A brief summary of three recent cases is noted below. Monitoring and participating in the actions of governmental agencies 6. amount over the index the lender charges as interest. have a quicker sale. 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. broker-salesperson contract states that the salesperson shall be treated as an independent contractor for tax purposes. Is the legal fund ever used for purposes not directly related to REALTORS? locating prospective buyers.
Chapter 1 - Real Estate Practice Flashcards | Quizlet Less-common commission structures are based on the gross margin or net income generated by a sale; these structures are . rights of parties in possession. 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. ), Chapter one of the 'Real Estate Practice' book for California Realty Training. primarily for 1 to 4 residential units. owners who get less than they expected to receive from a sale are likely to be unhappy with you. uniformly to all real estate transactions.
first 20 days of the listing. What is legal but unethical now might be illegal tomorrow. 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? a. The fees must be "reasonably related to the value of the services performed." Is the legal fund the same as the recovery fund? Neither Primary financing refers to loans made directly by the lender to the borrower nor Secondary financing refers to the resale of existing loans. 1031 exchange. a credit on the sellers closing statement. 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. always selling a new home to the seller. ad within a price range or area creates prospects for other homes in the price range or area. Mentioning it could be steering. reading the information on the back of your real estate license. Bait-and-switch advertising is a federal offense. occupants name from the address. lack of capacity of a grantor.
Real Estate Practice Flashcards | Quizlet (Page 410-411), When arriving at a property for a showing, if another agent is showing the property, you should. elect, disclose, confirm. That means in order to be considered an employee rather than an independent contractor, the agent/loan officer must: 1) be under the supervision and control of a lender's office; 2) use the lender's equipment; 3) have set hours; 4) receive a W-2 form; 5) receive standard employee benefits; and 6) have the lender be liable for the employee's conduct. (Page 621). o unemployment insurance. allow the prospective buyers to bring along a friend or confidant. home solicitation phone calls. Requirements for a valid 1031 exchange include. 3. an estate. No. 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. all of these. information about your firm. It saves time and buyers dont have to deal with owners directly. \end{aligned} 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. They hope to keep fee for themselves.page 190, If your firm is small, to obtain a listing when competing against a large firm you should emphasize that. retain top producers . Exchanger cannot have control of funds. b.) service loans they make. Brokers have liability to commission salespeople as to unemployment insurance. price. A broker who is the designated broker for a business entity is subject to this rule whether or not the business entity sponsors salespeople. you should divide your time equally between A, B, C, and D category activities. promotion and advertising paid by the agent. avoid seller disclosures. The sellers MOST common objection to an offer is. open listing. exclusive agency listing. health. disclose, elect, confirm. staying with a prospect until you have a contract. firsts. a resident manager. None of these. an estate from period to period. While real estate agents will find it difficult to serve as both real estate agents and mortgage brokers, or real estate agents and part-time lender employees, agents may still be paid under a RESPA exemption that permits persons (even ones that refer lenders business) to be paid for services rendered, so long as the payment is commensurate with the services provided. An exclusive listing without a termination date, Must have a definite termination date.Page 266. 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. Accepting the offer but conditioning the acceptance on a different escrow office than specified in the offer None of these Accepting the offer verbally with a promise of a later written confirmation Accepting an offer but changing the closing date, Must be accepted in writing without any conditions or variance.Page 497. a family-oriented home. a licensed property manager. Applicability of the legal principles discussed in this material may differ substantially in individual situations. 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. both buyer and seller must agree to amend the escrow instructions. 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. At the time of the purchase, flood maps for the area showed the property not to lie in a flood hazard area. must be signed by buyer and seller. 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. 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. All of these. Instructions to an owner upon taking a listing should include all EXCEPT. insurance. 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. 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 Increased income Are there any risks I should be aware of before agreeing to this? 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.) save paying the commission. arrange to have all owners present for the presentation. Which of the following statements regarding ethics is TRUE? 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). $2,842.50. include credit terms. settlement sheet issued on closing a transaction. FHA loan. Assuming a 6% commission, Salesperson Andrews share would be: $11,370.00. A Transfer Disclosure Statement must be provided to the buyer when the sale involves. 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. 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. listings with your firm have a 30% greater chance of being sold than the average for your local MLS. For injuries. How can I help make clear to the IRS that my agents are independent contractors, not employees? Which of the following statements regarding the time it takes for a property to sell is TRUE? 60% of $5,685 = $3,411.page 317, Advantages of holding open houses include. risk. The damages cannot exceed 3% of the purchase price. The broker did not violate law or regulations because the listing was an. 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. a warning as to balloon payments. present them in the order received, obtaining acceptance, rejection, or counteroffer for each offer before proceeding to the next offer.
they want to quickly locate property that meets their needs. Index plus margin equal interest charged.Page 539, Loans that meet the underwriting standards of Fannie Mae or Freddie Mac are known as. When a change is required to escrow instructions: the seller can amend the escrow instructions. The property was most likely advertised as. Is the legal fund like an errors and omissions insurance policy? I know that Texas Real Estate Commission rules require a broker to maintain written policies and procedures for the brokers sponsored salespersons. 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. 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. is merely an offer to insure. percentage of the gross. He says to them, "Would you prefer to take possession on September 1 or October 1?" showing owners you are working on their behalf. If he were working exclusively for the builder, he would be exempt from the act and you would not be responsible for his activities. 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 The burden of responsibility. Harry has some buyers that he believes are ready to make an offer. H0:80Ha:<80\begin{aligned} that the Alquist-Priolo Act be complied with. deductibility of interest. motivate salespeople. love of family. (d) all of these. ratio of current rental costs to estimated housing costs. c.) both a and b. d.) neither a nor b. lack of communication from the agent. sales taxes. the FHA. Or changing instructions without agreement of all parties. p. 17 9. The caller may want a lower-priced property. 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 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. Which of the following would constitute an acceptance? Can a brokerage allow a mortgage company to sponsor a luncheon that offers CE for its agents? salesperson is not supervised by the broker. Disclosure law that also prohibits lender rebates. It was more important than it is now, because consumer products were less sophisticated. salesperson is not responsible to a broker. You may assume that the concentration is 0 when the cadmium is first discharged; that is, C(0)=0C(0)=0C(0)=0. Having the ability to switch property is important. In fact, the Legal Review Committee recommends that a number of applications be denied each year. Conceal the fact that the advertiser is an agent, But any indication, like Agt., meets the requirement.Page 366. eminent domain. 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. Properties listed below market value tend to take longer to sell than properties listed at market value. 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. All of these. that the seller post a bond to cover damages by hazards discovered at a later date. decreased by listing above the market value. Note, however, that real estate agents may not take loan applications in connection with FHA-insured loans. doubling A time activities should double your income. The rules and regulations of the legal fund set forth specifically all of the application procedures and the requirements that must be met before assistance from the legal fund may be authorized. a certified property manager. The sublessee is a tenant of the original lessee. There is a formal application and certification that an applicant, or his attorney, must complete. combination of percentage of the gross and minimum fee. Most people read from the upper left to the lower right corner when looking at an ad. These are all good pieces of advice.Page 415-416. the total dollar costs to take possession. the total monthly housing payment divided by the gross monthly income. recommend to the owner to counter the offer. The earthquake safety disclosure statement. owners name from the tax number. arrange to have all owners present for the presentation. direct mail solicitations. 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. The opposite of most advertising. a former owner had AIDS. a listing having a safety clause. By interacting with any of our blog posts, you agree to comply with the following terms and conditions: Texas REALTORS, in its sole discretion, reserves the right to remove any content you have uploaded, posted, or submitted onto any of our blog posts if we believe that it violates these terms or conditions. mproved efficiency Which of the following statements regarding the use of goal-setting is FALSE? workers compensation.
Unit 13 Florida Real Estate - Chegg Very rarely. retain top producers. The Legal Fund was able to assist the REALTOR in defeating the unfounded claim. (Page 383). the Bureau of Real Estate. exclusive right to sell net listing. (Page 231). Flyer pointing out attractive features about a property. the worse you make the property appear, the greater your response is likely to be. If an employee is receiving a commission, then the company withholds income taxes on the amount of the commission paid to the employee. apartments. minimum fee. 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. Others claim that their programs have been blessed by HUD. The Recovery Fund is funded by a $10 fee paid with every brokers or salesmans original license application. Disclosure of AIDS is never required. Which of the following is NOT a legal notice? Principal residence does not qualify for a tax deferred exchange.Page 628. none of these. both 30-day month and 360-day year. If you are going to be buying a new car for real estate sales, you should consider. What kind of closing technique is Harry using? (Page 427), When dealing with a prospect who is silent, the BEST approach would be to. A release from time pressures After careful review, the board of directors chose not to file the requested briefs. Only part of the leasehold is transferred in a sublease. B. . a blank space since it attracts attention. d. You will not post any information intended to sell or advertise a business, product, or service. The Statement of Understanding contains statements, agreed to by the agent, which would help confirm the existence of an independent contractor relationship under the law.
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