unit 8 Flashcards
What does the terms agent, real estate agent, and licensee refer too?
all entities holding a real estate license
a brokerage firms, brokers and salesperson
What does the brokerage do?
it owns and is responsible for all contracts
What is the role of the salesperson/broker associate?
owes duties to the client equivalent to the duties owed by the broker
Ethics for real estate professionals refers to
a system of moral principles, rules and standars of conduct
What is price-fixing?
is conspiring between businesses to establish fixed fees or prices for service
-must not discuss commissions with any licensees outside of their own firm
commissions are also not set by law but with the brokerage
Taxes formula
TAR
T
A. R
Tax
Assessed Value
Rate
Commission circle formula
CRSP
C
R SP
Commission
rate
sales price
