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Chapter 9
Real Estate Brokerage
16
Real Estate & Planning
Post-Graduate
06/11/2016

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
Managing Broker
Definition
May also be called the supervising broker is responsible for supervision of the real estate professionals who act on behalf of the brokerage.
Term
Independent Contractor
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.
Term
Commission
Definition
Compensation in the form of a percentage of the total sales, flat fee, or an hourly rate.
Term
Multiple Listing Service (MLS)
Definition
Provides that marketing opportunity and the rules of the MLS set out the terms under which brokers agree to cooperate in a transaction.
Term
Procuring Cause
Definition
Starting or cause of an uninterrupted chain of events that resulted in a sale.
Term
Ready, willing, and able buyer
Definition
One who is prepared to buy on the seller's terms and is ready to take positive steps toward consummation of the transaction.
Term
Minimum Level of Services
Definition
Services provided to a prospective client.
Term
Antitrust Laws
Definition
Laws against illegal business activities.
Term
Price Fixing
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.
Term
Boycott
Definition
When two or more businesses conspire against another business or agree to withhold their patronage to reduce competition.
Term
Internet Data Exchange (IDX)policy
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.
Term
Disclaimers
Definition
State material for a site is
Term
Electric Contracting
Definition
Quickly and efficiently integrates information in a real estate transaction between clients, lenders, and title and closing agents.
Term
Uniform Electronic Tranaction (UETA) Act
Definition
Created by the National Conference of Commissioners on Uniform State Laws; sets froth basic rules for entering an enforceable contract using elctronic means.
Term
Electronic Signatures in Global and National Commerce Act (E-Sign)
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.
Term
National Do Not Call Registry
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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