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20 Cards in this Set
- Front
- Back
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Ethics |
Go far beyond the law and determine not if an action is legal, but whether it is right or just. |
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The sales agent working for a broker is often regarded by members of the public as an ___ of the broker. |
Employee |
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What is an independent contractor? |
One who is engaged to perform a duty but is not under the direct control of the principal. |
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The IRS will treat the real estate salesperson as an independent contractor if the following 3 critiera are met. |
1. The salesperson is licensed as a real estate agent. 2. Reimbursement is based solely on sales, not on hours worked. 3. There is a written contract that specifies the salesperson shall be treated as an independent contractor for tax purposes. |
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Because a broker can be held liable for the torts of his or her salesperson within the scope of employment. |
Respondeat superior |
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An agent must disclose all offers including? |
Oral offers |
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The agent cannot make a? |
Secret profit |
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What is a net listing? |
The agents commission is all money received for a property under a net amount set in the listing. |
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What does an option listing do? |
1.amount of profit 2.principal 3.existance of other offers |
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Buyer beware |
Caveat emptor |
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What is the Easton case cover? |
1.Visual inspection on residential 1-4 units only. 2. No visual on commercial property |
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What is a transfer discloser statement? |
Requires sellers to disclose defects that are known to them. |
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What is a parent defect? |
Obvious defects |
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What is latent defects? |
Hidden defects |
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What is natural hazards discloser statmemt? |
Indicates if property is in a special flood hazard area, very high fire hazard, wildlife area, earthquake fault zone. |
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After how many years does an,agent need not disclose a death or cause of death of a prior occupant? |
3 years |
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What is a blind ad? |
One that fails to indicate that the advertiser is an agent and not the principal. |
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What is fraud? |
Intentional deceit to induce a party to act to his or her detriment. |
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What is misrepresentation? |
Is the intentional or unintentional misstatement or concealment of a material fact. |
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What is puffing? |
Statements of opinion (not fact) made to induce a party to contract. |
