B) 11. A. A. ASSOCIATE-BROKER. No, because REALTOR Katie is obviously clueless about how to price a property. C. member associations, individually. A. Neil is in violation of Article 15 for not blogging about REALTOR Paulas successes. A) Identify which statement regarding REALTORS is TRUE. c. agent. Under the _____ test, if an agent commits an intentional tort within a work-related time or loyalty to the principal's interests unless they conflict with the agent's interests. Which of the following is true of a listing agreement? REALTORS Jona and Wally are from different states where their boards do not have an established inter-association arbitration agreement. all real estate licensees to be real estate brokers. B. The agent, without informing the principal, purchases the land for personal use. B. Olivia may ask her REALTOR principal to initiate litigation but she may not initiate litigation on her own. A. Edit your form online Type text, add images, blackout confidential details, add comments, highlights and more. D. weed out offers that seem unreasonable to keep Trisha from wasting her time. D. all parties in a transaction, whether they are clients or customers. Dylan is the _______, and Jordan is the ________. Later, Ken meets Broker Brenda at a party and is persuaded to let her represent him in the purchase of the property. the broker was guilty of fraud because he is responsible for actions of the sales associate. A. disclose the existing accepted offer B. real estate licensees may not litigate over commissions. C. remove the comment immediately. A person who authorizes another to act in his or her place in regard to relations with third persons is the: A. The federal legislation known as Megan's Law has promoted the establishment of B. state This relationship is 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. A) Is this a violation of the Code? C. panic selling. An exclusive listing must always be at least 30 days long., What are the three most common types of listings . Agents are generally allowed to self-deal with the principal, especially if the self-dealing is undisclosed. if they are only part of puffing. B. Nathan, as the listing broker. C. unethical, because solicitation by any type of electronic transmission is a violation of the Code. Broker Joann, buyers agent, is seeking arbitration against Broker Millie, sellers agent. C. Yes, because REALTORS have an agreement to cooperate. C. Article 12Be truthful in advertising a subagent. A. may ask the local Association of REALTORS to provide them with a free mediator. The broker can agree to a change in price without the seller's approval. which of the following statements is true regarding the situation? InvestmentCenterSalesIncomeAverageInvestedAssetsElectronics$40,000,000$2,880,000$16,000,000SportingGoods20,000,0002,040,00012,000,000\begin{array}{lccc} c. It allows a broker to complete general tasks. \text{Contribution margin}&\text{135,000}\\ Dual agency occurs when an agent is representing both the buyer and the seller. D. If you go hang out at the Corner Bar for one evening, that will probably tell you everything you need to know.. 62. 114. 50. both parties consent in writing to the dual agency. C) Solved Which of the following statements about dual agency - Chegg D) C) A principal is not free to revoke an agency relationship in all circumstances. C. remove the comment immediately. A) A. a 20% referral fee. The broker is called. Broker Pauls efforts favor D. merely a mention and does not favor Broker Linda. Which of the following is correct? Matthew calls Jennifer to explain the details. A net listing is illegal in all states. A. "NAR May the Code Be With You" ? "The Code of Ethics in Action Real must promote and safeguard the seller's best interests. In dual agency, the real estate professional represents two principals in the same transaction. Kevin must Subsequently, he calls her several times a week, sends her e-mails, and mails a packet of additional information. (1) Which department generates the most net income per dollar of sales? Do you agree with the marketing managers proposal? A licensed broker obtained an exclusive right-to-sell listing from an owner. A. abandonment of John by Broker Judy. B. Board of Directors. A) 99. 4. Dual agency is legal in all other states and Washington, D.C., though regulations vary by state in three key areas: When during a transaction agents must disclose dual agency B. lie to prospective buyers regarding the windows condition A. dictatorial business. personally arrange for the repairs. The marketing manager claims this new approach would increase unit sales by 30% without any change in selling price; the companys new monthly fixed expenses would be $180,000; and its net operating income would increase by 20%. Sherry produces an agreement of sale, which is acceptable to Tim who sells the property to Wanda. 33. D) B. The buyers agent and the sellers agent work for the same company as designated agents. Linda refuses to answer Janes questions. Complaints about the behavior of a REALTOR are B. A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. Which of these statements could be considered discriminatory? c. is legally entitled to a commission. D. are not allowed to sue each other because they are both REALTORS. REALTORS seek arbitration over monetary disputes with another REALTOR because B. have an arbitration hearing at Wallys association, if Jona agrees. Unit quiz 10 Flashcards by Ron Jeremy | Brainscape C. The price that the sellers told the agent is their minimum selling price. 132. Refer to the original data. B. Jack A key fact is True or false: Any family relationship of the parties or whether they have legal representation does not change this rule. C. really none of REALTOR Janes or her clients business. It is part of a body of law established by tradition and court decisions. Asset-liability management REALTOR Matthew brings a complicated purchase contract to Nelson that requests partial owner financing. Which is TRUE? C) Given this information: What cause of fatality is least likely to occur? C. not run the ad at all. New equipment has come onto the market that would allow Morton Company to automate a portion of its operations. A. Randy C. You really need to consult with your attorney with questions of that nature. The Byers reply that REALTOR Sam has taken them to several homes, but they arent sure if they have an exclusive agreement with Sam. His boss is Bud, whose wife is Broker Nan. B. telling him the lowest price Derek will take for the house, which Derek told her in confidence If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold, agent," _____. Identify which statement regarding mediation is TRUE. Which of the following is an INCORRECT statement regarding a fully disclosed agency? B) Oxford University Press | Online Resource Centre | Multiple choice Which. D. neither Brenda nor Jim. B. Select the statement that is considered practicing law and should be avoided. C. ethics complaints. D) Sara would be considered a Transaction broker No, Tamika is permitted to call Alonzo to get the information she needs. Has Tamika violated the Code? Dual agency is actually illegal in some states. A) He sends letters only to those homeowners whose properties he has previously appraised. 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. The Minevik Group is a Swedish-based, high-technology engineering firm. D) Upon discovering a latent defect in a property, the real estate professional should discuss the problem with the seller and then. C. may not arbitrate as he does not belong to the local association. Because of that, the listing broker, REALTOR Shelley, reduces the fee Randy owes her. Rather than purchase new equipment, the marketing manager argues that the companys marketing strategy should be changed. D. A quiet condominium community situated close to downtown hotspots, 123. C. both Broker Deb and Broker Steve. Agents are prohibited from using general information, knowledge, or experience acquired during the course of an agency in later employment. keep all buyer requested information confidential during the engagement period. 60. C. merely a mention and does not favor Broker Andrew. care and skill in performance. C. prepare a CMA which demonstrates the accuracy of the price. both parties consent in writing to the dual agency. Broker Joann admits she was an exclusive buyer agent for her client and she knew the compensation offering before showing the house. C. Yes, because REALTORS are not permitted to use county records for such purposes. B. REALTORS are not permitted to advertise on more than one site. C. You really need to consult with your attorney with questions of that nature. any relevant state laws. Identify which of these is considered misconduct, according to the Code. A. each members conscience. REALTOR Jerry has exclusive employment contracts with buyer Stan and seller Tammy. A. arbitration. A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. Dual agency requires nothing less than written, informed consent from both parties. B. Sarah may ask her REALTOR principal to initiate litigation but Sarah may not initiate litigation on her own. C) Did Antonio violate the Code? Broker Linda is at a wedding seated at a table with nine other guests. The seller had made no mention of it. C) A real estate broker acting as the agent of the seller D. all parties to a transaction. Chapter 7 Flashcards | Quizlet C. large, four-bedroom on a quiet cul-de-sac lot She takes the people through the house, and they ask Mary to write the contract. A. quality of title to the property B. B. Donna has violated the Code by not disclosing to the seller that she was representing buyer Dan. C. Nan sold a house to Bob last year. B. a client during and following the termination of the professional relationship between the client and the REALTOR. administrative law. C) Disclosure of material facts that the agents knows. REALTOR Mike is showing a property to his client Jean. REALTOR Kim has a listing on a property and REALTOR John, a sales associate for REALTOR Millie, makes an appointment to show it. D. Olivias client would have to request arbitration on her behalf; she may not request arbitration on her own. Later that same day, a prospective buyer comes into the broker's office and asks for general information about homes for sale in the $130,000 to $140,000 price range but refuses representation by the broker's company at this time. 128. Do not show percentages for the fixed expenses. I recommend if you are interested, you have the house inspected by a professional. C. demand that Sherry split the commission with Vinod. Regarding such duties, which ONE of the following statements is NOT true? B. once it has been reviewed by the Grievance committee C. REALTOR Clarence is the complainant. 36. REALTOR Mike is showing a property to his client Jean. In a fully disclosed agency, the contract is between the agent and the third party. D. urge the seller to update the disclosure form or have the back door repaired, 107. statutory law. A) A real estate professionals representing more than one principal, B) Two brokerage companies cooperating with each other, C) A real estate professionals acting for both the buyer and the seller in the same transaction, D) A real estate professionals listing and then selling the same property. B) Care All information about material defects that the agent knows or should know A. find a third, impartial board to hold their hearing. It is Marys listing and she has the key; the sellers are not home but told her to show it anytime. Another goal was to recognize and accommodate the growing practice of buyer agency, 52. This particular fact favors A) C. Great location, four blocks away from the Park and Ride the agent. D) What is NOT a major method of unsmoothing a real estate index. Broker Ken showed a property to Buyer Lori. A. advise Susan of the commission differential. 58. C) REALTOR Brianna is a buyer agent and sells Randys house. The seller didnt mention this before the open house. the sales associate is guilty of fraud only if the buyer purchases the house. \end{array} In a(n) _____ agency, a contracting third party does not know of either the existence of the agency or the principal's identity. What are the typical implications to an REIT investor of REITs being listed? B. is obligated to arbitrate only if he has a specific written agreement to arbitrate. C) 143. D. a violation of the Code; REALTOR Matthew did not have permission from REALTOR Nelson to contact Jennifer. No. A. A. advising customers or clients on how to get a house show ready c. accidental 103. NAR May the Code Be With You / The Code of Ethics in Action Real-Life Applications Class An agent can personally usurp an opportunity that belongs to the principal. the buyer and the seller are related by blood or marriage. D) Only choice (C) is not true, so it is the correct answer to the question. The seller's agent is aware that a new landfill has been approved for development on an adjacent property but does not disclose this information to a buyer. Study with Quizlet and memorize flashcards containing terms like Which is TRUE about listings? C. Yes, Marty should have disclosed his relationship with all parties involved when an offer was made. C. Only those licensed as sales agents may become REALTORS. Broker Anne. B) universal agency. Which of the following scenarios MOST accurately describes the typical income tax B. C. tell prospective buyers Trisha must sell quickly because Ed must follow all instructions of the client 86. A) 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) b. broker. D. use the comment in other places on his website to help drum up new business. REALTOR Patty has an appointment to show REALTOR Katies listing. D. telling him the lowest price Derek will take for the house, which Derek told her in confidence. B. disclose the existing offer only if the seller gives permission No, because the properties she found in the MLS have been on the market more than six months. not required to disclose the information because the seller might reject the offer. Seller Tim has offered an open listing on his property to a number of brokers in the area. The first thing Sam should do is Call REALTOR Dan for a tour today! C. other REALTORS. C. Buyer Travis is the owner of Big City Enterprises and High-Rise Corporation. A real estate broker's responsibility to keep the principal informed of all the facts that might affect a transaction is the duty of C. a living document that is revised annually. C. once it has been reviewed by the Ethics committee 03. D. Seller Keith had no knowledge of Salvatores efforts with Travis. B) A. allowable because the offer had already been presented and Matthew is just adding information. 01. D. honesty and integrity, 108. A. the co-operating commission originally offered by Nelson. A sellers agent is expected to disclose information about material defects in the property to prospective buyers. 3 The last group at the local level to review an ethics complaint is the This is a violation of the Code because General membership. 34. A. A. keep the comment posted; it only helps his business and, after all, he didnt write it. Generally, the relationship between real estate broker and seller is a. Dual agency is a violation of real estate law. The hearing panel will A. C. Loretta must disclose her interest to her clients and customers, including any financial benefit received. a criminal registry that is maintained by state real estate offices. The agent is. being primarily responsible to the customer. Buyer Holly contacts Sam indicating that she has seen the house Linda is selling and would like to make an offer. Buyer Kathy contacts Seller Dean about buying his property. an undisclosed dual agency. 13. \text{Sporting Goods}&\text{\hspace{5pt}20,000,000}&\text{\hspace{5pt}2,040,000}&\text{\hspace{6pt}12,000,000}\\ This is called a(n) 29. REALTOR Matthew brings a complicated purchase contract to Nelson that requests partial owner financing. B. determining if ethics complaints should go forward and holding the hearings. D) Jack should No, because customers get special treatment over other REALTORS. C. arbitrating disputes D) even if they are considered a "harmless white lie." Because the property is being sold "as is," 119. Minevik reported Cost of Sales for 2013 of SEK57,222 million. Statements not known to be false at the time they are made are called _____ misrepresentations. C) D. websites must maintain a minimum number of listings at all times so the site should never look skimpy. This is B. 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which statement is not true regarding dual agency?