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IL-Chap 5

Real Estate Brokerage

QuestionAnswer
Brokerage the business of bringing parties together.
Sponsoring Broker is the entity holding the company real estate license, whether a sole proprietorship, partnership, LLC, corporation or limited liability partnership.
Managing Broker is responsible for the supervision of all licensees and real estate activities performed by affiliated licensees.
IRS requirements for a sponsored licensee who is an independent contractor Individual must hold an active real estate license; Individual must agree in writing not to be treated as an employee for federal tax purposes; 90% of individual's income must be derived from sales rather than hours worked.
IRS has 3 categories of statutory nonemployees direct sellers, license real estate agents and certain companion sitters. 1. payment must be directly related to sales 2. workers have contracts specifying they will be treated as regular employees.
Termination of Sponsorship If licensee terminates employment, sponsoring broker signs and dates the license, and send to IL Dept of Fin Prof Reg. (IDFPR) within 2 days of termination.
Fiduciary Standard a legal standard that holds a licensee to the highest ethical standards that the law provides.
Cooperative Commission when another office "brought in" the buyer, allows listing broker to pay the selling broker the amount of cooperative commission advertised in advance on the multiple listing service (MLS) listing.
Sales are consummated by delivery of seller's deed 1. sale by ready, willing and able buyer. 2. contract has been accepted and executed by seller; and 3. copies of the contract are in possession by all parties.
Procuring cause of sale broker must have started or caused a chain of events that resulted in the sale.
Anti-trust laws prohibit monopolies and any contracts that unreasonably restrain trade-that is acts that interfere with the free flow of goods and services in a competitive market.
Price-fixing is illegal, and is the practice of setting prices for products or services rather than letting competition in the open market establish those prices. In real estate, is when competing companies agree to set standard sales commissions, fees or rates.
Anti-trust violations include price-fixing group boycotting allocation of cusomters allocation of markets; and tie-in agreements
CAN-SPAM of 2003 establishes requirements for sending commercial e-mails. Must have an opt out method.
Real Estate License Act of 2000 are enacted to protect the public from unscrupulous or sloppy practices of a licensee.
Created by: Denise Setchel