98. When is a complaint passed to the Professional Standards Committee? C. are not allowed to litigate the matter. They ask their buying agent, REALTOR Larry, about the racial composition of a neighborhood they are considering. D. providing little to no information about known issues with a house. D. Yes, I have tons of experience selling all types of properties! Statements not known to be false at the time they are made are called _____ misrepresentations. Dual agency limits the level of representation that can be offered by the licensee and also prohibits the licensee from acting exclusively for either party. C. No, Antonio is entitled to collect these fees as long as there was informed consent from both parties to the transaction. D. both brokers. A) A) A. attending the Grievance Committee meetings and the Professional Standards hearings. D. all parties to a transaction. Did Marty violate the Code? In real estate transactions, agency is often formed without the signature of the client, so it is up to the real estate professional to keep track of your disclosure. Seller Tim has offered an open listing on his property to a number of brokers in the area. Which item is considered outside the scope of a real estate license, according to Article 2? The two functions of the local REALTOR Associations Board of Directors, with respect to Code enforcement, are Josie tells Betty she isnt happy with the small number of showings Bills had on her house and she is thinking of finding a new REALTOR. Broker Deb admits that she extended an offer of cooperation and compensation to Broker Steve. Youve come to the right person.. D) 60. A. apparently limited to the open house and does not favor Roger. D) C. offer to pay a bonus commission to REALTOR Millie if REALTOR John sells the house. (?) An agent receives an offer. A key element of an agent's fiduciary responsibility of loyalty is to A) reveal relevant information or material facts. Real Estate Course Chapter 4 Flashcards Preview - Brainscape B. property profiling. D) B. A) As a general rule, dual agency is permissible. D. only consider who wrote the successful contract on the property. (1) Which department generates the most net income per dollar of sales? Recently, Erin was the buyers agent for Jones, who purchased a new home. Variable expenses would be reduced by $9 per unit. A request for arbitration could stem from There are two separate brokerages. Did Antonio violate the Code? A. may ask the local Association of REALTORS to provide them with a free mediator. Zaafir only, because he is an independent contractor. care and skill in performance. A REALTOR can use guided statements to diminish another REALTORs integrity. Upon discovering a latent defect in a property, the real estate professional should discuss the problem with the seller and then Which of the following duties does Marcy NOT owe to Chad? D) d. principal. In a dual agency, one broker or agent represents both parties in a real estate sale. a trustee. REALTOR Eddie believes that REALTOR Sacha sold his client a house. A. B. C. Paula is in violation of Article 15 for posting misleading statements. A. dictatorial business. B. not accepting a commission or rebate without the clients knowledge and consent. B. disclosing her relationship with Derek A) Which of the following does NOT indicate a buyer trying to freeze out a broker? True or false: Any family relationship of the parties or whether they have legal representation does not change this rule. A REALTOR may file both an ethics complaint and an arbitration request simultaneously over the same matter. Unit 5: Agency Relationships Flashcards | Quizlet C. websites must be maintained and updated frequently. It is Marys listing and she has the key; the sellers are not home but told her to show it anytime. C. No, Antonio is entitled to collect these fees as long as there was informed consent from both parties to the transaction. B. an introduction and favors her side. A. All of these will terminate an agency relationship EXCEPT C. Professional Standards Committee THIRD PARTY. 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Class Questions with Answers, NAR May the Code Be With You / The Code of Ethics in Action Real-Life Applications Class Questions with Answers, Navigating a Hot Sellers Market Class Questions and Answers, Real Estate Investing Beyond the Basics Class Questions with Answers, Real Property Appraisals Class Questions with Answers, Short Sales and Foreclosures / Advocating for Short Sale Clients Class Questions with Answers, All CE (Continuing Education) Classes Study Guide that we have on 1 page ( included CE classes -Core Law, Ethics and ALL Other CE elective classes Guides that we have)- Questions with Answers. C. REALTOR principal and REALTOR-ASSOCIATES jointly No, because the properties she found in the MLS have been on the market more than six months. How would a histogram of US REIT returns over the last twenty years be described? 118. Some states allow it, with certain conditions. Broker Millie presents as evidence the listing as it appeared in the MLS, with no compensation offered to a buyers agent, only to sub-agents. Which of the following is not a listing agreement typically used in California? It has been reported that 40%40 \%40% of U.S. workers employed as purchasing managers are females. A licensee must be a REALTOR to sell real estate in most states. B. 146. 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",_____. A: This information may be withheld since the agent never saw any evidence of infestation or damage. A. Katherine, as the selling broker D. Melanie should not solicit a buyer agreement with these buyers. D. do not have the option of arbitration through the local Association of REALTORS. The Federal Fair Housing Law prohibits me from discussing the racial composition of the neighborhood. 48. Advertisements on the Internet require the seller must disclose, but the broker has no obligation to disclose. C. tell the Byers they cannot talk to Sam Minevik reported Cost of Sales for 2013 of SEK57,222 million. D) \text{Variable expenses}&\underline{\text{\hspace{5pt}315,000}}\\ C. once it has been reviewed by the Ethics committee Misrepresentation or omission might result in broker liability, In a dual agency situation, a broker may represent both the seller and the buyer in the same transaction if. dual-purpose mission; both the principal and the agent. D. Professional Standards Committee. Which of the following is correct? C. draw up the paperwork on Hollys offer. D. false advertising. This way is more efficient. C. a violation of the Code, despite the fact that REALTOR Nelson did have permission from REALTOR Matthew. Joe tells Ralph that if he shows up at the hearing, hell wish he hadnt! Did Antonio violate the Code? self-dealing An agent works for a principal that is in the business of real estate development. Both information the seller has provided the agent, and material defects that the agent has personally observed C. The dual agent must have the written consent of both parties. The dual agency does not constitute a violation of the duty of loyalty so long as the agent acts fairly and equitably. the desire of a potential buyer or tenant to know the information. A. A) D) D. Article 14Arbitrate disputes. A sales associate of a broker told a prospective buyer that the house being shown is "the best house in the area." 88. of the following is not true regarding dual agency? Did Lisa violate the Code? Do international differences in financial leverage exist? b) An agent cannot accept commission from both parties to a transaction without his principals' consent. The broker designates one sales associate to represent the seller and one sales associate to represent the buyer. Which one of the following statements regarding the duties of an agent is NOT true? This introduction is returns due to the use of appraisals? This is an example of A) A real estate professional's representing more than one principal B) Two brokerage companies cooperating with each other C) A real estate professional's acting for both the buyer and the seller in the same transaction D) A real estate professional's listing and then selling the same property A D. websites must maintain a minimum number of listings at all times so the site should never look skimpy. The broker acted properly to obtain a quick offer on the property. If two licensees, who are not REALTORS, have a monetary dispute, they C. REALTOR Clarence is the complainant. REALTOR Matthew brings a complicated purchase contract to Nelson that requests partial owner financing. consideration. D. false advertising. Nice and sturdy basement and everything appears dry. D. showing his interest in the property personally. In a simple random sample of U.S. purchasing managers, 70 out of the 200 are females. disclosure agreement. D. mediation is not available. The structure does not seem sound and I would not purchase this house. \text{Sporting Goods}&\text{\hspace{5pt}20,000,000}&\text{\hspace{5pt}2,040,000}&\text{\hspace{6pt}12,000,000}\\ disclosure. This is C) A) 56. D. REALTOR. Disclosure D) D) A) Every state has mandatory agency disclosure laws that stipulate a. Dual agency is a violation of real estate law b. 102. In the common law of agency, an agent owes the principal all of the following EXCEPT statutory law. C) Disclosure of material facts that the agents knows. B. are going to need to put this decision in writing to the Board of REALTORS. A) What is Franks duty? C. reasonable care Seller George paid for a home inspection on his house for a prospective buyer. UNIT 3: National Brokerage: Listings Quiz Flashcards | Quizlet A. favor either party. "The uneven floors just mean that the building dates to colonial times." REALTOR Sam represents seller Linda. A) D. Jon is simply being aggressive, which is permissible. A. accounting for any deposit monies she receives from him, which are put into a separate account C. Loretta must disclose her interest to her clients and customers, including any financial benefit received. Howard walks through a home listed by Owens agency during an open house. The agent should: d. hold the offers for 24 hours before conveying them to the owner. 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. REALTOR Jon has an open house, which buyer Halie attends. D. unethical, because some of the people who get the e-mail may already be in an exclusive listing agreement. B. is obligated to arbitrate only if he has a specific written agreement to arbitrate. Agency relationships in real estate are regulated by which kind of law? 117. REALTOR Nelson owes REALTOR Dee a designated agency. Grievance Committee Sara would be considered a Transaction broker disclosure. fraudulent misrepresentation. B. Neil is in violation of SOP 1-3 for misleading sellers about market value. Past correlation of US REIT returns (over the last 20+ years) tends to indicate which D) REALTOR Marys next step should be to It is Marys listing and she has the key; the sellers are not home but told her to show it anytime. 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. A) negligent misrepresentation. (ANSWERS will be revealed with subscription). A. ask the buyers if they are exclusively represented by another REALTOR. care. B. opinion of value. C) Broker Paul introduces tenant Elizabeth to a property. B) Which of the following is true of a listing agreement? 104. B. REALTOR principal. B) C. Providing an opinion about the structure is outside the scope of my expertise. D) The structure looks good. B. a monetary dispute between two REALTORS. D. offer to pay REALTOR John directly at the time of closing. No, because REALTOR Katie is obviously clueless about how to price a property. Dual Agency vs. Designated Agency: Understand the Difference B) Broker Ken showed a property to Buyer Lori. B. recorded deed restrictions A) listing agreement. C) A. no, because Nathan is not responsible for how the website functions A. Donna has not violated any Article or Standard; she just did her job and sold the house. A) Later, Ben, who was seated at the same table with Linda, buys the house from Broker Andrew. After the closing, Dan expressed his confusion because he thought Donna was representing him in the sale. premisesthe Generally, a principal is liable for the torts of its independent contractors. restrictions on disclosure of confidential information. D) The broker has violated the agency relationship with the seller. Broker Steve. C) C. A REALTOR accepts an undisclosed fee from a buyer while serving as a listing agent for the seller. D. Yes, Marty should not have said anything to the other REALTOR and the seller at the closing. D. zoning restrictions. 74. She and Dean enter into an agreement of sale. She takes the people through the house and they ask Mary to write the contract. Broker Jim introduces buyer Ken to a property and keeps in touch with him. D. provide the basis for their opinion. C. Ann does not have to cite her reasons for filing an ethics complaint against Marge. D. all parties in a transaction, whether they are clients or customers. 58. C. member associations, individually. A. quality of title to the property (B), and (D) are true statements about dual agency, so they are incorrect answers to the question. Which of the following is an INCORRECT statement regarding dual agency? Question: Which of the following statements Is true reqarding the practice of designated agency under North Carolina Real Estate Commission rules?O A Designated agency provides an optional method of practicing dual agency for real estate firms.O B.The designated agency concept may be utilized by a firm that does not practice dual agency. C. B) Click the card to flip Flashcards Created by Required to disclose the information because it is a material fact important to the seller. C) B. not consider how and when Amy entered the transaction. Rather than pay sales commissions, which are currently included in variable expenses, the company would pay salespersons fixed salaries and would invest heavily in advertising. B. not a violation of the Code as REALTOR Terry doesnt know any agents in Hawaii. Patty prepares a CMA prior to the appointment, then shows the property to her prospect, buyer Larry. The rules established by tradition and court decisions are found in A broker engaged by a buyer has the responsibility to. Which of these statements is an ethical practice by a REALTOR? stigmatized properties. Chapter 30 Flashcards | Quizlet No, because permission was granted by Teds representing agent. REALTOR Marty has a daughter who is interested in a property. A. Twenty years ago, a former occupant of the house committed suicide in the house. Which of these items is NOT required to be provided with the opinion of value? Which of the following Standards is NOT considered a duty to the public? A. ask the buyers if they are exclusively represented by another REALTOR. Conflict of interest is inherent in a dual agency arrangement. inform any prospective buyers of the defect. B. telling him the lowest price Derek will take for the house, which Derek told her in confidence C. induced Miriams client to cancel her agreement, which is a violation of the Code. Obedience. A. REALTOR Marcy listed Dereks home, thus creating an agency relationship in which she owes fiduciary duties to Derek. A. D. local, state, and national. Subsequently, he calls her several times a week, sends her e-mails, and mails a packet of additional information. C) the buyer and the seller are related by blood or marriage. C. Nan sold a house to Bob last year. A. find a third, impartial board to hold their hearing. C) A) 138. an express agreement. REALTOR Bill finds out about the contact and accuses Melanie of trying to steal his client. B. Loretta may not market these auxiliary services to buyers or sellers using her company. A. contact Sam and ask him the nature and terms of any agreement he has with the Byers To settle this agreement, they can D) the seller and the buyer are represented by different companies. In a(n) _____ agency, a contracting third party knows that the agent is acting for a principal but does not know the identity of the principal. B) The hearing panel will 120. REALTOR Antonio has been asked by a listing client to prepare an opinion of value on his property. The statement is FALSE. D. The buyer sought another broker in order to get a lower price. 140. Which of the following results is NOT an implication of the smoothing of real estate C) 77. B) Seller Sue says to REALTOR Bill one day, I will get half the money when we sell this house, wont I? Which response is correct? A seller, anxious to sell, listed a home for $190,000 and signed an agency agreement with a broker who then told a buyer to submit a low offer. What is the internal rate of return? C. Loretta may not market these auxiliary services to buyers or sellers using her company. A. has no business concerning himself with the other REALTORs contract; it is none of his business. C. a violation of Code, because it is not a general announcement. The relationship between real estate broker and seller is generally what type of agency? B. Multiple Choice The dual agency is permissible so long as both parties are fully informed as to the dual role of the agent and consent. 144. the common law of agency in the state in which the property owner lives. B) obey the principal's instructions in accordance with the contract. C. maintain the confidentiality of the information If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold, agent," _____. B. once it has been reviewed by the Grievance committee Subsequently, Dean lists the property with Broker Mike. B. sign the Byers to an exclusive buyer agency agreement D. A REALTOR may file a request for arbitration only after any ethics complaint about the same matter is resolved. No, because REALTOR Katie is obviously clueless about how to price a property. B. REALTOR Brian is the mediator. B) C. unethical behavior between a REALTOR and a consumer. B. The first thing Sam should do is Morton Companys contribution format income statement for last month is given below: Sales(15,000unitsX$30perunit)$450,000Variableexpenses315,000Contributionmargin135,000Fixedexpenses90,000Netoperatingincome$45,000\begin{array}{lrr} B. neither broker. Which of the following is TRUE regarding dual agency? The buyer entered into a contract that stipulated that the broker had not been involved in the transaction. Jaybird was required to make a no brokerage disclosure before letting the buyer enter the open house; Every state now requires Each party must be informed he will not receive. A. Because of this statement, C) C) This is a violation of the Code because B. Paul. A. racial segregation. A) C. Yes, Marty should have disclosed his relationship with all parties involved when an offer was made. Asset-liability management A. disclose the existing accepted offer No, Martys daughter and the seller were in mutual agreement with the stipulations of the sale. D. use the comment in other places on his website to help drum up new business. B. determining if ethics complaints should go forward and holding the hearings. obedience to all instructions of the principal. C) B. unstable properties. D. panic selling. Chapter 30. Such being the case, dual agency was revoked in the . C. remove the comment immediately. the sales associate was practicing puffing. Select the statement that is considered practicing law and should be avoided. 135. D. Yes, because she does not have permission from REALTOR Katie. When Frank contacts Mr. Johnson to renew the listing, Mr. Johnson informs him that he just signed a contract with REALTOR Jim that becomes effective one day after the current listing expires.
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