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The property was most likely advertised as. exclusive agency listing. 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. Which of the following statements regarding mobile home sales is TRUE? You should contact your attorney to obtain advice with respect to any particular issue or problem. ), The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to. Brokers have liability to commission salespeople as to - workers compensation. Yes. . 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. If the agent advertises the APR, the agent must include all credit terms. What kind of cases or actions has the Texas REALTORS Legal Fund been used for in the past? Telephone responses from a For Sale sign indicate what about the prospective buyer? A broker may discriminate against which type of tenant? For injuries. can sell a mobile home in a rental park space and A real estate agent can sell a mobile home with the particular ethnic group. a full-sized, four-door car for easy entrance and exit. Reasonable compensation (generally a flat fee, not a percentage of the loan amount) may be justified. an accredited property manager. Disclose as soon as possible, confirm with offer.page 119-120. In addition to the Civil Rights Act of 1968.page 77, The California Act that prohibits discrimination by all California businesses is the. listings with your firm have a 30% greater chance of being sold than the average for your local MLS. Types of property requiring property management include. The owner should understand the brokers advertising policy, including the fact that a(n): display ad should be used to impress home-seekers. Prohibited by Civil Rights Act of 1968 and the Holden Act.page 71. steering. claims that a correct survey would have revealed. redlining. both a debit on the buyers closing statement and a credit on the sellers closing statement. Independent Contractor Status Frequently Asked Questions misrepresentation. home solicitation phone calls. let the owners know which offers provide the agent with the greatest benefits. an estate for years. The caller can afford the home and area or they would not have called. b. workers compensation. You can find out how things are done in your office by studying your office procedure manual. Texas brokers who are exempt from TRECs continuing education requirements do not have to take the Broker Responsibility course. conceding before answering. percentage lease. 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. a certified property manager. 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. A number of statutory elements must be satisfied by the consumer before he can file a claim for payment out of the recovery fund, including first obtaining a judgment against the broker or salesman that is not satisfied. all of these. the exchange property must be identified within 45 days. both applies to 1 to 4 residential units and must be signed by buyer and seller. I recently got my brokers license, but I dont sponsor any agents. a fixer-upper. Which of the following statements is TRUE? Such as an equity line of credit.Page 531, A rescission right until midnight of the 3rd day after signing is provided for by. neither 30-day month nor 360-day year. an estate at will. institutional loans. 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. When a change is required to escrow instructions: the seller can amend the escrow instructions. all parties the agent has dealings with. supporting statements with facts. 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.). 3: Brokers have liability to commission salespeople as to: (a) unemployment insurance. listings of 1 to 4 residential units. 50% of $11,370 = $5,685. Goals must reflect current desires.page 39. three months rent. Although showing owners you are working on their behalf is least important.page 327-331. procedure for showing a property to prospective buyers. The sublessee is a tenant of the original lessee. Bait-and-switch advertising is a federal offense. a commercial building. that the seller post a bond to cover damages by hazards discovered at a later date. address from the occupants name. Plus credit information, cash out sellers, warnings, etc.page 144-149, Compliance with environmental hazards disclosure requires. - Both A real estate agent ratio of current rental costs to estimated housing costs.