Unit 8 Flashcards
(15 cards)
Allocation of Markets
An illegal division of territories
Antitrust Laws
Laws that prohibit price fixing and tie-in agreements.
Multiple Listing Service (MLS)
Membership in this service provides an opportunity for the marketing of property.
Commission
A form of compensation computed as a percentage of the total sales price of a property.
Sales Associate
A person who is licensed only to perform real estate activities on behalf of a broker.
Brokerage
The business of bringing parties together.
Independent Contractor
A sales associate who works under the terms of s written contract and receives a substantial portion of her income from sales production rather than hours worked.
Administrative Regulations
The device by which a state licensing authority administers and enforces the statutory law.
Employee
A sales associate whose activities are closely controlled, and who is entitled to benefits, unemployment compensation, and income tax withholding.
Ready, Willing, and Able Buyer
A person who is prepared to buy on the seller’s terms and is ready to take positive steps towards consummation of the transaction.
Procuring Cause
The broker who starts an uninterrupted chain of events that results in the sale of a property.
Comparative Market Analysis (CMA)
An analysis performed to assist a seller in pricing a property.
Real Estate License Laws
Statues enacted by state legislatures to protect the public and ensure a standard of competence in the real estate industry.
Real Estate Broker
An individual who licensed to sell, buy, exchange, or lease property for others, and to charge a fee for those services.
Group Boycott
When two or more businesses conspire against another business to withhold patronage to reduce competition.
