1.12 Real Estate Brokerage: Agency, Compliance, and Advertising

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Description and Tags

Vocabulary flashcards covering brokerage eligibility, agency relationships, compensation, and regulatory topics (advertising, TCPA, CAN-SPAM, and anti-trust).

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16 Terms

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Who may broker

States vary; allowed entities typically include sole proprietorship, for-profit corporation, general or limited partnership, and joint venture; not allowed forms include non-profit corporation, business trust, and cooperative association.

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Broker-Agent Relationship

The legal relationship where the salesperson is the agent and fiduciary of the broker, acts in the broker's name, and can be a subagent to the client.

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Salesperson as fiduciary

The salesperson acts as an agent and fiduciary of the broker, representing the broker and the broker's interests in transactions.

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Dual employment restriction

A salesperson may not have two employers or be paid by other parties; governed by the broker's agreement and state regulations.

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Commission schedule

Agent compensation is determined by a pre-set schedule, typically after splits with cooperating brokers.

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Commingling

Mixing broker's personal or business funds with trust funds; includes failure to deposit funds promptly.

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Conversion

Using trust funds for personal or business purposes; misappropriating client or trust funds.

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Advertising requirements

Ads must be truthful and not misleading, must contain the broker's ID, broker is responsible for content, and there must be no blind ads; disclose if an agent owns property.

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No blind ads

Advertisements must reveal the broker/agent involvement and identity; cannot conceal who is advertising.

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Telephone Consumer Protection Act (TCPA)

Regulates unsolicited telemarketing; solicitors must identify themselves, state how they can be contacted, and comply with do-not-call requests.

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Do-Not-Call list

Consumers can place numbers on a Do-Not-Call list to restrict unsolicited calls.

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CAN-SPAM Act

Bans sending unwanted commercial emails to wireless devices; requires express prior authorization and an opt-out option.

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Antitrust laws (Sherman & Clayton)

Laws that prohibit restraints of trade, monopolies, predatory pricing, and exclusive dealing to maintain competition.

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No collusion

Two or more businesses conspiring to disadvantage a competitor.

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No price fixing

Two or more brokers agreeing to set or fix prices for services or commissions.

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No market allocation

Colluding to restrict competition by dividing markets or segments in exchange for reciprocal agreements.