Chp 5 Real Estate Brokerage

Laws designed to preserve the free enterprise of
the open marketplace by making illegal certain private conspiracies and
combinations formed to minimize competition. Most violations of antitrust laws
in the real estate business involve either price-fixing (brokers conspiring to
set fixed compensation rates) or allocation of customers or markets (brokers
agreeing to limit their areas of trade or dealing to certain areas or
properties).

The bringing together of parties interested in
making a real estate transaction.

Payment to a property that are necessary or
convenient to the existence, maintenance, and safety of a condominium of are
normally in common use by all of the condominium residents. Each condominium
owner has an undivided ownership interest in the common elements.

A statement indicating no legal responsibility
for information; no warranties or representations have been made.

An act that makes contracts (including
signatures) and records legally enforceable regardless of the medium in which
they are created.

Someone who works as a direct employee of an
employer and has employee status. The employer is obligated to withhold income
taxes and Social Security taxes from the compensation of employees. See also
independent contractor.

Someone who is retained to perform a certain act
but who is subject to the control and direction of another only as to the end
result and not as to the way in which the act is performed. Unlike an employee,
an independent contractor pays for all expenses and Social Security and income
taxes and receives no employee benefits. Most real estate salespeople are
independent contractor pays for all expenses and Social Security and income
taxes and receives no employee benefits. Most real estate salespeople are
independent contractors

A powerful computer tool for providing
information about properties, relocation services, and particular communities;
however, state laws do apply.

A policy from the National Association of
Realtors that allows all MLS members to have equal right to display MLS data,
and respects the rights of property owners and their listing brokers to market
a property as they wish.

Some state are requiring that licensees perform
some minimum level of service of service to clients.

See Do Not Call Registry.

Person who is prepared to buy property on the
seller’s terms and is ready to take positive steps to consummate the
transaction.

Sets forth rules for entering into an
enforceable contract using electronic means