GA MLS Real Estate Units 9 to 12 Questions And Answers
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Course
GA MLS Real Estate
Institution
GA MLS Real Estate
addendum
~ Any provision added to an existing contract that may change or be an addition
to the content of the original; includes the original contract's provisions by reference.
option
~ A contract by which an optionor gives an optionee the right to buy or lease the
owner's property at a ...
GA MLS Real Estate Units 9 to
12 Questions And Answers
employing broker
✓~ The real estate broker for whom a sales associate works.
Managing broker
✓~ May also be called a supervising broker; responsible for supervision of the real
estate professionals who act on behalf of the brokerage.
Independent contractor
✓~ 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
✓~ A percentage of the total sales price
,Multiple Listing Service (MLS)
✓~ 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...
✓~ 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...
✓~ The broker must have started or caused an uninterrupted chain of events that
resulted in the sale.
Procuring cause
✓~ 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
, ✓~ 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
✓~ 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...
✓~ Price-fixing, the group boycott, allocation of customers or markets, and tie-in
agreements.
Price-fixing
✓~ 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
✓~ Occurs when two or more businesses conspire against another business or
agree to withhold their patronage to reduce competition.
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