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 customer or markets (brokers agreeing to limit their areas of trade or dealing to certain areas or properties).

- The business of bringing parties together.

- Payment to a broker for services rendered, such as in the sale or purchase of real property; usually a percentage of the selling price of the property.

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

- A process of integrating information electronically in a real estate transaction between clients, lender, and title and closing agents.

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

- Follows rules such as those governing working hours, office routing, attendance at sales meetings, assignment of sales quotas, and adherence to dress codes.

- Operates more independently than an employee, and a broker may not exercise the same degree of control over and independent salesperson's activities.

- 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 states are requiring that licensees perform some minimum level of service to clients.

- A national registry, managed by the Federal Trade Commission, that lists the phone numbers of consumers who have indicated their preference to limit the telemarketing calls they receive.

- The effort that brings about the desired result. Under an open listing, the broker who is the procuring cause of the sale receives the commission.

- One who is prepared to buy on the seller's terms and ready to take positive steps toward consummation of the transaction.

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

Multiple Listing Service

ARELLO; Association of Real Estate License Law Officials

• - Price-fixing
• - Group boycotting
• - Allocation of customers
• - Allocation of markets
• - Tie-in agreements