Section 4 - Chapter 5 Flashcards Preview

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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

tie-in agreements

buy one produce only if buy another