Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
real estate basics
intro to real estate
| Question | Answer |
|---|---|
| A written agreement between buyer and seller in which the buyer agrees to buy certain real estate, and seller agrees to sell, upon terms and conditions of the agreement. | Contract for sale |
| Other names for 'Contract for sale' that have basically the same meaning. | *sales contract*agreement of sale*offer and acceptace |
| a competent and disinterested perosn who is authorized by another person to act in his/her place. (person needs not be an attorney) | attorney-in-fact |
| person who is licensed by the state to act on behalf of others in real estate transactions for a fee or commission. | Broker |
| business of bringing buyers and sellers together and assisting in negotiations and transactions concerning the sale of real estate. | Real Estate Brokerage |
| to mix or mingle, as by the deposit of anothers money in a broker's perosnal account. | Commingling |
| Brokers must keep a __________ __________ for earnest money to avoid commingling. | separate account |
| Anything of value (act or promise) offered by one party to induce another into a contract.(money, personal services, love and affection) | consideration |
| A contract must have consideration to be ________ binding. | Legally |
| An agent who represents both parties to a transaction. | Dual Agent |
| Acting as a dual agent in unethical at best unless _____________________________________. | buyer and seller are aware and give their agreement |
| contract between property owner and broker/agent in which the broker is employed to find a buyer for owners real estate for a prescribed time, price and terms for which the broker is paid a commission. | Listing agreement |
| person with valid real estate license to engage in the real estate business | Salesperson or Licensee |
| person who holds a real estate license | Licensee |
| must be sponsored by a broker | salesperson |
| A written law enacted by a state legislative body | Statute |
| Basic stages of a real estate transaction | 1 the listing 2 the contract for sale 3 financing 4 closing (settlement) |
| The term REALTORS is a registered trademark owned an controlled by _____. | NAR |
| What does NAR stand for | National Association of Realtors |
| National Association of Realtors was organized in what year? | 1908 |
| ARELLO | Association of Rel Estate License Law Officials |
| *organized in 1930*Made up of license law officials prepresenting every state | ARELLO |
| ARELLO's mission statement | Mission: Support jurisdictions in the administration and enforcement of real estate license laws to promote and protect the public interest. |
| arrangement among a group of real estate brokers to share information about some or all of their listings. | MLS (Multiple Listing Services) |
| Cooperative agreements between brokers such as Multiple Listing Services (MLS) are usually established at what NAR level?*local level*state level*national level | local level |
| A contract where property owner employs a real estate firm to market a property for a prescribed periodof time at specificed price and terms is a _________ contract. | Listing Contract |
| What is the purpose of real estate brokerage | to assist buyers and sellers in negotiaions and transactions concerning real estate |
| under a listing contract, the real esate firm becomes ________. | agent of the seller |
| As an agent of the seller the real esatate broker and his associates are empowered to ___________. What allows this empowerment? | market the listed propertylisting contract gives the emplowerment |
| The listing agent works for______________. | real estate firm andseller |
| A listing contract ___________ bind the seller in a contract the sell the property.does or does not | does not |
| represents the best interest of the buyer...rather than the seller | buyers brokerage |
Created by:
tester
Popular Real Estate sets