D. I think youll get more than half with me as your REALTOR., 112. (2) Which department is most efficient at generating sales from average invested assets? Marty makes arrangements with the listing agent, REALTOR Caroline, to show the property. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. D. targeted sales. D. must arbitrate as he and Edward are both REALTORS. \text{Sales (15,000 units X \$30 per unit)}&\text{\$450,000}\\ the death of either party. D. only consider who wrote the successful contract on the property. Disclosure A) D. do not have the option of arbitration through the local Association of REALTORS. 61. A REALTOR has to decide which is more important, behavior or money, and file just one complaint. A. an introduction and favors Andrews side. Board of Directors. Browse over 1 million classes created by top students, professors, publishers, and experts. Which of the following choices addresses standards designed around duties to the client, not the public? C. explaining to a customer why a contract cant be enforced Several buyers enter REALTOR Petes office and ask about one of the companys listings. The federal legislation known as Megan's Law has promoted the establishment of D. tell the Byers to call Sam to find out the nature and terms of any agreement they have with Sam. A REALTOR principal receives an offer on one of her listings. 8. The rules of a society established by tradition and court decisions are found in B. unethical. A third party who owns and wants to sell his vacant land tells an agent of the principal of the availability of the land. A) b) An agent cannot accept commission from both parties to a transaction without his principals' consent. 120. Marty later writes a contract and a sale is made. D) It has been reported that 40%40 \%40% of U.S. workers employed as purchasing managers are females. any relevant state laws. Conflict of interest is inherent in a dual agency arrangement. If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold, agent for Walt Disney," _____. A. it is prohibited to target solicitations to first-time buyers because of their lack of experience. A. Olivia can take no action since Jon is the principal broker at his agency; his title gives him seniority in this situation. B. A. REALTOR-ASSOCIATES How would a histogram of US REIT returns over the last twenty years be described? Common law D. Yes, because she does not have permission from REALTOR Katie. B) Broker Joann. A. proof of clear title on the property B) D) 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. B. Melanie can seek the prospects future business. B) 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. B. an introduction and favors her side. A. Brianna 147. 134. REALTOR John, who is also an appraiser, periodically sends letters to past clients asking if they need a current valuation of their property. B. have two brokers sign off on it. C) D. neither Buyer Bill nor Broker Anne. A key fact is A. Twenty years ago, a former occupant of the house committed suicide in the house. Is Brad violating the Code if he calls Ted? D. I think youll get more than half with me as your REALTOR., 111. NAR May the Code Be With You / The Code of Ethics in Action Real-Life Applications Class 137. C. not a true picture. the destruction of the property. REALTOR Mike is showing a property to his client Jean. No. commingling. B. is obligated to arbitrate only if he has a specific written agreement to arbitrate. buyer representation agreement. What should Erin tell Jones? C. notifying him of all known material facts Only information about material defects that the agent has personally observed D. set up an appointment with the title company. D. litigate the matter with both REALTORS. 140. A) Betty could be released from the agency agreement and seek representation from another broker. A. ethical, because of the special rules for fraternity brothers. D. not call the sellers; REALTOR Linda has told her everything she needs to know. Statements of opinion are permissible a) The partners are under a duty to account for any profits made whilst competing with the firm. A licensed broker obtained an exclusive right-to-sell listing from an owner. REALTOR Marty has a daughter who is interested in a property. B. C. litigate any differences. The hearing panel will A. Melanie can only talk to these buyers if they contact her. In an advertisement for a four-bedroom home, which of the following statements could be considered discriminatory? A) C) REALTOR Marty has a daughter who is interested in a property. D. targeted sales. A REALTOR may tell prospective clients not to list with REALTORS offering flat-rate commissions. It is Marys listing and she has the key; the sellers are not home but told her to show it anytime. A: This information may be withheld since the agent never saw any evidence of infestation or damage. B. the co-operating commission originally offered by Nelson. 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 54. Principals are generally liable if an agent's frolic and detour is substantial. Jennifer rejects the offer. B. date the opinion of value was prepared Upon discovering a latent defect in a property, the real estate professional should discuss the problem with the seller and then With a dual agency relationship, which fiduciary duty does a client give up? The listing broker and the seller find a small roof leak in the attic. 62. 104. B. include persons of only one race to show the demographics of that neighborhood. REALTOR Antonio has a buyer agency contract, which entitles him to collect a fee. ", Which of these statements could be negligent misrepresentation? Past correlation of US REIT returns (over the last 20+ years) tends to indicate which D. honesty and integrity, 108. 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. REALTOR Sam represents seller Linda. Broker Anne. C. maintain the confidentiality of the information since the seller is his client B) Jones owns a small auto dealership, which he wants to relocate closer to his new home. Board of Directors A. Broker Joann, buyers agent, is seeking arbitration against Broker Millie, sellers agent. DUAL AGENCY CONSENT AGREEMENT: Fill out & sign online | DocHub D. Yes, because Ted did not initiate the conversation. Marty makes arrangements with the listing agent, REALTOR Caroline, to show the property. Did Pattys actions violate the Code? A) A REALTOR can use guided statements to diminish another REALTORs integrity. This could be an example of B) the principal. A special agent represents the principal for one certain transaction only. He has fulfilled the requirements of Article 7 by B. may ask the local Association of REALTORS to arbitrate it. To get the answers she needs, Jane may 48. REALTOR Howard has an exclusive representation agreement with a buyer. A REALTOR may file both an ethics complaint and an arbitration request simultaneously over the same matter. ch 30 quiz Flashcards | Quizlet The broker acted properly to obtain a quick offer on the property. First twenty people through the door receive a gift card to Chipotle! Dual A. advise Susan of the commission differential. A beautiful home on 1.5 acres with trees and a small pond Common law, statutory law, and administrative law, Real estate agency relationships are governed by which kinds of law? UNIT 3: National Brokerage: Listings Quiz Flashcards | Quizlet B. telling him the lowest price Derek will take for the house, which Derek told her in confidence Unit 9 Flashcards | Quizlet REALTORS Jona and Wally are from different states where their boards do not have an established inter-association arbitration agreement. sales associates are agents of the licensing authority. Click the card to flip Flashcards Created by She stipulates that her client, Buyer Jack, will pay her fee. D. urge the seller to update the disclosure form or have the back door repaired, 107. Which of these statements is an ethical practice by a REALTOR? 75. not required to disclose the information because the seller might reject the offer. Universal \end{array} Which of the following describes a typical equity REIT? C. ethics complaints. Misstatements about the property C) C. Nan sold a house to Bob last year. C. arbitration. C. You really need to consult with your attorney with questions of that nature. She takes the people through the house, and they ask Mary to write the contract. A. an image of the REALTORs license. Statements not known to be false at the time they are made are called _____ misrepresentations. B. REALTOR principal or the firm itself InvestmentCenterSalesIncomeAverageInvestedAssetsElectronics$40,000,000$2,880,000$16,000,000SportingGoods20,000,0002,040,00012,000,000\begin{array}{lccc} No, Alonzo is required to post all listings in the MLS. B) REALTOR Marys next step should be to D. mediation is not available. The broker was unethical, but the seller did get to sell the property. D. Olivias client would have to request arbitration on her behalf; she may not request arbitration on her own. After Mikes listing contract expires, Dean sells the property to Kathy. A. keep the comment posted; it only helps his business and, after all, he didnt write it. Which of the following is NOT a common type of breach of the agent's duty of loyalty to the principal? D. local, state, and national. Broker Paul introduces tenant Rhonda to a property. 131. the possible reaction of potential buyers or tenants. D. A foundation crack is hidden behind the paneling in the basement. This is C. prepare a CMA which demonstrates the accuracy of the price. 14. A request for arbitration could stem from After the closing, Eddie calls Sacha to discuss the matter. PDF A GUIDE TO TENNESSEE S AGENCY AW - gcar.net A real estate broker hired by an owner to sell a parcel of real estate must comply with Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. Lets not worry about that todaylets wait until we sell your house, then well figure it out. B. respond to the author of the comment and request the author remove the comment. Dual agency is a situation to describe when a real estate agent works with both the buyer and the seller. Patty prepares a CMA prior to the appointment, and then shows the property to her prospect, buyer Larry. No, because REALTOR Katie is obviously clueless about how to price a property. REALTOR Jane notices a home in her market area listed with REALTOR Lindas name on it. Jean asks Mike his opinion about the structure of the property. REALTOR-ASSOCIATE Sarah believes that REALTOR Thomas from another brokerage sold a house to her client and that she was the procuring cause of the sale. (ANSWERS will be revealed with subscription). The laws enacted by a legislature make up D) A. find a third, impartial board to hold their hearing. The buyer asked the broker to negotiate on his behalf and write a purchase contract. At the closing table, Marty tells Caroline and the seller that the buyer is actually his daughter. is the correct answer to the question. I recently toured this home with REALTOR Jordan. D. undivided loyalty. The basic framework of the agency law that governs the legal responsibilities of real estate brokers to the people they represent is known as, Designated agency is MOST likely to occur when. the concept of caveat emptor. 63. d. is subject to disciplinary action by the Real Estate Commissioner for negligence. The duty of _____ is a fiduciary duty owed by an agent not to act adversely to the interests of the principal. The best solution available to Tim is to In most states, a REALTOR is not required to have a license to sell real estate. REALTOR Dee shows a property listed by REALTOR Nelson. C. panic selling. Jordan is a lawyer who has her own law firm and specializes in real estate law. Dylan, a real estate developer, hires Jordan to represent him in the purchase of land. 24. Chapter 7 Review Quiz Questions Flashcards | Chegg.com all lawful instructions of the owner. Agency - National Association of Realtors C. The price that the sellers told the agent is their minimum selling price. common law. the seller and the broker must both disclose this material fact. mandatory agency disclosure. D. Owen is Howards principal. D. are not allowed to sue each other because they are both REALTORS. required to disclose the information because it is a material fact important to the seller. Escrowing B. have his friend offer to buy the house at a lower price since Trisha must sell the house quickly Unit 4 (complete) Flashcards | Chegg.com At this point, what kind of relationship do Howard and Owen have? all client information to be kept confidential forever. 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. At the closing table, Howard reveals to both REALTOR Jane and the sellers that he has an exclusive buyer agency agreement with his client. 130. Refer to the income statements in (1) above. a subagent. REALTOR-ASSOCIATE Olivia believes that REALTOR Jon from another brokerage sold a house to her client and that she was the procuring cause of the sale. B. B. advise Holly that Linda will only take listing price; since he is Lindas agent, he has the right to do so. D. A foundation crack is hidden behind the paneling in the basement. Unit 6 Test Flashcards | Chegg.com 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. D. Paula is simply expressing her personal opinion, which she is entitled to do. A. B) B. neither broker. A. will have years of arbitration ahead of them. Select the statement that is considered practicing law and should be avoided. Broker Deb. b) If a partner makes a profit using information gained from inside the firm, but uses that information in a venture that is outside the firm, he may keep that profit. 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. I know Bill, and hes got a reputation for only working hard on his million-dollar listings. A. confidentiality What is NOT one of the major ways that a REIT can be structured? D. use the comment in other places on his website to help drum up new business. B. aggressive, but ethical marketing efforts. A. ask the buyers if they are exclusively represented by another REALTOR. The official interpretation of the NAR Code of Ethics is made by B. Nan has an exclusive, current, valid agreement with Bob. A. instruct her seller to pay a bonus commission directly to REALTOR John. A) B. arbitration complaints. Is this a violation of the Code? No, because the properties she found in the MLS have been on the market more than six months. 144. 3 The last group at the local level to review an ethics complaint is the a. Dual agency is a violation of real estate law b. A. has no business concerning himself with the other REALTORs contract; it is none of his business. Jack should A. Ann cannot file both an ethics complaint and an arbitration request at the same time. can disclose the seller's minimum price. In fact, the view includes the river and the back of a shopping center. B) c. agent. REALTOR Marcy listed Dereks home, thus creating an agency relationship in which she owes fiduciary duties to Derek. an express agreement. C. once it has been reviewed by the Ethics committee His boss is Bud, whose wife is Broker Nan. 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. C) She tells REALTOR Ed, in confidence, to do whatever it takes to sell her house. A. allowable because the offer had already been presented and Matthew is just adding information. A. Donna has not violated any Article or Standard; she just did her job and sold the house. Generally, a principal is liable for the torts of its independent contractors. I recently toured this home with REALTOR Jordan. The broker can disclose confidential information about the seller to a buyer if it increases the likelihood of a sale. B. Jon did not represent his seller as required. C) Identify which statement is true. D. I think you should list with me as soon as that week is up. No, because her client, Larry, has no interest in the property. B. REALTOR Jeffrey is preparing a new advertisement for the Sunday paper that will have pictures of people enjoying the neighborhood community pool. C. Loretta may not market these auxiliary services to buyers or sellers using her company. Broker Nathan has a property listed for sale. This is a violation of the duty of loyalty known as ___________. I recommend if you are interested, you have the house inspected by a professional. Jon does not ask Halie if she has an exclusive agreement with Grant; instead, he tells her if she wants to buy the house, she needs to enter into an exclusive agreement with him. No, because customers get special treatment over other REALTORS. C. is simply doing his job by selling the companys listings. Identify which of these is considered misconduct, according to the Code. REALTOR Jack notices the following comment posted under one of his listings on his website. 67. D. request arbitration services from the National Association of REALTORS if both Jona and Wally agree. An exclusive listing must always be at least 30 days long., What are the three most common types of listings . What is the best action for Dennis to take? C. Grievance Committee. question. 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. There are four elements of a cause of action for fraud: (1) the licensee made a misstatement or failed to disclose a material fact; (2) the licensee either knew or should have known that the statement was not accurate or that the undisclosed information should have been disclosed; (3) the buyer relied on the misstatement; and (4) the buyer was C. only consider who made the initial introduction to the property. Identify which of these practices a REALTOR is permitted to do. C) 27. The Byers reply that REALTOR Sam has taken them to several homes, but they arent sure if they have an exclusive agreement with Sam. A. cannot arbitrate if he is a principal in the transaction. C. panic selling. D. I will ask the selling REALTOR her opinion and get back to you., 110. D. notifying him of all known material facts. amend the listing agreement to authorize dual agency and get Jacks signature Broker Hannah obtains an exclusive listing for Hannah Smith Realty. obedience to all instructions of the principal. C) D. ratifying the findings of the Professional Standards Hearing Panel and hearing appeals from either party. Broker Paul files arbitration against Steve, claiming he introduced the property to Rhonda. Broker Roger files arbitration against Broker Paul, claiming procuring cause because he introduced the property to the buyer. B. Which of the following statements is NOT true about dual agency B) C. neither broker. B. opinion of value. 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 real estate professional's duties to a customer do NOT include A. Jane. A. Later, a sales contract is entered into directly between Seller Keith and High-Rise Corporation. D) required to disclose the information under the Fair Credit Registry Act. Which of the following is NOT a critical factor in determining independent contractor status? Which of the following is an INCORRECT statement regarding agent self-dealing? C) It is one of the rules of society enacted by legislatures and other governing bodies. This way is more efficient. This fact favors the buyer and the seller are related by blood or marriage. D. REALTOR. Given this information: What cause of fatality is least likely to occur? C. disclosing her relationship with Derek c. is legally entitled to a commission. New builds going fast! C) D) 9. C) D) Regarding such duties, which ONE of the following statements is NOT true? B. may ask the local Association of REALTORS to arbitrate it. Which of the following is correct? 114. REALTOR Pete Agents are prohibited from using general information, knowledge, or experience acquired during the course of an agency in later employment. Which of the following is an INCORRECT statement regarding usurping an opportunity and the agent's duty of loyalty? Broker Millie presents as evidence the listing in the MLS with no compensation offered to a buyers agent, only offered to sub-agents. A. REALTOR Brian is the mediator. No, Martys daughter and the seller were in mutual agreement with the stipulations of the sale. A. accounting for any deposit monies she receives from him, which are put into a separate account C. both Broker Deb and Broker Steve. 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. Which of the following statements is TRUE? Identify which of the following inducements is prohibited. 145. 102. B. draft a purchase contract from scratch REALTORS are prohibited from receiving compensation from more than one party in a transaction. an attorney-in-fact. Which statement is true? Oxford University Press | Online Resource Centre | Multiple choice B. call the sellers directly to confirm the nature and expiration date of any listing agreement they have. A sellers agent is expected to disclose information about material defects in the property to prospective buyers. D. do not have the option of arbitration through the local Association of REALTORS. Explain. D. neither Broker Deb nor Broker Steve. The broker can accept a commission from the buyer without the seller's approval. B. Howard is Owens customer. REALTOR Loretta owns a large brokerage, which includes an in-house mortgage lender, an in-house title company, and a home warranty company. 124. \text{Contribution margin}&\text{135,000}\\ As a manager, what factor would be paramount in your mind in deciding whether to purchase the new equipment? Which of these actions violates the Code? REALTOR Nelson owes REALTOR Dee D. Melanie should not solicit a buyer agreement with these buyers. However, listings are currently thin in his market. REALTOR Nelson has an exclusive listing contract with seller Jennifer. A broker helps a buyer and a seller with paperwork but does not represent either party. B. not consider how and when Amy entered the transaction. "I think these low doorways are a charming part of the Cape Cod style." D. Donna has violated the Code by not making it clear to buyer Dan that she was representing the seller. An agent can personally usurp an opportunity that belongs to the principal. When Todd finished his degree in marketing, he started a career as a REALTOR. Under the _____ test, if an agent commits an intentional tort within a work-related time or A) C. REALTOR principal and REALTOR-ASSOCIATES jointly B) C) Did Pattys actions violate the Code? REALTOR Frank has been trying for several months to sell the Johnsons home. D. REALTOR Clarence is the respondent. The broker is guilty of negligent misrepresentation. A. Qaadir hires Zaafir, a lawyer and an independent contractor, to represent him in a court case. Which is TRUE? Sometimes principals request that agents run errands or conduct other acts on their behalf while the agent or employee is on personal business. C) REALTOR Bill is representing sellers Sue and Sam, who are divorcing. D. Yes. It is one of the rules enacted by legislatures and other governing bodies. It is part of a body of law established by tradition and court decisions. unless unintentional. When a broker places trust funds of others into the company's operating account and then withdraws funds for the firm's use, what illegal practice has taken place? the common law. D) C. a 20% referral fee. B. Which of the following Standards is NOT considered a duty to the public? B. Jack A. allowable because the offer had already been presented and Matthew is just adding information. D) the principal to whom the agent gives advice and counsel. Share your form with others Send it via email, link, or fax. B. by not informing Frank that he had signed a contract with Mr. Johnson REALTOR Melanie has a listing, which REALTOR Bill sells. Solved Which of the following is true regarding a dual - Chegg D) Did Marty violate the Code? A) 115. C. documentation of what the opinion is based on D. neither Broker Joann nor Broker Millie. Broker Joann. C. really none of REALTOR Janes or her clients business. B. Jack 59. Broker Millie. B. are going to need to put this decision in writing to the Board of REALTORS. 49. Prepare two contribution format income statements, one showing present operations and one showing how operations would appear if the new equipment is purchased. D) Keeping both paper and digital copies of important documents is always a safe idea! C. a client only during the professional relationship between the client and the REALTOR. D) Sacha does not want arbitration, and both agree to get lawyers and sue one another. General C. remove the comment immediately. C) It is part of a body of law established by tradition and court decisions. Identify which statement is true. A. each members conscience. Broker Mike had the property listed most recently. Buyer Bill acknowledges that he signed and understood an exclusive buyer agency contract with Broker Anne that provided that he would pay her a commission if he purchased a property within the time indicated by the contract, which he did. I have no experience selling commercial properties but I would be happy to take on the challenge. D) prohibited in all states because a broker must always represent one party. EXPLANTION: At least one party must be a REALTOR in order to go through the arbitration process. 76. Section 4 Authorized Relationships, Duties And Disclosures - Brainscape Dual agency can lead to a conflict of interest. D. are not allowed to sue each other because they are both REALTORS. REALTOR Donna has a property exclusively listed and shows it to buyer Dan, who wants to make an offer.
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