brokers have liability to commission salespeople as to30 Apr brokers have liability to commission salespeople as to
A recorded abstract of judgment has priority over a homestead declaration when O it was recorded prior to the homestead O the owner has rented the property to another O. ask, inform, demonstrate, approve. Assuming a 6% commission, Salesperson Andrews share would be: $11,370.00. (Page 228,230). Secondary financing refers to the resale of existing loans. every nonresidential listing. influential people in the community. any of these. You may assume that the concentration is 0 when the cadmium is first discharged; that is, C(0)=0C(0)=0C(0)=0. The original lessee is secondarily liable, and the person in possession is primarily liable under the original lease. ad within a price range or area creates prospects for other homes in the price range or area. Telephone responses from a For Sale sign indicate what about the prospective buyer? universal exclusion. A sample of 100 is used and the population standard deviation is 12 . show the prospective buyers homes they have listings for in order to please the owners of those listings. It depends. subordination. (Page 128), A selling agent must comply with agency disclosures to the buyer. reading the information on the back of your real estate license. The buyer purchased the property under an assumption and refinanced the lien six months after closing. prior to showing property. misrepresentation. Agency representation Listing Commission Cost, Listing has a connotation of paying a commission.Page 287-288. conforming loans. (Once set, goals should never be changed. appreciation. Most people read from the upper left to the lower right corner when looking at an ad. b. workers compensation. taxes based on a persons ability to pay. Which of the following statements regarding the truth-in-lending law is TRUE? The Fifth Circuit Court of Appeals reversed and held that the Texas Constitution had been superseded. A brief summary of three recent cases is noted below. A person employed by a builder to sell the builders homes is exempt from the Real Estate License Act. the down payment divided by the purchase price. In a sublease, the sublessor is liable to the owner. You will not use our blog posts or posted content to do anything unlawful, misleading, malicious, or discriminatory; and. 1 to 4 residential units. I will become a better salesperson. checking the regulations of the Bureau of Real Estate. four months rent. No. 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. particular ethnic group. neither motivate salespeople nor retain top producers. exclusive agency listing. Having the ability to switch property is important. Prospecting from legal notices can be effective. federally related loans. type of property. 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. combination of percentage of the gross and minimum fee. remain silent to force the prospect to talk. Ads in an outside column will generate more interest than ads in an inside column. Commercial banks Mortgage companies Insurance companies Savings associations, Not government regulated lenders.Page 514, 516-517, The extended coverage for a title insurance policy offers protection covering all of the following EXCEPT. it is best to advertise properties in areas or price ranges where other properties are also available. Ultimately, the board of directors must make a determination if the use of the Legal Fund satisfies the purposes and intent of the fund. Defraying all or a portion of legal expenses for pending litigation in which a member is a party 4. (Page 580). stay in close communication with clients or customers. information about your firm. FHA loan. Primary financing refers to loans made directly by the lender to the borrower. recommend to the owner to counter the offer. neither is satisfied with the general appearance of the home nor is satisfied with the area. (Page 621). both A and. land it is sited on. 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. first 20 days of the listing. (Page 351-352). neither 30-day month nor 360-day year. None of these. The entire leasehold must be transferred. showing owners you are working on their behalf. 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. Attorneys Savings associations All of these Banks, As well as brokers, under specified circumstances.Page 577. provides extended coverage for lenders. confirm, elect, disclose. Plus they must be licensed and paid only for success. None of these. The sublessee is a tenant of the original lessee. $2,842.50. ask, interact, demonstrate, approve. First, there are no new changes to RESPA. get a higher gross price. For example, it would be a RESPA violation if you received a fee for every click that resulted in an application or closed loan. Browse over 1 million classes created by top students, professors, publishers, and experts. ratio of current rental costs to estimated housing costs. 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. Which of the following statements regarding mobile home sales is TRUE? Which of the following are exempt from licensing under the escrow law? (Page 383). Agents must advertise their names and license status. Usually 28 percent for qualifying. If the agent advertises the APR, the agent must include all credit terms. ), Using time-management to increase income, you should realize that, b.) firsts. 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. loan index. 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. risk. show buyers homes they cannot afford to impress them with the caliber of homes to which the agent has access. neither the exchange property must be identified within 45 days nor the exchange must be completed no more than 180 days after transfer of exchanged property. Texas brokers who are exempt from TRECs continuing education requirements do not have to take the Broker Responsibility course. One risk you face is that the lines of activities, duties, and responsibilities between the two positions can become blurred, especially to a buyer. 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. 60% of $5,685 = $3,411.page 317, Advantages of holding open houses include. Instructions to an owner upon taking a listing should include all EXCEPT. There is a formal application and certification that an applicant, or his attorney, must complete. How can I help make clear to the IRS that my agents are independent contractors, not employees? all parties the agent has dealings with. greater responsibility. It saves time and buyers dont have to deal with owners directly. broker that fails to advertise a property every week is not doing a proper job of advertising. 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. The firm's approximate desk cost is 19500.0 A licensed sales associate has employed an unlicensed personal assistant. Your answer is correct. 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. arbitrate disputes if directed to by the court. the name of the agent to call. Net Exclusive agency Exclusive right-to-sell Open, It is a unilateral contract and the agent has not agreed to use diligence.Page 264. keep in mind their first duty is to the owners, not to themselves or their firm. The damages cannot be recovered by the seller. 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). demand advertising. use technical terms wherever possible. The Austin Federal District Court disregarded the savings and loans claims and upheld the Texas Constitution. Although HUD has never published criteria, it's likely the IRS rules would prevail. is satisfied with the area. 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. industrial parks. Buyers resist pressure before they are ready.Page 447, Disadvantages of home-ownership include all of the following EXCEPT. percentage of the gross. 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. It is also acceptable to classify it as part of the expenses of the sales department. 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. claims that a correct survey would have revealed. a 3-unit residential building. both is satisfied with the general appearance of the home and is satisfied with the area. arrange to have all owners present for the presentation. Neither Primary financing refers to loans made directly by the lender to the borrower nor Secondary financing refers to the resale of existing loans. If he were working exclusively for the builder, he would be exempt from the act and you would not be responsible for his activities. 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. The caller can afford the home and area or they would not have called. increased by a list price below that indicated by the comparative market analysis. none of these. What kind of closing technique is Harry using? - Once set, goals Reimbursing travel expenses of Texas REALTORS who participate in form-development task forces. disclose, elect, confirm. However, only bona fide employees are covered by this exemption. $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. all of these. A sales force of 13 people share 10 desks. loan in designated areas. rights of parties in possession. Providing legal assistance for matters pending in court or governmental agencies 3. blanket loan. Noncomforming loans are Jumbo loans.Page 514. exclusive right to sell net listing. So if reasonable, it should be accepted. both buyer and seller must agree to amend the escrow instructions. With a constant stream of prospects.page 207, A major reason owners attempt to sell without an agent is to. 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. 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. A number of statutory elements must be satisfied by the consumer before he can file a claim for payment out of the recovery fund, including first obtaining a judgment against the broker or salesman that is not satisfied. occupants name from the address. Either Open or Exclusive agency Exclusive agency Exclusive right-to-sell Open, A commission paid only if agent makes sale.Page 264-272. price. ignore the other agent and go ahead with your showing. a gross lease. Only a broker who sponsors salespeople or is a designated broker for a business entity must maintain up-to-date written policies and procedures. Is the legal fund the same as the recovery fund? (Page 411), When showing a property to a prospective buyer, the agent should. neither it is best to advertise properties in areas or price ranges where other properties are also available nor prospective buyers who respond to newspaper ads are likely to buy a property other than the property advertised. redlining. Brokers who are exempt from continuing education requirements are those who were informed in writing of their eligibility by TREC, gave notice between between October 1 and 30, 1991, of their wish to opt out, and paid the applicable fee. (b) workers compensation. people are attracted to fixer-upper ads because they sense a bargain. Brown Act. With reasonable expertise of a licensee.page 124. to buyer disclosure only. both blockbusting and steering. Flyer pointing out attractive features about a property. supporting statements with facts. Through the Legal Fund, the Texas REALTORS was able to monitor and participate in the action. salesperson is not responsible to a broker. New listings excite agents and buyers.page 325, An open house was held on a property needing many obvious repairs. One who has AIDS. steering. Very rarely. 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. Without all owners, it cant be accepted.Page 479. (doubling "A" time activities should double your income.). Residential real estate uses 27.5 years. both 39 years for the property life and the straight-line method. Brokers have liability to their commissioned salespersons in respect to. Harry has some buyers that he believes are ready to make an offer. all of these. Under the accrual basis of accounting, you should record an expense and an offsetting liability for a commission in the same period as you record the sale generated by the salesperson, and when you can calculate the amount of the commission. Plus credit information, cash out sellers, warnings, etc.page 144-149, Compliance with environmental hazards disclosure requires. deductibility of interest. An agents inspection under Easton v. Strassburger (as codified by state statutes) applies to. The following statements are all examples of abstract goals EXCEPT: d.) (I will obtain three new listings each month. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to a. motivate salespeople. an unknown spousal interest. Net Exclusive right-to-sell Exclusive agency Open, The broker did not give the principal a copy of the listing. you will work just as hard as the large firm. Liquidated damages cannot result from buyer default. third month of a six-month listing. undue influence. both 30-day month and 360-day year. & H_0: \mu \geq 80 \\ because you concentrate on a small number of select properties, you are able to give more individual attention to the property. visual inspections. (page 63), The Seller Financing Disclosure Statement provided to both buyer and seller provides. Unruh Act. That means that a real estate agent that becomes a "loan officer" only after selling a property is unlikely to be considered a true employee and therefore would not be covered by the RESPA exemption. condominium. Which of the following is an example of a tie-down? Which of the following statements is TRUE? Since it indicates that you fail to sell 50 percent of your listings.Page 253, Serious buyers contact real estate agents because. provide sufficient facts so the receivers can form valid conclusions. The seller entitled to it and the buyer pays. deductibility of taxes. Brokers have liability to commission salespeople as to workers compensation. If you are going to be buying a new car for real estate sales, you should consider . neither federally related loans nor 1 to 4 residential units only. The Legal Fund is used for a number of expressed purposes: 1. Question 4 1 / 1 pts The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to. is voluntary. motivate salespeople and retain top producers. a percentage lease. portfolio loans. failure to mention the presence of the group would make you liable for any damages the buyer suffered. owners name from the tax number. every listing. a credit on the sellers closing statement. A purchaser of a $100,000 single-family home for her family refuses to close escrow after making a $40,000 deposit. that the seller post a bond to cover damages by hazards discovered at a later date. The REALTOR's errors-and-omissions insurance carrier refused coverage on the basis that the claim involved bodily injury that was excepted from the policy. (Page 410-411), When arriving at a property for a showing, if another agent is showing the property, you should. listings of 1 to 4 residential units. 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). (Page 511-512), A loan in which the borrower buys under a land contract would be a. CalVet loan. the Truth in Lending Act. minimum wage requirements. The buyers originally alleged damages in excess of $30 million. The legal fund is not a substitute for errors-and-omissions insurance. 6% of $189,500 = $11,370. percentage lease. should never be changed. Yes, as long as you follow the rules set out in the Real Estate Settlement Procedures Act (RESPA). doubling A time activities should double your income. does none of these. Only part of the leasehold is transferred in a sublease. all of these. properties that set the neighborhood value. first month of the second listing extension. The fees must be "reasonably related to the value of the services performed." list in designated areas. A fee based on a transaction between the lender and a consumer is prohibited by RESPA. If the person receiving the commission is not an employee, then that person considers the commission to be revenue, and may pay taxes if there is a resulting profit. The damages cannot exceed 3% of the purchase price. the exchange property must be identified within 45 days. 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. (c) minimum wage requirements. These show that you understand the buyers concerns.Page 439-441. One of the requirements for a real estate salesperson to be regarded as an independent contractor by If you are going to be buying a new car for real estate sales, you should consider. direct mail solicitations. Which of the following would constitute an acceptance? What kind of listing did Broker Baker have if Owner Adams has no commission obligation to Broker Baker? The damages cannot exceed 3% of the purchase price. all of these. you should concentrate more on possibilities than probabilities. I keep hearing about new RESPA rules that allow real estate agents to sell a buyer a home and earn a loan-origination fee from the lender. Probably, the most crucial requirement to satisfy in the application process is that the case must be of significance to REALTORS as a class or the real estate industry as a whole. Which of the following statements regarding the time it takes for a property to sell is TRUE? participation loans. Case 2: The association filed an amicus brief in an Austin case in which a savings and loan association filed suit against the attorney general of Texas, arguing that federal regulations preempted the Texas Constitution regarding its homestead protection. title insurance costs. c. minimum wage requirements. You will not post any defamatory, discriminatory, libelous, threatening, vulgar, sexually explicit, abusive, profane, rude, or obscene content (including comments); b. To be enforceable, which element is required in an exclusive right-to-sell listing? a model home. you should divide your time equally between A, B, C, and D category activities. Agents sell while owners seldom sell themselves.Page 239. the factor that makes a neighborhood cohesive. paying a referral fee to anyone other than his or her own employees. Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. institutional advertising. Where can we find information about what we should include in our privacy policy? You should consult an attorney regarding the risks involved and how to protect yourself from liability before agreeing to this situation. both increased by a list price below that indicated by the comparative market analysis and decreased by listing above the market value. What are the advantages of a good time-management program? a listing where the agent was not authorized to accept a deposit. a defeasance clause. Neither buyer nor seller may unilaterally modify the escrow instructions. The commission may be based on a flat fee arrangement, or (more commonly) as a percentage of the revenue generated. personal property. Conceal the fact that the advertiser is an agent, But any indication, like Agt., meets the requirement.Page 366. both use their own funds to make loans and service loans they make. The payment of any . waive their rights to arbitrate. Liquidated damages are limited by law.Page 465. comfort and convenience. minimum fee. Because buyers seldom offer the list price, the list price has no effect on time to sell. recommend to the owner to accept it. an estate for years. using one period of time to list and another period of time to sell in a never-ending cycle. A battery plant begins discharging cadmium into a river at midnight on a certain day and the concentration CCC of cadmium at a point 1,000 meters downriver is subsequently measured at 3-hour intervals over the next 24 hours, as indicated in the accompanying table. attention, interest, desire, action. open-end loan. conceding before answering. all of these. The three stages of presenting an offer include all of the following EXCEPT. flyer pointing out attractive features about a property. Holden Act. introduce yourself and your buyers to the other agent and go ahead with your showing. submit all written offers in a prompt and timely manner. 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. wait to show the property until the other agent has left. use their own funds to make loans. Your answer is correct. Under the terms of his commission agreement, he receives a 5% commission on the revenue generated by the transaction, and will be paid on the 15th day of the following month. Monitoring and participating in the actions of governmental agencies 6. meeting objections half-way. A commission may be earned by an employee or an outside salesperson or entity. tell your prospects that they had better act fast as you are sure the other party wants to buy the house. (Page 231). always selling a new home to the seller. pre-showings. Or working an area for a type of property or buyer group.page 213, A reverse directory allows an agent to have the. Am I still required to have a manual? Properties listed above market value tend to sell faster than properties listed at prices closer to market value. have a quicker sale. it is better to estimate costs a little on the high side than the low side. the average time from listing to sale for your firm is 42 days less than the average sale in your MLS. 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. Incentive to do more and to stay.page 20 Their adjusted cost basis is $80,000. Any legal or other information found on this page or at other sites to which we link, should be verified before it is relied upon. 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. Need adequate number of comparable sales.Page 222-223, The likelihood of a sale within 90 days is. Which promotion would have the lowest cost to the broker? (Page 584), A standard policy of title insurance protects the purchaser from all EXCEPT. You can find out how things are done in your office by studying your office procedure manual. 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.
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