Exam (elaborations)
MI Exam Prep: Agency, Antitrust, and Fair Housing| Questions with 100% Correct Verified Answers
- Course
- Institution
MI Exam Prep: Agency, Antitrust, and Fair Housing| Questions with 100% Correct Verified Answers
[Show more]
Seller
Follow
Content preview
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller KenAli. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now