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. Brokers have liability to their commissioned salespersons in respect to: a.) prospective buyers who respond to newspaper ads are likely to buy a property other than the property advertised. The earthquake safety disclosure statement. keep in mind their first duty is to the owners, not to themselves or their firm. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to a.) Need adequate number of comparable sales.Page 222-223, The likelihood of a sale within 90 days is. upon delivery of the sellers acceptance. 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. the price was too high. One of the requirements for a real estate salesperson to be regarded as an independent contractor by Others claim that their programs have been blessed by HUD. Which of the following statements is TRUE? One who has a guide dog. Primary financing is first trust deeds and secondary financing refers to junior liens. conceding before answering. Which of the following is NOT an institutional lender? What are the advantages of a good time-management program? (d) all of these. the property has earthquake weakness if it was built before 1960. 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. two months rent. Helping Texas REALTORS understand their legal rights and duties under law 2. Open listing Exclusive agency listing Any of these Exclusive authorization to acquire real property listing, If any agent sells the listing, the agent is paid.Page 274, Written notice that the amount of commission is negotiable is required in. A court or TREC hearing officer might reach the same conclusion and assess liability or responsibility on the broker. When loan puts a lien on borrowers residence.Page 560. 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). first 20 days of the listing. occupancy. California Real Estate Practice Final Exam (Questions - Browsegrades neither motivate salespeople nor retain top producers. If not initialed, then the matter can go to the courts.Page 281. What are the advantages of a good time-management program? owners name from the tax number. recommend to the owner to accept it. caravans. a subsidized rent program for low-income tenants. delegating paperwork to others. retain top producers . Buyers resist pressure before they are ready.Page 447, Disadvantages of home-ownership include all of the following EXCEPT. California Real Estate Practice Flashcards | Chegg.com an exculpatory clause. Less-common commission structures are based on the gross margin or net income generated by a sale; these structures are typically less used, since they are more difficult to calculate. all parties the agent has dealings with. Net Exclusive right-to-sell Exclusive agency Open, The broker did not give the principal a copy of the listing. both increased by a list price below that indicated by the comparative market analysis and decreased by listing above the market value. show unoccupied property first to give owner-occupants a chance to prepare for the showing. Which of the following loans is MOST likely to have the highest initial interest rate? none of these. welcoming the objections. Ads in an outside column will generate more interest than ads in an inside column. the commission was too high. Is it difficult for a Texas REALTOR to obtain assistance from the legal fund? What about programs that offer to pay a real estate agent for names of potential borrowers? maximum that can be charged for the loan. a commercial building. Owner Adams sold the house without the aid of Broker Baker. Monitoring and participating in the actions of governmental agencies 6. 1 to 4 residential units. that the exchange property must be of like-kind. visitations. Inclusion of white space serves to emphasize a message. an estate for years. For listing agents, selling real estate involves three separate sales. being over-eager to close. Bill and sue. 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 seller entitled to it and the buyer pays. 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. deductibility of interest. increased by a list price below that indicated by the comparative market analysis. loan in designated areas. misrepresentation. 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. both buyer and seller must agree to amend the escrow instructions. 3: Brokers have liability to commission salespeople as to: (a) unemployment insurance. unemployment insurance . $3,411.00. 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. why the owners should deal with your firm. Defraying all or a portion of legal expenses for pending litigation in which a member is a party 4. 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. Which of the following statements regarding display advertising is TRUE? A commission may be earned by an employee or an outside salesperson or entity. Neither Primary financing refers to loans made directly by the lender to the borrower nor Secondary financing refers to the resale of existing loans. They like it and hope they can afford it.Page 383, When you receive For Sale sign inquiries you can assume that the caller. 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. uniformly to all real estate transactions. Instructions to an owner upon taking a listing should include all EXCEPT. the buyer can amend the escrow instructions. d. You will not post any information intended to sell or advertise a business, product, or service. Less-common commission structures are based on the gross margin or net income generated by a sale; these structures are . A person employed by a builder to sell the builders homes is exempt from the Real Estate License Act. Only a broker who sponsors salespeople or is a designated broker for a business entity must maintain up-to-date written policies and procedures. a percentage lease. address from the occupants name. 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. Because buyers seldom offer the list price, the list price has no effect on time to sell. The Legal Fund is used for a number of expressed purposes: 1. It was more important than it is now, because consumer products were less sophisticated. Which of the following statements regarding the time it takes for a property to sell is TRUE? In a sublease, the sublessor is liable to the owner. 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. 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. listings with your firm have a 30% greater chance of being sold than the average for your local MLS. Fred Smith sells a $1,000 widget for ABC International. Disclose as soon as possible, confirm with offer.page 119-120. Unruh Act. 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. both federally related loans and 1 to 4 residential units only. o workers compensation. REALTOR membership is a criterion that a broker may voluntarily choose to require of independent contractors. For copies of the procedures or applications, contact the Legal Affairs Department. 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. Secondary financing refers to the resale of existing loans. to disclosures to principals only. The three stages of presenting an offer include all of the following EXCEPT. While a written independent contractor agreement and statement of understanding are not required by law to establish and maintain an independent contractor relationship, its a good idea for brokers to use both. New listings excite agents and buyers.page 325, An open house was held on a property needing many obvious repairs. Compute the ppp-value and state your conclusion for each of the following sample results. it is best not to mention any problems with the property. 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. 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. the Bureau of Real Estate. an FHA home-purchase plan for renters. If you are going to be buying a new car for real estate sales, you should consider . 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. an estate from period to period. use their own funds to make loans. The Residential Lease Application states that our company must make our office privacy policy available to rental applicants upon request. Commission is negotiable and not set by law. 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. What kind of listing did Broker Baker have if Owner Adams has no commission obligation to Broker Baker? Texas REALTORS is committed to advocating for a strong real estate industry, advancing a culture of continued learning, and staying ahead of issues concerning members and their clients. cashiers checks. asking every prospect to recommend another prospect. ), You can find out how things are done in your office by, d.) (studying your office procedure manual.). because you concentrate on a small number of select properties, you are able to give more individual attention to the property. nonbinding arbitration of disputes. save paying the commission. pre-showings. An exclusive listing without a termination date, Must have a definite termination date.Page 266. No. 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. sales taxes. speed up your presentation. all of these. Usually 28 percent for qualifying. single-family residence. a full-sized, four-door car for easy entrance and exit. 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.
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