unit 9 real estate brokerage antitrust laws Flashcards

unit 9 real estate brokerage antitrust laws Flashcards Allocation of customers or markets involves what? an agreement between real estate brokers to divide their markets and refrain from competing for each other's business. Allocations may be made on a geographic basis, with real estate brokers agreeing to specific territories within which they will operate exclusively.the penalty for fixing prices or allocating markets is?maximum $1 million fine and 10 years in prison. For corporations, the penalty may be as high as $100 million.An individual who has suffered a loss because of an antitrust violation may sue for treble damages-three times the actual damages sustained. In addition, the injured party may recover the cost of the suit, which includes reasonable attorney fees.what is a group boycott?occurs when two or more businesses conspire against another business or agree to withhold their patronage to reduce competition. A group boycott is illegal under antitrust laws.Most violations of antitrust laws in the real estate business involve what?price-fixing (real estate professionals conspiring to set fixed compensation rates) or allocation of customers or markets (real estate professionals agreeing to limit their areas of trade or dealing to certain areas or properties) Internet Data Exchange (IDX) policy does what? Allows all MLS members to have equal rights to display MLS data, while also respecting the rights of the property owner and the real estate broker who represents the property owner to market a property as they wish what are antitrust laws?Laws designed to preserve the free enterprise of the open marketplace by making illegal certain private conspiracies and combinations formed to minimize competition what is price-fixing?when competitors agree to set prices or other terms and conditions for products or services rather than letting competition in the open market establish those prices. In real estate, price-fixing occurs when competing brokers agree to set sales commissions, fees, or management rates. Price-fixing is illegal what is a disclaimer?A statement indicating no legal responsibility for information; no warranties or representations have been made Trade groups, such as associations of REALTORS®, multiple listing services, and other professional organizations, may neither?set fees or commission splits, nor deny membership to a real estate broker based on the fees that the broker charges tie-in agreements (also known as tying agreements) are?agreements to sell one product only if the buyer purchases

another product as well ex: a broker will agree to list a

seller's home for sale only if the seller agrees to be represented by the broker in the purchase of a new home

blanket opt-out provision provides?that those MLS participants interested in keeping their listings from competitors' websites cannot then display other real estate brokers' listings.