GRI Brokerage Test

GRI Brokerage Test 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