Chapter 1
Refers to the fact that property cannot be relocated elsewhere.
What is immobility
Prohibits price-fixing and tie-in agreements
What are the antitrust laws?
An agent authorized to represent the principal in a broad range of matters
What is a general agent?
A listing agreement which the seller must pay the broker regardless of who sells the property
What is an exclusive right to sell listing?
What is blockbusting?
Population, demographics, employment and wage levels.
What are factors of Demand?
Four components are Avoid, Control, Transfer, and Retain.
What are risk management?
The establishment of an agency relationship as a result of the actions of the parties
What is implied agency?
It is illegal in most states. Its a listing where the seller receives a net (fixed) amount of money no matter what the property sales for
What is a net listing?
Stereotypes that are formed and influence by a person decisions but not their conscious thoughts.
What is implicit bias?
The splitting of a single property into smaller pracels.
What is subdividing?
Competing brokers agree to set sales commissions, fees, or management rates.
What is price fixing?
An agency relationship in which the agent represents two principals without their knowledge or permission.
What is undisclosed dual agency?
Part of the listing agreement that stipulates that the property owner will pay the broker a commission if the brokerwas the procuring cause of a sale that is completed after the listing expired.
What is Broker Protection Clause?
Tha agency that administers the federal fair housing laws?
What is HUD - Housing and Urban Development?
The business of bringing people together in a real estate transaction
What is a real estate brokerage?
Removes barriers in electronic commerce and sets forth basic rules for entering an enforceable contract using electronic means
What is UETA-Uniform Electronic Transacation Act
A property that has been branded as undesirable because of past events at or near the property
What is a stigmatized property?
The agreement has been fulfilled, or has expired, mutually agreed, party breaches or dies.
What are reasons for temination?
Civil Rights Act of 1866 prohibits all racial discrimination in real estate with no exceptions was upheld by a court ruling in 1968.
What is Jones vs. Mayer?
Using established methods to develop a professional opinion of a property's value
What is an appraisal?
Statues enacted by state legislatures to protect the public and ensure standard of competene in the real estate industry
What is real estate license laws?
Insurance that covers liability for mistakes and neglience in the usual activities of a real estate office
What is Errors and Omission Insurance?
An employment contract which a prospective buyer employs a broker
What is a buyer representation agreement?
Added protection against discrimination for families with children and persons with disabilities.
What is the Fair Housing Amendments Act of 1988?