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Unit 9: Brokerage

TermDefinitionKey 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