Business Law /Broker-Salesperson Key Concepts
Broker-Salesperson Key Concepts
This deck covers essential concepts related to brokerage, including antitrust violations, procuring cause, protection clauses, compensation options, and legal restrictions on referral fees.
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
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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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| 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 |