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Real Estate - Ch. 8
Real Estate Brokerage
| Term | Definition |
|---|---|
| antitrust laws | Laws designed to preserve the free enterprise of the open marketplace by making illegal certain private conspiracies and combinations formed to minimize competition. |
| boycott | When individuals or businesses withhold their patronage to a business as a protest or to reduce competition. |
| brokerage | The bringing together of parties interested in making a real estate transaction. |
| code of ethics | A written system of standards for ethical conduct. |
| commission | Payment to a real estate professional for services rendered, such as in the sale or purchase of real property; usually a percentage of the selling price of the property. |
| disclaimer | A statement indicating no legal responsibility for information; no warranties or representations have been made. |
| electronic contracting | A process of integrating information electronically in a real estate transaction between clients, lender, and title and closing agents. |
| Electronic Signatures in Global and National Commerce Act (E-Sign) | An act that makes contracts (including signatures) and records legally enforceable regardless of the medium in which they are created. |
| employee | For tax purposes, someone who works as a direct employee of an employer and has employee status. The employer is obligated to withhold income taxes and Social Security taxes from the compensation of employees. |
| independent contractor | Someone who is retained to perform a certain act but who is subject to the control and direction of another only as to the end result and not as to the way in which the act is performed. |
| Internet Data Exchange (IDX) policy | Policy that allows all multiple listing service (MLS) members to restrict internet access to MLS property listings. |
| managing broker | The real estate professional who is responsible for supervision of the real estate professionals who act on behalf of the brokerage; may also be called a supervising broker. |
| minimum level of services | The services that real estate professionals must provide to clients, as prescribed differently by certain states; for example, assisting clients in negotiation and answering questions from clients about offers, counteroffers, and contingencies. |
| multiple listing service (MLS) | A marketing organization composed of member real estate professionals who agree to share their listing agreements with one another in the hope of procuring ready, willing, and able buyers for their properties more quickly than they could on their own. |
| Do Not Call Registry | A national registry, managed by the Federal Trade Commission, that lists the phone numbers of consumers who have indicated their preference to limit the telemarketing calls they receive. |
| price fixing | real estate professionals conspiring to set fixed compensation rates. |
| procuring cause | The effort that brings about the desired result. Under an open listing, the real estate professional who is the procuring cause of the sale receives the commission. |
| ready, willing, and able buyer | Person who is prepared to buy property on the seller’s terms and is ready to take positive steps to consummate the transaction. |
| Uniform Electronic Transactions Act (UETA) | Sets forth rules for entering into an enforceable contract using electronic means. |
Created by:
katiestapley
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