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Broker-Salesperson Key Concepts

Business Law5 CardsCreated 3 months ago

This deck covers essential concepts related to brokerage, including antitrust violations, procuring cause, protection clauses, compensation options, and legal restrictions on referral fees.

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An antitrust violation, to suggest that a standard fee exists

price fixing
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Key Terms

Term
Definition
An antitrust violation, to suggest that a standard fee exists
price fixing
Refers to who started the chain of events leading to the sale, which often means whose actions produced a ready, willing and able buyer.
Procuring cause
A clause that requires the client to abide by the compensation agreement if the client buys or sells within a certain amount of time after the agreement terminates.
protection clause
Brokerage compensation options include
a flat fee, fee for service, or percentage of sale
you may not receive or give referral fees or finder fees from/to mortgage brokers, title reps, or any other settlement service provider
Real Estate Settlement Procedures Act
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Broker-Salesperson Key Concepts
TermDefinition
An antitrust violation, to suggest that a standard fee exists
price fixing
Refers to who started the chain of events leading to the sale, which often means whose actions produced a ready, willing and able buyer.
Procuring cause
A clause that requires the client to abide by the compensation agreement if the client buys or sells within a certain amount of time after the agreement terminates.
protection clause
Brokerage compensation options include
a flat fee, fee for service, or percentage of sale
you may not receive or give referral fees or finder fees from/to mortgage brokers, title reps, or any other settlement service provider
Real Estate Settlement Procedures Act