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KES RE brokerage

KES Real estate brokerage

TermDefinition
antitrust laws prohibit price fixing, the group boycott, allocation of customers, allocation of markets, tie-in agreements
boycott when 2 or more firms conspire to exclude or limit dealings with other firm or firms
brokereage the business of bringing parties together
commission Brokers fee (computed percentage of total sales)
disclaimers claims like "for informational purposes only, no warranties, or representations
electronic contracting paperless method of providing legal contracts
electronic signatures global, national, commerce act governs electronic contracting
employee workers not considered independent contractors subject to office policy
independent contractor more independent than employee, pays own taxes.
Internet data exchange (IDX) policy allows members equal rights to display MLS data. also sets standards: name address, broker affiliation, licence status, must mention employing broker.
managing broker responsible for supervising RE professionals who work on behalf of the brokerage
minimum level of services minimum level of services a broker is required to provide by law.
MLS provides marketing opportunities, and set terms under which brokers agree to cooperate.
National do not call registry limits telemarketing calls
price-fixing where competitors agree to set prices.
procuring cause starting or causing an uninterrupted chain of events that result in a sale.
ready, willing and able buyer is prepared to buy on seller's terms and ready to complete the transaction
Uniform electronic Transactions ACT (UETA) governs electronic contracting intended to remove barriers in electronic commerce
purpose of licencing laws Protect the public by ensuring a standard of competence and professionalism
RE laws achieve protection goals by est. basic requirements (education and cont ed), define activities requiring licence, set standards, enforcement
ADRE regulations have the same force and effect as statutory law
a real estate broker is ... licensed to buy, sell, exchange, or lease real property for others.s liable for the actions of licencee (sales associate).
sales associate is licensed to preform RE activities on behalf of the broker, but only those activities authorized by the broker.
RE price-fixing includes... set commissions, fees, and management rates
when can two or more RE pros from diff brokerages discuss commissions never
going rate, normal fees may imply price-fixing
Allocation of customers agreements between firms to divide markets.
Tie-in agreements agreements to sell one product only if buyer purchases another product (broker agrees to sell only if broker can represent a new purchase)
UETA's 4 key provisions electronic contracts cannot be denied as legal, e signature cannot be denied, e signatures are sufficient for state law, electronic rec is sufficient for state law
Real Estate Professionals may call a customer up to 18 months after last purchase if they have an established business relationship. Up to 3 months after inquiry
telemarketers are required to search the DNC registry every 31 days
all email solicitations must include an unsubscribe feature typically a link
Fee for services compensation based on charges for separate activities (unbundling of services)
Sherman Antitrust Act penilties up 1 million fine 10 years in prison. corporate fines up to 100 million. Civil suites allow for triple damages.
UETA functions in states when state does not have e contract laws making e contracts signatures legally binding in that state.
DNC regulated by FTC
CAN-SPAM Act regulates junk email (spam)
COPPA children's online privacy protection act limits info gathering from kids under 13
Created by: KimSchroeder