(Page 231). 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. that the seller post a bond to cover damages by hazards discovered at a later date. both the worse you make the property appear, the greater your response is likely to be and people are attracted to fixer-upper ads because they sense a bargain. nonbinding arbitration of disputes. One way you can do this is by using the Independent Contractor Agreement for Sales Associate (TAR 2301) and the Statement of Understanding (TAR 2302). What was the reason for creating the inferior courts? Real Estate Practice - Chapter Two; Ethics, F, Real Estate Practice - Chapter Three; Mandato, Real Estate Practice - Chapter Four; Prospect, Real Estate Practice - Chapter 5; Listing Pre, Real Estate Finance - Chapter Fifteen; Mathem, Real Estate Finance - Chapter Fourteen; Inves, Real Estate Finance - Chapter Thirteen; Loan, Alexander Holmes, Barbara Illowsky, Susan Dean, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal. the buyer can amend the escrow instructions. Which of the following statements regarding the truth-in-lending law is TRUE? the FHA. cashiers checks. 3. both a counteroffer really rejects the offer and once rejected, an offer cannot be accepted. particular ethnic group. b.) Which of the following statements regarding the time it takes for a property to sell is TRUE? 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. allow buyers a chance to confer without the agent being present. show buyers homes they cannot afford to impress them with the caliber of homes to which the agent has access. (Page 294), In describing sales successes, it would NOT be advantageous to point out that. These show that you understand the buyers concerns.Page 439-441. Noncomforming loans are Jumbo loans.Page 514. (Page 427), When dealing with a prospect who is silent, the BEST approach would be to. Neither Primary financing refers to loans made directly by the lender to the borrower nor Secondary financing refers to the resale of existing loans. Liquidated damages are limited by law.Page 465. comfort and convenience. All of these. (Page 228,230). Bill and sue. Since RESPA exempts payments by an employer to its employees, several programs offer to make the real estate agent a part-time employee of the lender. As an indication of value, which of the following would BEST indicate the market value of a home? the Truth in Lending Act. & H_{\mathrm{a}}: \mu<80 percentage of the gross. the IRS is that the - broker-salesperson contract states that the salesperson shall be treated as an both federally related loans and 1 to 4 residential units only. And get buyer reactions which might alter showings. 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. 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. Are there any risks I should be aware of before agreeing to this? an exculpatory clause. Prospecting from legal notices can be effective. can sell a mobile home in a rental park space and A real estate agent can sell a mobile home with the Which of the following statements regarding the use of goal-setting is FALSE? If it is unethical, it is illegal. Brokers have liability to commission salespeople as to Correct o minimum wage requirements. Holden Act. the offer itself. keep in mind their first duty is to the owners, not to themselves or their firm. The commission may be based on a flat fee arrangement, or (more commonly) as a percentage of the revenue generated. d. salesperson not be supervised by the broker. This is a debit to the commission expense account and a credit to a commission liability account (which is usually classified as a short-term liability, except for cases where you expect to pay the commission in more than one year). an estate. What kind of cases or actions has the Texas REALTORS Legal Fund been used for in the past? save paying the commission. why the owners should deal with your firm. In fact, the Legal Review Committee recommends that a number of applications be denied each year. The statement, The price seems a little high. All of these A reluctance to leave a property An inquiry as to when possession would be possible, These are words or actions indicating an interest.Page 437-438, An example of an open-ended question would be, Do you like this house? What do you like about this neighborhood? Is there any more information you would like? Can you afford a $1,500 house payment?, What do you like about this neighborhood?, You want an explanation, not yes or no answers.Page 428, For effective communication it is BEST to. This appears permissible under RESPA guidelines as long as the fee is minimal and not tied to whether that click results in a loan. None of these. taxes. Primary financing refers to loans made directly by the lender to the borrower. (page 38), The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to. demand advertising. I know that Texas Real Estate Commission rules require a broker to maintain written policies and procedures for the brokers sponsored salespersons. health. So if reasonable, it should be accepted. both a counteroffer really rejects the offer and once rejected, an offer cannot be accepted. accessible areas only. They like it and hope they can afford it.Page 383, When you receive For Sale sign inquiries you can assume that the caller. There are many lawsuits in which a Texas REALTOR may be involved that are not significant to Texas REALTORS or the real estate industry as a whole. 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. applies to 1 to 4 residential units. because owners want to get as much as possible, you should underestimate costs so the net will be greater. the exchange must be completed no more than 180 days after transfer of exchanged property. asking every prospect to recommend another prospect. try to overcome objections raised. avoid cooking with foods having strong and lasting odors. 1031 exchange. No. unemployment insurance . The sublessee is a tenant of the sublessor. combination of percentage of the gross and minimum fee. (Page 351-352). workers compensation. If the price quoted is too high, you can be sure the caller will let the agent know. The sublessee is a tenant of the original lessee. Neither Primary financing refers to loans made directly by the lender to the borrower nor Secondary financing refers to the resale of existing loans. recommend to the owner to accept it. d. You will not post any information intended to sell or advertise a business, product, or service. use abbreviations such as Agt. or Bro. instead of the name of the firm. assessed value of property acquired before 1978 to be reduced to the amount shown in the 1975 tax roll. neither paying a referral fee to anyone other than his or her own employees nor accepting escrow instructions having blanks that are to be filled in after the instructions are signed. loan index. 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. neither let the buyer know the price so they can consider it before the agent arrives nor arrange to have all owners present for the presentation. unsolicited fax messages. title insurance costs. restrictions on e-mail solicitations. all of these. Which of the following statements regarding mobile home sales is TRUE? Is the legal fund like an errors and omissions insurance policy? o unemployment insurance. a credit on the sellers closing statement. (d) all of these. With a constant stream of prospects.page 207, A major reason owners attempt to sell without an agent is to. 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.) 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. Adjust does not have the connotation of lowering.page 312, The period that tends to be the most productive sales period for listings is the. your average sale is at 94.5% percent of list price while the average for your MLS is 87.3%. lack of liquidity. The case proceeded to a jury which found for the defendant REALTOR. If a prospective buyer intends to occupy a single-family home as a residence, which of the following is TRUE regarding liquidated damages resulting from buyer default? (Page 277), By initialing the dispute resolution clause in the exclusive right-to-sell listing the seller and broker agree to. Which of the following statements regarding the use of goal-setting is FALSE? Brokers have liability to commission salespeople as to - workers compensation. a sports car to show you are a modern person. attention, interest, desire, action. single-family residence. love of family. credit terms. direct mail solicitations. that the property must have been held for productive use in a trade or business or for investment purposes. promotion and advertising paid by the agent. The Texas REALTORS strongly encourages members to maintain E&O insurance. What are the advantages of a good time-management program? let the owners know which offers provide the agent with the greatest benefits. caravans. I will obtain three new listings each month. 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. a full-sized, four-door car for easy entrance and exit. motivate salespeople and retain top producers. One of the requirements for a real estate salesperson to be regarded as an independent contractor by Similar properties sold within the past 2 years, Similar properties sold within the past 3 months, A listing presentation manual should include. Where can we find information about what we should include in our privacy policy? three months rent. Holden Act. 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. It has also been used to fund the filing of analyses and comments before governmental agencies. Which of the following statements regarding ethics is TRUE? Their adjusted cost basis is $80,000. working an area for buyers and sellers. (Page 561), The margin on an adjustable rate loan refers to the. both 30-day month and 360-day year. An exclusive listing without a termination date, Must have a definite termination date.Page 266. bare-bones classified ad on a property. 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. meeting objections half-way. have a quicker sale. the total monthly housing payment divided by the gross monthly income. newly acquired property to have a maximum basic tax levy of 1%. Plus they must be licensed and paid only for success. REALTOR membership is a criterion that a broker may voluntarily choose to require of independent contractors. Legally binding agency relationships may be formed between a principal, Select the statement that is true of consumer law prior to the 20th century. speed up your presentation. You can classify the commission expense as part of the cost of goods sold, since it directly relates to the sale of goods or services. interest. This exception does not apply if the owner has asked your company to place his number on the company do-not-call list. Without all owners, it cant be accepted.Page 479. the property has earthquake weakness if it was built before 1960. Such as an equity line of credit.Page 531, A rescission right until midnight of the 3rd day after signing is provided for by. A Transfer Disclosure Statement must be provided to the buyer when the sale involves. A married couple sells their principal residence of 30 years for $650,000. (page 14-15), Using time-management to increase income, you should realize that. Under these guidelines, agents and brokers may receive fees for performing loan origination work on a lender's behalf, such as taking a loan application, counseling borrowers, ordering credit reports and appraisals, and completing loan documents used to process the loan. you should concentrate on D category activities before proceeding to B and C activities. amount over the index the lender charges as interest. Licensed care facilities near the property that serve 6 or fewer people need not be disclosed. 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. neither 39 years for the property life nor the straight-line method. advertising by season. 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 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. 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. broker-salesperson contract states that the salesperson shall be treated as an independent contractor for tax purposes. $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. owners name from the tax number. Which promotion would have the lowest cost to the broker? 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. a commercial building. (Page 591). 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. federally related loans. Protects landlord against a poor operator.Page 677, A lease stipulating that the tenant pays a fixed monthly rental and the landlord pays all other property expenses would be a. gross lease. Reg. 30-day month. Types of property requiring property management include. exclusive right to sell net listing. pre-showings. delegating paperwork to others. Independent Contractor Agreement for Sales Associate, Texas REALTORS is stronger when members work together. his or her principal. ad within a price range or area creates prospects for other homes in the price range or area. None of these. to disclosures to principals only. rights of parties in possession. real property taxes. Cost of sales is 45% of the gross commissions. Assuming a 6% commission, Salesperson Andrews share would be: $11,370.00. For a property built before 1960, earthquake weakness must be disclosed. (Page 388). the name of the agent to call. is satisfied with the area. arrange to have all owners present for the presentation. Conceal the fact that the advertiser is an agent, But any indication, like Agt., meets the requirement.Page 366. remain silent to force the prospect to talk. Which of the following statements BEST describes a sublease? You will not use our blog posts or posted content to do anything unlawful, misleading, malicious, or discriminatory; and. p. 17 9. c.) both a and b. d.) neither a nor b. Commission is negotiable and not set by law. Present all offers together fairly. once rejected, an offer cannot be accepted. increased by a list price below that indicated by the comparative market analysis. both, the agents have inventory and the buyers want to quickly locate property that meets their needs. all of these. . First-time visits to new listings by groups of agents are commonly known as. locating prospective buyers. Liquidated damages cannot result from buyer default. the Real Estate Settlement Procedures Act. a listing where the agent was not authorized to accept a deposit.
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