brokers have liability to commission salespeople as to

Reasonable compensation (generally a flat fee, not a percentage of the loan amount) may be justified. None of these. She is, California Real Estate Law. locating prospective buyers. 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. Plus they must be licensed and paid only for success. three months rent. 360-day year. (Page 383). 60% of $5,685 = $3,411.page 317, Advantages of holding open houses include. institutional loans. the down payment divided by the purchase price. have a hard and fast rule to never show more than three properties. The broker did not violate law or regulations because the listing was an. combination of percentage of the gross and minimum fee. blockbusting. What about programs that offer to pay a real estate agent for names of potential borrowers? (Page 397), When a caller wont give a name, the best approach would be to, hang up. 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. 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. 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. report violations of the real estate law to the Bureau of Real Estate. all of these. . If you are going to be buying a new car for real estate sales, you should consider . A sales force of 13 people share 10 desks. arrange to have all owners present for the presentation. 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. last 20 days of the listing. However, only bona fide employees are covered by this exemption. Finally, many of the promotional materials claim their compensation programs have received HUD "approval." About a month after closing, the flood maps were revised and included the property in a flood hazard area. all of these. Index plus margin equal interest charged.Page 539, Loans that meet the underwriting standards of Fannie Mae or Freddie Mac are known as. There is a formal application and certification that an applicant, or his attorney, must complete. workers compensation. Owners are most interested in the bottom line.Page 490, When an offer is received, the owner should be made aware that. increased by a list price below that indicated by the comparative market analysis. b. workers compensation. they adjust the price to the current market. the firms logo. an open listing. Where can we find information about what we should include in our privacy policy? the price was too high. a listing where the agent was not authorized to accept a deposit. If you are going to be buying a new car for real estate sales, you should consider - a full-sized, fourdoor car for easy entrance and exit. & H_{\mathrm{a}}: \mu<80 In one informal HUD interpretation, the department indicated that a sale of a list of consumers to a settlement service provider did not violate RESPA provided the payment is for the use of the list and is not further conditioned upon the number of closed transactions resulting from the list, or any other consideration, such as an endorsement of the product being offered by the seller of the list. In another case, litigants in a city-zoning dispute asked the Texas REALTORS to file briefs with the court. both buyer and seller must agree to amend the escrow instructions. loan index. (b) workers compensation. a debit on the buyers closing statement. If it is unethical, it is illegal. The Legal Review Committee, in turn, makes a recommendation to the Texas REALTORS Board of Directors either to approve or deny the application. Similar properties sold within the past 2 years, Similar properties sold within the past 3 months, A listing presentation manual should include. Which of the following statements regarding the use of goal-setting is FALSE? Primary financing refers to loans made directly by the lender to the borrower. By interacting with any of our blog posts, you agree to comply with the following terms and conditions: Texas REALTORS, in its sole discretion, reserves the right to remove any content you have uploaded, posted, or submitted onto any of our blog posts if we believe that it violates these terms or conditions. a credit on the buyers closing statement and a debit on the sellers statement. advertising by season. 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. A real estate agent can sell a mobile home with the land it is sited on. keep in mind their first duty is to the owners, not to themselves or their firm. Unruh Act. Increased income In each of these cases, the board of directors determined that there was a significance to REALTORS as a class. Primary financing is first trust deeds and secondary financing refers to junior liens. conceding before answering. does none of these. First-time visits to new listings by groups of agents are commonly known as. 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. What are these new rules and have lenders received HUD approval for these programs? is merely an offer to insure. redlining. particular ethnic group. Which of the following is NOT one of the three? cashiers checks. combination of percentage of the gross and minimum fee. Such as a Transfer Disclosure Statement.page 107, A fiduciary relationship applies to a real estate licensee and to. both the exchange property must be identified within 45 days and the exchange must be completed no more than 180 days after transfer of exchanged property. total monthly housing expenses plus monthly long-term credit obligations divided by gross monthly income. Such as an equity line of credit.Page 531, A rescission right until midnight of the 3rd day after signing is provided for by. both 39 years for the property life and the straight-line method. Which of the following statements is TRUE? because owners want to get as much as possible, you should underestimate costs so the net will be greater. visual inspections. Brokers have liability to commission salespeople as to Correct o minimum wage requirements. prospective buyers who respond to newspaper ads are likely to buy a property other than the property advertised. independent contractor for tax purposes. 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. A commission may be earned by an employee or an outside salesperson or entity. 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. Legally binding agency relationships may be formed between a principal, Select the statement that is true of consumer law prior to the 20th century. 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. Even if I do not perform the requisite number of functions to be considered a mortgage broker or do not become a true part-time employee of the lender, can I still be paid something for the work I perform for the lender? ask, inform, demonstrate, approve. 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. What are the advantages of a good time-management program? nonbinding arbitration of disputes. demand advertising. one months rent. Download a PDF of the Model Privacy Policy just for Texas REALTORS from theManuals & Guides page. Which of the following statements regarding ethics is TRUE? Prospecting from legal notices can be effective. 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. to disclosures to principals only. a particular subdivision. Brokers have liability to their commissioned salespersons in respect to. waive their rights to arbitrate. ratio of current rental costs to estimated housing costs. a blank space since it attracts attention. The seller entitled to it and the buyer pays. Although showing owners you are working on their behalf is least important.page 327-331. procedure for showing a property to prospective buyers. 6% of $189,500 = $11,370. broker-salesperson contract states that the salesperson shall be treated as an independent contractor for tax purposes. p. 17 9. Without all owners, it cant be accepted.Page 479. b.) flyer pointing out attractive features about a property. Properties listed above market value tend to sell faster than properties listed at prices closer to market value. an estate for years. An exclusive listing without a termination date, Must have a definite termination date.Page 266. occupants name from the address. personal property. Ethics tends to precede the law. Ethics and good business are not compatible. This letter, often referred to as the Retsinas Letter (after the former FHA Commissioner who issued the letter), was later incorporated by reference in a March 1, 1999, RESPA Statement of Policy Regarding Payments By Lenders To Mortgage Brokers, 64 Fed. Rumford Act. elect, confirm, disclose. (Page 486), In making an appointment to present an offer, the agent should. A brokerage firm has operating expenses of $254,000. percentage of the gross. Neither Primary financing refers to loans made directly by the lender to the borrower nor Secondary financing refers to the resale of existing loans. Although HUD has never published criteria, it's likely the IRS rules would prevail. (Page 427), When dealing with a prospect who is silent, the BEST approach would be to. This includes possible civil liability for negligent or other inappropriate activities. third month of a six-month listing. a family-oriented home. misrepresentation. salesperson is not supervised by the broker. Sells the firm, not a specific property.Page 342. 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. Others claim that their programs have been blessed by HUD. rights of parties in possession. Commission is negotiable and not set by law. Principal residence does not qualify for a tax deferred exchange.Page 628. none of these. a. I will strive to improve my sales techniques. Usually 36 percent for qualifying. In addition to the Civil Rights Act of 1968.page 77, The California Act that prohibits discrimination by all California businesses is the. (page 63), The Seller Financing Disclosure Statement provided to both buyer and seller provides. lack of capacity of a grantor. (page 68). Real Estate Practice - Chapter Two; Ethics, F, Real Estate Practice - Chapter Three; Mandato, Real Estate Practice - Chapter Four; Prospect, Real Estate Practice - Chapter 5; Listing Pre, Real Estate Finance - Chapter Fifteen; Mathem, Real Estate Finance - Chapter Fourteen; Inves, Real Estate Finance - Chapter Thirteen; Loan, Alexander Holmes, Barbara Illowsky, Susan Dean, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal. use abbreviations such as Agt. or Bro. instead of the name of the firm. is satisfied with the general appearance of the home. you should concentrate on D category activities before proceeding to B and C activities. use their own funds to make loans. reading the information on the back of your real estate license. that the property must have been held for productive use in a trade or business or for investment purposes. 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. Which of the following would constitute an acceptance? both 30-day month and 360-day year. sales taxes. Keeping rent receipts until foreclosed.Page 489, When presenting multiple offers the agent should. your average sale is at 94.5% percent of list price while the average for your MLS is 87.3%. For injuries. four months rent. No. both use their own funds to make loans and service loans they make. mentioning a potential objection before the customer does. show buyers homes they cannot afford to impress them with the caliber of homes to which the agent has access. The entire leasehold must be transferred. accepting escrow instructions having blanks that are to be filled in after the instructions are signed. Brokers have liability to commission salespeople as to workers compensation. First, there are no new changes to RESPA. stay in close communication with clients or customers. unrecorded liens. Liquidated damages are limited by law.Page 465. comfort and convenience. d. all of the above 4. conversion. decreased by listing above the market value. If you are going to be buying a new car for real estate sales, you should consider. Fair Housing Month signifies a recommitment to advancing equitable opportunities and expanding homeownership. Are there any additional restrictions or limitations for access to the legal fund? Advertising one property brings in buyers for other properties. Are there any risks I should be aware of before agreeing to this? the Truth in Lending Act. a commercial building. If the agent advertises the APR, the agent must include all credit terms. buyers only. A fee based on a transaction between the lender and a consumer is prohibited by RESPA. both motivate salespeople and retain top producers. Holden Act. remain silent to force the prospect to talk. The damages cannot exceed 3% of the purchase price. Brokers have liability to their commissioned salespersons in respect to: a.) Is the legal fund the same as the recovery fund? d. salesperson not be supervised by the broker. Law provides that agents are not liable for failure to disclose any deaths on the property that occurred more than three years ago. Thus, a real estate agent could receive nominal compensation, for supplying a lender with certain basic information about a customer (i.e., name, address, telephone number, price of the newly purchased home, etc.). every residential listing. Owners want to know what is happening.page 300. 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. ethnic groups. chemical tests of the soil for all dangerous contaminants. mproved efficiency When loan puts a lien on borrowers residence.Page 560. Holden Act. d. You will not post any information intended to sell or advertise a business, product, or service. an estate at will. firsts. 50% of $11,370 = $5,685. 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. Neither the cities nor the (a) countries, (b) counties took responsibility for their deteriorating infrastructures. changes in the zoning. net lease. any of these. But the caller might not be able to afford the property. percentage lease. both applies to 1 to 4 residential units and must be signed by buyer and seller. an exculpatory clause. A broker may discriminate against which type of tenant? loan in designated areas. Net Exclusive agency Exclusive right-to-sell Open, It is a unilateral contract and the agent has not agreed to use diligence.Page 264. 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. The following statements are all examples of abstract goals EXCEPT. neither 30-day month nor 360-day year. return it to the offeror. 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. The Recovery Fund is funded by a $10 fee paid with every broker's or salesman's original license application. avoid seller disclosures. Telephone responses from a For Sale sign indicate what about the prospective buyer? Adjust does not have the connotation of lowering.page 312, The period that tends to be the most productive sales period for listings is the. listings with your firm have a 30% greater chance of being sold than the average for your local MLS. The caller may want a lower-priced property. $5,685.00. an accredited property manager. both increased by a list price below that indicated by the comparative market analysis and decreased by listing above the market value. conceal the fact that the advertiser is an agent. a periodic tenancy. 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 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. paying a referral fee to anyone other than his or her own employees. claims that a correct survey would have revealed. 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. participation loans. none of these. Under the accrual basis of accounting, you should record an expense and an offsetting liability for a commission in the same period as you record the sale generated by the salesperson, and when you can calculate the amount of the commission. accessible areas only. Lowercase letters are easier to read than capital letters.

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