service loans they make. The caller may want a lower-priced property. Under the terms of his commission agreement, he receives a 5% commission on the revenue generated by the transaction, and will be paid on the 15th day of the following month. credit terms. always selling a new home to the seller. Yes, as long as you follow the rules set out in the Real Estate Settlement Procedures Act (RESPA). a recapture clause. A commission may be earned by an employee or an outside salesperson or entity. A clear description of the copyrighted work infringed; A statement that you have a good faith belief that the use of the content identified in your DMCA notice is not authorized by the copyright owner, its agent or the law; Your contact information (such as your name, email address and telephone number); A certification, under penalty of perjury, that the DMCA notice is accurate, signed (either electronically or physically) by the copyright owner or the copyright owners legal representative. changes in the zoning. There is a formal application and certification that an applicant, or his attorney, must complete. (Page 397), When a caller wont give a name, the best approach would be to, hang up. must be signed by buyer and seller. Turn perceived negative into a positive. The following statements are all examples of abstract goals EXCEPT. showing owners you are working on their behalf. The local association may forward the application to the Texas REALTORS Legal Review Committee recommending that the application be approved, or it may deny the application and return it to the applicant. the exchange must be completed no more than 180 days after transfer of exchanged property. Secondary financing refers to the resale of existing loans. Brokers who carefully maintain independent contractor relationships and follow the terms of the agreement can reduce their risk of the IRS, the Texas Workforce Commission, or other government agencies asserting that there are employer-employee laws applicable to the relationship. Direct relationship between list price and time to sell.Page 224-225, 228, Benefits that an owner receives by listing with an agent include. the buyer can amend the escrow instructions. The damages cannot exceed 3% of the purchase price. (Page 294), In describing sales successes, it would NOT be advantageous to point out that. none of these. provide sufficient facts so the receivers can form valid conclusions.You should be selling the benefits so they are understood. they adjust the price to the current market. Which of the following statements regarding mobile home sales is TRUE? (Once set, goals should never be changed. The Legal Fund is used for a number of expressed purposes: 1. Are there any additional restrictions or limitations for access to the legal fund? 360-day year. (Page 397). The Legal Review Committee, in turn, makes a recommendation to the Texas REALTORS Board of Directors either to approve or deny the application. being over-eager to close. While Texas REALTORS has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, Texas REALTORS makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here. increased by a list price below that indicated by the comparative market analysis. Brokers who are exempt from continuing education requirements are those who were informed in writing of their eligibility by TREC, gave notice between between October 1 and 30, 1991, of their wish to opt out, and paid the applicable fee. What about programs that offer to pay a real estate agent for names of potential borrowers? accepting escrow instructions having blanks that are to be filled in after the instructions are signed. B. . Usually 36 percent for qualifying. the straight-line method. all of these. The fees must be "reasonably related to the value of the services performed." Texas REALTORS provides content through various online platforms, including this blog. an estate. Properties listed below market value tend to take longer to sell than properties listed at market value. o workers compensation. A broker may discriminate against which type of tenant? The Real Estate Recovery Fund is a fund created by the Real Estate License Act that is maintained by the Texas Real Estate Commission (the state agency regulating Texas real estate brokers and salesmen). ), Using time-management to increase income, you should realize that, b.) Which promotion would have the lowest cost to the broker? Can you afford this house? What would you use this pantry for? Would you prefer to buy now or think it over? This is an exceptionally large kitchen, isnt it?, This is an exceptionally large kitchen, isnt it?, You get a series of yes answers.Page 415, If members of a minority racial or ethnic group live in the neighborhood of a home you are showing. Neither the cities nor the (a) countries, (b) counties took responsibility for their deteriorating infrastructures. First-time visits to new listings by groups of agents are commonly known as. reading the information on the back of your real estate license. Selling the lender on making the loan Selling the seller on an acceptance Selling the buyer on making an offer Selling the owner on giving a listing, This is not a sale. lack of capacity of a grantor. 6% of $189,500 = $11,370. Less-common commission structures are based on the gross margin or net income generated by a sale; these structures are . (Page 580). The mortgage company cant sponsor the luncheon on the condition that it will receive referrals, either. Residential real estate uses 27.5 years. (Page 584), A standard policy of title insurance protects the purchaser from all EXCEPT. (Page 388). amount over the index the lender charges as interest. A brief summary of three recent cases is noted below. $570,000 $70,000 $650,000 None of these, They have a gain of $570,000 and a $500,000 exclusion.Page 634, A clause in a percentage lease whereby the landlord has a right to regain the premises if the tenant fails to achieve a stated gross would be. The statement, The price seems a little high. All of these A reluctance to leave a property An inquiry as to when possession would be possible, These are words or actions indicating an interest.Page 437-438, An example of an open-ended question would be, Do you like this house? What do you like about this neighborhood? Is there any more information you would like? Can you afford a $1,500 house payment?, What do you like about this neighborhood?, You want an explanation, not yes or no answers.Page 428, For effective communication it is BEST to. that the Alquist-Priolo Act be complied with. both paying a referral fee to anyone other than his or her own employees and accepting escrow instructions having blanks that are to be filled in after the instructions are signed. In fact, the Legal Review Committee recommends that a number of applications be denied each year. Rumford Act. The opposite of most advertising. However, while working as a salesperson under you as his sponsoring broker, he is covered by the provisions of the act and you are responsible for his real estate-related activities. All of these. The independent contractor agreement formally defines the obligations and rights of a broker and an agent and outlines provisions that make it clear the agent is not an employee. Incentive to do more and to stay.page 20 Can a brokerage allow a mortgage company to sponsor a luncheon that offers CE for its agents? A lease that needs no notice for termination, would be. steering. ad within a price range or area creates prospects for other homes in the price range or area. Plus credit information, cash out sellers, warnings, etc.page 144-149, Compliance with environmental hazards disclosure requires. The owner should understand the brokers advertising policy, including the fact that a(n): display ad should be used to impress home-seekers. Need adequate number of comparable sales.Page 222-223, The likelihood of a sale within 90 days is. both motivate salespeople and retain top producers. Such as an equity line of credit.Page 531, A rescission right until midnight of the 3rd day after signing is provided for by. However, under the circumstances, the real estate agent should not promote the lender or its services to the customer, and the payment must be made to the agent, regardless of whether the lead ultimately turns into a closed loan. What are the advantages of a good time-management program? checking the regulations of the Bureau of Real Estate. neither the exchange property must be identified within 45 days nor the exchange must be completed no more than 180 days after transfer of exchanged property. every nonresidential listing. you must mention this to a prospective buyer. Requires a subject heading, indicating that it is an advertisement with an opt-out mechanism, etc.page 193, The fine for making a single unauthorized solicitation call to a residential number listed on the do-not-call registry can be up to, However, recently updated to $40,000 per call.page 189. special interest of buyers. last 20 days of the listing. Protects landlord against a poor operator.Page 677, A lease stipulating that the tenant pays a fixed monthly rental and the landlord pays all other property expenses would be a. gross lease. If an employee is receiving a commission, then the company withholds income taxes on the amount of the commission paid to the employee. 15-year amortized loan 30-year loan due in 5 years Adjustable rate mortgage 30-year-term amortized loan, But the rate is guaranteed for 30 years.Page 533-536, Mortgage companies differ from mortgage loan brokers in that mortgage companies. A listing office typically gives 50% of the gross commission to the selling office and splits the remainder with 40% to the broker and 60% to the listing salesperson. the IRS is that the - broker-salesperson contract states that the salesperson shall be treated as an neither a counteroffer really rejects the offer nor once rejected, an offer cannot be accepted. Harry has some buyers that he believes are ready to make an offer. Exchanger cannot have control of funds. b. workers compensation. is satisfied with the general appearance of the home. a periodic tenancy. (Page 591). both a debit on the buyers closing statement and a credit on the sellers closing statement. all of these. Brokers have liability to commission salespeople as to unemployment insurance. love of family. because owners want to get as much as possible, you should underestimate costs so the net will be greater. a debit on the buyers closing statement. What would be a word or words to use in a listing presentation that denotes a benefit? What are these new rules and have lenders received HUD approval for these programs? Ultimately, the board of directors must make a determination if the use of the Legal Fund satisfies the purposes and intent of the fund. Your answer is correct. In a sublease, the sublessor is liable to the owner. Should cover what is expected and how.page 48, The Civil Rights Act that applied only to race was the, The Civil Rights Act of 1866 gave rights to recently freed slaves. all of these. An agent is required to disclose to a buyer that: the property has earthquake weakness if it was built before 1960. there was a death by murder or suicide on the property more than 3 years ago. Which of the following is NOT an institutional lender? What kind of cases or actions has the Texas REALTORS Legal Fund been used for in the past? Your answer is correct. percentage lease. gap loan. The Legal Fund was able to assist the REALTOR in defeating the unfounded claim. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to motivate salespeople and retain top producers The following statements are all examples of abstract goals I will improve my communication skills. present them in the order received, obtaining acceptance, rejection, or counteroffer for each offer before proceeding to the next offer. The Residential Lease Application states that our company must make our office privacy policy available to rental applicants upon request. If you are going to be buying a new car for real estate sales, you should consider . Unruh Act. wait to show the property until the other agent has left. a credit on the sellers closing statement. Thats selling and listing opportunities is where commissions come from.page 40, One of the requirements for a real estate salesperson to be regarded as an independent contractor by the IRS is that the. Compute the ppp-value and state your conclusion for each of the following sample results. Primary financing is first trust deeds and secondary financing refers to junior liens. ground lease. a vacant lot. (Page 427), When dealing with a prospect who is silent, the BEST approach would be to. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to neither motivate salespeople nor retain top producers. conversion. disclosure of deferred interest. the exchange property must be identified within 45 days. appearing confident. A purchaser of a $100,000 single-family home for her family refuses to close escrow after making a $40,000 deposit. Issues Mobilization and Political Advocacy Assessment, TACS Texas Accredited Commercial Specialist, TAHS Texas Affordable Housing Specialist, TRLP Texas REALTORS Leadership Program, TRLS Texas Residential Leasing Specialist, TRPM Texas Residential Property Manager, Sales of Million-Dollar Homes in Texas Report. percentage of the gross. The case was ultimately moot as a result of Congressional action initiated by Rep. Gonzales of San Antonio that amended the Home Owner Loan Act so that it was clear that Congress did not intend to supersede the Texas Constitution. Some programs offer to make real estate agents part-time employees of the lender. REALTOR membership is a criterion that a broker may voluntarily choose to require of independent contractors. A number of statutory elements must be satisfied by the consumer before he can file a claim for payment out of the recovery fund, including first obtaining a judgment against the broker or salesman that is not satisfied. the offer itself. At the time of the contract, the agent provided the buyer with a detailed written statement (signed by the buyer) about the toxic dangers and health hazards posed to residents of the subdivision, since it was known that a nearby site was environmentally contaminated. exclusive agency listing. Requirements for a valid 1031 exchange include. Brokers have liability to commission salespeople as to: Workmen's Compensation One of the requirements for a real estate salesperson to be regarded as Commission amounts vary but due to the nature of the paycheck calculation, employees and employers come to an agreement on the amount of the commission per each paycheck and how often it is paid. maximum that can be charged for the loan. open listing. Probably, the most crucial requirement to satisfy in the application process is that the case must be of significance to REALTORS as a class or the real estate industry as a whole. Licensed care facilities near the property that serve 6 or fewer people need not be disclosed. both motivate salespeople and retain top producers. three months rent. a listing where the agent was not authorized to accept a deposit. both a counteroffer really rejects the offer and once rejected, an offer cannot be accepted. downpayment. Most people read from the upper left to the lower right corner when looking at an ad. For listing agents, selling real estate involves three separate sales. subordination. You may assume that the concentration is 0 when the cadmium is first discharged; that is, C(0)=0C(0)=0C(0)=0. Advertising a property that is not available and you wont sell so you can find buyers that you hope to switch to other properties. The buyers originally alleged damages in excess of $30 million. they extend the listing for a longer period as price is related to time to sell. a listing having a safety clause. One of the requirements for a real estate salesperson to be regarded as an independent contractor by the IRS is that the, d.) (broker-salesperson contract states that the salesperson shall be treated as an independent contractor for tax purposes. It saves time and buyers dont have to deal with owners directly. Owners are most interested in the bottom line.Page 490, When an offer is received, the owner should be made aware that. first month of the second listing extension. Noncomforming loans are Jumbo loans.Page 514. Things such as car signs, business cards, and client referrals could lead a buyer to believe that your agent was acting as a real estate salesperson while working for the builder. participation loans. a counteroffer really rejects the offer. p. 17 9. it is better to estimate costs a little on the high side than the low side. Reg. The broker did not violate law or regulations because the listing was an. In addition to the Civil Rights Act of 1968.page 77, The California Act that prohibits discrimination by all California businesses is the. both is satisfied with the general appearance of the home and is satisfied with the area. They hope to keep fee for themselves.page 190, If your firm is small, to obtain a listing when competing against a large firm you should emphasize that. 3. all of these. For a property built before 1960, earthquake weakness must be disclosed. If it is legal, it is ethical. get a higher gross price. speed up your presentation. Lowercase letters are easier to read than capital letters. To be enforceable, which element is required in an exclusive right-to-sell listing? recommend to the owner to counter the offer. A battery plant begins discharging cadmium into a river at midnight on a certain day and the concentration CCC of cadmium at a point 1,000 meters downriver is subsequently measured at 3-hour intervals over the next 24 hours, as indicated in the accompanying table. A commission is a fee that a business pays to a salesperson in exchange for his or her services in either facilitating, supervising, or completing a sale. (page 308). operational advertising. I keep hearing about new RESPA rules that allow real estate agents to sell a buyer a home and earn a loan-origination fee from the lender. All of these Lawful purpose Writing Consideration, Contract requirements plus Statute of Frauds.Page 263, The reason most mentioned by owners for NOT renewing listings is. While mortgage brokers act as middlemen.Page 517-518, A loan that can be increased to an agreed upon limit would be a. wrap-around loan. (Page 238-239), In preparing estimated seller proceeds, you should remember that. arbitrate disputes if directed to by the court. all of these. locating prospective buyers. Commission is negotiable and not set by law. ignore the other agent and go ahead with your showing. Sells the firm, not a specific property.Page 342. portfolio loans. A broker who sponsors salespeople is subject to this rule regardless of how long the broker sponsors the salespeople. Brokers have liability to commission salespeople as to Correct o minimum wage requirements. Case 3: A REALTOR was sued by a buyer alleging that the agent did not disclose that the property lay in a flood-prone area or that the property had previously flooded. loan in designated areas. unrecorded liens. a. industrial parks. (page 20), You can find out how things are done in your office by. These show that you understand the buyers concerns.Page 439-441. This exception does not apply if the owner has asked your company to place his number on the company do-not-call list. A recorded abstract of judgment has priority over a homestead declaration when O it was recorded prior to the homestead O the owner has rented the property to another O. Unruh Act. taxes. A person employed by a builder to sell the builders homes is exempt from the Real Estate License Act. a two-door model to control the passengers. both buyer and seller must agree to amend the escrow instructions. every listing. the most desirable feature. DVA loan. the Bureau of Real Estate. visual inspections. It should be completed annually to reaffirm the relationship that exists between you and your agents. allow buyers a chance to confer without the agent being present. return it to the offeror. Index plus margin equal interest charged.Page 539, Loans that meet the underwriting standards of Fannie Mae or Freddie Mac are known as. inheritance taxes. all of these. a family-oriented home. mproved efficiency firsts. retain top producers. broker-salesperson contract states that the salesperson shall be treated as an independent contractor for tax purposes. The Recovery Fund is funded by a $10 fee paid with every brokers or salesmans original license application. a full-sized, four-door car for easy entrance and exit. buyers only. Reimbursing travel expenses of Texas REALTORS who participate in form-development task forces. A real estate agent can sell a mobile home with the land it is sited on. the average time from listing to sale for your firm is 42 days less than the average sale in your MLS. the commission was too high. recommend to the owner to accept it. greater responsibility. All are protected by 1988 Amendment.page 73, Advertising a home in an area occupied solely by members of a minority group only in newspapers directed toward that minority group would be regarded as. provides insurance coverage until the title insurance policy is issued. primarily for 1 to 4 residential units. is merely an offer to insure. I know that Texas Real Estate Commission rules require a broker to maintain written policies and procedures for the brokers sponsored salespersons. use their own funds to make loans. the total monthly housing payment divided by the gross monthly income. None of these. an estate at will. military-based housing. save paying the commission. These rules come into play any time a real estate broker in a position to refer mortgage business to a lender is paid a thing of value by the lender. Buyers resist pressure before they are ready.Page 447, Disadvantages of home-ownership include all of the following EXCEPT. failure to mention the presence of the group would make you liable for any damages the buyer suffered. While a written independent contractor agreement and statement of understanding are not required by law to establish and maintain an independent contractor relationship, its a good idea for brokers to use both. recommend to the owner to counter the offer. And the company must promote its services during the event to qualify for the Real Estate Settlement Procedures Act (RESPA) advertising exemption. The REALTOR's errors-and-omissions insurance carrier refused coverage on the basis that the claim involved bodily injury that was excepted from the policy. Press release Yellow pages of a telephone directory Direct mail Billboard, A billboard that states Thomas RealtyA Name You Can Trust would be regarded as. show buyers homes they cannot afford to impress them with the caliber of homes to which the agent has access. Brokers have liability to commission salespeople as to a. unemployment insurance. is voluntary. The Texas REALTORS created a model privacy policy to help you develop your office's policy about the maintenance and destruction of customers' and clients' personal information. The commission may be based on a flat fee arrangement, or (more commonly) as a percentage of the revenue generated. (doubling "A" time activities should double your income.). neither use their own funds to make loans nor service loans they make. Commercial banks Mortgage companies Insurance companies Savings associations, Not government regulated lenders.Page 514, 516-517, The extended coverage for a title insurance policy offers protection covering all of the following EXCEPT. real property taxes. all of these. show unoccupied property first to give owner-occupants a chance to prepare for the showing. California Real Estate Law. Fair Housing Month signifies a recommitment to advancing equitable opportunities and expanding homeownership. It was more important than it is now, because consumer products were less sophisticated. Course Hero is not sponsored or endorsed by any college or university. prior to showing property. Telephone responses from a For Sale sign indicate what about the prospective buyer? Ethics tends to precede the law. do all of these. commercial property. Such as a Transfer Disclosure Statement.page 107, A fiduciary relationship applies to a real estate licensee and to. A broker may charge a lender a flat fee to place the lenders banner ads or hyperlinks on the brokers website, but the payment must be reasonable and commensurate with the value of the service. It depends. disclose, elect, confirm. have a quicker sale. What is legal but unethical now might be illegal tomorrow. you should divide your time equally between A, B, C, and D category activities. A court or TREC hearing officer might reach the same conclusion and assess liability or responsibility on the broker. Both a real estate agent can sell a mobile home in a rental park space and a real estate agent can sell a mobile home with the land it is sited on, But a real estate agent cant sell a mobile home that must be moved. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to motivate salespeople and retain top producers Using time-management to increase income, you should realize that doubling "A" time activities should double your income. rights of parties in possession. Brokers have liability to their commissioned salespersons in respect to: a.) Directing to properties based on race.page 71. cooperate with other agents in designated areas. If the flow rate of the river is F=2.3105m3/hrF=2.3 \times 10^5 \mathrm{~m}^3 / \mathrm{hr}F=2.3105m3/hr, use the formula you found in Question 4 to estimate the total amount of cadmium discharged from the plant during this 24-hour period. Every six months, the Texas REALTORS Legal Review Committee reviews applications and requests for funding from the Legal Fund from Texas REALTORS and litigants involving cases that significantly affect the entire real estate industry. How can I help make clear to the IRS that my agents are independent contractors, not employees? working an area for buyers and sellers. 10080. One large picture is generally more effective than several smaller pictures. It has also been used to fund the filing of analyses and comments before governmental agencies. Only a broker who sponsors salespeople or is a designated broker for a business entity must maintain up-to-date written policies and procedures. Which of the following are exempt from licensing under the escrow law? include credit terms. a subsidized rent program for low-income tenants. conforming loans. present the firms offer first and, if rejected, then present the other offer(s). H0:80Ha:<80\begin{aligned} b.) both blockbusting and steering. The best heading for a classified ad on a home would be. Brokers have liability to commission salespeople as to: The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to: All of the following are all examples of abstract goals EXCEPT: Which of the following statements regarding the use of goal-setting is FALSE. What kind of loan do they have? both applies to 1 to 4 residential units and, Residential Earthquake Hazards Report.Page 124, The proper order of the steps taken in agency disclosure is. No. an exculpatory clause. list in designated areas. every residential listing. a defeasance clause. The rules and regulations of the legal fund set forth specifically all of the application procedures and the requirements that must be met before assistance from the legal fund may be authorized. Are there any risks I should be aware of before agreeing to this? The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to - federally related loans. Even if it is for just a few months.Page 675, A property manager who lives on the property and is employed by the owner, would be. cashiers checks. Thus, the reversing entry is: On the 15th of the month, ABC pays Mr. Smith his commission and records this entry. Cost of sales is 45% of the gross commissions. Neither buyer nor seller may unilaterally modify the escrow instructions. I will improve my communication skills. both you must mention this to a prospective buyer and failure to mention the presence of the group would make you liable for any damages the buyer suffered. legal description from the address. both federally related loans and 1 to 4 residential units only. Any legal or other information found on this page or at other sites to which we link, should be verified before it is relied upon. special assessments. neither motivate salespeople nor retain top producers. there is a licensed care facility that serves three people across the street from the property. All of these. both a counteroffer really rejects the offer and once rejected, an offer cannot be accepted. A real estate agent who spends an hour with a customer taking a preliminary credit application and collecting certain credit documents (i.e., W-2s, pay stubs, bank statements) has performed a genuine service for the lender that is actual, necessary, and distinct from the agent's normal duties. rent skimming. She is, California Real Estate Law. Is it difficult for a Texas REALTOR to obtain assistance from the legal fund? A fee based on a transaction between the lender and a consumer is prohibited by RESPA. an accredited property manager. both 39 years for the property life and the straight-line method. checks that have cleared. Which of the following statements is TRUE? Under these guidelines, agents and brokers may receive fees for performing loan origination work on a lender's behalf, such as taking a loan application, counseling borrowers, ordering credit reports and appraisals, and completing loan documents used to process the loan.
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