brokers have liability to commission salespeople as to

let the buyer know the price so they can consider it before the agent arrives. Instructions to an owner upon taking a listing should include all EXCEPT. Brown Act. 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. remain silent to force the prospect to talk. For a property built before 1960, earthquake weakness must be disclosed. No. You should tell someone about your goals. Bait-and-switch advertising is a federal offense. p. 17 9. 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 Recovery Fund is funded by a $10 fee paid with every brokers or salesmans original license application. that the property must have been held for productive use in a trade or business or for investment purposes. However, under the circumstances, the real estate agent should not promote the lender or its services to the customer, and the payment must be made to the agent, regardless of whether the lead ultimately turns into a closed loan. Buyers are attracted to bargains, not overpriced property. 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. specific advertising. 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. To catch the eye of buyers who desire that feature.Page 352. One large picture is generally more effective than several smaller pictures. Direct relationship between list price and time to sell.Page 224-225, 228, Benefits that an owner receives by listing with an agent include. re120Q1.docx - Question 1 1 / 1 pts Which of the following 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. No. Is the legal fund ever used for purposes not directly related to REALTORS? Prospecting from legal notices can be effective. (c) minimum wage requirements. Some programs offer to make real estate agents part-time employees of the lender. 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. The local association may forward the application to the Texas REALTORS Legal Review Committee recommending that the application be approved, or it may deny the application and return it to the applicant. Licensed care facilities near the property that serve 6 or fewer people need not be disclosed. none of these. A fee based on a transaction between the lender and a consumer is prohibited by RESPA. 1031 exchange. newly acquired property to have a maximum basic tax levy of 1%. Turn perceived negative into a positive. loan index. Although HUD has never published criteria, it's likely the IRS rules would prevail. Should cover what is expected and how.page 48, The Civil Rights Act that applied only to race was the, The Civil Rights Act of 1866 gave rights to recently freed slaves. federally related loans. And the company must promote its services during the event to qualify for the Real Estate Settlement Procedures Act (RESPA) advertising exemption. 3: Brokers have liability to commission salespeople as to: (a) unemployment insurance. You will not use our blog posts or posted content to do anything unlawful, misleading, malicious, or discriminatory; and. Flyer pointing out attractive features about a property. risk. prospecting your farm area on a continuous basis. Browse over 1 million classes created by top students, professors, publishers, and experts. What about programs that offer to pay a real estate agent for names of potential borrowers? possible periodic increases. 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. If it is legal, it is ethical. The buyers originally alleged damages in excess of $30 million. a former owner had AIDS. Which of the following is NOT a legal notice? the IRS is that the - broker-salesperson contract states that the salesperson shall be treated as an The opposite of most advertising. Use =.01\alpha=.01=.01. the factor that makes a neighborhood cohesive. asking every prospect to recommend another prospect. delegating paperwork to others. Owners presence inhibits buyers. introduce yourself and your buyers to the other agent and go ahead with your showing. The owner should understand the brokers advertising policy, including the fact that a(n): display ad should be used to impress home-seekers. (Page 410-411), When arriving at a property for a showing, if another agent is showing the property, you should. Attorneys Savings associations All of these Banks, As well as brokers, under specified circumstances.Page 577. provides extended coverage for lenders. New listings excite agents and buyers.page 325, An open house was held on a property needing many obvious repairs. it is best to advertise properties in areas or price ranges where other properties are also available. mentioning a potential objection before the customer does. Monitoring and participating in the actions of governmental agencies 6. Fred Smith sells a $1,000 widget for ABC International. I know that Texas Real Estate Commission rules require a broker to maintain written policies and procedures for the brokers sponsored salespersons. A sales force of 13 people share 10 desks. the exchange property must be identified within 45 days. 6% of $189,500 = $11,370. Both Primary financing refers to loans made directly by the lender to the borrower and Secondary financing refers to the resale of existing loans. every residential listing. 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. ask leading questions. Noncomforming loans are Jumbo loans.Page 514. all of these. prospective buyers who respond to newspaper ads are likely to buy a property other than the property advertised. Need adequate number of comparable sales.Page 222-223, The likelihood of a sale within 90 days is. (Page 294), In describing sales successes, it would NOT be advantageous to point out that. both applies to 1 to 4 residential units and, Residential Earthquake Hazards Report.Page 124, The proper order of the steps taken in agency disclosure is. The original lessee is secondarily liable, and the person in possession is primarily liable under the original lease. 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. A release from time pressures c. You will not post content or take any action on our blog posts that infringes someone elses rights or otherwise violates the law. single-family residence. Which of the following statements regarding the use of goal-setting is FALSE? (page 308). disclose, elect, confirm. all of these. a certified property manager. should never be changed. The Recovery Fund is funded by a $10 fee paid with every broker's or salesman's original license application. every nonresidential listing. both you must mention this to a prospective buyer and failure to mention the presence of the group would make you liable for any damages the buyer suffered. - Both A real estate agent Yes, as long as you follow the rules set out in the Real Estate Settlement Procedures Act (RESPA). This exception does not apply if the owner has asked your company to place his number on the company do-not-call list. institutional loans. The Civil Rights Act of 1968 prohibited discrimination in housing based on national original, race, religion, and color. all of these. does none of these. 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? influential people in the community. Real Estate Practice Wednesday Afternoon RE 141 Section 3303 MSJC.edu 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. occupants name from the address. $2,842.50. last 20 days of the listing. price. always selling a new home to the seller. 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. arrange to have all owners present for the presentation. 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. address from the occupants name. do all the talking yourself. total monthly housing expenses plus monthly long-term credit obligations divided by gross monthly income. ), Chapter one of the 'Real Estate Practice' book for California Realty Training. A brief summary of three recent cases is noted below. (page 14-15), Using time-management to increase income, you should realize that. Or working an area for a type of property or buyer group.page 213, A reverse directory allows an agent to have the. A broker who sponsors salespeople is subject to this rule regardless of how long the broker sponsors the salespeople. The Austin Federal District Court disregarded the savings and loans claims and upheld the Texas Constitution. (Page 630), The dates November 1, December 10, February 1, and April 10 relate to. Neither the cities nor the (a) countries, (b) counties took responsibility for their deteriorating infrastructures.

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