Which of the following statements regarding the use of goal-setting is FALSE? An unhappy seller could mean a sale that does not close. A broker who is the designated broker for a business entity is subject to this rule whether or not the business entity sponsors salespeople. none of these. For copies of the procedures or applications, contact the Legal Affairs Department. 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. every nonresidential listing. Brokers have liability to commission salespeople as to a. unemployment insurance. all of these. 4: The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to: (a) motivate salespeople. \end{aligned} Which of the following statements regarding ethics is TRUE? both a counteroffer really rejects the offer and once rejected, an offer cannot be accepted. minimum wage requirements. (Page 410-411), When arriving at a property for a showing, if another agent is showing the property, you should. 360-day year. 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 uniformly to all real estate transactions. What was the reason for creating the inferior courts? 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. commercial property. 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. 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). they extend the listing for a longer period as price is related to time to sell. present them in the order received, obtaining acceptance, rejection, or counteroffer for each offer before proceeding to the next offer. ask, inform, demonstrate, approve. You may assume that the concentration is 0 when the cadmium is first discharged; that is, C(0)=0C(0)=0C(0)=0. Since it indicates that you fail to sell 50 percent of your listings.Page 253, Serious buyers contact real estate agents because. Or working an area for a type of property or buyer group.page 213, A reverse directory allows an agent to have the. Bait-and-switch advertising is a federal offense. A married couple sells their principal residence of 30 years for $650,000. paying a referral fee to anyone other than his or her own employees. motivate salespeople and retain top producers. percentage of the gross. elect, confirm, disclose. that the Alquist-Priolo Act be complied with. promotion and advertising paid by the agent. A brokerage firm has operating expenses of $254,000. Disclosure law that also prohibits lender rebates. four months rent. 1031 exchange. both is satisfied with the general appearance of the home and is satisfied with the area. The property was most likely advertised as. Very rarely. This exception does not apply if the owner has asked your company to place his number on the company do-not-call list. the price was too high. keep in mind their first duty is to the owners, not to themselves or their firm. ground lease. none of these. the factor that makes a neighborhood cohesive. doubling A time activities should double your income. it is better to estimate costs a little on the high side than the low side. a credit on the buyers closing statement and a debit on the sellers statement. Your answer is correct. What about programs that offer to pay a real estate agent for names of potential borrowers? a licensed property manager. both that the property must have been held for productive use in a trade or business or for investment purposes and that the exchange property must be of like-kind. the offer itself. must be signed by buyer and seller. Which of the following statements regarding the truth-in-lending law is TRUE? The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to a. motivate salespeople. 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. a gross lease. information about yourself. In fact, the Legal Review Committee recommends that a number of applications be denied each year. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to - both motivate salespeople and retain top producers. Conceal the fact that the advertiser is an agent, But any indication, like Agt., meets the requirement.Page 366. independent contractor for tax purposes. locating prospective buyers. ethnic groups. (Page 630), The dates November 1, December 10, February 1, and April 10 relate to. (Page 231). All types of properties are subject to management.Page 658, A lease for a definite period of time would be. The sublessee is a tenant of the original lessee. real property taxes. Things such as car signs, business cards, and client referrals could lead a buyer to believe that your agent was acting as a real estate salesperson while working for the builder. You can find out how things are done in your office by - studying your office procedure manual. Fred Smith sells a $1,000 widget for ABC International. restrictions on e-mail solicitations. the monthly gross income divided by the amount to be financed. A real estate agent can sell a mobile home in a rental park space. do all of these. Holden Act. none of these. all of these. neither that the property must have been held for productive use in a trade or business or for investment purposes nor that the exchange property must be of like-kind. You should contact your attorney to obtain advice with respect to any particular issue or problem. Rumford Act. property taxes to be increased up to 2% each year. $2,842.50. Telephone responses from a For Sale sign indicate what about the prospective buyer? net lease. Or changing instructions without agreement of all parties. information about your firm. amount over the index the lender charges as interest. 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. introduce yourself and your buyers to the other agent and go ahead with your showing. 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. Which of the following are exempt from licensing under the escrow law? a certified property manager. Brown Act. you will work just as hard as the large firm. lack of capacity of a grantor. Question 4 1 / 1 pts The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to. You should consult an attorney regarding the risks involved and how to protect yourself from liability before agreeing to this situation. Owners want to know what is happening.page 300. neither you must mention this to a prospective buyer nor failure to mention the presence of the group would make you liable for any damages the buyer suffered. caravans. c. minimum wage requirements. Brokers have liability to commission salespeople as to Correct o minimum wage requirements. (Page 369), In advertising, the real estate agent should know that it is illegal to. prospecting your farm area on a continuous basis. mentioning a potential objection before the customer does. one months rent. ad within a price range or area creates prospects for other homes in the price range or area. percentage lease. ), You can find out how things are done in your office by, d.) (studying your office procedure manual.). a former owner had AIDS. once rejected, an offer cannot be accepted. Which of the following statements regarding display advertising is TRUE? 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. Your answer is correct. When loan puts a lien on borrowers residence.Page 560. both a debit on the buyers closing statement and a credit on the sellers closing statement. talk fast if the customer talks slowly. The three stages of presenting an offer include all of the following EXCEPT. Which of the following is NOT a legal notice? primarily for 1 to 4 residential units. 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. blockbusting. If he were working exclusively for the builder, he would be exempt from the act and you would not be responsible for his activities. prospective buyers who respond to newspaper ads are likely to buy a property other than the property advertised. Download a PDF of the Model Privacy Policy just for Texas REALTORS from theManuals & Guides page. avoid seller disclosures. nonbinding arbitration of disputes. While HUD may provide general guidance, the department does not approve individual business plans, and generally does not opine as to what amounts constitute fair and reasonable compensation. staying with a prospect until you have a contract. the Bureau of Real Estate. None of these. Without all owners, it cant be accepted.Page 479. Neither Primary financing refers to loans made directly by the lender to the borrower nor Secondary financing refers to the resale of existing loans. 10080. office buildings. (Page 427), When dealing with a prospect who is silent, the BEST approach would be to. both motivate salespeople and retain top producers. Thats selling and listing opportunities is where commissions come from.page 40, One of the requirements for a real estate salesperson to be regarded as an independent contractor by the IRS is that the. 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. 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. both, an owner who gets less than they expected to receive from a sale is likely to be unhappy with you, and it is better to estimate costs a little on the high side than the low side. Which of the following would constitute an acceptance? home solicitation phone calls. No title insurance covers zoning changes.Page 599. cash. While mortgage brokers act as middlemen.Page 517-518, A loan that can be increased to an agreed upon limit would be a. wrap-around loan. $3,411.00. allow the prospective buyers to bring along a friend or confidant. The case proceeded to a jury which found for the defendant REALTOR. Plus credit information, cash out sellers, warnings, etc.page 144-149, Compliance with environmental hazards disclosure requires. three months rent. apartments. Incentive to do more and to stay.page 20 the IRS is that the - broker-salesperson contract states that the salesperson shall be treated as an prior to qualifying the buyer. properties that set the neighborhood value. 3. Reasonable compensation (generally a flat fee, not a percentage of the loan amount) may be justified. Avoid wasting time and prioritize time. conversion. lack of communication from the agent. (page 20), You can find out how things are done in your office by. 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. first 20 days of the listing. all of these. Similar properties sold within the past 2 years, Similar properties sold within the past 3 months, A listing presentation manual should include. the FHA. The Recovery Fund is funded by a $10 fee paid with every brokers or salesmans original license application. . speed up your presentation. These are all good pieces of advice.Page 415-416. the total dollar costs to take possession. First, there are no new changes to RESPA. I know that Texas Real Estate Commission rules require a broker to maintain written policies and procedures for the brokers sponsored salespersons. you must mention this to a prospective buyer. 60% of $5,685 = $3,411.page 317, Advantages of holding open houses include. 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. (Page 591). special assessments. It depends. And get buyer reactions which might alter showings. information about the buyers. changes in the zoning. waive their rights to arbitrate. It was more important than it is now, because consumer products were less sophisticated. If the agent advertises the APR, the agent must include all credit terms. chemical tests of the soil for all dangerous contaminants. What type of listing did the broker have? In each of these cases, the board of directors determined that there was a significance to REALTORS as a class. All of these. What is the best test to evaluate if an act is ethical? institutional loans. Can you afford this house? What would you use this pantry for? Would you prefer to buy now or think it over? This is an exceptionally large kitchen, isnt it?, This is an exceptionally large kitchen, isnt it?, You get a series of yes answers.Page 415, If members of a minority racial or ethnic group live in the neighborhood of a home you are showing. The Austin Federal District Court disregarded the savings and loans claims and upheld the Texas Constitution. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to a.) 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? recommend to the owner to accept it. neither a counteroffer really rejects the offer nor once rejected, an offer cannot be accepted. asking every prospect to recommend another prospect. try to overcome objections raised. applies to 1 to 4 residential units. his or her principal. In a sublease, the sublessor is liable to the owner. To catch the eye of buyers who desire that feature.Page 352. One risk you face is that the lines of activities, duties, and responsibilities between the two positions can become blurred, especially to a buyer. both A and. 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. For example, litigants in one case involving antitrust issues asked the association to file briefs with the court. return it to the offeror. You can find out how things are done in your office by studying your office procedure manual. 30-day month. neither 30-day month nor 360-day year. Advertising one property brings in buyers for other properties. neither you must mention this to a prospective buyer nor failure to mention the presence of the group would make you liable for any damages the buyer suffered. asking every prospect to recommend another prospect. 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). New listings excite agents and buyers.page 325, An open house was held on a property needing many obvious repairs. A Transfer Disclosure Statement must be provided to the buyer when the sale involves. a subsidized rent program for low-income tenants. federal income taxes. Must sell owner on a listing and on you and your firm.Page 231-232, 243, A comparative market analysis would be LEAST valuable in indicating market value for a. vacant lot. all of these. Applicability of the legal principles discussed in this material may differ substantially in individual situations. show the prospective buyers homes they have listings for in order to please the owners of those listings. There is a formal application and certification that an applicant, or his attorney, must complete. Is the legal fund the same as the recovery fund? failure to mention the presence of the group would make you liable for any damages the buyer suffered. ), The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to. & H_0: \mu \geq 80 \\ have a hard and fast rule to never show more than three properties. One large picture is generally more effective than several smaller pictures. But the caller might not be able to afford the property. Brokers have liability to commission salespeople as to unemployment insurance. all of these. REALTOR membership is a criterion that a broker may voluntarily choose to require of independent contractors. (Page 228,230). retain top producers. One of the agents I sponsor wants to also work part time selling homes for a local home builder. A broker may require salespeople to be members of the REALTORS association, as it indicates to the broker the sales agents' commitment to the real estate profession and to high ethical standards of practice. arrange to have all owners present for the presentation. listings with your firm have a 30% greater chance of being sold than the average for your local MLS. that the seller post a bond to cover damages by hazards discovered at a later date. provide sufficient facts so the receivers can form valid conclusions.You should be selling the benefits so they are understood. An exclusive listing without a termination date, Must have a definite termination date.Page 266. A mobile home must be at least 2 years old for a real estate agent to sell it. A lease that needs no notice for termination, would be. Either Open or Exclusive agency Exclusive agency Exclusive right-to-sell Open, A commission paid only if agent makes sale.Page 264-272. The commission may be based on a flat fee arrangement, or (more commonly) as a percentage of the revenue generated. The Texas REALTORS Legal Fund is maintained by the association through the oversight of the Legal Review Committee. These are suggestions not necessarily legal duties.page 66-67. an exculpatory clause. 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. Can a brokerage allow a mortgage company to sponsor a luncheon that offers CE for its agents? all of these. I recently got my brokers license, but I dont sponsor any agents. Usually 36 percent for qualifying. Brokers have liability to commission salespeople as to workers compensation. 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. particular ethnic group. price. Ethics tends to precede the law. How much of their gain would be taxable? Buyers resist pressure before they are ready.Page 447, Disadvantages of home-ownership include all of the following EXCEPT. Bait-and-switch advertising is a federal offense. (page 308). There is no limit for the damages. It should not matter. lack of liquidity. No. The sublessee is a tenant of the original lessee. (Page 397). Index plus margin equal interest charged.Page 539, Loans that meet the underwriting standards of Fannie Mae or Freddie Mac are known as. total monthly housing expenses plus monthly long-term credit obligations divided by gross monthly income. Even if I do not perform the requisite number of functions to be considered a mortgage broker or do not become a true part-time employee of the lender, can I still be paid something for the work I perform for the lender? a vacant lot. influential people in the community. motivate salespeople. upon delivery of the sellers acceptance. Brokers have liability to commission salespeople as to - workers compensation. A both motivate salespeople and retain top producers. 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. Thus, a real estate agent could receive nominal compensation, for supplying a lender with certain basic information about a customer (i.e., name, address, telephone number, price of the newly purchased home, etc.). an estate for years. The legal fund assisted the defendant in resolving the case favorably. the average time from listing to sale for your firm is 42 days less than the average sale in your MLS. condominium. B. motivate salespeople . I will become a better salesperson. What kind of listing did Broker Baker have if Owner Adams has no commission obligation to Broker Baker? save paying the commission. taxes. a 3-unit residential building. (Page 128), A selling agent must comply with agency disclosures to the buyer. Which of the following is NOT an institutional lender? advertising by season. A sample of 100 is used and the population standard deviation is 12 . working an area for buyers and sellers. California Real Estate Law. 1 to 4 residential units. stay in close communication with clients or customers. use their own funds to make loans. How can I help make clear to the IRS that my agents are independent contractors, not employees? both paying a referral fee to anyone other than his or her own employees and accepting escrow instructions having blanks that are to be filled in after the instructions are signed. confirm, elect, disclose. avoid cooking with foods having strong and lasting odors. Attracts attention and is easy to read.Page 357. attention, interest, demand, action. Under the cash basis of accounting, you should record a commission when it is paid, so there is a credit to the cash account and a debit to the commission expense account. Note, however, that real estate agents may not take loan applications in connection with FHA-insured loans. The mortgage company cant sponsor the luncheon on the condition that it will receive referrals, either. When a change is required to escrow instructions: the seller can amend the escrow instructions. 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. (Page 397), When a caller wont give a name, the best approach would be to, hang up. One of the requirements for a real estate salesperson to be regarded as an independent contractor by A sales force of 13 people share 10 desks. Some brokers charge a small fee every time someone clicks through to the lenders website. A real estate agent can sell a mobile home with the land it is sited on. sell the item, not the benefits. 1 to 4 residential units only. inheritance taxes. Which proposition makes it possible for taxpayers 55 years or older to transfer current base-year value of their principal residence to a replacement home within the same county? always selling a new home to the seller. get a higher gross price. The payment of any . They like it and hope they can afford it.Page 383, When you receive For Sale sign inquiries you can assume that the caller. firsts. Which of the following listings does NOT require the agent to use diligence to locate a buyer? occupancy. Brown Act. Cost of sales is 45% of the gross commissions. portfolio loans. subordination. land it is sited on. can sell a mobile home in a rental park space and A real estate agent can sell a mobile home with the the most desirable feature. Neither buyer nor seller may unilaterally modify the escrow instructions. Although HUD has never published criteria, it's likely the IRS rules would prevail.

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