Flashcards in Section 4 - Chapter 5 Deck (15):
1
brokerage:
business of bringing parties together; may be sole proprietor, llc, etc
2
sponsoring broker
the entity holding the company real estate license
3
managing broker
person responsibel for all real esate activities of sponsored licensees
4
independent contrtactor
works on their own
5
employee
works for the company
6
policy and procedures manual:
can help as a risk management tool
7
errors and omission insurance
is required
8
fiduciary standard:
legal standard that holds licensee to highest ethical and moral standards that law provides
9
cooperative commission
sponsoring broker pays "cooperating" broker
10
procuring cause:
the starting of the chain of events leading to a sale
11
ready, willing, able buyer is:
one who is prepared to buy on the seller's terms and ready to take positive steps in consummation of buying
12
price fixing
setting prices instead of letting market adjust them
13
group boycotting:
a group of businesses conspire against another
14
allocation of markets:
real estate companies agree to divide the area for themselves
15