyer know the price so they can consider it before the agent arrives. At the end of the accounting period in which Mr. Smith generates the sale, ABC creates the following entry to record its liability for the commission: ABC then reverses the entry at the beginning of the following accounting period, because it is going to record the actual payment on the 15th of the month. (page 308). do all of these. Sells the firm, not a specific property.Page 342. loan in designated areas. A release from time pressures Note, however, that real estate agents may not take loan applications in connection with FHA-insured loans. neither use their own funds to make loans nor service loans they make. 79 of 100 Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. These show that you understand the buyers concerns.Page 439-441. This exception does not apply if the owner has asked your company to place his number on the company do-not-call list. none of these. downpayment. 30-day month. a counteroffer really rejects the offer. you should divide your time equally between A, B, C, and D category activities. both you must mention this to a prospective buyer and failure to mention the presence of the group would make you liable for any damages the buyer suffered. military-based housing. Neither Primary financing refers to loans made directly by the lender to the borrower nor Secondary financing refers to the resale of existing loans. have a hard and fast rule to never show more than three properties. For example, litigants in one case involving antitrust issues asked the association to file briefs with the court. 3: Brokers have liability to commission salespeople as to: (a) unemployment insurance. Plus they must be licensed and paid only for success. Yes, as long as you follow the rules set out in the Real Estate Settlement Procedures Act (RESPA). being over-eager to close. sales taxes. Owner Adams has a listing in force with Broker Baker. Less-common commission structures are based on the gross margin or net income generated by a sale; these structures are . (Once set, goals should never be changed. The property was most likely advertised as. real property taxes. advertise in designated areas. a subordination clause. A mortgage company sponsoring an educational event to promote its services can do so as long as the cost associated with the event doesnt cover any of the agents other expenses they would otherwise have to pay, such as the cost of the CE credit. 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). Thus, the reversing entry is: On the 15th of the month, ABC pays Mr. Smith his commission and records this entry. For injuries. blanket loan. ratio of current rental costs to estimated housing costs. Owners presence inhibits buyers. the IRS is that the - broker-salesperson contract states that the salesperson shall be treated as an 4: The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to: (a) motivate salespeople. taxes. \end{aligned} (page 38), The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to. 39 years for the property life. sell the item, not the benefits. Commission is negotiable and not set by law. an accredited property manager. property taxes to be increased up to 2% each year. percentage of the gross. Secondary financing refers to the resale of existing loans. a subsidized rent program for low-income tenants. A lease that needs no notice for termination, would be. One of the requirements for a real estate salesperson to be regarded as an independent contractor by paying a referral fee to anyone other than his or her own employees. risk. avoid cooking with foods having strong and lasting odors. B. . none of these. bare-bones classified ad on a property. (b) workers compensation. ask, interact, demonstrate, approve. the condition of the property. an unknown spousal interest. The following statements are all examples of abstract goals EXCEPT: d.) (I will obtain three new listings each month. open-end loan. the firms logo. restrictions on e-mail solicitations. A fee based on a transaction between the lender and a consumer is prohibited by RESPA. Which of the following is NOT one of the three? disclosure of deferred interest. Conceal the fact that the advertiser is an agent, But any indication, like Agt., meets the requirement.Page 366. Since it indicates that you fail to sell 50 percent of your listings.Page 253, Serious buyers contact real estate agents because. 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. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to neither motivate salespeople nor retain top producers. introduce yourself and your buyers to the other agent and go ahead with your showing. upon delivery of the sellers acceptance. You should contact your attorney to obtain advice with respect to any particular issue or problem. Requires a subject heading, indicating that it is an advertisement with an opt-out mechanism, etc.page 193, The fine for making a single unauthorized solicitation call to a residential number listed on the do-not-call registry can be up to, However, recently updated to $40,000 per call.page 189. special interest of buyers. The caller may want a lower-priced property. It is also acceptable to classify it as part of the expenses of the sales department. (Page 427), When dealing with a prospect who is silent, the BEST approach would be to. Which of the following is NOT a legal notice? allow buyers a chance to confer without the agent being present. It depends. (Page 277), By initialing the dispute resolution clause in the exclusive right-to-sell listing the seller and broker agree to. While a written independent contractor agreement and statement of understanding are not required by law to establish and maintain an independent contractor relationship, its a good idea for brokers to use both. failure to mention the presence of the group would make you liable for any damages the buyer suffered. Which of the following should an agent regard as a buying signal? a. (page 20), You can find out how things are done in your office by. net lease. combination of percentage of the gross and minimum fee. present them in the order received, obtaining acceptance, rejection, or counteroffer for each offer before proceeding to the next offer. She is, California Real Estate Law. The mortgage company cant sponsor the luncheon on the condition that it will receive referrals, either. Brokers have liability to their commissioned salespersons in respect to: If you are going to be buying a new car for real estate sales, you should consider: b.) they extend the listing for a longer period as price is related to time to sell. none of these. Monitoring and participating in the actions of governmental agencies 6. A both motivate salespeople and retain top producers. (Page 584), A standard policy of title insurance protects the purchaser from all EXCEPT. Agents sell while owners seldom sell themselves.Page 239. If it is legal, it is ethical. amount over the index the lender charges as interest. why the owners should deal with your firm. You can find out how things are done in your office by - studying your office procedure manual. The entire leasehold must be transferred. before the buyer executes an offer. A clear description of the copyrighted work infringed; A statement that you have a good faith belief that the use of the content identified in your DMCA notice is not authorized by the copyright owner, its agent or the law; Your contact information (such as your name, email address and telephone number); A certification, under penalty of perjury, that the DMCA notice is accurate, signed (either electronically or physically) by the copyright owner or the copyright owners legal representative. This letter, often referred to as the Retsinas Letter (after the former FHA Commissioner who issued the letter), was later incorporated by reference in a March 1, 1999, RESPA Statement of Policy Regarding Payments By Lenders To Mortgage Brokers, 64 Fed. all of these. newly acquired property to have a maximum basic tax levy of 1%. Nonresidential real estate purchased since 1987 must be depreciated using: both 39 years for the property life and the straight-line method. A broker who is the designated broker for a business entity is subject to this rule whether or not the business entity sponsors salespeople. using one period of time to list and another period of time to sell in a never-ending cycle. portfolio loans. Similar properties sold within the past 2 years, Similar properties sold within the past 3 months, A listing presentation manual should include. Brokers have liability to commission salespeople as to - workers compensation. Brokers have liability to commission salespeople as to unemployment insurance. The buyer purchased the property under an assumption and refinanced the lien six months after closing. (page 302), If a listing is overpriced, the agent should suggest to the owners that. showing owners you are working on their behalf. caravans. information about your firm. Although showing owners you are working on their behalf is least important.page 327-331. procedure for showing a property to prospective buyers.
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