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real estate basics

intro to real estate

QuestionAnswer
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
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