Exam (elaborations)
GA MLS Real Estate Units 9-12 (1).
GA MLS Real Estate Units 9-12 (1).
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GA MLS Real Estate Units 9-12employing broker - ANS-The real estate broker for whom a sales associate works.
Managing broker - ANS-May also be called a supervising broker; responsible for supervision of
the real estate professionals who act on behalf of the brokerage.
Independent contractor - ANS-Operates with more independence than an employee;
responsible for paying their own income and Social Security taxes and receive nothing from the
employer that could be construed as an employee benefit, such as health insurance or paid
vacation time.
Commission - ANS-A percentage of the total sales price
Multiple Listing Service (MLS) - ANS-A listing service whereby local members of the Board of
REALTORS agree to share listings and commissions on properties sold jointly. Members of the
public may have access to the MLS, but not to all of the features and content.
To be entitled to receive compensation from a real estate sales transaction, an individual must
be... - ANS-A licensed real estate broker, employed by the buyer or seller under a valid contract,
and the procuring cause of the sale.
To be considered the procuring cause of a sale... - ANS-The broker must have started or
caused an uninterrupted chain of events that resulted in the sale.
Procuring cause - ANS-May include such activities such as conducting an open house, placing
an advertisement in the local real estate advertising magazine, making the property listing
available on the internet, and showing the house to the buyer.
ready, willing, and able buyer - ANS-One who is prepared to buy property on the seller's terms
and is ready to take positive steps to consummate the transaction.
Antitrust laws - ANS-Laws that prohibit monopolies and any contracts, combinations, and
conspiracies among competitors that unreasonably restrain trade; prohibits behaviors that
interfere with the free flow of goods and services in a competitive market.
The most common antitrust violations are... - ANS-Price-fixing, the group boycott, allocation of
customers or markets, and tie-in agreements.
Price-fixing - ANS-A practice in which competitors agree to set prices or other terms and
conditions for products or services rather than letting competition in the open market establish
those prices.
, Group boycott - ANS-Occurs when two or more businesses conspire against another business
or agree to withhold their patronage to reduce competition.
Allocation of customers or markets - ANS-Involves an agreement between real estate brokers to
divide their markets and refrain from competing for each other's business; allocations may be
made on a geographical basis, with brokers agreeing on specific territories in which they will
exclusively operate; division may also occur by market, such as price range or category of
housing.
Tie-in agreements / tying agreements - ANS-Agreements to sell one product only if the buyer
purchases another product as well; sale of the first (desired) product is tied to the purchase of a
second (less desirable) product.
Internet Data Exchange (IDX) policy - ANS-Allows all MLS members to have equal rights to
display MLS data, while also respecting the rights of the property owner and the real estate
broker who represents the property owner to market a property as they wish.
blanket opt-out provision - ANS-Provides that those MLS participants interested in keeping their
listings from competitors' websites cannot then display other real estate brokers' listings.
Electronic contracting - ANS-Quickly and efficiently integrates information in a real estate
transaction between clients, lenders, and title and closing agents; the transactions are
conducted through email or fax and can save time and money.
Uniform Electronic Transactions Act (UETA) - ANS-Sets forth rules for entering into an
enforceable contract using electronic means; primary purpose is to remove barriers in electronic
commerce that would otherwise prevent enforceability of contracts; validates and effectuated
electronic records and signatures in a procedural manner intended to compliment a state's
digital signature statute.
National Do Not Call Registry - ANS-A national registry, managed by the Federal Trade
Commission, that lists the phone numbers of consumers who prefer to limit the telemarketing
calls they receive.
Common law - ANS-The rules established by tradition and court decisions.
Statutory law - ANS-The laws enacted by the legislature.
Administrative law - ANS-The rules and regulations created by real estate commissions and
departments, as authorized by the legislature.
Principal - ANS-The individual who hires the agent and delegates to that agent the responsibility
of representing the principal's interests. In a real estate transaction in which an agency
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