132. honest and fair dealing. Subsequently, he calls her several times a week, sends her e-mails, and mails a packet of additional information. B. allowable because REALTOR Nelson obviously doesnt understand the offer. A) B. NAR May the Code Be With You / The Code of Ethics in Action Real-Life Applications Class Broker Millie. D. false advertising. REALTOR Barbara holds an open house on a rainy day and discovers the seal for the back door is leaking. REALTOR Donna has a property exclusively listed and shows it to buyer Dan, who wants to make an offer. 125. B. B. In a real estate transaction the agent is the: Seller Jordan signs a memorandum for an open listing with a broker authorizing the sale of her house for $65,000. disclosure agreement. Exclusive neighborhood community with a Tier 1 golf club A. ask the buyers if they are exclusively represented by another REALTOR. REALTOR Barbara holds an open house on a rainy day and discovers the seal for the back door is leaking. 2. D. notifying him of all known material facts, 95. According to the Code of Ethics, who owns the listing agreements for a firm? A person who may be affected by the terms of an agreement, but who is not a party to the agreement is known as the: A. D. are not allowed to sue each other because they are both REALTORS. Josie is in a contract with REALTOR Bill, which is expiring in a week. The two functions of the local REALTOR Associations Board of Directors, with respect to Code enforcement, are conditions that need not be disclosed. If REALTOR Shelley wishes to file an arbitration request, against whom does she file it? a) The partners are under a duty to account for any profits made whilst competing with the firm. 57. D. a violation of the Code; REALTOR Matthew did not have permission from REALTOR Nelson to contact Jennifer. A) Lori subsequently meets Broker Amy, whose son plays ball with Loris son. A. B. maintaining several websites aimed towards different sets of clients The Code of Ethics in Action R Copyright 2023 - RealEstateExamAnswers.com -, NAR May the Code Be With You ? A. dictatorial business. Obedience. D) A. each members conscience. A REALTOR may tell prospective clients not to list with REALTORS offering flat-rate commissions. A. Disney tell Saul that the maximum it will pay for a 1-acre lot is $1 million. B. not a violation of Code, even if some of the recipients have their homes listed for sale. 96. sales associates are agents of the licensing authority. B. Sarah may ask her REALTOR principal to initiate litigation but Sarah may not initiate litigation on her own. 98. Identify which statement regarding complaint filing is TRUE. Is Brad violating the Code if he calls Ted? The relationship between the property owner and the associated brokers at Hannah Smith Realty could best be described as (buyer subagency, designated agency, dual agency, seller subagency) A. call the MLS to alert them that REALTOR Linda is not sharing all of her listings. No, because her client, Larry, has no interest in the property. 10. When Todd finished his degree in marketing, he started a career as a REALTOR. Agency relationships in real estate are regulated by which kind of law? At the request of a client, REALTOR Marguerite provided a written estimated value of the clients property. REALTOR Paula reads the personal statistics posted on REALTOR Neils Internet blog and posts this comment on his blog: Well, Mr. Smarty-Pants, we could all have the same stats you do if we consistently underpriced every listing we sold. Loyalty This would most likely be viewed as B. a client during and following the termination of the professional relationship between the client and the REALTOR. Complaints about the behavior of a REALTOR are The agent has not violated any agency responsibilities to the seller. Which of the following Standards is considered a duty to other REALTORS? ! C. REALTOR Lyla listed her clients property for less than they had wanted to sell it for because she knew it had a better chance of selling at that price. Only information about material defects that the agent has personally observed The buyer entered into a contract that stipulated that the broker had not been involved in the transaction. D. REALTOR Clarence is the respondent. What does the phrase the law of agency is a common law doctrine mean? Dylan is the _______, and Jordan is the ________. REALTOR Patty has an appointment to show REALTOR Katies listing. A key element of an agent's fiduciary responsibility of loyalty is to, The seller is the broker's client; the buyer is a customer. C. half of the commission REALTOR Nelson actually received from the seller, after he negotiated with the seller to reduce his commission. A REALTOR has to decide which is more important, behavior or money, and file just one complaint. 61. 4 Q . REALTOR Marcy listed Dereks home, thus creating an agency relationship in which she owes fiduciary duties to Derek. 52. I know Bill, and hes got a reputation for only working hard on his million-dollar listings. B. have two brokers sign off on it. B. Loretta may not market these auxiliary services to buyers or sellers using her company. B) B. D. I will ask the selling REALTOR her opinion and get back to you., 109. B. In a dual agency situation, if it is permitted by state law, a broker may represent both the seller and the buyer in the same transaction provided B. Buyer Travis owns several corporations and has Broker Salvatore show him a property owned by Keith. the client. C) C. fraud. C. The price that the sellers told the agent is their minimum selling price. B. include persons of only one race to show the demographics of that neighborhood. It is one of the rules enacted by legislatures and other governing bodies. Jennifer rejects the offer. a designated agency. B) A. attending the Grievance Committee meetings and the Professional Standards hearings. Compare our rates to others This ad is In most states, dual agency refers to a situation where the same REALTOR represents both the buyer and the seller in a real estate transaction. At the closing table, Howard reveals to both REALTOR Jane and the sellers that he has an exclusive buyer agency agreement with his client. New equipment has come onto the market that would allow Morton Company to automate a portion of its operations. A. She stipulates that her client, buyer Jack, will pay her fee. This could be an example of C. made a great decision. Both information the seller has provided the agent, and material defects that the agent has personally observed She negotiates the offer with buyer Dan, who offered less than asking price. 4. Which of these advertisements is an example of inducement? Marty makes arrangements with the listing agent, REALTOR Caroline, to show the property. B) REALTOR Eddie believes that REALTOR Sacha sold his client a house. A) He should Compare our rates to others This ad is Broker Amy discovers that buyer Lori has looked at a property with Ken and tells Lori that she is also in the real estate business and can help her buy the property. 5. B. pay both Sherry and Vinod a full commission. C. Nan sold a house to Bob last year. B. disclosing her relationship with Derek A statement that the disclosed dual agent may disclose any information to one party that the disclosed dual agent gains from the other party if that information is relevant to the transaction, except: (1) The willingness or ability of the seller to accept less than the asking price; Broker Roger has an open house on a property and has a register for attendees to sign. A. abandonment of John by Broker Judy. 7. Being a REALTOR means being included in the ____________ association(s). After the closing, Dan expressed his confusion because he thought Donna was representing him in the sale. keep all buyer requested information confidential during the engagement period. REALTOR Antonio has a buyer agency contract, which entitles him to collect a fee. The broker expends considerable time and money advertising and showing the house and obtains several offers. B) B. Another goal was to recognize and accommodate the growing practice of buyer agency, No, because REALTOR Katie is obviously clueless about how to price a property. This way is more efficient. B. extended an offer of cooperation to another broker, which is not a violation of the Code. Jerry discloses his compensation agreements to both parties and receives their consent. The dual agent may reveal to the seller the maximum the buyer is willing to pay. an express agreement. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. 117. Regarding such duties, which ONE of the following statements is NOT true? C. Ann does not have to cite her reasons for filing an ethics complaint against Marge. Which. A real estate broker hired by an owner to sell a parcel of real estate must comply with D. Donna has violated the Code by not making it clear to buyer Dan that she was representing the seller. B) D. I think you should list with me as soon as that week is up. No, Alonzo is required to post all listings in the MLS. C. prepare a CMA which demonstrates the accuracy of the price. 73. B. B. C. state law requires it. The agent, without informing the principal, purchases the land for personal use. all client information to be kept confidential forever. Broker Jim introduces buyer Ken to a property and keeps in touch with him. The federal legislation known as Megan's Law has promoted the establishment of The sales associate was practicing puffing. both parties are represented by attorneys. special agency Elizabeth leases the property from Broker Jane. D. all parties in a transaction, whether they are clients or customers. A. a buying customer in a transaction. The rules of a society established by tradition and court decisions are found in B. date the opinion of value was prepared C) C) avoid conflicts of interest. C. REALTOR principal and REALTOR-ASSOCIATES jointly latent defects. Disclosure 116. C) Under the _____ rule, a principal is generally _____ for injuries caused by its agents and employees while they are on their way to or from work. D. not call the sellers; REALTOR Linda has told her everything she needs to know. Buyers hire an agent to help them purchase a home and want seller financing because they filed for bankruptcy two years ago. InvestmentCenterSalesIncomeAverageInvestedAssetsElectronics$40,000,000$2,880,000$16,000,000SportingGoods20,000,0002,040,00012,000,000\begin{array}{lccc} C) A) Study with Quizlet and memorize flashcards containing terms like Which is TRUE about listings? B. property profiling. A) A. offering an inducement to get someone through the door D. the National Association of REALTORS. InvestmentCenterElectronicsSportingGoodsSales$40,000,00020,000,000Income$2,880,0002,040,000AverageInvestedAssets$16,000,00012,000,000. the codified law that is a legacy of French rule. The structure looks good. The broker has violated the agency relationship with the seller. Some states allow it, with certain conditions. 17. 03. the common law. A. advise Susan of the commission differential. C. documentation of what the opinion is based on If Jackie Knox, who owns property in Chicago, agrees to sell the needed land for $1.5 million and the agent signs his name "Saul Arnold, agent for Walt Disney", _____. fraud. Inform any prospective buyers of the defect. Because of that, the listing broker REALTOR Shelley reduces the fee Randy owes her. B) As a manager, what factor would be paramount in your mind in deciding whether to purchase the new equipment? b) An agent cannot accept commission from both parties to a transaction without his principals' consent. This is an example of B. neither broker. Buyer Travis does not own Big City Enterprises and High-Rise Corporation. A) When is a complaint passed to the Professional Standards Committee? A. not a violation of the Code as it is helpful courtesy offered to the seller. Identify which of these practices a REALTOR is permitted to do. D) Has Tamika violated the Code? A REALTOR principal receives an offer on one of her listings. REALTOR Kara posts an ad claiming the most you will be charged is a $5,000 commission. A broker tells a buyer, "This home has the most beautiful river view." #1. While REALTOR Mary is putting a sign on a property, a couple pulls up in a car and asks if they can see the property. REALTOR Crystal went door-to-door in a particular subdivision asking homeowners if they were interested in selling because the ethnic make-up of the neighborhood is changing. \text{Net operating income}&\underline{\underline{\text{\$\hspace{5pt}45,000}}}\\ Eddie and Sacha Dual agency occurs when an agent is representing both the buyer and the seller. B) C. is simply doing his job by selling the companys listings. C. Loretta must disclose her interest to her clients and customers, including any financial benefit received. In this case, the agent is on a _____, and most jurisdictions hold _____ liable if the agent injures someone while on such a mission. C. remove the comment immediately. B. Ann cannot file multiple complaints against Marge over this one event. Absolutelythis is a community property state. While reviewing the MLS data sheet, Kevin notices that the cooperative broker compensation offered in the MLS listing is less than the fee he negotiated with Susan with his buyer broker agreement. Did Marty violate the Code? What is Barbaras duty? This way is more efficient. No, because customers get special treatment over other REALTORS. b. agent. No, because the selling agent can change his mind. D. Loretta must disclose her interest to her clients and customers, including any financial benefit received. A) C. ask REALTOR Craig to increase the commission. D) Eddie suggests taking the matter to arbitration. Which of the following is NOT a critical factor in determining independent contractor status? The agent's job is to sell the principal's automotive parts to auto repair shops and other purchasers. a. Dual agency is a violation of real estate law. This is c. is legally entitled to a commission. B. REALTORS are not permitted to advertise on more than one site. 34. \text{Sales (15,000 units X \$30 per unit)}&\text{\$450,000}\\ REALTOR Crystal went door-to-door in a particular subdivision asking homeowners if they were interested in selling because the ethnic make-up of the neighborhood is changing. A. exclude any human models to avoid any kind of unnecessary bias. C. Id be happy to discuss this house with you but I cannot discuss anything else. prohibited in all states because a broker must always represent one party. However, Jordan rejects the offers and instead sells the house to a friend. A. Twenty years ago, a former occupant of the house committed suicide in the house. D. Article 17Arbitrate disputes, 15. A. Twenty years ago, a former occupant of the house committed suicide in the house. REALTOR Kara posts an ad claiming the most you will be charged is a $5,000 commission. B. Refer to the income statements in (1) above. A nonagents job is simply to help both the buyer and the seller with the necessary paperwork and formalities involved in transferring ownership of real property. B. 136. A. Donna has not violated any Article or Standard; she just did her job and sold the house. B. not accepting a commission or rebate without the clients knowledge and consent. Which of these statements is an ethical practice by a REALTOR? A) D. set up an appointment with the title company. A) C) A) REALTOR Jack notices the following comment posted under one of his listings on his website. a latent defect. He identified himself as a REALTOR but he acted solely as a principal in the transaction. a fiduciary. A person who authorizes another to act in his or her place in regard to relations with third persons is the: Advertisements on the Internet require an implied agreement. B. Linda refuses to answer Janes questions. Module II- Part III-INCLUDES MUST-KNOW QUESTI, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett, Washington County FFA Dairy Foods CDE PART TWO. What should Erin tell Jones? Which of the following is not a listing agreement typically used in California? an undisclosed dual agency. Howard and Owen chat about the features of the house and Howard seems to be interested. Identify which of these is considered misconduct, according to the Code. Broker Judy has been working actively with Buyer John for several months. C. documentation of what the opinion is based on A. Which of the following is true of a listing agreement? 32. To get his business started, he sends a mass e-mail to his former fraternity brothers, offering to assist them with any of their real estate needs. accounting. D. Yes, Tamika violated the Code because contacting the listing agent is never allowable. C. call the sellers directly only if she has a buyer client who wishes to see the house. C. other REALTORS. D. weigh into consideration; Paul introduced the property and is the procuring cause. C. Donna has violated the Code by not getting informed consent from both buyer and seller to be a dual agent. B. disclosure is the correct answer to the question. A. Buyer Kathy contacts Seller Dean about buying his property. 78. Board of Directors 25. Later, a sales contract is entered into directly between Seller Keith and High-Rise Corporation. D. Jon is simply being aggressive, which is permissible. A) only if intentional. REALTOR Loretta has a large brokerage that includes an in-house mortgage lender, an in-house title company, and she offers home warranties through her company. This introduction is B. Melanie can seek the prospects future business. Marty later writes a contract and a sale is made. C) 82. No, Tamika is permitted to call Alonzo to get the information she needs. At this point, what kind of relationship do Howard and Owen have? 46. stigmatized properties. Sara, a licensee, is helping customer Mark find a house? C. both Buyer Bill and Broker Anne. C. The sellers agent has authorized the buyers agent to speak to the seller. D. neither Jane nor Paul. If two licensees, who are not REALTORS, have a monetary dispute, they D. Randy, 84. The individual who is authorized and consents to represent the interests of another person in dealings with a third person is environmental hazards. A) No, the fact that his daughter was the buyer is inconsequential to the transaction. a principal. An agency relationship may be terminated by all of the following, except: b. the principal's refusal of an offer to purchase that was presented in the name of a third party. Which of the following results is NOT an implication of the smoothing of real estate
B. Which of the following does NOT indicate a buyer trying to freeze out a broker? B. The term, however, can have different meanings. the sales associate is guilty of fraud only if the buyer purchases the house. The broker designates one sales associate to represent the seller and one sales associate to represent the buyer. D) Broker Joann, buyers agent, is seeking arbitration against Broker Millie, sellers agent. A) The notes to its financial statements state that 2013 Cost of Sales includes a SEK281 million write-down of Finished Goods inventory. Which of the following scenarios MOST accurately describes the typical income tax
common law. Statements of opinion are permissible administrative law. d. has no specified term. REALTOR Marcy listed Dereks home, thus creating an agency relationship in which she owes fiduciary duties to Derek. D. I will ask the selling REALTOR her opinion and get back to you., 110. REALTOR Carlos has a listing. THIRD PARTY. D) The structure does not seem sound and I would not purchase this house. Her letter offers both her property management services and her brokerage services. Special, Exaggerated statements about the property, Which of the following is considered lawful practice in real estate brokerage? Conflict of interest is inherent in a dual agency arrangement. Which of the following is considered dual agency? C. the principal B) A key element of an agent's fiduciary responsibility of loyalty is to A) reveal relevant information or material facts. In fact, the view includes the river and the back of a shopping center. Agents are prohibited from using general information, knowledge, or experience acquired during the course of an agency in later employment. A. 147. Which of the following statements is TRUE? (2) Which department is most efficient at generating sales from average invested assets? C. hearing Professional Standards cases and ratifying the results. D. talk Susan out of buying the house. The buyers agent is also the sellers agent, acting as a disclosed dual agent. Which of the following is a way to create an agency relationship? The fiduciary responsibilities of an agent to the principal under the common law of agency include A. Sarah can take no action as Thomas is the principal broker at his agency; his title gives him seniority in this case. A. have the opinion verified by an appraiser. Intentional torts include all but which of the following? C. really none of REALTOR Janes or her clients business.
Northwest Alabamian Arrests,
Projo Obituaries Past Week,
Xenon Clinic Prague Death,
Frank Thompson And Antonia Brico,
John W Bullock Obituary,
Articles W