C) D. neither Nathan nor Katherine. How is the NCREIF Property Index calculated? 52. A. (C). She then cross-references that list with the list of properties currently in the MLS, sending letters only to those sellers whose properties are listed for sale. D. REALTOR membership is voluntary but provides a distinction from other licensees. d. has no specified term. The local association of REALTORS must offer mediation to both parties before an arbitration hearing is held. Only choice (C) is not true, so it is the correct answer to the question. A. Sarah can take no action as Thomas is the principal broker at his agency; his title gives him seniority in this case. A. keep the comment posted; it only helps his business and, after all, he didnt write it. A. ethical. C. Kathy and Dean had previous dealings with each other. 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. needs but spent about an hour at the property asking many questions about other homes for sale. Kevin must D. do not have the option of arbitration through the local Association of REALTORS. D. The seller initiates direct contact with the buyers agent. C. A REALTOR may not file an ethics complaint at the same time she files a request for arbitration. 58. Select the statement that is considered practicing law and should be avoided. The agent is. Chad is a customer of Marcys. Marty later writes a contract and a sale is made. 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. 133. REALTOR Smitty has an exclusive listing on seller Teds house. 33. C) D) B. unethical. Lynn then tells the seller she could recommend a good REALTOR there. Questions Only Because of that, the listing broker, REALTOR Shelley, reduces the fee Randy owes her. universal agency. C. the principal question. Escrowing commingling. Is this a violation of the Code? True or false: Any family relationship of the parties or whether they have legal representation does not change this rule. A The statement is TRUE. 61. A) A broker acting for both parties in the same transaction, B) A broker representing more than one principal, C) A broker listing a property and then, after it is relisted with another broker, selling the same property, D) Two brokerage companies cooperating with each other, The laws enacted by a legislature make up, The relationship of broker to client in an agency relationship is that of. D) required to disclose the information under the Fair Credit Registry Act. 137. The first committee at the local level to review an ethics complaint or a request for arbitration is the A. accounting for any deposit monies she receives from him, which are put into a separate account B. Ann cannot file multiple complaints against Marge over this one event. A broker helps a buyer and a seller with paperwork but does not represent either party. REALTOR Carlos has a listing. The duty of _____ is a fiduciary duty owed by an agent not to act adversely to the interests of the principal. You are simply a bottom feeder! Identify which statement is true. C. a client only during the professional relationship between the client and the REALTOR. A. abandonment of John by Broker Judy. The broker expends considerable time and money advertising and showing the house and obtains several offers. A. will have years of arbitration ahead of them. C) For the years ended December 31, 2013 and 2012. b. innocent D) I have no experience selling commercial properties but I would be happy to take on the challenge. 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. The agent, without informing the principal, purchases the land for personal use. REALTOR Maria advises that her buyer obtain and review a home inspection report on a house she is considering buying. In a(n) _____ agency, a contracting third party does not know of either the existence of the agency or the principal's identity. being primarily responsible to the customer. any relevant state laws. Article 1Be honest 86. D. Yes, because REALTORS are prohibited from receiving compensation from more than one party. care. (ANSWERS will be revealed with subscription). A. release of information regarding a transaction two years following closing. B. loyalty to the principal's interests unless they conflict with the agent's interests. A sellers agent is expected to disclose information about material defects in the property to prospective buyers. C. not run the ad at all. C) contact the city building inspector about the defect. A. cannot arbitrate if he is a principal in the transaction. REALTOR Marys next step should be to C) Every state has mandatory agency disclosure laws that stipulate 19. D) common law. Upon discovering a latent defect in a property, the real estate professional should discuss the problem with the seller and then. prohibited in all states because a broker must always represent one party. Compare our rates to others This ad is B. neither broker. No. C. The price that the sellers told the agent is their minimum selling price. A. appeals complaints. Broker Paul files arbitration against Steve, claiming he introduced the property to Rhonda. B) D. unprofessional behavior. \text{Electronics}&\text{\$\hspace{1pt}40,000,000}&\text{\$\hspace{1pt}2,880,000}&\text{\$\hspace{1pt}16,000,000}\\ Generally, a principal is liable for the torts of its independent contractors. B) disclosure of material facts that the agent knows. REALTOR Devon B) 10. A. Brianna A. A. REALTOR Brian is the respondent. A. The relationship between the agent and the seller ends automatically if the purchaser submits an offer. Which of these statements is an ethical practice by a REALTOR? A. instruct her seller to pay a bonus commission directly to REALTOR John. B. A. Randy 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. It is part of a body of law established by tradition and court decisions. A. quality of title to the property What is the carrying value of Mineviks total inventory as of December 31, 2013? However, listings are currently thin in his market. D) D. A REALTOR accepts an undisclosed fee from a buyer while serving as a listing agent for the seller. (1) Which department generates the most net income per dollar of sales? D. REALTOR Clarence is the respondent. Broker Roger files arbitration against Broker Paul, claiming procuring cause because he introduced the property to the buyer. Later, Ben, who was seated at the same table with Linda, buys the house from Broker Andrew. 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. A. offering an inducement to get someone through the door of the following is not true regarding dual agency? The Minevik Group is a Swedish-based, high-technology engineering firm. REALTOR Jack notices the following comment posted under one of his listings on his website. D. tell the sellers to disclose the leaks, 31. A key element of an agent's fiduciary responsibility of loyalty is to A) reveal relevant information or material facts. B. Donna has violated the Code by not disclosing to the seller that she was representing buyer Dan. A. C. The dual agent must have the written consent of both parties. When Todd finished his degree in marketing, he started a career as a REALTOR. B. A method of resolving a dispute in which the parties involved discuss the situation and resolve it themselves is called Principals are generally liable if an agent's frolic and detour is substantial. All information about material defects that the agent knows or should know D) Which of the following is an INCORRECT statement regarding a "frolic and detour?". At the closing table, Marty tells Caroline and the seller that the buyer is actually his daughter. 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. C. offer to pay a bonus commission to REALTOR Millie if REALTOR John sells the house. Do you agree with the marketing managers proposal? legislative law. It is part of a body of law established by tradition and court decisions. D. Marge does not have to provide any information about the matter to the Grievance Committee. No, Alonzo is required to post all listings in the MLS. D. false advertising. C) C. Olivia may ask her REALTOR principal to request arbitration but she may not request arbitration on her own. 21. 60. A) A. ethical. D. local, state, and national. The broker designates one sales associate to represent the seller and one sales associate to represent the buyer. D)!!! D. the total commission paid to REALTOR Nelson by the seller. 29. D. Owen is Howards principal. C. avoid the subject of the back door and if it comes up, lie D. a violation of the Code; REALTOR Matthew did not have permission from REALTOR Nelson to contact Jennifer. 142. the possible reaction of potential buyers or tenants. A. B) must promote and safeguard the seller's best interests. B. 68. B. discrimination. She stipulates that her client, Buyer Jack, will pay her fee. D. Yes, because Ted did not initiate the conversation. 55. A person who authorizes another to act in his or her place in regard to relations with third persons is the: No, because REALTOR Katie is obviously clueless about how to price a property. Most state statutes require that material facts to a transaction, such as credit issues, be disclosed to a seller, even if the buyer is a client. The industry in which Morton Company operates is quite sensitive to cyclical movements in the economy. Most people familiar with the housing market know that a buyer's agent . REALTOR Kevin, representing buyer Susan, shows one of REALTOR Craigs listings. A. Agents are generally allowed to self-deal with the principal, especially if the self-dealing is undisclosed. A) It is Marys listing and she has the key; the sellers are not home, but told her to show it anytime. C) C. providing disclosure and obtaining consent from both parties. C. only look at the MLS. B. 76. implications of REIT dividends for pension funds? C. a violation of the Code, despite the fact that REALTOR Nelson did have permission from REALTOR Matthew. Article 9Put contracts in writing A. call the MLS to alert them that REALTOR Linda is not sharing all of her listings. A. by establishing a new contract with Mr. Johnson before the previous one had expired. a nonagency. A. Which of the following is considered dual agency? REALTOR Brianna is a buyer agent and sells Randys house. An agent works as a salesperson for a principal who owns an automotive parts business. how a customer is differentiated from a client. The introduction of the property by Morgan favors Eddie suggests taking the matter to arbitration. Board of Directors The agent tells a buyer the seller will accept up to $10,000 less than the list price. Dennis asks the Byers if they have someone helping them find a home. C. hearing Professional Standards cases and ratifying the results. honest and fair dealing. REALTOR Bill is representing sellers Sue and Sam, who are divorcing. C. the name of the REALTORs firm. D. I will ask the selling REALTOR her opinion and get back to you., 110. D) personally arrange for the repairs. Which of the following is considered dual agency? C. tell prospective buyers Trisha must sell quickly because Ed must follow all instructions of the client Lori subsequently meets Broker Amy, whose son plays ball with Loris son. B. not a violation of the Code as REALTOR Terry doesnt know any agents in Hawaii. 128. C. offering to reduce broker fees to a short sale B. Melanie can seek the prospects future business. C. merely a mention and does not favor Broker Andrew. A. not consider how and when Amy entered the transaction. B) Jona is requesting arbitration because he feels Wally unfairly went into contract with his client. 1. C. litigate any differences. He needs to sell the commercial property and asked Erin if she would be the listing agent. B. the first step in procuring cause and strongly favors Roger. 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 B) REALTOR Marcy listed Dereks home, thus creating an agency relationship in which she owes fiduciary duties to Derek. B) A. disclosing his true position. C. yes, because electronic contracts are not valid 48. Agents are prohibited from using general information, knowledge, or experience acquired during the course of an agency in later employment. Statements of opinion are permissible The agent is B. REALTOR principal. Some states allow two sales associates in the same brokerage to represent opposing sides to a transaction without creating a dual agency by using REALTOR Donna has a property exclusively listed and shows it to buyer Dan, who wants to make an offer. Which of these is an example of panic selling? B. property profiling. D. Yes, because REALTORS are prohibited from receiving compensation from more than one party. A. General D. Joe should not talk to Ralph until after the hearing. C) not required to disclose the information because the agent has no agency relationship with seller. 78. This is a violation of the duty of loyalty known as ___________. a. must have a definite termination date. loyalty. Broker Millie. a designated agency. A house built years ago over a ditch covered with decaying timber or a house with ceilings that were improperly attached to the support beams are examples of B) Past correlation of US REIT returns (over the last 20+ years) tends to indicate which tell the seller that the defect must be repaired. c. It allows a broker to complete general tasks. B. homeowners selling at a below market value because the demographics of the neighborhood is changing Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. c. agent. Did Marty violate the Code? C) The structure does not seem sound and I would not purchase this house. state registries of residential information on sex offenders. REALTOR Frank holds an open house for a client on a rainy day and discovers a window leak. D) A beautiful home on 1.5 acres with trees and a small pond C) never. judicial law. Article 11Provide the standard of professional service expected A principal is not free to revoke an agency relationship in all circumstances. D) D. websites must maintain a minimum number of listings at all times so the site should never look skimpy. A third party who owns and wants to sell his vacant land tells an agent of the principal of the availability of the land. 120. What does the phrase the law of agency is a common law doctrine mean? 02. D. notifying him of all known material facts. C. A REALTOR can use guided statements to diminish another REALTORs integrity. Call me in a week and Ill tell you my opinion of Bill and what your next steps should be. B. maintain confidentiality since the seller didnt mention the leak D. offer to pay REALTOR John directly at the time of closing. Agents are prohibited from using general information, knowledge, or experience acquired during the course of an agency in later employment. The next day, Howard calls Owen and tells him that he would like to make an offer on the house. Which of the following is true of a listing agreement? A. an image of the REALTORs license. The listing broker and the seller find a small roof leak in the attic. fraud. C) With a dual agency relationship, which fiduciary duty does a client give up? Which of the following is considered dual agency? D. REALTOR. mandatory agency disclosure. No, because her client, Larry, has no interest in the property. If REALTOR Shelley wishes to file an arbitration request, against whom does she file it? B. Jean asks Mike his opinion about the structure of the property. A. B) A) A. Browse over 1 million classes created by top students, professors, publishers, and experts. a principal. Sara, a licensee, is helping customer Mark find a house? B. D. include persons of several races in order to avoid exclusivity in advertising. In MOST situations, the relationship between real estate broker and seller is what type of agency? D. No, because she is a property manager and the listing agent does not offer that service. D. I think you should list with me as soon as that week is up. The laws enacted by a legislature make up must promote and safeguard the seller's best interests. A. find a third, impartial board to hold their hearing. Which of the following duties does Marcy NOT owe to Chad? The broker in charge of an office, by ownership or designation as the managing broker, is called a(n) D) Broker Mike had the property listed most recently. Such being the case, dual agency was revoked in the . C. Nan sold a house to Bob last year. Asset-liability management disclosure agreement. REALTOR Kara posts an ad claiming the most you will be charged is a $5,000 commission. Todds actions are considered The broker can accept a commission from the buyer without the seller's approval. B. the total commission paid to REALTOR Nelson by the seller. A. exclude any human models to avoid any kind of unnecessary bias. It appears that REALTOR Tom may have D. Paula is simply expressing her personal opinion, which she is entitled to do. A sales associate of a broker told a prospective buyer that the house being shown is "the best house in the area." the seller and the broker must both disclose this material fact. The dual agent may not disclose confidential information from one party to the other. D. Melanie should not solicit a buyer agreement with these buyers. if the buyer's inspector finds a problem, the seller does not have to disclose. In an advertisement for a four-bedroom home, which of the following statements could be considered discriminatory? B. not accepting a commission or rebate without the clients knowledge and consent. C. Yes, because REALTORS are not permitted to use county records for such purposes. 77. C) A. ask the buyers if they are exclusively represented by another REALTOR. REALTOR Patty has an appointment to show REALTOR Katies listing. D) inform any prospective buyers of the defect. Scott is in violation of the Code because agency is actually illegal in some states. Seller Tim has offered an open listing on his property to a number of brokers in the area. Yes, because she is targeting properties already listed and offering brokerage services. REALTOR Antonio has been asked by a listing client to prepare an opinion of value on his property. Administrative law and canonical law C. explaining to a customer why a contract cant be enforced the sales associate was guilty of fraud. A) A. ethical, because of the special rules for fraternity brothers. D. Article 17Arbitrate disputes, 15. C. a 20% referral fee. The buyer offered $175,000 and the seller accepted. REALTOR Joe discovers that REALTOR Ed filed an ethics complaint against him and that REALTOR Ralph will be a witness in the hearing. B) B. like the United States Constitution and Bill of Rights, fairly immutable. Dual agency disclosure; A 2. . C) keep all buyer requested information confidential during the engagement period. C. estrangement of John by Broker Nan. This relationship is A. A real estate professional's acting for both the buyer and the seller in the same transaction. A. ask the buyers if they are exclusively represented by another REALTOR. When a consumer wishes to obtain specific information about a listing, he is instructed to click here. The click actually is consent for the consumer to enter into an exclusive, year-long buyer agency agreement with Nathan but this is not apparent. No, Tamika is permitted to call Alonzo to get the information she needs. B. D. expressing an opinion about a property, 42. At the request of a client, REALTOR Marguerite provided a written estimated value of the clients property. D. Broker Steve. Several months go by without contact between Paul and Rhonda, and then Broker Steve introduces the property to Rhonda again. C. You really need to consult with your attorney with questions of that nature. A) InvestmentCenterSalesIncomeAverageInvestedAssetsElectronics$40,000,000$2,880,000$16,000,000SportingGoods20,000,0002,040,00012,000,000\begin{array}{lccc} Marty later writes a contract and a sale is made. C. disclosing her relationship with Derek D. zoning restrictions. 4. REALTOR Brian has filed an ethics complaint against REALTOR Clarence. a state registries of residential information on sex offenders. Do international differences in financial leverage exist? c. fiduciary. No. After the closing, Dan expressed his confusion because he thought Donna was representing him in the sale. C) It is one of the rules of society enacted by legislatures and other governing bodies. Jun 5, 2022. Grievance Committee It follows IFRS and reports its results in millions of Swedish kronor (SEK). A. an introduction and favors Andrews side. D. mutual collaboration. In an arbitration dispute, the fact that Jim initially introduced Ken to the property favors B. Identify which statement regarding this situation is TRUE. In fact, the view includes the river and the back of a shopping center. and disclose all facts concerning the property. D. has not obtained informed consent from the buyers to be obligated to pay two commissions. 150. A. find out if Holly is in an exclusive relationship with a REALTOR and explain to Holly that Sam represents only Linda in this transaction Which is TRUE? A. ASSOCIATE-BROKER. A REALTOR may file both an ethics complaint and an arbitration request simultaneously over the same matter. A. proof of clear title on the property D. include persons of several races in order to avoid exclusivity in advertising. D) Each party must be informed he will not receive. What does the phrase the law of agency is a common law doctrine mean? C. a living document that is revised annually. Refer again to the data in (1) above. Which of these items is a REALTOR required to discover and disclose, according to Article 2 of the Code of Ethics? No, because her client, Larry, has no interest in the property. D) A real estate professional's duties to a customer do NOT include Dual agency can lead to a conflict of interest. Tom is not meeting her expectations, so she terminates the employment relationship. 24. Acting for more than one party in a transaction is within the law c. Failure to disclose dual agency is a violation of the law d. A real estate license may be revoked or suspended for failure to disclose dual agency a. D) report the status of all funds received from or on behalf of the principal. Which of these items is NOT required to be provided with the opinion of value? \end{array} C) 129. This way is more efficient. D. Sarahs client would have to request arbitration on her behalf; Sarah may not request arbitration on her own. b) An agent cannot accept commission from both parties to a transaction without his principals' consent. Study with Quizlet and memorize flashcards containing terms like Which is TRUE about listings? Thus, profits vary considerably from year to year according to general economic conditions. C. prepare a CMA, which demonstrates the accuracy of the price. D. set up an appointment with the title company. conditions that need not be disclosed. C. Professional Standards Committee B. ethical, because this is considered a general announcement. Which item is considered outside the scope of a real estate license, according to Article 2? D. Yes, because REALTORS should not misrepresent the availability of access. "The simple design is uncluttered and offers many possibilities for decorating.". C. are not allowed to litigate the matter. D) Only choice (C) is not true, so it a transactional brokerage. As a general rule, dual agency is permissible. To settle this agreement, they can Explain. While driving to the courthouse to represent Qaadir at trial, Zaafir negligently causes an automobile accident in which Maali is severely injured. 17. I know Bill, and hes got a reputation for only working hard on his million-dollar listings. 82. Broker Millie. B. Loretta may not market these auxiliary services to buyers or sellers using her company. C. Mediation is not a method of dispute resolution preferred by the National Association of REALTORS. C. No, Antonio is entitled to collect these fees as long as there was informed consent from both parties to the transaction. d. principal. B. REALTOR principal or the firm itself The rules established by tradition and court decisions are found in D. a violation of the Code; REALTOR Matthew did not have permission from REALTOR Nelson to contact Jennifer. A REALTOR may tell prospective clients not to list with REALTORS offering flat-rate commissions. 145. 53. REALTOR Brian filed an ethics complaint against REALTOR Clarence. A. Which of the following represents Eds fiduciary duty? Which of the following duties does Marcy NOT owe to Chad? B. Olivia may ask her REALTOR principal to initiate litigation but she may not initiate litigation on her own. Dual agency exists when a real estate broker represents both parties in a transaction in a fiduciary capacity. D. Loretta must disclose her interest to her clients and customers, including any financial benefit received. D) D. targeted sales. Which of the following is correct? D) Which of the following choices addresses standards designed around duties to the client, not the public? A. Which of the following describes a typical equity REIT? the concept of caveat emptor. The sales associate was practicing puffing. D) B. ! "The uneven floors just mean that the building dates to colonial times." C. Yes, because REALTORS have an agreement to cooperate. B. advise Holly that Linda will only take listing price; since he is Lindas agent, he has the right to do so. 99. D. Visit our website at www.tinytownrealestate.com for special offers!, 39. C. other REALTORS. both parties consent in writing to the dual agency. New builds going fast! B) D. use the comment in other places on his website to help drum up new business. Under the _____ test, if the agent's motivation for committing an intentional tort is to promote the _____ business, the principal is liable for any injury caused by the tort. Jennifer rejects the offer. In an arbitration dispute, the fact that Linda mentioned the property is considered A. A. find out if Holly is in an exclusive relationship with a REALTOR and explain to Holly that Sam represents only Linda in this transaction Jona is requesting arbitration because he feels Wally unfairly went into contract with his client. Board of Directors. REALTOR Marys next step should be to D. panic selling. C) B. A. Which of the following is correct? According to the Code of Ethics, a REALTOR owes the duty of confidentiality to C. purposefully leaving sold houses on a website to make your website look more robust A. REALTOR-ASSOCIATES C. neither broker. A. C. only consider who made the initial introduction to the property. Broker Steve files an arbitration request against Broker Deb. D. Olivias client would have to request arbitration on her behalf; she may not request arbitration on her own. A) If the two parties go to mediation and do not resolve the dispute, they are no longer entitled to arbitration. They ask their buying agent, REALTOR Larry, about the racial composition of a neighborhood they are considering. D. Donna has violated the Code by not making it clear to buyer Dan that she was representing the seller. At 6 p.m. the same day, the agent receives two more offers. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. B) He sells Marys property and receives an additional fee for the sale. Nice and sturdy basement and everything appears dry. A. not a violation of Code, because it targets listed properties. No, because customers get special treatment over other REALTORS. A broker was hired to represent the seller, to market the seller's property, and to solicit offers to purchase. B. Donna has violated the Code by not disclosing to the seller that she was representing buyer Dan. B. Jane could not find the property listed in the MLS. A. allowable because the offer had already been presented and Matthew is just adding information. B) a. Dual agency is a violation of real estate law. the desire of a potential buyer or tenant to know the information. 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. the administrative law created by real estate agencies as authorized by the legislature. 2 Which of the following committees is most like a grand jury? You buy a new piece of equipment for $16,230\$16,230$16,230, and you receive a cash inflow of $2,500\$2,500$2,500 per year for 121212 years. Any broker is authorized to encourage such bids for the property. A) The broker is guilty of negligent misrepresentation. NAR May the Code Be With You ? D. Yes, Tamika violated the Code because contacting the listing agent is never allowable. The agent believes the seller will not accept any of the three offers. 69. B. Accidental or implied agency created excessive liability for both licensees and their brokers (and even consumers), and it opened the door to unintended and undisclosed dual agency. Article 3Cooperate with other REALTORS B. Broker Deb admits that she extended an offer of cooperation and compensation to Broker Steve. Dual agency occurs when an agent is representing both the buyer and the seller. A. advertising a free gift to any client who attends an open house She negotiates the offer with buyer Dan, who offered less than asking price. B. REALTOR Juan hosts several websites aimed toward different types of buyers.
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