ethnic groups. Neither the cities nor the (a) countries, (b) counties took responsibility for their deteriorating infrastructures. Some programs offer to make real estate agents part-time employees of the lender. type of property. (Page 231). all of these. Which of the following statements regarding mobile home sales is TRUE? Present all offers together fairly. applies to 1 to 4 residential units. Texas REALTORS is committed to advocating for a strong real estate industry, advancing a culture of continued learning, and staying ahead of issues concerning members and their clients. both it is best to advertise properties in areas or price ranges where other properties are also available and prospective buyers who respond to newspaper ads are likely to buy a property other than the property advertised. owners name from the tax number. disclose, elect, confirm. What kind of listing did Broker Baker have if Owner Adams has no commission obligation to Broker Baker? both a debit on the buyers closing statement and a credit on the sellers closing statement. Mentioning it could be steering. Or working an area for a type of property or buyer group.page 213, A reverse directory allows an agent to have the. $5,685.00. Primary financing is first trust deeds and secondary financing refers to junior liens. It depends. (page 68). taxes. Ads in an outside column will generate more interest than ads in an inside column. A fee based on a transaction between the lender and a consumer is prohibited by RESPA. supporting statements with facts. Brokerage Liability Issues - Texas REALTORS Liquidated damages cannot result from buyer default. 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. 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. 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. introduce yourself and your buyers to the other agent and go ahead with your showing. Neither buyer nor seller may unilaterally modify the escrow instructions. She has a signed liquidated damages clause. return it to the offeror. While a written independent contractor agreement and statement of understanding are not required by law to establish and maintain an independent contractor relationship, its a good idea for brokers to use both. A common fee arrangement for commercial property managers would be a. percentage of the net. 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. An agents inspection under Easton v. Strassburger (as codified by state statutes) applies to. settlement sheet issued on closing a transaction. There is a formal application and certification that an applicant, or his attorney, must complete. 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. California Real Estate Practice Final Exam (Questions - Browsegrades There is an exception to the do-not-call rules: If you have a prior business relationship with the owner that ended within 18 months, you can call him. both 39 years for the property life and the straight-line method. a periodic tenancy. neither that the property must have been held for productive use in a trade or business or for investment purposes nor that the exchange property must be of like-kind. If you are going to be buying a new car for real estate sales, you should consider - a full-sized, fourdoor car for easy entrance and exit. conforming loans. And get buyer reactions which might alter showings. d. salesperson not be supervised by the broker. recommend to the owner to ignore it. net lease. a subordination clause. claims that a correct survey would have revealed. Browse over 1 million classes created by top students, professors, publishers, and experts. p. 17 9. In addition to the Civil Rights Act of 1968.page 77, The California Act that prohibits discrimination by all California businesses is the. Thus, the reversing entry is: On the 15th of the month, ABC pays Mr. Smith his commission and records this entry. when property is shown, follow the agent closely and provide information to the prospective buyers. use technical terms wherever possible. staying with a prospect until you have a contract. Plus they must be licensed and paid only for success. a defeasance clause. Which of the following statements regarding mobile home sales is TRUE? Agency representation Listing Commission Cost, Listing has a connotation of paying a commission.Page 287-288. binding arbitration of disputes. The Austin Federal District Court disregarded the savings and loans claims and upheld the Texas Constitution. restrictions on e-mail solicitations. total monthly housing expenses plus monthly long-term credit obligations divided by gross monthly income. No. Flyer pointing out attractive features about a property. 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. However, only bona fide employees are covered by this exemption. One risk you face is that the lines of activities, duties, and responsibilities between the two positions can become blurred, especially to a buyer. 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.