A battery plant begins discharging cadmium into a river at midnight on a certain day and the concentration CCC of cadmium at a point 1,000 meters downriver is subsequently measured at 3-hour intervals over the next 24 hours, as indicated in the accompanying table. attention, interest, desire, action. Are there any risks I should be aware of before agreeing to this? Any legal or other information found on this page or at other sites to which we link, should be verified before it is relied upon. Your answer is correct 3 Brokers have liability to commission taxes. broker that fails to advertise a property every week is not doing a proper job of advertising. One risk you face is that the lines of activities, duties, and responsibilities between the two positions can become blurred, especially to a buyer. 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. (Page 411), When showing a property to a prospective buyer, the agent should. provide sufficient facts so the receivers can form valid conclusions.You should be selling the benefits so they are understood. Which promotion would have the lowest cost to the broker? why the owners should deal with your firm. recommend to the owner to accept it. The caller may want a lower-priced property. should never be changed. include credit terms. use their own funds to make loans. None of these. operational advertising. 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. prior to qualifying the buyer. a credit on the buyers closing statement and a debit on the sellers statement. 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. This exception does not apply if the owner has asked your company to place his number on the company do-not-call list. use abbreviations such as Agt. or Bro. instead of the name of the firm. disclose, elect, confirm. Brown Act. No title insurance covers zoning changes.Page 599. cash. (page 63), The Seller Financing Disclosure Statement provided to both buyer and seller provides. visual inspections. Primary financing is first trust deeds and secondary financing refers to junior liens. a full-sized, four-door car for easy entrance and exit. both is satisfied with the general appearance of the home and is satisfied with the area. Licensed care facilities near the property that serve 6 or fewer people need not be disclosed. Which of the following is an example of a tie-down? The fund is used only for purposes authorized by the Texas REALTORS Board of Directors and may only be accessed by REALTORS through a formal application process. 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. Case 2: The association filed an amicus brief in an Austin case in which a savings and loan association filed suit against the attorney general of Texas, arguing that federal regulations preempted the Texas Constitution regarding its homestead protection. all of these. you should concentrate on D category activities before proceeding to B and C activities. condominium. The Legal Review Committee, in turn, makes a recommendation to the Texas REALTORS Board of Directors either to approve or deny the application. So if reasonable, it should be accepted. 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. minimum fee. 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. 4: The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to: (a) motivate salespeople. federal income taxes. The REALTOR's errors-and-omissions insurance carrier refused coverage on the basis that the claim involved bodily injury that was excepted from the policy. the buyer can amend the escrow instructions. A real estate agent who spends an hour with a customer taking a preliminary credit application and collecting certain credit documents (i.e., W-2s, pay stubs, bank statements) has performed a genuine service for the lender that is actual, necessary, and distinct from the agent's normal duties. 60% of $5,685 = $3,411.page 317, Advantages of holding open houses include. 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. The original lessee is secondarily liable, and the person in possession is primarily liable under the original lease. all of these. talk fast if the customer talks slowly. keep in mind their first duty is to the owners, not to themselves or their firm. neither 39 years for the property life nor the straight-line method. 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. Legally binding agency relationships may be formed between a principal, Select the statement that is true of consumer law prior to the 20th century. lack of capacity of a grantor. owners name from the tax number. Liquidated damages are limited by law.Page 465. comfort and convenience. Applicability of the legal principles discussed in this material may differ substantially in individual situations. Brokers have liability to commission salespeople as to workers compensation. A listing office typically gives 50% of the gross commission to the selling office and splits the remainder with 40% to the broker and 60% to the listing salesperson. information about the buyers. benefits of listing. A release from time pressures 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. failure to mention the presence of the group would make you liable for any damages the buyer suffered. o all of these. the monthly gross income divided by the amount to be financed. ), You can find out how things are done in your office by, d.) (studying your office procedure manual.). open-end loan. A broker who is the designated broker for a business entity is subject to this rule whether or not the business entity sponsors salespeople. You should contact your attorney to obtain advice with respect to any particular issue or problem. (b) workers compensation. There is a formal application and certification that an applicant, or his attorney, must complete. With a constant stream of prospects.page 207, A major reason owners attempt to sell without an agent is to. That means that a real estate agent that becomes a "loan officer" only after selling a property is unlikely to be considered a true employee and therefore would not be covered by the RESPA exemption. both applies to 1 to 4 residential units and must be signed by buyer and seller. a subsidized rent program for low-income tenants. loan index. all of these. it is best not to mention any problems with the property. net lease. subordination. the firms logo. Which of the following is NOT an institutional lender? supporting statements with facts. home solicitation phone calls. forgery in the chain of title. Both a real estate agent can sell a mobile home in a rental park space and a real estate agent can sell a mobile home with the land it is sited on, But a real estate agent cant sell a mobile home that must be moved. Most people read from the upper left to the lower right corner when looking at an ad. all of these. A Transfer Disclosure Statement must be provided to the buyer when the sale involves. 3: Brokers have liability to commission salespeople as to: (a) unemployment insurance. Thus, the reversing entry is: On the 15th of the month, ABC pays Mr. Smith his commission and records this entry. both a debit on the buyers closing statement and a credit on the sellers closing statement. Disclosure of AIDS is never required. salesperson is not responsible to a broker. promotion and advertising paid by the agent. Defraying legal expenses for cases in which the association intervenes or files briefs as a friend of the court 5. Defraying all or a portion of legal expenses for pending litigation in which a member is a party 4. 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). In fact, the Legal Review Committee recommends that a number of applications be denied each year. Others claim that their programs have been blessed by HUD. The Internal Revenue Service sets strict standards for employment. credit terms. uniformly to all real estate transactions. gap loan. The application is submitted to the applicants local association for review. love of family. H0:80Ha:<80\begin{aligned} 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. assessed value of property acquired before 1978 to be reduced to the amount shown in the 1975 tax roll. being over-eager to close.
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