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Unit 9: Brokerage
| Term | Definition | Key Points |
|---|---|---|
| Brokerage | The business of bringing parties together | |
| Broker | -Licensed to buy, sell, exchange or lease real property for others and to charge a fee for those services -the agent for a client | |
| Price-fixing | Is a practice in which competitors agree to set prices | |
| Employing broker | The broker to the the sales person work for | |
| Employee | What tax purposes someone who works as a direct employee of an employer | |
| Independent contractor | ||
| Procuring cause | The broker must have started or caused an uninterrupted chain of events that resulted in the sale | |
| Ready willing and able buyer | One who is prepared to buy or sellers term and is ready to take positive steps toward him some consummation of the transaction | |
| Entitled to a commission if | -The seller has a change of mind and refuses to sale -Harvest House to refuses to sign the deed -has a title with uncorrected defects -committed fraud with respect to the transaction -guess I'm not able to deliver possession within a reasonable time -insi | |
| Real Estate broker | An individual who is license to buy, sell, exchange or lease property for others and to charge a fee for those services | |
| IDX- Internet Data Exchange Policy | Policy that allows all MLS members to restrict internet access to MLS property listings | -Adopted by the (NAR)- National Association of Realtors -allows all MLS members to have equal rights to display data while also respecting the rights of property seller or represents broker to Market a property as they wish |
| TCPA-Telephone consumer protection act JFPA-Junk fax protection act FCC-Federal Communications Commission | -prohibit most unsolicited fax advertisements | |
| COPPA- CHILDREN'S ONLINE PRIVACY PROTECTION ACT | - requires the posting of a privacy policy -limits the personal information that can be collected from children younger than 13 | -(July,1, 2013) -Even if a website or app is directed towards a general audience |
| CAN-SPAM -Controlling the Assault of Non Solicited Pornography and Marketing Act (2003) | -Prohibits Junk emails | -email solicitations must include a means by which the recipient can unsubscribe from future messages |
| Blanket Opt-Out | Provides that those MLS participants keeping their listings from competitors websites, cannot display other real estate brokers listings | - displaying their listing on competitor's website can at the seller's request make an exception and display Property on the MLS website. |
| Disclaimer | The statement indicating no legal responsibility for information no warranties or representations have been made | -used by many Real Estate websites particularly those that provide links to other sources |
| Smartphones | PDA-Personal digital assistant | |
| Email/Texting | More efficient way of communicating | -contact info must be up to date and in every message -state law they require all Communications by real estate professional to include their name, address, license number, and or name of employing broker |
| Communication in a digital age | Smartphones Email / texting Social media -(Facebook, LinkedIn, Twitter) | |
| Internet advertising state laws | Laws governing Internet advertising that vary from state to state | All electronic communication by real estate professional must include professional's main office address and broker affiliation must disclose license status on each page of a website advertisement |
| Electronic Contracting | A process of integrating information electronically in a real estate transaction between clients lender and Title & Closing agents | Governed by UETA- ( UNIFORM ELECTRONIC TRANSACTION and E-SIGN- (ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCIAL ACT) |
| UETA- UNIFORM ELECTRONIC TRANSACTION ACT | Law set forth basic rules for entering a enforceable contract using electronic means | -created by the National Conference of Commissioners on uniform state laws -adopted by Illinois, New York, and Washington - |
| UETA KEY PROVISIONS | UETA KEY PROVISIONS -a contact, record or signature cannot be denied it's legal effect just because it is an electric format -if a state law requires a signature or written record it is significant electronically | |
| E-SIGN - ELECTRONIC SIGNATURE IN GLOBAL AND NATIONAL COMMERCE ACT | To make contracts, signatures and Records legally enforceable regardless of the median in which they are created | -contracts formed using email or transmitted electronically have the same legal significance as those formed on paper |
| Prohibited communications | -Real estate professionals may call Consumers up to 18 months after the consumers last business dealings if the consumer is listed on (DNCR) -May call a consumer up to 3 months after the consumer makes an inquiry or submits an application | -If the consumer asks the company not to call the company must abide by the customer's request immediately and permanently |
| NATIONAL DO NOT CALL REGISTRY | A list of telephone numbers from consumers who have indicated their preferences to limit the telemarketing calls they receive | Managed by the FTC -Federal Trade Commission -does not limit calls by political organizations, Charities, collection agencies or telephone surveyors -Required to search every 31 days |
| Independent contractor | A sales associate working under a written contract who receives most of her income from production rather than hours worked | |
| Commission | A form of compensation computed as a percentage of the total sales price of a property | |
| Sales associate | A person who is licensed only to perform real estate activities on behalf of a broker | -whom the broker-employer is liable for their actions within the scope of the employment agreement or as provided by state law -compensation is set by mutual agreement of the employing broker and sales associate |
| Antitrust laws (Sherman Anti-Trust Act) | -prohibit monopolies, contracts combinations and conspiracies that unreasonably restrain trade -$1 million fine and 10 years in prison -corporate $100 million and a civil suit the plaintiff May recover triple damages plus attorney fees and cost | Price-fixing Group boycott Allocation of customers or markets Tie-in Arrangements |
| CMA- comparative market analysis | An analyst perform to assist a seller and pricing a property | |
| Procuring cause | The broker who starts an uninterrupted chain of events that results and the sale of a property | |
| Real estate assistant | -May be a licensed employee of the employing broker who is Compensated by the broker -unlicensed is paid by either the sales associate or broker and is limited and the activities that can be undertaken | |
| Fee for services | A broker's compensation is based on charges for separate activities that the client desires, (unbundling services) | -some states now require MINIMUM SERVICES to be offered by the broker |
Created by:
Jackeeking30
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