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KES RE brokerage
KES Real estate brokerage
| Term | Definition |
|---|---|
| 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