Affiliate Broker: Commissions exam with 100% correct answers

Commissions are established by negotiation between the client/customer and broker. usually a % of the sales price. Must be incl in the listing agreement or buyer's representation agreement. Each broker's office will decide the exact amount. Diff rates for diff types of sales. A broker has EARNED the commission when you have found a ready, willing and able buyer who buys on the terms the seller has set or the seller accepts. Commission is collected at closing A broker may share commission with 1. his or her affiliate broker 2. another licensed broker in another state who did not conduct business in this state. An affiliate broker may only receive compensation from his/her broker. All money goes through the broker. Anti-trust laws Sherman Anti-trust 1890 prohibits unreasonable restraint of trade Clayton Act 1914 charging diff prices to diff groups Robinson-Pattman 1936 taking advantage of less qualified people like immigrants (charging higher rents or deposits) Types of Anti-trust violations Allocations of markets Price fixing Boycots Material Facts usually outside the boundaries of the property like school zones, crime rate, near an airport, chicken plant. anything that would affect a reasonable person to buy or not buy a person. things you can't control outside the property. Adverse Facts anything that has a negative effect on the value of the property. structural problems (deck), mold, leaky roof, cemetery on the property.