Ch 5: Real Estate Brokerage
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Created by:
ToddHeadrick on September 28, 2009
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13 terms
Terms | Definitions |
|---|---|
 Antitrust Laws | Laws to minimize unfair competition. Illegal to conspire to fix prices, allocate customers or markets |
| Commission | Payment to broker for services rendered. In the sale of real property, often a percentage of the selling price |
| Employee | Works for employer is responsible for withholding income taxes and FICA |
| Group boycotts | Illegal antitrust activity. Two or more businesses conspire against another business or agree not to work with another company in order to reduce competition |
| Independent Contractor | Person hired to perform a certain act, only end result is under control and direction of another. Most real estate licensees are treated as independent contractors |
| License Laws | State laws enacted to protect the public by ensuring a standard of competence and professionalism in the real estate industry |
| Price Fixing | Brokers conspiring to set fixed compensation rates |
| Procuring Cause | In order to be paid, the broker starts an uninterrupted chain of events that results in a sale |
| Rules and Regulation | Licensing authority to provide for administering the law and set operating guidelines for licensees. Have the same force and effect as any law. |
| Sole Proprietorship | Single owner company |
| Transaction Broker | Intermediary between buyer and seller who assists bother parties, though not an agent of either. AKA nonagent, facilitator, coordinator or contract broker |
| Tying Arrangement | Illegal antitrust activity. Agreement to sell one product if the buyer purchases another product as well |
| Brokerage | Bringing together parties interested in a real estate transaction |
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