You should contact your attorney to obtain advice with respect to any particular issue or problem. should never be changed. Yes. Helping Texas REALTORS understand their legal rights and duties under law 2. (Page 128), A selling agent must comply with agency disclosures to the buyer. It should not matter. neither you must mention this to a prospective buyer nor failure to mention the presence of the group would make you liable for any damages the buyer suffered. $2,842.50. all of these. loan in designated areas. binding arbitration of disputes. prospective buyers who respond to newspaper ads are likely to buy a property other than the property advertised. the Real Estate Settlement Procedures Act. the property has earthquake weakness if it was built before 1960. 360-day year. Types of property requiring property management include. a two-door model to control the passengers. It is primarily reserved for paying the legal expenses of cases that are significant to Texas REALTORS as a class or the real estate industry. Records that include the independent contractor agreement and annual statements of understanding would provide persuasive evidence about the nature of the relationship between the parties. An exclusive listing without a termination date, Must have a definite termination date.Page 266. At the time of the purchase, flood maps for the area showed the property not to lie in a flood hazard area. These show that you understand the buyers concerns.Page 439-441. nonbinding arbitration of disputes. Only part of the leasehold is transferred in a sublease. appearing confident. they adjust the price to the current market. This includes possible civil liability for negligent or other inappropriate activities. 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. both, an owner who gets less than they expected to receive from a sale is likely to be unhappy with you, and it is better to estimate costs a little on the high side than the low side. Which of the following statements regarding mobile home sales is TRUE? why the owners should deal with your firm. your average sale is at 94.5% percent of list price while the average for your MLS is 87.3%. The entire leasehold must be transferred. save paying the commission. A brokerage firm has operating expenses of $254,000. The damages cannot exceed 3% of the purchase price. ask, inform, demonstrate, approve. none of these. a warning as to balloon payments. Since it indicates that you fail to sell 50 percent of your listings.Page 253, Serious buyers contact real estate agents because. Persons who are not members of the REALTOR organization have asked TAR to file amicus briefs in cases in which no REALTOR is involved. a sports car to show you are a modern person. With reasonable expertise of a licensee.page 124. to buyer disclosure only. No persuasion.Page 478, What the buyers will pay, not what sellers want.Page 490, An agent who receives an unreasonable offer on their principals property should generally. Which proposition makes it possible for taxpayers 55 years or older to transfer current base-year value of their principal residence to a replacement home within the same county? applies to 1 to 4 residential units. This exception does not apply if the owner has asked your company to place his number on the company do-not-call list. 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. both federally related loans and 1 to 4 residential units only. a credit on the buyers closing statement and a debit on the sellers statement. speed up your presentation. a vacant lot. 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. have a quicker sale. If not initialed, then the matter can go to the courts.Page 281. 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. c. minimum wage requirements. institutional advertising. both a counteroffer really rejects the offer and once rejected, an offer cannot be accepted. 3. commercial property. (Page 580). tell your prospects that they had better act fast as you are sure the other party wants to buy the house. If Im a broker whos exempt from continuing education requirements, do I still have to take the Broker Responsibility course? a commercial building. exclusive agency listing. 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. First, there are no new changes to RESPA. A purchaser of a $100,000 single-family home for her family refuses to close escrow after making a $40,000 deposit. Holden Act. This appears permissible under RESPA guidelines as long as the fee is minimal and not tied to whether that click results in a loan. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to - ethnic groups. one months rent. exclusive right to sell net listing. meeting objections half-way. A common fee arrangement for commercial property managers would be a. percentage of the net. ask, interact, demonstrate, approve. Usually 28 percent for qualifying. If you are going to be buying a new car for real estate sales, you should consider. they extend the listing for a longer period as price is related to time to sell. Neither Primary financing refers to loans made directly by the lender to the borrower nor Secondary financing refers to the resale of existing loans. Information about real estate agent and mortgage broker compensation first appeared in a 1995 HUD informal advisory opinion issued to the Independent Bankers Association of America. an unknown spousal interest. allow the prospective buyers to bring along a friend or confidant. home solicitation phone calls. neither paying a referral fee to anyone other than his or her own employees nor accepting escrow instructions having blanks that are to be filled in after the instructions are signed. (Page 238-239), In preparing estimated seller proceeds, you should remember that. Through the Legal Fund, the Texas REALTORS was able to monitor and participate in the action. title insurance costs. Ethics tends to precede the law. office buildings. A mortgage company sponsoring an educational event to promote its services can do so as long as the cost associated with the event doesnt cover any of the agents other expenses they would otherwise have to pay, such as the cost of the CE credit. mentioning a potential objection before the customer does. Brokers have liability to commission salespeople as to workers compensation. let the owners know which offers provide the agent with the greatest benefits. Disclose as soon as possible, confirm with offer.page 119-120. the firms logo. neither 30-day month nor 360-day year. If a prospective buyer intends to occupy a single-family home as a residence, which of the following is TRUE regarding liquidated damages resulting from buyer default? service loans they make. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to a. motivate salespeople. once rejected, an offer cannot be accepted. 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. That means in order to be considered an employee rather than an independent contractor, the agent/loan officer must: 1) be under the supervision and control of a lender's office; 2) use the lender's equipment; 3) have set hours; 4) receive a W-2 form; 5) receive standard employee benefits; and 6) have the lender be liable for the employee's conduct. Must sell owner on a listing and on you and your firm.Page 231-232, 243, A comparative market analysis would be LEAST valuable in indicating market value for a. vacant lot. An agents inspection under Easton v. Strassburger (as codified by state statutes) applies to. One of the agents I sponsor wants to also work part time selling homes for a local home builder. The Legal Fund was able to assist the REALTOR in defeating the unfounded claim. p. 17 9. Agency relationships require an exchange of consideration to be formed. d. salesperson not be supervised by the broker. pre-showings. The buyer purchased the property under an assumption and refinanced the lien six months after closing. recommend to the owner to ignore it. (Page 621). Brokers have liability to their commissioned salespersons in respect to: If you are going to be buying a new car for real estate sales, you should consider: b.) Which of the following is NOT a legal notice? If you are going to be buying a new car for real estate sales, you should consider . 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. 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. All types of properties are subject to management.Page 658, A lease for a definite period of time would be. 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. There are no do-not-knock or do-not-mail laws that would prohibit these methods of soliciting business, so you could consider sending a nicely worded letter to the owner or making a personal visit to the home. Brown Act. is merely an offer to insure. 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. both motivate salespeople and retain top producers. mproved efficiency 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). A broker may require salespeople to be members of the REALTORS association, as it indicates to the broker the sales agents' commitment to the real estate profession and to high ethical standards of practice. neither use their own funds to make loans nor service loans they make. Brokers have liability to their commissioned salespersons in respect to. 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. Am I still required to have a manual? o all of these. unrecorded liens. DVA loan. 6% of $189,500 = $11,370. 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. All of these. 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. particular ethnic group. 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. that the exchange property must be of like-kind. For example, it would be a RESPA violation if you received a fee for every click that resulted in an application or closed loan. owners name from the tax number. What kind of listing did Broker Baker have if Owner Adams has no commission obligation to Broker Baker? a full-sized, four-door car for easy entrance and exit. In a sublease, the sublessor is liable to the owner. the Bureau of Real Estate. The caller may want a lower-priced property. Is the legal fund ever used for purposes not directly related to REALTORS? It has also been used to fund the filing of analyses and comments before governmental agencies. A sales force of 13 people share 10 desks. The three stages of presenting an offer include all of the following EXCEPT. Legally binding agency relationships may be formed between a principal, Select the statement that is true of consumer law prior to the 20th century. Reasonable compensation (generally a flat fee, not a percentage of the loan amount) may be justified. A commission may be earned by an employee or an outside salesperson or entity. prospecting your farm area on a continuous basis. FHA loan. & H_{\mathrm{a}}: \mu<80 firsts. (Page 383). the worse you make the property appear, the greater your response is likely to be. third month of a six-month listing. The recovery fund is a state-run consumer protection fund used to reimburse aggrieved persons who suffer actual damages by reasons of certain acts committed by brokers, salesmen, or their unlicensed employees or agents. Are there any additional restrictions or limitations for access to the legal fund? get a higher gross price. A mobile home must be at least 2 years old for a real estate agent to sell it. forgery in the chain of title. H0:80Ha:<80\begin{aligned} $3,411.00. Which of the following is NOT one of the three? 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. There is no limit for the damages. allow buyers a chance to confer without the agent being present. undue influence. If it is unethical, it is illegal. to disclosures to principals only. both it is best to advertise properties in areas or price ranges where other properties are also available and prospective buyers who respond to newspaper ads are likely to buy a property other than the property advertised. If he were working exclusively for the builder, he would be exempt from the act and you would not be responsible for his activities. both applies to 1 to 4 residential units and must be signed by buyer and seller. None of these. Principal residence does not qualify for a tax deferred exchange.Page 628. none of these. REALTOR membership is a criterion that a broker may voluntarily choose to require of independent contractors. neither agents have inventory nor they want to quickly locate property that meets their needs. ratio of current rental costs to estimated housing costs. 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. One who has a guide dog. 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. Ads in an outside column will generate more interest than ads in an inside column. A release from time pressures the price was too high. Primary financing refers to loans made directly by the lender to the borrower. What are the advantages of a good time-management program? greater responsibility. personal property. 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. neither it is best to advertise properties in areas or price ranges where other properties are also available nor prospective buyers who respond to newspaper ads are likely to buy a property other than the property advertised. Thus, the reversing entry is: On the 15th of the month, ABC pays Mr. Smith his commission and records this entry. A married couple sells their principal residence of 30 years for $650,000. How does this work and is it legal? At the time of the refinance a survey incorrectly stated that the property did not lie in a flood hazard area. He says to them, "Would you prefer to take possession on September 1 or October 1?" a particular subdivision. all of these. listings with your firm have a 30% greater chance of being sold than the average for your local MLS. salesperson is not supervised by the broker. the offer itself. Agents sell while owners seldom sell themselves.Page 239. (page 63), The Seller Financing Disclosure Statement provided to both buyer and seller provides. bare-bones classified ad on a property. lack of liquidity. B. . a credit on the sellers closing statement. both that the property must have been held for productive use in a trade or business or for investment purposes and that the exchange property must be of like-kind. The Real Estate Commissioners suggestions for professional conduct include that the agent. Very rarely. 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. Disclosure law that also prohibits lender rebates. Incentive to do more and to stay.page 20 The following statements are all examples of abstract goals EXCEPT: d.) (I will obtain three new listings each month. Your answer is correct. neither federally related loans nor 1 to 4 residential units only. a family-oriented home. No. Neither buyer nor seller may unilaterally modify the escrow instructions. health. Which promotion would have the lowest cost to the broker? all of these. because owners want to get as much as possible, you should underestimate costs so the net will be greater. a gross lease. condominium. Brokers have liability to commission salespeople as to - workers compensation. an estate at will. his or her principal. is satisfied with the general appearance of the home. In real estate, the term farming refers to. rent skimming. decreased by listing above the market value. last 20 days of the listing. The following statements are all examples of abstract goals EXCEPT. recommend to the owner to counter the offer. What type of listing did the broker have? California Real Estate Law. Since RESPA exempts payments by an employer to its employees, several programs offer to make the real estate agent a part-time employee of the lender. report violations of the real estate law to the Bureau of Real Estate. Most people read from the upper left to the lower right corner when looking at an ad. 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. use their own funds to make loans. 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. percentage lease. all of these. 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. a blank space since it attracts attention. And get buyer reactions which might alter showings. type of property. Reg. minimum fee. combination of percentage of the gross and minimum fee. land it is sited on. ignore the other agent and go ahead with your showing. 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. both let the buyer know the price so they can consider it before the agent arrives and arrange to have all owners present for the presentation. New listings excite agents and buyers.page 325, An open house was held on a property needing many obvious repairs. In another case, litigants in a city-zoning dispute asked the Texas REALTORS to file briefs with the court. both a counteroffer really rejects the offer and once rejected, an offer cannot be accepted. military-based housing. As an indication of value, which of the following would BEST indicate the market value of a home? The legal fund assisted the defendant in resolving the case favorably. It should be completed annually to reaffirm the relationship that exists between you and your agents. working an area for buyers and sellers. have a hard and fast rule to never show more than three properties. return it to the offeror. 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. when property is shown, follow the agent closely and provide information to the prospective buyers. (d) all of these. flyer pointing out attractive features about a property. Direct relationship between list price and time to sell.Page 224-225, 228, Benefits that an owner receives by listing with an agent include. all of these. b.) Which of the following statements regarding mobile home sales is TRUE? To be enforceable, which element is required in an exclusive right-to-sell listing? Or changing instructions without agreement of all parties. Primary financing is first trust deeds and secondary financing refers to junior liens. 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. 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. inheritance taxes. Attracts attention and is easy to read.Page 357. attention, interest, demand, action. show unoccupied property first to give owner-occupants a chance to prepare for the showing. I will obtain three new listings each month. 30-day month. A court or TREC hearing officer might reach the same conclusion and assess liability or responsibility on the broker. occupants name from the address. Assuming a 6% commission, Salesperson Andrews share would be: $11,370.00. always selling a new home to the seller. a former owner had AIDS. a history of the listing and your sales effort. both increased by a list price below that indicated by the comparative market analysis and decreased by listing above the market value. A broker shall provide the name of each delegated supervisor to the Commission on a form or through the online process approved by the Commission within 30 days of any such delegation that has lasted or is anticipated to last more than three consecutive months. eminent domain. Rumford Act. The sublessee is a tenant of the original lessee. properties that set the neighborhood value. Such as an equity line of credit.Page 531, A rescission right until midnight of the 3rd day after signing is provided for by. 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. present the firms offer first and, if rejected, then present the other offer(s). sales taxes. For Sale By Owner Code violations Probate Evictions, The phrase centers of influence refers to. Do I have to check the National Do Not Call Registry before soliciting listings of those who have a for sale by owner sign in their yard or sellers with expired listings in the MLS? it is best not to mention any problems with the property. federally related loans. What type of listing is legal in California, but is considered illegal in some other states? ad within a price range or area creates prospects for other homes in the price range or area. workers compensation. open listing. a periodic tenancy. information about the buyers. What kind of cases or actions has the Texas REALTORS Legal Fund been used for in the past? The seller entitled to it and the buyer pays. o workers compensation. Independent Contractor Agreement for Sales Associate, Texas REALTORS is stronger when members work together. (Page 231). Plus credit information, cash out sellers, warnings, etc.page 144-149, Compliance with environmental hazards disclosure requires. a particular mobile home park. avoid cooking with foods having strong and lasting odors. Which of the following statements regarding the use of goal-setting is FALSE? the total monthly housing payment divided by the gross monthly income. unsolicited fax messages. all of these. 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. Bait-and-switch advertising is a federal offense. The Texas REALTORS Legal Fund is maintained by the association through the oversight of the Legal Review Committee. ), The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to. the total monthly housing payment divided by the gross monthly income. The Legal Review Committee, in turn, makes a recommendation to the Texas REALTORS Board of Directors either to approve or deny the application. unemployment insurance . institutions within an area that influence behavior. recommend to the owner to counter the offer. independent contractor for tax purposes. Although HUD has never published criteria, it's likely the IRS rules would prevail. It depends. a resident manager. (Page 351-352). ad within a price range or area creates prospects for other homes in the price range or area. all of these. The opposite of most advertising. include credit terms. Conceal the fact that the advertiser is an agent, But any indication, like Agt., meets the requirement.Page 366. The application is submitted to the applicants local association for review. Some brokers charge a small fee every time someone clicks through to the lenders website. (Page 511-512), A loan in which the borrower buys under a land contract would be a. CalVet loan. 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. Fair Housing Month signifies a recommitment to advancing equitable opportunities and expanding homeownership. Flyer pointing out attractive features about a property. 60% of $5,685 = $3,411.page 317, Advantages of holding open houses include. They like it and hope they can afford it.Page 383, When you receive For Sale sign inquiries you can assume that the caller. 10080. A person employed by a builder to sell the builders homes is exempt from the Real Estate License Act. Three years after the purchase, the property flooded and the buyers then learned that the property had previously flooded. The earthquake safety disclosure statement. 4: The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to: (a) motivate salespeople.
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