Term
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Definition
| May also be called the supervising broker is responsible for supervision of the real estate professionals who act on behalf of the brokerage. |
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Term
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Definition
| Operates with more independence than an employee, and the employer's may not exercise the same degree of control over an independent contractor's activities. |
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Term
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Definition
| Compensation in the form of a percentage of the total sales, flat fee, or an hourly rate. |
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Term
| Multiple Listing Service (MLS) |
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Definition
| Provides that marketing opportunity and the rules of the MLS set out the terms under which brokers agree to cooperate in a transaction. |
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Term
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Definition
| Starting or cause of an uninterrupted chain of events that resulted in a sale. |
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Term
| Ready, willing, and able buyer |
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Definition
| One who is prepared to buy on the seller's terms and is ready to take positive steps toward consummation of the transaction. |
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Term
| Minimum Level of Services |
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Definition
| Services provided to a prospective client. |
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Term
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Definition
| Laws against illegal business activities. |
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Term
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Definition
| Practice in which competitors agree to set prices or other terms and conditions for products or services rather than letting competition in the opern market establish those prices. |
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Term
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Definition
| When two or more businesses conspire against another business or agree to withhold their patronage to reduce competition. |
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Term
| Internet Data Exchange (IDX)policy |
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Definition
| Allows all MLS members to have equal rights to display MLS data while also respecting the rights of the property owner and the real estate broker who represents the property owner to market a property as they wish. |
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Term
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Definition
| State material for a site is |
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Term
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Definition
| Quickly and efficiently integrates information in a real estate transaction between clients, lenders, and title and closing agents. |
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Term
| Uniform Electronic Tranaction (UETA) Act |
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Definition
| Created by the National Conference of Commissioners on Uniform State Laws; sets froth basic rules for entering an enforceable contract using elctronic means. |
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Term
| Electronic Signatures in Global and National Commerce Act (E-Sign) |
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Definition
| Passed in 2000; E-Signs functions as the electronic transactions law in states that have not enacted UETA;its purpose is to make contracts and records legally enforceable, regardless of the medium in which they are created. |
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Term
| National Do Not Call Registry |
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Definition
| Managed by the Federal Trade Commission; a list of telephone numbers from consumers who have indicated their preference to limit the telemarketing calls they receive. |
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