brokers have liability to commission salespeople as to

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? the straight-line method. A broker may discriminate against which type of tenant? Which of the following is NOT a legal notice? neither it is best to advertise properties in areas or price ranges where other properties are also available nor prospective buyers who respond to newspaper ads are likely to buy a property other than the property advertised. Licensed care facilities near the property that serve 6 or fewer people need not be disclosed. nonbinding arbitration of disputes. both it is best to advertise properties in areas or price ranges where other properties are also available and prospective buyers who respond to newspaper ads are likely to buy a property other than the property advertised. office buildings. neither 39 years for the property life nor the straight-line method. Brokers have liability to commission salespeople as to a. unemployment insurance. Noncomforming loans are Jumbo loans.Page 514. A common fee arrangement for commercial property managers would be a. percentage of the net. d. all of the above 4. Am I still required to have a manual? Instructions to an owner upon taking a listing should include all EXCEPT. FHA loan. supporting statements with facts. What is the best test to evaluate if an act is ethical? prior to qualifying the buyer. A broker shall provide the name of each delegated supervisor to the Commission on a form or through the online process approved by the Commission within 30 days of any such delegation that has lasted or is anticipated to last more than three consecutive months. You should tell someone about your goals. What kind of cases or actions has the Texas REALTORS Legal Fund been used for in the past? all of these. 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. The sublessee is a tenant of the sublessor. How much of their gain would be taxable? real property taxes. owners who get less than they expected to receive from a sale are likely to be unhappy with you. 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. Since it indicates that you fail to sell 50 percent of your listings.Page 253, Serious buyers contact real estate agents because. a resident manager. federally related loans. stay in close communication with clients or customers. (Once set, goals should never be changed. your average sale is at 94.5% percent of list price while the average for your MLS is 87.3%. attention, interest, desire, action. Ethics and good business are not compatible. Which of the following is NOT an institutional lender? o all of these. retain top producers. the Real Estate Settlement Procedures Act. a percentage lease. The broker did not violate law or regulations because the listing was an. lack of communication from the agent. Press release Yellow pages of a telephone directory Direct mail Billboard, A billboard that states Thomas RealtyA Name You Can Trust would be regarded as. Most people read from the upper left to the lower right corner when looking at an ad. 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. 3. The payment of any . can sell a mobile home in a rental park space and A real estate agent can sell a mobile home with the 1 to 4 residential units only. California Real Estate Law. 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. The Residential Lease Application states that our company must make our office privacy policy available to rental applicants upon request. Which of the following listings does NOT require the agent to use diligence to locate a buyer? 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. three months rent. combination of percentage of the gross and minimum fee. both a counteroffer really rejects the offer and once rejected, an offer cannot be accepted. All of these. visitations. The original lessee is secondarily liable, and the person in possession is primarily liable under the original lease. 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. sell the item, not the benefits. 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. (page 308). the total monthly housing payment divided by the gross monthly income. Which promotion would have the lowest cost to the broker? assessed value of property acquired before 1978 to be reduced to the amount shown in the 1975 tax roll. The buyers originally alleged damages in excess of $30 million. 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. an estate for years. changes in the zoning. A broker who is the designated broker for a business entity is subject to this rule whether or not the business entity sponsors salespeople. Directing to properties based on race.page 71. cooperate with other agents in designated areas. disclosure of deferred interest. pre-showings. (page 63), The Seller Financing Disclosure Statement provided to both buyer and seller provides. avoid cooking with foods having strong and lasting odors. both motivate salespeople and retain top producers. interest. You can find out how things are done in your office by - studying your office procedure manual. 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. they extend the listing for a longer period as price is related to time to sell. gap loan. How can I help make clear to the IRS that my agents are independent contractors, not employees? Ads in an outside column will generate more interest than ads in an inside column. Texas REALTORS provides content through various online platforms, including this blog. (Page 580). I will strive to improve my sales techniques. Texas brokers who are exempt from TRECs continuing education requirements do not have to take the Broker Responsibility course. four months rent. One risk you face is that the lines of activities, duties, and responsibilities between the two positions can become blurred, especially to a buyer. About a month after closing, the flood maps were revised and included the property in a flood hazard area. Are there any risks I should be aware of before agreeing to this? Can a brokerage allow a mortgage company to sponsor a luncheon that offers CE for its agents? The Civil Rights Act of 1968 prohibited discrimination in housing based on national original, race, religion, and color. They like it and hope they can afford it.Page 383, When you receive For Sale sign inquiries you can assume that the caller. Is it difficult for a Texas REALTOR to obtain assistance from the legal fund? No persuasion.Page 478, What the buyers will pay, not what sellers want.Page 490, An agent who receives an unreasonable offer on their principals property should generally. A brief summary of three recent cases is noted below. Which of the following is NOT one of the three? two months rent. 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. Buyers are attracted to bargains, not overpriced property. 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. 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. the FHA. Advertising a property that is not available and you wont sell so you can find buyers that you hope to switch to other properties. There is still the possibility of a sale.Page 493, A purchaser who obtains owner-financing and fails to apply rent payments to the loan payments may be guilty of. The three stages of presenting an offer include all of the following EXCEPT. mentioning a potential objection before the customer does. You should consult an attorney regarding the risks involved and how to protect yourself from liability before agreeing to this situation. both is satisfied with the general appearance of the home and is satisfied with the area. property taxes to be increased up to 2% each year. The opposite of most advertising. an unknown spousal interest. The best heading for a classified ad on a home would be. 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. a full-sized, four-door car for easy entrance and exit. The buyer purchased the property under an assumption and refinanced the lien six months after closing. Brown Act. Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. broker-salesperson contract states that the salesperson shall be treated as an independent contractor for tax purposes. keep in mind their first duty is to the owners, not to themselves or their firm. Through the Legal Fund, the Texas REALTORS was able to monitor and participate in the action. 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. conforming loans. For example, it would be a RESPA violation if you received a fee for every click that resulted in an application or closed loan. do all of these. None of these. have a hard and fast rule to never show more than three properties. federal income taxes. 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. conceal the fact that the advertiser is an agent. land it is sited on. Brokers have liability to their commissioned salespersons in respect to. The Texas REALTORS strongly encourages members to maintain E&O insurance. show the prospective buyers homes they have listings for in order to please the owners of those listings. open listing. county-owned housing projects. Three years after the purchase, the property flooded and the buyers then learned that the property had previously flooded. risk. To catch the eye of buyers who desire that feature.Page 352. $3,411.00. Such as a Transfer Disclosure Statement.page 107, A fiduciary relationship applies to a real estate licensee and to. Others claim that their programs have been blessed by HUD. After careful review, the board of directors chose not to file the requested briefs. Usually 28 percent for qualifying. increased by a list price below that indicated by the comparative market analysis. 360-day year. net lease. greater responsibility. Such as an equity line of credit.Page 531, A rescission right until midnight of the 3rd day after signing is provided for by. firsts. a listing having a safety clause. that the exchange property must be of like-kind. A real estate agent can sell a mobile home with the land it is sited on. ad within a price range or area creates prospects for other homes in the price range or area. you should concentrate more on possibilities than probabilities. Rumford Act. 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. Although HUD has never published criteria, it's likely the IRS rules would prevail. 79 of 100 Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. For listing agents, selling real estate involves three separate sales. Neither Primary financing refers to loans made directly by the lender to the borrower nor Secondary financing refers to the resale of existing loans. It saves time and buyers dont have to deal with owners directly. 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. 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. total monthly housing expenses plus monthly long-term credit obligations divided by gross monthly income. Agents must advertise their names and license status. deductibility of taxes. address from the occupants name. What are the advantages of a good time-management program? Which of the following statements regarding ethics is TRUE? the price was too high. You will not use our blog posts or posted content to do anything unlawful, misleading, malicious, or discriminatory; and. third month of a six-month listing. steering. 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. Attorneys Savings associations All of these Banks, As well as brokers, under specified circumstances.Page 577. provides extended coverage for lenders. present them in the order received, obtaining acceptance, rejection, or counteroffer for each offer before proceeding to the next offer. Brokers have liability to commission salespeople as to - workers compensation. Browse over 1 million classes created by top students, professors, publishers, and experts. prospecting your farm area on a continuous basis. In each of these cases, the board of directors determined that there was a significance to REALTORS as a class. Residential real estate uses 27.5 years. that the Alquist-Priolo Act be complied with. legal description from the address. In another case, litigants in a city-zoning dispute asked the Texas REALTORS to file briefs with the court. When loan puts a lien on borrowers residence.Page 560. $5,685.00. I will obtain three new listings each month. ad within a price range or area creates prospects for other homes in the price range or area. all of these. 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. exclusive right to sell net listing. 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. both, the agents have inventory and the buyers want to quickly locate property that meets their needs. Some brokers charge a small fee every time someone clicks through to the lenders website. information about your firm. 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. Commission is negotiable and not set by law. blanket loan. always selling a new home to the seller. portfolio loans. taxes. arrange to have all owners present for the presentation. There is an exception to the do-not-call rules: If you have a prior business relationship with the owner that ended within 18 months, you can call him. 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. say, I will give you the address if you give me your name. say, Would it be all right if I sent you some information and photos of that property and several others? say, Im sorry; office policy prohibits me from discussing any properties if I dont know with whom I am talking., say, Would it be all right if I sent you some information and photos of that property and several others?, It is not threatening and most will agree. all of these. 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. newly acquired property to have a maximum basic tax levy of 1%. listings of 1 to 4 residential units. Your answer is correct. I recently got my brokers license, but I dont sponsor any agents. you should concentrate on D category activities before proceeding to B and C activities. being over-eager to close. - Both A real estate agent meeting objections half-way. every nonresidential listing. Is the legal fund like an errors and omissions insurance policy? 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. an open listing. 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. single-family residence. report violations of the real estate law to the Bureau of Real Estate. apartments. In a sublease, the sublessor is liable to the owner. Advertising one property brings in buyers for other properties. Brown Act. (Page 228,230). introduce yourself and your buyers to the other agent and go ahead with your showing. With reasonable expertise of a licensee.page 124. to buyer disclosure only. 6% of $189,500 = $11,370. (d) all of these. Either Open or Exclusive agency Exclusive agency Exclusive right-to-sell Open, A commission paid only if agent makes sale.Page 264-272. 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.) it is best not to mention any problems with the property. 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. DVA loan. 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. Buyers resist pressure before they are ready.Page 447, Disadvantages of home-ownership include all of the following EXCEPT. title insurance costs. (b) workers compensation. both a debit on the buyers closing statement and a credit on the sellers closing statement. (Page 584), A standard policy of title insurance protects the purchaser from all EXCEPT. neither 30-day month nor 360-day year. a credit on the buyers closing statement and a debit on the sellers statement. Use =.01\alpha=.01=.01. What are the advantages of a good time-management program? 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. possible periodic increases. a particular subdivision. both a counteroffer really rejects the offer and once rejected, an offer cannot be accepted. visual inspections. primarily for 1 to 4 residential units. Properties listed above market value tend to sell faster than properties listed at prices closer to market value. He says to them, "Would you prefer to take possession on September 1 or October 1?" Which of the following should an agent regard as a buying signal? is satisfied with the area. I will improve my communication skills. Legally binding agency relationships may be formed between a principal, Select the statement that is true of consumer law prior to the 20th century. - Once set, goals c. minimum wage requirements.

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