A mobile home must be at least 2 years old for a real estate agent to sell it. Principal residence does not qualify for a tax deferred exchange.Page 628. none of these. independent contractor for tax purposes. conforming loans. 360-day year. Which of the following statements regarding the use of goal-setting is FALSE? DVA loan. motivate salespeople. the firms logo. a former owner had AIDS. 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. a sports car to show you are a modern person. Prohibited by Civil Rights Act of 1968 and the Holden Act.page 71. steering. A court or TREC hearing officer might reach the same conclusion and assess liability or responsibility on the broker. Are there any additional restrictions or limitations for access to the legal fund? The statement, The price seems a little high. All of these A reluctance to leave a property An inquiry as to when possession would be possible, These are words or actions indicating an interest.Page 437-438, An example of an open-ended question would be, Do you like this house? What do you like about this neighborhood? Is there any more information you would like? Can you afford a $1,500 house payment?, What do you like about this neighborhood?, You want an explanation, not yes or no answers.Page 428, For effective communication it is BEST to. FHA loan. must be signed by buyer and seller. every nonresidential listing. confirm, elect, disclose. Proposition 90 Proposition 58 Proposition 13 Proposition 60, Must cost the same, or less, than the home sold.Page 616, Tax benefits of a principal residence include all of the following EXCEPT. Owners presence inhibits buyers. show buyers homes they cannot afford to impress them with the caliber of homes to which the agent has access. Attracts attention and is easy to read.Page 357. attention, interest, demand, action. exclusive right to represent listing. The association needs you to volunteer your voice and exper. While real estate agents will find it difficult to serve as both real estate agents and mortgage brokers, or real estate agents and part-time lender employees, agents may still be paid under a RESPA exemption that permits persons (even ones that refer lenders business) to be paid for services rendered, so long as the payment is commensurate with the services provided. Some brokers charge a small fee every time someone clicks through to the lenders website. 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. Goals must reflect current desires.page 39. when property is shown, follow the agent closely and provide information to the prospective buyers. The caller can afford the home and area or they would not have called. The Recovery Fund is funded by a $10 fee paid with every brokers or salesmans original license application. 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. When a change is required to escrow instructions: the seller can amend the escrow instructions. A real estate agent can sell a mobile home in a rental park space. 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. meeting objections half-way. Neither Primary financing refers to loans made directly by the lender to the borrower nor Secondary financing refers to the resale of existing loans. B. motivate salespeople . ask, interact, demonstrate, approve. Providing legal assistance for matters pending in court or governmental agencies 3. say, I will give you the address if you give me your name. say, Would it be all right if I sent you some information and photos of that property and several others? say, Im sorry; office policy prohibits me from discussing any properties if I dont know with whom I am talking., say, Would it be all right if I sent you some information and photos of that property and several others?, It is not threatening and most will agree. nonbinding arbitration of disputes. At the end of the accounting period in which Mr. Smith generates the sale, ABC creates the following entry to record its liability for the commission: ABC then reverses the entry at the beginning of the following accounting period, because it is going to record the actual payment on the 15th of the month. supporting statements with facts. California Real Estate Law. Commission is negotiable and not set by law. Defraying all or a portion of legal expenses for pending litigation in which a member is a party 4. both buyer and seller must agree to amend the escrow instructions. o all of these. For listing agents, selling real estate involves three separate sales. price. do all the talking yourself. an exculpatory clause. deductibility of taxes. When loan puts a lien on borrowers residence.Page 560. What kind of cases or actions has the Texas REALTORS Legal Fund been used for in the past? Agents must advertise their names and license status. Under these guidelines, agents and brokers may receive fees for performing loan origination work on a lender's behalf, such as taking a loan application, counseling borrowers, ordering credit reports and appraisals, and completing loan documents used to process the loan. gap loan. For Sale By Owner Code violations Probate Evictions, The phrase centers of influence refers to. Holden Act. Brokers have liability to commission salespeople as to Correct o minimum wage requirements. No. 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? because you concentrate on a small number of select properties, you are able to give more individual attention to the property. present the firms offer first and, if rejected, then present the other offer(s). asking every prospect to recommend another prospect. It has also been used to fund the filing of analyses and comments before governmental agencies. 60% of $5,685 = $3,411.page 317, Advantages of holding open houses include. the worse you make the property appear, the greater your response is likely to be. upon delivery of the sellers acceptance. an unknown spousal interest. interest. a family-oriented home. These are all good pieces of advice.Page 415-416. the total dollar costs to take possession. No title insurance covers zoning changes.Page 599. cash. A person employed by a builder to sell the builders homes is exempt from the Real Estate License Act. Yes, as long as you follow the rules set out in the Real Estate Settlement Procedures Act (RESPA). The firm's approximate desk cost is 19500.0 A licensed sales associate has employed an unlicensed personal assistant. Brown Act. What is the best test to evaluate if an act is ethical? Mentioning it could be steering. bare-bones classified ad on a property. taxes. One who has children. The following statements are all examples of abstract goals EXCEPT: d.) (I will obtain three new listings each month. address from the occupants name. legal description from the address. The recovery fund is a state-run consumer protection fund used to reimburse aggrieved persons who suffer actual damages by reasons of certain acts committed by brokers, salesmen, or their unlicensed employees or agents. A Transfer Disclosure Statement must be provided to the buyer when the sale involves. ground lease. amount over the index the lender charges as interest. a gross lease. ask leading questions. The Residential Lease Application states that our company must make our office privacy policy available to rental applicants upon request. Having the ability to switch property is important. the Bureau of Real Estate. both increased by a list price below that indicated by the comparative market analysis and decreased by listing above the market value. neither you must mention this to a prospective buyer nor failure to mention the presence of the group would make you liable for any damages the buyer suffered. use technical terms wherever possible. Brokers have liability to commission salespeople as to - workers compensation. both A and. (Page 128), A selling agent must comply with agency disclosures to the buyer. Brown Act. an estate. If it is legal, it is ethical. Law provides that agents are not liable for failure to disclose any deaths on the property that occurred more than three years ago. None of these. Every six months, the Texas REALTORS Legal Review Committee reviews applications and requests for funding from the Legal Fund from Texas REALTORS and litigants involving cases that significantly affect the entire real estate industry. decreased by listing above the market value. For copies of the procedures or applications, contact the Legal Affairs Department. risk. Thus, the reversing entry is: On the 15th of the month, ABC pays Mr. Smith his commission and records this entry. If not initialed, then the matter can go to the courts.Page 281. minimum wage requirements. The case proceeded to a jury which found for the defendant REALTOR. the name of the agent to call. always selling a new home to the seller. Which of the following should an agent regard as a buying signal? Rumford Act. Or working an area for a type of property or buyer group.page 213, A reverse directory allows an agent to have the. 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 particular mobile home park. waive their rights to arbitrate. information about the buyers. obtaining listings from visitors. Fair Housing Month signifies a recommitment to advancing equitable opportunities and expanding homeownership. Or changing instructions without agreement of all parties. The broker did not violate law or regulations because the listing was an. buyers only. lack of capacity of a grantor. 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. What are the advantages of a good time-management program? Which of the following is true of agency relationships? changes in the zoning. love of family. How does this work and is it legal? there is a licensed care facility that serves three people across the street from the property. Need adequate number of comparable sales.Page 222-223, The likelihood of a sale within 90 days is. Applicability of the legal principles discussed in this material may differ substantially in individual situations. Texas REALTORS provides content through various online platforms, including this blog. Nonresidential real estate purchased since 1987 must be depreciated using: both 39 years for the property life and the straight-line method. (Page 511-512), A loan in which the borrower buys under a land contract would be a. CalVet loan. the factor that makes a neighborhood cohesive. A real estate agent can sell a mobile home with the land it is sited on. With reasonable expertise of a licensee.page 124. to buyer disclosure only. (Page 486), In making an appointment to present an offer, the agent should. (Page 427), When dealing with a prospect who is silent, the BEST approach would be to. Plus they must be licensed and paid only for success. - Once set, goals to disclosures to principals only. let the owners know which offers provide the agent with the greatest benefits. exclusive agency listing. loan index. Which of the following statements regarding the time it takes for a property to sell is TRUE? 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. d. all of the above 4. prospecting your farm area on a continuous basis. Advertising a property that is not available and you wont sell so you can find buyers that you hope to switch to other properties. As an indication of value, which of the following would BEST indicate the market value of a home? salesperson is not supervised by the broker. the condition of the property. A recorded abstract of judgment has priority over a homestead declaration when O it was recorded prior to the homestead O the owner has rented the property to another O. However, only bona fide employees are covered by this exemption. Exchanger cannot have control of funds. 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. benefits of listing. influential people in the community. What are the advantages of a good time-management program? the offer itself. owners who get less than they expected to receive from a sale are likely to be unhappy with you. H0:80Ha:<80\begin{aligned} The three stages of presenting an offer include all of the following EXCEPT. property taxes to be increased up to 2% each year. both a debit on the buyers closing statement and a credit on the sellers closing statement. specific advertising. delegating paperwork to others. If you are going to be buying a new car for real estate sales, you should consider . Owner Adams sold the house without the aid of Broker Baker. Agents sell while owners seldom sell themselves.Page 239. Which of the following is NOT one of the three? have a hard and fast rule to never show more than three properties. One risk you face is that the lines of activities, duties, and responsibilities between the two positions can become blurred, especially to a buyer. Which of the following is NOT an institutional lender? 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). an estate at will. both federally related loans and 1 to 4 residential units only. mproved efficiency appreciation. Holden Act. Cost of sales is 45% of the gross commissions. The California Homeowners Exemption for property taxes is, But the Veterans exemption is $4,000.Page 617. 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. B. . do all of these. Texas brokers who are exempt from TRECs continuing education requirements do not have to take the Broker Responsibility course. office buildings. If he were working exclusively for the builder, he would be exempt from the act and you would not be responsible for his activities. Agency relationships require an exchange of consideration to be formed. The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. (Page 231). \end{aligned} The following statements are all examples of abstract goals EXCEPT. None of these. More than two typefaces in an ad will likely have a negative effect on the ad. The burden of responsibility. I will strive to improve my sales techniques. try to overcome objections raised. talk fast if the customer talks slowly. an estate from period to period. (Page 351-352). a subordination clause. (Page 294), In describing sales successes, it would NOT be advantageous to point out that. (b) workers compensation. And get buyer reactions which might alter showings. all of these. 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. They like it and hope they can afford it.Page 383, When you receive For Sale sign inquiries you can assume that the caller. flyer pointing out attractive features about a property. Disclose as soon as possible, confirm with offer.page 119-120. a recapture clause. 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. broker that fails to advertise a property every week is not doing a proper job of advertising. the buyer sign that they have received a booklet titled Environmental Hazards: A Guide for Homeowners, Buyers, Landlords, and Tenants. Buyers resist pressure before they are ready.Page 447, Disadvantages of home-ownership include all of the following EXCEPT. include credit terms. a warning as to balloon payments. 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.The commission may be based on a flat fee arrangement, or (more commonly) as a percentage of the revenue generated. Monitoring and participating in the actions of governmental agencies 6. 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. You will not post any defamatory, discriminatory, libelous, threatening, vulgar, sexually explicit, abusive, profane, rude, or obscene content (including comments); b. Your answer is correct. it is best not to mention any problems with the property. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to both motivate salespeople and retain top producers both use their own funds to make loans and service loans they make. applies to 1 to 4 residential units. The Austin Federal District Court disregarded the savings and loans claims and upheld the Texas Constitution. remain silent to force the prospect to talk. the buyer can amend the escrow instructions. All of these. Liquidated damages cannot result from buyer default. have a quicker sale. In a sublease, the sublessor is liable to the owner. 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. redlining. accepting escrow instructions having blanks that are to be filled in after the instructions are signed. three months rent. Noncomforming loans are Jumbo loans.Page 514. amount over the index the lender charges as interest. 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. 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. operational advertising. d. salesperson not be supervised by the broker. direct mail solicitations. Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. Which of the following is an example of a tie-down? A fee based on a transaction between the lender and a consumer is prohibited by RESPA. caravans. the most desirable feature. ), You can find out how things are done in your office by, d.) (studying your office procedure manual.). his or her principal. commercial property. you will work just as hard as the large firm. Increased income The Legal Fund is used for a number of expressed purposes: 1. But the caller might not be able to afford the property. The best heading for a classified ad on a home would be. Question 4 1 / 1 pts The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to. Types of property requiring property management include. Are there any risks I should be aware of before agreeing to this? First-time visits to new listings by groups of agents are commonly known as. the average time from listing to sale for your firm is 42 days less than the average sale in your MLS. ratio of net income to PITI. combination of percentage of the gross and minimum fee. a commercial building. possible periodic increases. appearing confident. 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. Their adjusted cost basis is $80,000. Since it indicates that you fail to sell 50 percent of your listings.Page 253, Serious buyers contact real estate agents because. Index plus margin equal interest charged.Page 539, Loans that meet the underwriting standards of Fannie Mae or Freddie Mac are known as. neither it is best to advertise properties in areas or price ranges where other properties are also available nor prospective buyers who respond to newspaper ads are likely to buy a property other than the property advertised.

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