What kind of closing technique is Harry using? Having the ability to switch property is important. neither agents have inventory nor they want to quickly locate property that meets their needs. a certified property manager. sales taxes. avoid seller disclosures. 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. why the owners should deal with your firm. It depends. deductibility of taxes. The opposite of most advertising. The buyers originally alleged damages in excess of $30 million. rent skimming. If you are going to be buying a new car for real estate sales, you should consider . recommend to the owner to ignore it. total monthly housing expenses plus monthly long-term credit obligations divided by gross monthly income. ethnic groups. What are these new rules and have lenders received HUD approval for these programs? ignore the other agent and go ahead with your showing. 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. Which of the following loans is MOST likely to have the highest initial interest rate? DVA loan. The Legal Fund is used for a number of expressed purposes: 1. Case 1: A REALTOR was sued by a buyer who alleged the agent failed to properly advise him that the property lay near an environmentally contaminated site. Exchanger cannot have control of funds. an estate at will. military-based housing. owners who get less than they expected to receive from a sale are likely to be unhappy with you. 30-day month. b.) love of family. A person employed by a builder to sell the builders homes is exempt from the Real Estate License Act. Avoid wasting time and prioritize time. promotion and advertising paid by the agent. wait to show the property until the other agent has left. What kind of loan do they have? advertising by season. tell your prospects that they had better act fast as you are sure the other party wants to buy the house. New listings excite agents and buyers.page 325, An open house was held on a property needing many obvious repairs. A lease that needs no notice for termination, would be. A broker who sponsors salespeople is subject to this rule regardless of how long the broker sponsors the salespeople. a full-sized, four-door car for easy entrance and exit. a credit on the buyers closing statement and a debit on the sellers statement. What type of listing is legal in California, but is considered illegal in some other states? a credit on the sellers closing statement. the offer itself. There is still the possibility of a sale.Page 493, A purchaser who obtains owner-financing and fails to apply rent payments to the loan payments may be guilty of. 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. Brokers have liability to commission salespeople as to - workers compensation. a particular mobile home park. 1031 exchange. arrange to have all owners present for the presentation. Disclosure law that also prohibits lender rebates. Open listing Exclusive agency listing Any of these Exclusive authorization to acquire real property listing, If any agent sells the listing, the agent is paid.Page 274, Written notice that the amount of commission is negotiable is required in. Prospecting from legal notices can be effective. to disclosures to principals only. welcoming the objections. At the time of the purchase, flood maps for the area showed the property not to lie in a flood hazard area. Brokers have liability to commission salespeople as to unemployment insurance. More than two typefaces in an ad will likely have a negative effect on the ad. present them in the order received, obtaining acceptance, rejection, or counteroffer for each offer before proceeding to the next offer. a debit on the buyers closing statement. Which of the following is NOT one of the three? a subordination clause. Download a PDF of the Model Privacy Policy just for Texas REALTORS from theManuals & Guides page. Neither the cities nor the (a) countries, (b) counties took responsibility for their deteriorating infrastructures. 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. These rules come into play any time a real estate broker in a position to refer mortgage business to a lender is paid a thing of value by the lender. Which of the following is NOT an institutional lender? 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). Assuming a 6% commission, Salesperson Andrews share would be: $11,370.00. Which of the following statements regarding the use of goal-setting is FALSE? specific advertising. open listing. 10080. blockbusting. 60% of $5,685 = $3,411.page 317, Advantages of holding open houses include. all of these. institutional loans. four months rent. people are attracted to fixer-upper ads because they sense a bargain. 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. motivate salespeople. For example, litigants in one case involving antitrust issues asked the association to file briefs with the court. both A and. they adjust the price to the current market. Rumford Act. a percentage lease. 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. (Page 351-352). 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. use their own funds to make loans. The Recovery Fund is funded by a $10 fee paid with every brokers or salesmans original license application. all of these. An example of a closed-ended question, would be, Would you use this room as a bedroom or a den? Whose bedroom would this be? What do you think of the floor plan? Isnt this a large living room?, Can be answered with a yes or no.Page 428, In meeting a buyers objections the agent should consider. showing owners you are working on their behalf. 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. Ultimately, the board of directors must make a determination if the use of the Legal Fund satisfies the purposes and intent of the fund. Through the Legal Fund, the Texas REALTORS was able to monitor and participate in the action. doubling A time activities should double your income. The following statements are all examples of abstract goals EXCEPT: d.) (I will obtain three new listings each month. provides insurance coverage until the title insurance policy is issued. as expensive a car as possible to impress others. 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. It has also been used to fund the filing of analyses and comments before governmental agencies. visual inspections. neither the exchange property must be identified within 45 days nor the exchange must be completed no more than 180 days after transfer of exchanged property. You should tell someone about your goals. an unknown spousal interest. Present all offers together fairly. service loans they make. 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. Holden Act. The Internal Revenue Service sets strict standards for employment. both motivate salespeople and retain top producers. both buyer and seller must agree to amend the escrow instructions. loan in designated areas. One of the agents I sponsor wants to also work part time selling homes for a local home builder. price. occupancy. (Page 294), In describing sales successes, it would NOT be advantageous to point out that. 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. you must mention this to a prospective buyer. She has a signed liquidated damages clause. You will not post any defamatory, discriminatory, libelous, threatening, vulgar, sexually explicit, abusive, profane, rude, or obscene content (including comments); b. & H_{\mathrm{a}}: \mu<80 No. After careful review, the board of directors chose not to file the requested briefs. a listing where the agent was not authorized to accept a deposit. The commission may be based on a flat fee arrangement, or (more commonly) as a percentage of the revenue generated. owners name from the tax number. property taxes to be increased up to 2% each year. Prohibited by Civil Rights Act of 1968 and the Holden Act.page 71. steering. Yes. 3: Brokers have liability to commission salespeople as to: (a) unemployment insurance. The buyer purchased the property under an assumption and refinanced the lien six months after closing. With reasonable expertise of a licensee.page 124. to buyer disclosure only. unemployment insurance . 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. Nonresidential real estate purchased since 1987 must be depreciated using: both 39 years for the property life and the straight-line method. save paying the commission. The caller may want a lower-priced property. It was more important than it is now, because consumer products were less sophisticated. Requirements for a valid 1031 exchange include. The caller may want a lower-priced property. Although showing owners you are working on their behalf is least important.page 327-331. procedure for showing a property to prospective buyers. exclusive right to sell net listing. Which of the following would constitute an acceptance? Both Primary financing refers to loans made directly by the lender to the borrower and Secondary financing refers to the resale of existing loans. 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. One of the requirements for a real estate salesperson to be regarded as an independent contractor by Licensed care facilities near the property that serve 6 or fewer people need not be disclosed. amount over the index the lender charges as interest. What about programs that offer to pay a real estate agent for names of potential borrowers? all of these. Either Open or Exclusive agency Exclusive agency Exclusive right-to-sell Open, A commission paid only if agent makes sale.Page 264-272. all parties the agent has dealings with. The three stages of presenting an offer include all of the following EXCEPT. 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. the buyer can amend the escrow instructions. The earthquake safety disclosure statement. Finally, many of the promotional materials claim their compensation programs have received HUD "approval." What kind of cases or actions has the Texas REALTORS Legal Fund been used for in the past? you should divide your time equally between A, B, C, and D category activities. nonbinding arbitration of disputes. exclusive right to represent listing. 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. c. minimum wage requirements. last 20 days of the listing. undue influence. assessed value of property acquired before 1978 to be reduced to the amount shown in the 1975 tax roll. 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. insurance. they want to quickly locate property that meets their needs. The Legal Fund was able to assist the REALTOR in defeating the unfounded claim. I will strive to improve my sales techniques. both a debit on the buyers closing statement and a credit on the sellers closing statement. all of these. can sell a mobile home in a rental park space and A real estate agent can sell a mobile home with the 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.

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