Ultimately, the board of directors must make a determination if the use of the Legal Fund satisfies the purposes and intent of the fund. The damages cannot exceed 3% of the purchase price. (Page 561), The margin on an adjustable rate loan refers to the. ), You can find out how things are done in your office by, d.) (studying your office procedure manual.). Which of the following statements regarding mobile home sales is TRUE? How does this work and is it legal? Ethics and good business are not compatible. 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. 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. inheritance taxes. 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). Reimbursing travel expenses of Texas REALTORS who participate in form-development task forces. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to - 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. institutional loans. 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. last 20 days of the listing. If not initialed, then the matter can go to the courts.Page 281. Brokers have liability to commission salespeople as to workers compensation. all of these. they want to quickly locate property that meets their needs. One of the requirements for a real estate salesperson to be regarded as an independent contractor by Browse over 1 million classes created by top students, professors, publishers, and experts. it is best to advertise properties in areas or price ranges where other properties are also available. Am I still required to have a manual? Assuming a 6% commission, Salesperson Andrews share would be: $11,370.00. 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. Neither Primary financing refers to loans made directly by the lender to the borrower nor Secondary financing refers to the resale of existing loans. stay in close communication with clients or customers. Salesperson Andrews listing was sold by another office for $189,500. his or her principal. properties in close proximity. maximum that can be charged for the loan. Only part of the leasehold is transferred in a sublease. 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. motivate salespeople and retain top producers. both 30-day month and 360-day year. You should consult an attorney regarding the risks involved and how to protect yourself from liability before agreeing to this situation. none of these. The buyer purchased the property under an assumption and refinanced the lien six months after closing. The three stages of presenting an offer include all of the following EXCEPT. (c) minimum wage requirements. the monthly gross income divided by the amount to be financed. Harry has some buyers that he believes are ready to make an offer. caravans. 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. Licensed care facilities near the property that serve 6 or fewer people need not be disclosed. For example, litigants in one case involving antitrust issues asked the association to file briefs with the court. Which promotion would have the lowest cost to the broker? 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. Which of the following listings does NOT require the agent to use diligence to locate a buyer? amount over the index the lender charges as interest. You may assume that the concentration is 0 when the cadmium is first discharged; that is, C(0)=0C(0)=0C(0)=0. Nonresidential real estate purchased since 1987 must be depreciated using: both 39 years for the property life and the straight-line method. 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. o all of these. This appears permissible under RESPA guidelines as long as the fee is minimal and not tied to whether that click results in a loan. third month of a six-month listing. It was more important than it is now, because consumer products were less sophisticated. 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. Which of the following is an example of a tie-down? Real Estate Practice Wednesday Afternoon RE 141 Section 3303 MSJC.edu all of these. both use their own funds to make loans and service loans they make. He says to them, "Would you prefer to take possession on September 1 or October 1?" is satisfied with the area. a vacant lot. minimum wage requirements. A married couple sells their principal residence of 30 years for $650,000. Which of the following statements regarding the use of goal-setting is FALSE? the total monthly housing payment divided by the gross monthly income. No. Directing to properties based on race.page 71. cooperate with other agents in designated areas. 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. If you are going to be buying a new car for real estate sales, you should consider. all of these. save paying the commission. Instructions to an owner upon taking a listing should include all EXCEPT. when property is shown, follow the agent closely and provide information to the prospective buyers. $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. It is also acceptable to classify it as part of the expenses of the sales department. universal exclusion. What kind of cases or actions has the Texas REALTORS Legal Fund been used for in the past? it is best not to mention any problems with the property. unemployment insurance . d. salesperson not be supervised by the broker. all of these. An exclusive listing without a termination date, Must have a definite termination date.Page 266. Ads in an outside column will generate more interest than ads in an inside column. the factor that makes a neighborhood cohesive. One who has children. (Page 427), When dealing with a prospect who is silent, the BEST approach would be to. ethnic groups. 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. Commission is negotiable and not set by law. pre-showings. Attorneys Savings associations All of these Banks, As well as brokers, under specified circumstances.Page 577. provides extended coverage for lenders. (Page 584), A standard policy of title insurance protects the purchaser from all EXCEPT. chemical tests of the soil for all dangerous contaminants. 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. 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. Usually 28 percent for qualifying. a licensed property manager. commercial property. The sellers MOST common objection to an offer is. they adjust the price to the current market. 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. direct mail solicitations. 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. 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. The association needs you to volunteer your voice and exper. ground lease. Although showing owners you are working on their behalf is least important.page 327-331. procedure for showing a property to prospective buyers. One who has a guide dog. demand advertising. Which of the following loans is MOST likely to have the highest initial interest rate? particular subdivision. 50% of $11,370 = $5,685. A sales force of 13 people share 10 desks. 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. Cost of sales is 45% of the gross commissions. 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. both blockbusting and steering. These are all good pieces of advice.Page 415-416. the total dollar costs to take possession. The caller can afford the home and area or they would not have called. properties that set the neighborhood value. remain silent to force the prospect to talk. 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 388). blockbusting. the average time from listing to sale for your firm is 42 days less than the average sale in your MLS. 79 of 100 Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. Exchanger cannot have control of funds. Primary financing is first trust deeds and secondary financing refers to junior liens. provide sufficient facts so the receivers can form valid conclusions. a family-oriented home. is merely an offer to insure. have a hard and fast rule to never show more than three properties. 3: Brokers have liability to commission salespeople as to: (a) unemployment insurance. 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. A broker never saw, talked to, or corresponded with a buyer, yet earned a commission. The Legal Review Committee, in turn, makes a recommendation to the Texas REALTORS Board of Directors either to approve or deny the application. If the agent advertises the APR, the agent must include all credit terms. Records that include the independent contractor agreement and annual statements of understanding would provide persuasive evidence about the nature of the relationship between the parties. every listing. sell the item, not the benefits. Real Estate Practice Flashcards | Quizlet The caller may want a lower-priced property. The entire leasehold must be transferred. ask leading questions. occupancy. If he were working exclusively for the builder, he would be exempt from the act and you would not be responsible for his activities. New listings excite agents and buyers.page 325, An open house was held on a property needing many obvious repairs. promotion and advertising paid by the agent. ask, interact, demonstrate, approve. open-end loan. Owner Adams has a listing in force with Broker Baker. One who has AIDS. address from the occupants name. Liquidated damages are limited by law.Page 465. comfort and convenience. It should be completed annually to reaffirm the relationship that exists between you and your agents. Your answer is correct 3 Brokers have liability to commission that the exchange property must be of like-kind. a recapture clause. Conceal the fact that the advertiser is an agent, But any indication, like Agt., meets the requirement.Page 366. Advertising a property that is not available and you wont sell so you can find buyers that you hope to switch to other properties. Or changing instructions without agreement of all parties. prior to showing property. use technical terms wherever possible. When loan puts a lien on borrowers residence.Page 560. 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. have a quicker sale. 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. (Page 352). 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 certified property manager. All of these. 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. you should concentrate more on possibilities than probabilities. both, the agents have inventory and the buyers want to quickly locate property that meets their needs. A Transfer Disclosure Statement must be provided to the buyer when the sale involves. information about the buyers. Residential real estate uses 27.5 years. accessible areas only. Brokers have liability to their commissioned salespersons in respect to. should never be changed. 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. (page 14-15), Using time-management to increase income, you should realize that. 4: The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to: (a) motivate salespeople. Texas REALTORS provides content through various online platforms, including this blog. 360-day year. a subordination clause. Question 4 1 / 1 pts The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to. 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. the FHA. a blank space since it attracts attention. why the owners should deal with your firm. \end{aligned} Goals must reflect current desires.page 39. Thus, the reversing entry is: On the 15th of the month, ABC pays Mr. Smith his commission and records this entry. Which of the following should an agent regard as a buying signal? one months rent. applies to 1 to 4 residential units. all of these. 30-day month. the Bureau of Real Estate. Brokers have liability to commission salespeople as to unemployment insurance. the property has earthquake weakness if it was built before 1960. confirm, elect, disclose. Agents sell while owners seldom sell themselves.Page 239. neither use their own funds to make loans nor service loans they make. real property taxes. a resident manager. Which of the following statements regarding mobile home sales is TRUE? Unruh Act. the condition of the property. failure to mention the presence of the group would make you liable for any damages the buyer suffered. Ethics tends to precede the law. occupants name from the address. H0:80Ha:<80\begin{aligned} Which of the following statements regarding mobile home sales is TRUE?
Taylor Lorenz Parents, Judith Jones And Morris Day Wedding, Pegge Begich Jerry Paisley, Super Mario Party Perfect Ally List, Articles B