Real Estate Brokerage
This is the payment that brokers receive for successfully closing a deal.
What is a commission?
The act that prohibits discrimination in housing, including blockbusting.
What is the Fair Housing Act?
The type of title that represents full ownership of a property.
What is legal title?
The organization that requires lenders to provide an estimate of loan costs within 3 business days.
What is RESPA (Real Estate Settlement Procedures Act)?
This type of listing allows multiple brokers to try to sell a property, but only the one who finds a buyer gets paid.
What is an open listing?
The person who gives a broker authority to act on their behalf is called this.
Who is the principal?
Refusing to sell or rent to someone based on race is always illegal under this law.
What is the Fair Housing Act?
Real estate contracts must be in writing because of this law.
What is the Statute of Frauds?
The type of account where brokers must keep earnest money deposits.
What is an escrow account?
A contract for real estate must include these basic elements.
What are offer & acceptance, consideration, legal capacity, lawful purpose, and no defects to mutual assent?
The type of relationship where a broker has a legal duty to act in their client's best interest.
What is a fiduciary relationship?
The duty that requires a broker to always act in their client’s best interest.
What is loyalty?
The person or party responsible for drafting contracts for large commercial property transactions. (Daily Double)
Who is an attorney?
When a contract is canceled and both parties return to their original positions, it is called this.
What is rescission?
The contract that grants a broker exclusive rights to sell a property and guarantees their commission.
What is an exclusive right-of-sale listing?
The organization responsible for interpreting and enforcing state real estate licensing laws.
What is the real estate commission?
The legal document that allows someone to act on behalf of another in a real estate transaction.
What is power of attorney?
A contract that depends on a certain action, like financing approval, is called this.
What is a contract with contingencies?
The buyer typically deposits 5-10% of the purchase price as this.
What is earnest money?
The type of listing where the broker gets a commission only if they or another agent find the buyer, but not if the seller finds one themselves.
What is an exclusive agency listing?
Specializing in certain property types or neighborhoods is called this.
What is market segmentation?
Intentionally misrepresenting a property is considered this.
What is fraud?
The process that officially transfers ownership at the end of a transaction.
What is closing?
When a buyer’s financing falls through, this party is responsible for ensuring the deal closes.
Who is the escrow agent?
The relationship where an agent represents both the buyer and seller in the same transaction.
What is dual agency?