Tulsa Real Estate Agents | Responsible People
Tulsa real estate agents. Today we are going to be talking about real estate brokerages what it means answering. A lot of questions were going to be explaining and licensing laws and just the antitrust laws, the sherman antitrust laws, which are important for tulsa real estate agents to know that we’re going to be talking, aboutreal estate, professionals in technology and just defining some key terms when it comes to the brokerage itself. So, first of all, the purpose of license laws is because we want to make sure that these laws protect the public and ensure that they are working with real estate industries in a professional manner, and that the real estate agents are following the laws and in order and we’re going to be talking about what each real estate agent has to go through when it comes to licensingso, i, really hate brokerage is basically it’s just a business that brings people together in order to buy and sell real estate. Real estate agent is not permitted to sell real estate unless they have their license placed with a broker. So technically, when a real estate agent I get their license, they pick the brokerage. They want to work for whether that be keller, williams coldwell, banker mcgraw, and they don’t actually own the listing. It’s the broker that owns the listing. So does a few things that we are going to go over and some key terms that we need to know what is an independent contractor, even though a real estate agent, even though tulsa real estate agents are independent contractors, they still have to abide by the rules of o r e c and they have to place their license with a brokerage independent contractor. So you are responsible for all the income that you are getting your also responsible for paying all of your texts and that’s going to include the employer taxes. You are not an employee’s. Stella brokerage can never determine or dictate the hours that you work or when you are working in the office you can have a home office. You just have to put your license with the actual broker itself. Estate agents are responsible for any assistance that they hire and you know honestly, if you hire an assistant, they are not licensed. If they make mistakes, you are responsible for the mistakes that are made, including the brokerage the broker just going to have no interest in it as well. Because of the mistake is made, then they are going to have and share some of that responsibility. So there are commission’s. Obviously real estate agents are in this business to make money. However, brokers do you charge fees so for an example, keller williams they have a paste and taking 30% of each transaction. That’s also a real estate agent, tulsa, real estate agents make, and once you hit a percentage which keller williams called the cat. The agent will then receive 100% of their commission for the rest of the year, and that starts over every year. Different brokers. Do it in different ways at coldwell, banker does not have a cat I believe keller williams is one of the largest brokers that only have a cat. So you also when tulsa real estate agents get their license. They become members of the mls system, which we call gtar, and you have to pay quarterly dues in order to be able to have access to the mls, also paying those quarterly dues, cuz, tulsa, real estate agents. Access to property is to the key boxes. If you don’t pay your dues and then you are access is revoked until you pay it pretty much you’re as possible estate agents. Responsibility is to especially when they’re listing a home is to find a ready, willing and able buyer for that property and remember the agent itself does not own the listing, but whoever their broker is owns. That listing. So that’s very important. No, because a lot of the agents walk around saying. Oh my listing my listing and it’s not technically their listing-is the brokers listing what the biggest things that tulsa real estate agents need to be aware of. Are the antitrust laws very, very, very important, the antitrust laws involved? If you things been involved, price-fixing groups, boycotting allocation of customers are markets and also tie an agreement, and there are very severe penalties that will have to be face if any of these are violated, so we’ll quickly go through at least four things. What is price fixing? Well tulsa real estate agents need to know that price fixing is illegal. You are practicing with your competitors, you get together. Let’s say someone was killed, keller, williams and another agent with coldwell banker and get together, and they agree that they are going to set prices and fix those prices so that the rest of their competition won’t even be able to compete against them. That is illegal antitrust laws and don’t relate to real estate. But this goes for all businesses. It just means that you know everyone has the ability to charge what they want and you can’t fix those prices and the next one would be group boycotting-and this happens when there’s like two or more businesses that get together and agree that they’re going to reduce their competition. So in real estate terms, let’s say you have a new agent that comes into the office and all the older agents get together to say we don’t like that new agent and we are not going to show their homes not going to show their home to any of our customers. That’s considered a group boycotting. So if you find out that someone is doing, that is a big. No now the next one is allocation of customers are marking involves agreements between real estate brokers that they’re going to divide up their markets and they’re going to refrain from competing for each other’s business.
That is illegal, as the last one is called a tie, an agreement, and that just means hey. If I sell you this house, you have to buy another house for me. You can’t force somebody to do a tie, an agreement that is illegal and the penalties for all of these. If they’re ever violated, etsy I think its maximum of 1 million dollars in fines and up to 10 years in prison, and if you’re like a corporation, the penalty can actually go up to a hundred million dollars. So it’s very severe and it is not taken lightly at all. Tulsa real estate agents need to be very well aware of what all four of those terms mean and they need to abide by the by the rules. That’s pretty much it on the anti sherman trust laws and let’s talk about electronic signatures for just a second, because it in today’s technology and everyone is signing everything electronically. We use a system called. Luke and what that means is if all contract can be signed via the internet via electronically, and it is considered legal. If we do that-and there are two federal acts that are governed that govern the electronic contracting and it’s called the uniform electronic transition act and the electronic signatures in global and national commerce, which another word would be e-sign. So this just means these two acts protect and make it legal for people to sign documents via electronic lee versus in person and do not call registry real, quick. A lot of people will put their names on a do not, call registry. If they are on the do not call register, you are not supposed to be calling them. You could get fined for that. Real estate agents need to know that they can contact people and they have done business with, even if they are on the do, not call registry up to 18 months, and that’s it if, let’s say I sold somebody’s house they’re on the do not call registry after I’ve, so I can call them at 2:18 months after because I’ve done business with them. But after 18 months is up. You cannot call me anymore unless you just have this relationship with them and they don’t care. But yes, the testarossa, a just need to be aware of who they can and cannot call in the timeframe of calling