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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 |