use their own funds to make loans. It should be completed annually to reaffirm the relationship that exists between you and your agents. a fixer-upper. settlement sheet issued on closing a transaction. How much of their gain would be taxable? Note, however, that real estate agents may not take loan applications in connection with FHA-insured loans. Should cover what is expected and how.page 48, The Civil Rights Act that applied only to race was the, The Civil Rights Act of 1866 gave rights to recently freed slaves. Thus, the reversing entry is: On the 15th of the month, ABC pays Mr. Smith his commission and records this entry. Your answer is correct. appreciation. tell your prospects that they had better act fast as you are sure the other party wants to buy the house. an estate from period to period. Holden Act. downpayment. The damages cannot exceed 3% of the purchase price. keep in mind their first duty is to the owners, not to themselves or their firm. Goals must reflect current desires.page 39. No persuasion.Page 478, What the buyers will pay, not what sellers want.Page 490, An agent who receives an unreasonable offer on their principals property should generally. No. 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. The Texas REALTORS Legal Fund is maintained by the association through the oversight of the Legal Review Committee. Which of the following statements regarding the truth-in-lending law is TRUE? mentioning a potential objection before the customer does. An unhappy seller could mean a sale that does not close. Neither the cities nor the (a) countries, (b) counties took responsibility for their deteriorating infrastructures. newly acquired property to have a maximum basic tax levy of 1%. a former owner had AIDS. primarily for 1 to 4 residential units. both let the buyer know the price so they can consider it before the agent arrives and arrange to have all owners present for the presentation. retain top producers. Although HUD has never published criteria, it's likely the IRS rules would prevail. It depends. Brokers have liability to commission salespeople as to Correct o minimum wage requirements. title insurance costs. show unoccupied property first to give owner-occupants a chance to prepare for the showing. Unruh Act. the monthly gross income divided by the amount to be financed. let the owners know which offers provide the agent with the greatest benefits. The buyer purchased the property under an assumption and refinanced the lien six months after closing. failure to mention the presence of the group would make you liable for any damages the buyer suffered. $5,685.00. Which of the following statements regarding the use of goal-setting is FALSE? Since it indicates that you fail to sell 50 percent of your listings.Page 253, Serious buyers contact real estate agents because. The buyers originally alleged damages in excess of $30 million. Law provides that agents are not liable for failure to disclose any deaths on the property that occurred more than three years ago. This appears permissible under RESPA guidelines as long as the fee is minimal and not tied to whether that click results in a loan. industrial parks. the price was too high. To catch the eye of buyers who desire that feature.Page 352. flyer pointing out attractive features about a property. All of these Lawful purpose Writing Consideration, Contract requirements plus Statute of Frauds.Page 263, The reason most mentioned by owners for NOT renewing listings is. return it to the offeror. portfolio loans. Prohibited by Civil Rights Act of 1968 and the Holden Act.page 71. steering. Bait-and-switch advertising is a federal offense. An exclusive listing without a termination date, Must have a definite termination date.Page 266. all of these. his or her principal. Protects landlord against a poor operator.Page 677, A lease stipulating that the tenant pays a fixed monthly rental and the landlord pays all other property expenses would be a. gross lease. asking every prospect to recommend another prospect. Rumford Act. that the property must have been held for productive use in a trade or business or for investment purposes. a periodic tenancy. After careful review, the board of directors chose not to file the requested briefs. . A lease that needs no notice for termination, would be. every residential listing. What is legal but unethical now might be illegal tomorrow. provides insurance coverage until the title insurance policy is issued. federal income taxes. Three years after the purchase, the property flooded and the buyers then learned that the property had previously flooded. an estate. What about programs that offer to pay a real estate agent for names of potential borrowers? county-owned housing projects. What are the advantages of a good time-management program? remain silent to force the prospect to talk. all of these. 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. is satisfied with the general appearance of the home. neither is satisfied with the general appearance of the home nor is satisfied with the area. 30-day month. 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. Which of the following is NOT a legal notice? a credit on the sellers closing statement. both increased by a list price below that indicated by the comparative market analysis and decreased by listing above the market value. neither motivate salespeople nor retain top producers. recommend to the owner to counter the offer. Incentive to do more and to stay.page 20 both that the property must have been held for productive use in a trade or business or for investment purposes and that the exchange property must be of like-kind. Brokers have liability to commission salespeople as to unemployment insurance. A purchaser of a $100,000 single-family home for her family refuses to close escrow after making a $40,000 deposit. none of these. For example, it would be a RESPA violation if you received a fee for every click that resulted in an application or closed loan. (doubling "A" time activities should double your income.). a warning as to balloon payments. Download a PDF of the Model Privacy Policy just for Texas REALTORS from theManuals & Guides page. both motivate salespeople and retain top producers. the commission was too high. neither agents have inventory nor they want to quickly locate property that meets their needs. 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. If the flow rate of the river is F=2.3105m3/hrF=2.3 \times 10^5 \mathrm{~m}^3 / \mathrm{hr}F=2.3105m3/hr, use the formula you found in Question 4 to estimate the total amount of cadmium discharged from the plant during this 24-hour period. unrecorded liens. One of the agents I sponsor wants to also work part time selling homes for a local home builder. a particular subdivision. both 30-day month and 360-day year. Which of the following should an agent regard as a buying signal? 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. locating prospective buyers. Reg. 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. Holden Act. a. 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. 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. legal description from the address. ), Chapter one of the 'Real Estate Practice' book for California Realty Training. All are protected by 1988 Amendment.page 73, Advertising a home in an area occupied solely by members of a minority group only in newspapers directed toward that minority group would be regarded as. 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. institutional advertising. buyers only. If not initialed, then the matter can go to the courts.Page 281. Similar properties sold within the past 2 years, Similar properties sold within the past 3 months, A listing presentation manual should include. obtaining listings from visitors. Are there any additional restrictions or limitations for access to the legal fund? a model home. ask leading questions. For a property built before 1960, earthquake weakness must be disclosed. Usually 36 percent for qualifying. Harry has some buyers that he believes are ready to make an offer. 50% of $11,370 = $5,685. a resident manager. before the buyer executes an offer. Texas brokers who are exempt from TRECs continuing education requirements do not have to take the Broker Responsibility course. What kind of loan do they have? every listing. health. One risk you face is that the lines of activities, duties, and responsibilities between the two positions can become blurred, especially to a buyer. Plus credit information, cash out sellers, warnings, etc.page 144-149, Compliance with environmental hazards disclosure requires. that the seller post a bond to cover damages by hazards discovered at a later date. You will not post any defamatory, discriminatory, libelous, threatening, vulgar, sexually explicit, abusive, profane, rude, or obscene content (including comments); b. What are the advantages of a good time-management program? keep in mind their first duty is to the owners, not to themselves or their firm. 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. 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. 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. staying with a prospect until you have a contract. 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. A broker never saw, talked to, or corresponded with a buyer, yet earned a commission. (Page 693-695), Security deposits for unfurnished residential rentals cannot exceed. (page 308). 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. the offer itself. Brown Act. 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. Case 3: A REALTOR was sued by a buyer alleging that the agent did not disclose that the property lay in a flood-prone area or that the property had previously flooded. Properties listed below market value tend to take longer to sell than properties listed at market value. 360-day year. Exchanger cannot have control of funds. single-family residence. total monthly housing expenses plus monthly long-term credit obligations divided by gross monthly income. None of these. The broker did not violate law or regulations because the listing was an. However, the fund has been used to pay for expenses in filing briefs in cases involving homestead issues (as discussed above), contractual issues and other issues. (d) all of these. Which of the following loans is MOST likely to have the highest initial interest rate? that the exchange property must be of like-kind. deductibility of taxes. Instructions to an owner upon taking a listing should include all EXCEPT. both motivate salespeople and retain top producers. Owners presence inhibits buyers. a sports car to show you are a modern person. personal property. (Page 511-512), A loan in which the borrower buys under a land contract would be a. CalVet loan. combination of percentage of the gross and minimum fee. the Real Estate Settlement Procedures Act. And get buyer reactions which might alter showings. (Page 591). The best heading for a classified ad on a home would be. inheritance taxes. direct mail solicitations. Ethics tends to precede the law. an estate at will. an unknown spousal interest. Attorneys Savings associations All of these Banks, As well as brokers, under specified circumstances.Page 577. provides extended coverage for lenders. accepting escrow instructions having blanks that are to be filled in after the instructions are signed. introduce yourself and your buyers to the other agent and go ahead with your showing. the name of the agent to call. The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to a.) These are suggestions not necessarily legal duties.page 66-67. the firms logo. Very rarely. REALTOR membership is a criterion that a broker may voluntarily choose to require of independent contractors. For example, litigants in one case involving antitrust issues asked the association to file briefs with the court. decreased by listing above the market value. ground lease. mproved efficiency Requirements for a valid 1031 exchange include. Which of the following statements regarding mobile home sales is TRUE? taxes based on a persons ability to pay. Turn perceived negative into a positive. a two-door model to control the passengers. 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. you should concentrate on D category activities before proceeding to B and C activities. 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. unemployment insurance . While HUD may provide general guidance, the department does not approve individual business plans, and generally does not opine as to what amounts constitute fair and reasonable compensation. All of these. The Fifth Circuit Court of Appeals reversed and held that the Texas Constitution had been superseded. The sellers MOST common objection to an offer is. Neither Primary financing refers to loans made directly by the lender to the borrower nor Secondary financing refers to the resale of existing loans. advertising by season. Having the ability to switch property is important. Brokers have liability to commission salespeople as to: The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to: All of the following are all examples of abstract goals EXCEPT: Which of the following statements regarding the use of goal-setting is FALSE. d. all of the above 4. Plus they must be licensed and paid only for success. 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.). lack of communication from the agent. (page 68). open listing. None of these. Finally, many of the promotional materials claim their compensation programs have received HUD "approval." 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.
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