agency
The relationship of agents and their principals
buyer brokerage agreement
An agreement between a buyer and a broker for the broker to
... [Show More] provide services to a buyer for compensation. The broker may be acting as a single agent, transaction broker, or a nonrepesentative.
Community association
can be Condominiums, Cooperatives, Vacation and time-sharing, mobil home park lots, which owners belong and are responsible for; i.e. assessments, documents, dues, ect.
concurrency
A state law requiring that infrastructure such as roads, sewers, schools, etc., be in place as development occurs
consent to Transition to Transaction Broker Notice
A disclousre form that allows a single agent to become a transaction broker. The notice must be signed by the principal before the broker can make the change
Customer
A person who works with a sales associate or a broker. While the person could be a principal, the usual definition is that the broker is either a transaction broker or has no brokerage relationship with the person.
Designated sales associate
A sales associate who is appointed by a broker to be a single agent for a buyer or seller in a nonresidential transaction when another sales associate in the firm has been appointed to be the single agent for the other party in the transaction. Both buyer and seller must have assets of at least $1 million and agree to the arrangement.
Disclosure
The revelation of information important to a transaction
Dual agency
An illegal arrangement whereby the broker tries to represent both the buyer and the seller in the same transaction
False or misleading statements
In real estate, a statement made by a licensee or party in a real estate transaction that is not factual.
Fiduciary relationship
A relationship of trust and confidence between an agent and principal
Infrastructure
In developements: roads, water, sewer, electricity are in place prior to homes being built.
Innocent purchaser status
An amendment to the Comprehensive Enviromental Response, Compensation, and Liability Act (CERCLA) that exempts from liability landowners who made resonable inquiries about hazardous substances before purchasing the property.
Material fact
An important fact that may affect a buyer's decision to buy or a seller's decision to sell. Licensees must disclose facts that materially affect the value of residential property.
Misrepresentation
A false or misleading statement made intentionally or unintentionally, or the failure to disclose a material fact.
No Brokerage Relationship Notice
A disclosure that must be given by a licensee who does not represent a buyer or seller before entering into an agreement or showing a property
Principal
The person who enters into a fiduciary relationship with a single-agent licensee.
Property condition discloure
A form designed for disclosure to a buyer of any property defects. The form is normally signed by the seller, and the buyer signs a receipt that the buyer has received the disclosure.
Radon gas
A colorless, odorless gas occurring from the natural breakdown of uranium in the soil. Many experts believe radon gas to be the second leading cause of lung cancer.
Single Agent
A broker who represents either the seller or the buyer in a real estate transaction, but not both.
Single Agent Notice
A disclosure form informing the principal of the duties of his single agent.
Transaction broker
A licensee who has limited representation to the buyer and/or the seller in a transaction. Instead of being an advocate for the buyer or the seller, the licensee is working for the contract.
Real estate license expires on the first of two dates after 18 months have elapsed following issue:
March 31 or September 30
Sales assoicate must successfully complete what course before the first renewal date
45- hour sales associate post-licensing course
If the licensee does not succerssfully complete the post-license requirements
the license becomes void
and if wants to practice real estate must take prelicensing course and state exam.
After 1st renewal license will expire when
same date every 2 years
failure to renew license after 1st renewal results
the license becomes involuntary active and can not perform real estate services
A new broker must complete
60-hour broker post license education before first renewal date.
The broker's license becomes what if failure complete the required 60 hour post-license course.
void
The borker may take the 14-hour continuing education course and apply
for sales associate status.
four broker relationships a real estate licensee may work with potential buyers and sellers
Transaction broker, Single Agent, No brokerage, Designated Sales
A residential sale is defined as
1. property 4 or less units
2. unimproved residential property intended for use 4 or less units
3. agricultural property 10 or less acres
Three types of required residential brokerage notices
1. No brokerage Relationship Notice
2. Single Agen Notice
3. Consent to Transition to Transaction Broker Notice
Transaction Broker Duties
Limited Confidentiality, unless waived in Writing by a party. The transaction broker may not reveal to either party
1. that the seller might accept a price less than the asking or list price
2.that the buyer might pay a price greater than the price submitted in a written offer
3. the motivation of any party for selling or buying property
4. that a seller or buyer will agree to financing terms other than those offered
5. any other information requested by a party to remain confidential
Single agency creates a
fiduciary relationship
single agents may call their customers
Principals.
Principals
are responsible for the acts of his single agent
EPA Environmental Protection Agency April 20, 2010 issued a rule
Renovations and demolitions of properties built before 1978, because of lead paint, contractors who disturb paint in these properties to be certified and follow specific work practices. They must be certified by completing an 8 hour training course by accredited training provider.
Do-Not-Call registry may not be used for any purpose other than
preventing telemarketing calls to the telephone number on the registry.
Persons who sends a fax to
have an "established relationship" with the recipient or written consent from the recipient.
Can-Spam Act) The controlling the assault of non-solicited pornography and marketing act of 2003
requires that the e-mail give recipients an opt-out method.
The rate for long-term (holding 12 months) capital gains are a
maximum of 15% ( 5 percent for persons in the 10 % ordinary income tax rate).
Antitrust laws prohibit any action by a party to
fix prices or inhibit competition by using unfair practices. [Show Less]