GRI Brokerage questions and answers

How do company policies benefit you? Understand environment where you practice What do company policies help you understand? Protect you and limit your liability What should a broker always have? Someone who knows the rules who is always avaialble to answer question or review paperwork What policies are important when joining a broker? Training/meetings, lead generation, fees, marketing provided What are the benefits of previewing properties? Knowledge of inventory, neighborhoods, get staging tips, avoid surprises What is important to understand about your commission structure? Understand what happens if you leave mid-transaction Who determines fees, commissions and exceptions? Broker What is the magic office policy? There is no one right way to conduct business What are some important broker responsibilities to an agent? Setting rules and policies, being responsible for Realtor actions, maintaining files required by TREC What are important agent responsibilities to the broker? Choosing the best environment, abiding by rules, pays fees Who owns the client? The Broker What determines who owns the transaction? Listing agreement, buyer rep, independent contractor agreement Who is responsible for all advertising? The Broker Who must all bonuses go through? The Broker Who regulates the do not call list? The FTC How long does TREC require records be kept? Four years All licensed business entities are required to have errors and omissions insurance of at least $1M if... The designated broker for the entity owns less than 10% of the entity What is important to know when shopping for E&O insurance? They all have varying costs and coverage What should you know about the E&O deductible? The amount and when it is to be paid What is important to know about your E&O policy? If there are exclusions, are claims costs (attorney fees) covered, is there tail coverage/prior acts coverage, cost What does TREC require of a Broker's agency policy? That it is in writing What do the canons require of an agent? To be competent What is the basic premise that the code of ethics is based on? Service to the public What service is offered in a dispute at the point of inquiry before it goes to mediation or arbitration? Ombudsman services What components must be present for an anonymous complaint to move forward with NAR? It must be provided, must have sufficient documentation, must violate articles in the code of ethics Who can file an ethics complaint? Anyone What is the timeframe to submit an ethics complaint? Within 180 days of the discovery of the facts Who has authority over an agent's license? TREC What is the purpose of the Texas Deception Trade Practices Act (TDTPA)? To protect consumers against false/misleading practices, unconscionable actions, breaches of warranty How much notice must a consumer give to the defendant before filing a lawsuit under TDTPA? 60 days