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MI Exam Prep: Agency, Antitrust, and Fair Housing| Questions with 100% Correct Verified Answers
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MI Exam Prep: Agency, Antitrust, and Fair Housing| Questions with 100% Correct Verified Answers
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MI Exam Prep: Agency, Antitrust, and FairHousing| Questions with 100% Correct Verified
Answers
What is a referral fee? - ANSWER A fee a licensee's firm pays another licensee's
firm for referring business to their brokerage
May licensees be paid directly for their services? - ANSWER No. All compensation must
go through the broker.
Who must abide by the National Association of REALTORS(R) Code of Ethics? -
ANSWER Only members; however, the courts often look to the Code of Ethics to
determine appropriate standards for real estate professionals.
What is the Sherman Act? - ANSWER A federal antitrust act that outlawed
monopolistic business practices
What are four antitrust violations? - ANSWER Group boycotting, price fixing,
market segmentation, and tie-in arrangements
What is a group boycott? - ANSWER Occurs when two or more businesses conspire
against another business or agree to withhold their patronage to reduce competition
(can happen when brokers have conspired to not show another firms listings)
, What is a tie-in arrangement? - ANSWER Requiring the consumer as a condition of
a transaction to use ore not use a particular service or product, an antitrust violation
What is price fixing? - ANSWER The practice of colluding with other firms to control
prices (e.g., agreement among competitors to charge a specific commission rate, or not
charge below a specified rate)
What is market allocation? - ANSWER Occurs when competing businesses divide
a market amongst themselves (an antitrust violation)
Agent - ANSWER One who acts on behalf of another in a business transaction
Sub-agent - ANSWER Works under another agent with the principal's permission
to perform some of the acts of agency (agents are also sub agents of their broker)
Dual agent - ANSWER Represents both the buyer and seller in the same transaction
Finder - ANSWER Introduces the buyer and seller; does not represent either party
Single agent - ANSWER The agent represents only one party
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