three months rent. 360-day year. (page 20), You can find out how things are done in your office by. Which of the following statements BEST describes a sublease? Before accepting the claim at face value, ask to see a copy of HUD's approval. Which of the following statements regarding mobile home sales is TRUE? a listing having a safety clause. 30-day month. In addition to the Civil Rights Act of 1968.page 77, The California Act that prohibits discrimination by all California businesses is the. all of these. In another case, litigants in a city-zoning dispute asked the Texas REALTORS to file briefs with the court. deductibility of interest. It was more important than it is now, because consumer products were less sophisticated. Reasonable compensation (generally a flat fee, not a percentage of the loan amount) may be justified. Index plus margin equal interest charged.Page 539, Loans that meet the underwriting standards of Fannie Mae or Freddie Mac are known as. all of these. a particular subdivision. In a sublease, the sublessor is liable to the owner. A both motivate salespeople and retain top producers. Instructions to an owner upon taking a listing should include all EXCEPT. Their adjusted cost basis is $80,000. California Real Estate Law. 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. retain top producers. (Page 693-695), Security deposits for unfurnished residential rentals cannot exceed. uniformly to all real estate transactions. health. prospective buyers who respond to newspaper ads are likely to buy a property other than the property advertised. o all of these. all of these. What kind of cases or actions has the Texas REALTORS Legal Fund been used for in the past? Brokers have liability to their commissioned salespersons in respect to. a subordination clause. why the owners should deal with your firm. neither 39 years for the property life nor the straight-line method. first month of the second listing extension. mentioning a potential objection before the customer does. both increased by a list price below that indicated by the comparative market analysis and decreased by listing above the market value. Accepting the offer but conditioning the acceptance on a different escrow office than specified in the offer None of these Accepting the offer verbally with a promise of a later written confirmation Accepting an offer but changing the closing date, Must be accepted in writing without any conditions or variance.Page 497. Under the cash basis of accounting, you should record a commission when it is paid, so there is a credit to the cash account and a debit to the commission expense account. 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. it is better to estimate costs a little on the high side than the low side. 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. (doubling "A" time activities should double your income.). One way you can do this is by using the Independent Contractor Agreement for Sales Associate (TAR 2301) and the Statement of Understanding (TAR 2302). The owner should understand the brokers advertising policy, including the fact that a(n): display ad should be used to impress home-seekers. both 39 years for the property life and the straight-line method. both motivate salespeople and retain top producers. How can I help make clear to the IRS that my agents are independent contractors, not employees? interest. net lease. four months rent. The Texas REALTORS strongly encourages members to maintain E&O insurance. Unruh Act. properties that set the neighborhood value. both motivate salespeople and retain top producers. arrange to have all owners present for the presentation. You will not post any defamatory, discriminatory, libelous, threatening, vulgar, sexually explicit, abusive, profane, rude, or obscene content (including comments); b. does none of these. influential people in the community. FHA loan. First, there are no new changes to RESPA. two months rent. 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. You will not use our blog posts or posted content to do anything unlawful, misleading, malicious, or discriminatory; and. You should check the do-not-call list before soliciting such listings to avoid violating the law. $5,685.00. While HUD may provide general guidance, the department does not approve individual business plans, and generally does not opine as to what amounts constitute fair and reasonable compensation. taxes. neither that the property must have been held for productive use in a trade or business or for investment purposes nor that the exchange property must be of like-kind. (page 68). The Real Estate Commissioners suggestions for professional conduct include that the agent. Others claim that their programs have been blessed by HUD. (Page 397). New listings excite agents and buyers.page 325, An open house was held on a property needing many obvious repairs. However, only bona fide employees are covered by this exemption. (Page 294), In describing sales successes, it would NOT be advantageous to point out that. Brokers have liability to commission salespeople as to workers compensation. real property taxes. try to overcome objections raised. For example, it would be a RESPA violation if you received a fee for every click that resulted in an application or closed loan. get a higher gross price. One who has AIDS. ), Chapter one of the 'Real Estate Practice' book for California Realty Training. A sales force of 13 people share 10 desks. Through the Legal Fund, the Texas REALTORS was able to monitor and participate in the action. as expensive a car as possible to impress others. owners name from the tax number. 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.) c.) both a and b. d.) neither a nor b. both A and. subordination. (Page 511-512), A loan in which the borrower buys under a land contract would be a. CalVet loan. that the Alquist-Priolo Act be complied with. You can find out how things are done in your office by studying your office procedure manual. a. eminent domain. binding arbitration of disputes. Incentive to do more and to stay.page 20 independent contractor for tax purposes. For injuries. Commission is negotiable and not set by law. recommend to the owner to accept it. (Page 238-239), In preparing estimated seller proceeds, you should remember that. 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. an estate from period to period. A Transfer Disclosure Statement must be provided to the buyer when the sale involves. Sells the firm, not a specific property.Page 342. accessible areas only. listings of 1 to 4 residential units. Brokerage Liability Issues - Texas REALTORS particular subdivision. It has also been used to fund the filing of analyses and comments before governmental agencies. The seller entitled to it and the buyer pays. every residential listing. federally related loans. Which of the following statements regarding the use of goal-setting is FALSE? The caller may want a lower-priced property. neither blockbusting nor steering. introduce yourself and your buyers to the other agent and go ahead with your showing. 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. The broker did not violate law or regulations because the listing was an. Which of the following statements regarding display advertising is TRUE? an FHA home-purchase plan for renters. blockbusting. ad within a price range or area creates prospects for other homes in the price range or area. Less-common commission structures are based on the gross margin or net income generated by a sale; these structures are typically less used, since they are more difficult to calculate. 1 to 4 residential units. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to a.) 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. conceding before answering. Helping Texas REALTORS understand their legal rights and duties under law 2. The application is submitted to the applicants local association for review. use abbreviations such as Agt. or Bro. instead of the name of the firm. With reasonable expertise of a licensee.page 124. to buyer disclosure only. ask leading questions. Noncomforming loans are Jumbo loans.Page 514. (d) all of these. The Residential Lease Application states that our company must make our office privacy policy available to rental applicants upon request. both is satisfied with the general appearance of the home and is satisfied with the area. a blank space since it attracts attention. broker that fails to advertise a property every week is not doing a proper job of advertising. (Page 352). all of these. The firm's approximate desk cost is 19500.0 A licensed sales associate has employed an unlicensed personal assistant. neither is satisfied with the general appearance of the home nor is satisfied with the area. Brokers have liability to commission salespeople as to - workers compensation. How does this work and is it legal? none of these. blockbusting. 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. Independent Contractor Status Frequently Asked Questions all of these. 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. all of these. If it is unethical, it is illegal. blanket loan. a former owner had AIDS. Lowercase letters are easier to read than capital letters. The sublessee is a tenant of the original lessee. Is the legal fund like an errors and omissions insurance policy? These are all good pieces of advice.Page 415-416. the total dollar costs to take possession. show buyers homes they cannot afford to impress them with the caliber of homes to which the agent has access. Browse over 1 million classes created by top students, professors, publishers, and experts. B. motivate salespeople . Texas REALTORS provides content through various online platforms, including this blog. (page 308). What type of listing did the broker have? Or working an area for a type of property or buyer group.page 213, A reverse directory allows an agent to have the. (Page 369), In advertising, the real estate agent should know that it is illegal to. 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. the total monthly housing payment divided by the gross monthly income. an estate at will. You can find out how things are done in your office by - studying your office procedure manual. If the price quoted is too high, you can be sure the caller will let the agent know. Brokers have liability to commission salespeople as to unemployment insurance. lack of liquidity. recommend to the owner to ignore it. Which of the following is an example of a tie-down? Liquidated damages are limited by law.Page 465. comfort and convenience. loan index. Your answer is correct. amount over the index the lender charges as interest. taxes based on a persons ability to pay. The payment of any . 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. risk. retain top producers . How much of their gain would be taxable? (page 38), The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to. Having the ability to switch property is important. That means that a real estate agent that becomes a "loan officer" only after selling a property is unlikely to be considered a true employee and therefore would not be covered by the RESPA exemption. 50% of $11,370 = $5,685. Which of the following would constitute an acceptance? supporting statements with facts. She has a signed liquidated damages clause. apartments. 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. it is best to advertise properties in areas or price ranges where other properties are also available. people are attracted to fixer-upper ads because they sense a bargain. Download a PDF of the Model Privacy Policy just for Texas REALTORS from theManuals & Guides page. Nonresidential real estate purchased since 1987 must be depreciated using: both 39 years for the property life and the straight-line method. neither let the buyer know the price so they can consider it before the agent arrives nor arrange to have all owners present for the presentation. Only a broker who sponsors salespeople or is a designated broker for a business entity must maintain up-to-date written policies and procedures. Real Estate Practice Flashcards | Quizlet Holden Act. open listing. Are there any risks I should be aware of before agreeing to this? present them in the order received, obtaining acceptance, rejection, or counteroffer for each offer before proceeding to the next offer. The legal fund assisted the defendant in resolving the case favorably. All of these. you should concentrate on D category activities before proceeding to B and C activities. both the worse you make the property appear, the greater your response is likely to be and people are attracted to fixer-upper ads because they sense a bargain. 1031 exchange. 60% of $5,685 = $3,411.page 317, Advantages of holding open houses include. undue influence. do all of these. the Real Estate Settlement Procedures Act. 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. It depends. conversion. 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. To be enforceable, which element is required in an exclusive right-to-sell listing? waive their rights to arbitrate. First-time visits to new listings by groups of agents are commonly known as. You can classify the commission expense as part of the cost of goods sold, since it directly relates to the sale of goods or services. Am I still required to have a manual? Note, however, that real estate agents may not take loan applications in connection with FHA-insured loans. neither use their own funds to make loans nor service loans they make. Brokers have liability to their commissioned salespersons in respect to: a.) flyer pointing out attractive features about a property. (Page 561), The margin on an adjustable rate loan refers to the. 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. once rejected, an offer cannot be accepted. confirm, elect, disclose. both applies to 1 to 4 residential units and must be signed by buyer and seller. Such as a Transfer Disclosure Statement.page 107, A fiduciary relationship applies to a real estate licensee and to. 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. None of these. 10080. asking every prospect to recommend another prospect. legal description from the address. your average sale is at 94.5% percent of list price while the average for your MLS is 87.3%. Are there any additional restrictions or limitations for access to the legal fund? industrial parks. provide sufficient facts so the receivers can form valid conclusions. The Internal Revenue Service sets strict standards for employment. portfolio loans. If the person receiving the commission is not an employee, then that person considers the commission to be revenue, and may pay taxes if there is a resulting profit. In each of these cases, the board of directors determined that there was a significance to REALTORS as a class. exclusive right to represent listing. elect, confirm, disclose. occupants name from the address. deductibility of taxes. because owners want to get as much as possible, you should underestimate costs so the net will be greater. all of these. Texas REALTORS is committed to advocating for a strong real estate industry, advancing a culture of continued learning, and staying ahead of issues concerning members and their clients. 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. a commercial building. 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? This exception does not apply if the owner has asked your company to place his number on the company do-not-call list. Ultimately, the board of directors must make a determination if the use of the Legal Fund satisfies the purposes and intent of the fund. delegating paperwork to others. a vacant lot. 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. listings with your firm have a 30% greater chance of being sold than the average for your local MLS. 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? because you concentrate on a small number of select properties, you are able to give more individual attention to the property. 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). report violations of the real estate law to the Bureau of Real Estate. A real estate agent can sell a mobile home with the land it is sited on. None of these. Need adequate number of comparable sales.Page 222-223, The likelihood of a sale within 90 days is. For listing agents, selling real estate involves three separate sales. 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. a credit on the sellers closing statement. Defraying all or a portion of legal expenses for pending litigation in which a member is a party 4. both a counteroffer really rejects the offer and once rejected, an offer cannot be accepted. neither motivate salespeople nor retain top producers. Persons who are not members of the REALTOR organization have asked TAR to file amicus briefs in cases in which no REALTOR is involved. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to a. motivate salespeople. 79 of 100 Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. ratio of net income to PITI. Similar properties sold within the past 2 years, Similar properties sold within the past 3 months, A listing presentation manual should include. retain top producers. Direct relationship between list price and time to sell.Page 224-225, 228, Benefits that an owner receives by listing with an agent include.
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