conceding before answering. 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. It was more important than it is now, because consumer products were less sophisticated. It is primarily reserved for paying the legal expenses of cases that are significant to Texas REALTORS as a class or the real estate industry. (Once set, goals should never be changed. Brokers have liability to their commissioned salespersons in respect to: a.) A court or TREC hearing officer might reach the same conclusion and assess liability or responsibility on the broker. arrange to have all owners present for the presentation. Yes. total monthly housing expenses plus monthly long-term credit obligations divided by gross monthly income. ratio of current rental costs to estimated housing costs. Brokers have liability to commission salespeople as to - workers compensation. 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. Either Open or Exclusive agency Exclusive agency Exclusive right-to-sell Open, A commission paid only if agent makes sale.Page 264-272. Present all offers together fairly. One large picture is generally more effective than several smaller pictures. list in designated areas. working an area for buyers and sellers. a credit on the buyers closing statement and a debit on the sellers statement. maximum that can be charged for the loan. 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. (doubling "A" time activities should double your income.). Since it indicates that you fail to sell 50 percent of your listings.Page 253, Serious buyers contact real estate agents because. an unknown spousal interest. Inclusion of white space serves to emphasize a message. county-owned housing projects. office buildings. The payment of any . Which of the following statements regarding mobile home sales is TRUE? a family-oriented home. institutional loans. An unhappy seller could mean a sale that does not close. remain silent to force the prospect to talk. Unruh Act. institutional advertising. None of these. real property taxes. Harry has some buyers that he believes are ready to make an offer. commercial property. advertise in designated areas. Brokers have liability to commission salespeople as to workers compensation. neither is satisfied with the general appearance of the home nor is satisfied with the area. they adjust the price to the current market. A brief summary of three recent cases is noted below. blockbusting. a certified property manager. 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. 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. A mobile home must be at least 2 years old for a real estate agent to sell it. The property was most likely advertised as. the Bureau of Real Estate. CA Real Estate Practice Flashcards Preview - Brainscape both buyer and seller must agree to amend the escrow instructions. that the Alquist-Priolo Act be complied with. listings with your firm have a 30% greater chance of being sold than the average for your local MLS. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to - before the buyer executes an offer. binding arbitration of disputes. (page 308). 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. both A and. Which of the following listings does NOT require the agent to use diligence to locate a buyer? combination of percentage of the gross and minimum fee. If the flow rate of the river is F=2.3105m3/hrF=2.3 \times 10^5 \mathrm{~m}^3 / \mathrm{hr}F=2.3105m3/hr, use the formula you found in Question 4 to estimate the total amount of cadmium discharged from the plant during this 24-hour period. d. salesperson not be supervised by the broker. Conceal the fact that the advertiser is an agent, But any indication, like Agt., meets the requirement.Page 366. as expensive a car as possible to impress others. The following statements are all examples of abstract goals EXCEPT: d.) (I will obtain three new listings each month. talk fast if the customer talks slowly. Is the legal fund the same as the recovery fund? an open listing. (Page 486), In making an appointment to present an offer, the agent should. However, the fund has been used to pay for expenses in filing briefs in cases involving homestead issues (as discussed above), contractual issues and other issues. staying with a prospect until you have a contract. All of these. 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. (page 302), If a listing is overpriced, the agent should suggest to the owners that. attention, interest, desire, action. Sells the firm, not a specific property.Page 342. These are suggestions not necessarily legal duties.page 66-67. influential people in the community. all of these. an exclusive listing without a termination date. recommend to the owner to counter the offer. three months rent. Telephone responses from a For Sale sign indicate what about the prospective buyer? salesperson is not supervised by the broker. What is the best test to evaluate if an act is ethical? 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. It should be completed annually to reaffirm the relationship that exists between you and your agents. conforming loans. b.) let the owners know which offers provide the agent with the greatest benefits. the worse you make the property appear, the greater your response is likely to be. Case 3: A REALTOR was sued by a buyer alleging that the agent did not disclose that the property lay in a flood-prone area or that the property had previously flooded. neither motivate salespeople nor retain top producers. Ultimately, the board of directors must make a determination if the use of the Legal Fund satisfies the purposes and intent of the fund. Helping Texas REALTORS understand their legal rights and duties under law 2. sell the item, not the benefits. The buyer purchased the property under an assumption and refinanced the lien six months after closing. In fact, the Legal Review Committee recommends that a number of applications be denied each year. amount over the index the lender charges as interest. an estate for years. Bait-and-switch advertising is a federal offense. prior to qualifying the buyer. If it is unethical, it is illegal. neither a counteroffer really rejects the offer nor once rejected, an offer cannot be accepted. both a debit on the buyers closing statement and a credit on the sellers closing statement. The Legal Review Committee, in turn, makes a recommendation to the Texas REALTORS Board of Directors either to approve or deny the application. At the time of the contract, the agent provided the buyer with a detailed written statement (signed by the buyer) about the toxic dangers and health hazards posed to residents of the subdivision, since it was known that a nearby site was environmentally contaminated. 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. 3. 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. love of family. property taxes to be increased up to 2% each year. 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? Unruh Act. there is a licensed care facility that serves three people across the street from the property. Some programs offer to make real estate agents part-time employees of the lender. Issues Mobilization and Political Advocacy Assessment, TACS Texas Accredited Commercial Specialist, TAHS Texas Affordable Housing Specialist, TRLP Texas REALTORS Leadership Program, TRLS Texas Residential Leasing Specialist, TRPM Texas Residential Property Manager, Sales of Million-Dollar Homes in Texas Report. Law provides that agents are not liable for failure to disclose any deaths on the property that occurred more than three years ago. A release from time pressures percentage lease. occupants name from the address. operational advertising. 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. Every six months, the Texas REALTORS Legal Review Committee reviews applications and requests for funding from the Legal Fund from Texas REALTORS and litigants involving cases that significantly affect the entire real estate industry. In addition to the Civil Rights Act of 1968.page 77, The California Act that prohibits discrimination by all California businesses is the. For a property built before 1960, earthquake weakness must be disclosed.
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