Chapter 1 - The Salesperson Flashcards
as a newly licensed real estate salesperson it is important to
get the support from your family, and have six months savings
a specific neighborhood, community, or a zip code in which you solicit for real estate business is called a
geographical farm
a list of prospects regularly contacted by an agent in the hopes of making them clients is called a
sphere of influence
errors and Omission insurance
is a form of professional liability insurance, and protects agents and their Brokers from catastrophic lawsuits
details what percentage of the commission belongs to you and what percentage belongs to your broker
commission splits
upon close of escrow, a broker pays an agent is straight commission based on
a percentage of the selling price
an agent with the salesperson’s license can only work for
one broker at a time
as a new licensee, when selecting an employing broker, the most important issue in the interview is to determine
the Integrity of the broker and the office, your level of comfort experienced while there, the harmony experienced while there
A salesperson who sells results rather than time, and whose physical conduct is not subject to the control of another is a
independent contractor
calls to people you already know are
warm calls
a listing agreement establishes a fiduciary relationship between a
broker and principal
dual agency exists when
two agents from the same office represent the buyer and seller in one transaction, or the broker represents more than one party
an office concerned with its immediate and residual impact on the environment is called a
green office
a form of real estate brokerage ownership characterized by an office run by one owner solely responsible for all decisions is legally known as
sole proprietorship
a legal artificial being that conducts business under its California Secretary of State Charter name is legally known as a
Corporation
