Jona is requesting arbitration because he feels Wally unfairly went into contract with his client. Is this a violation of the Code? C. once it has been reviewed by the Ethics committee sales associates are agents of the broker. D. talk Susan out of buying the house. A) B. a monetary dispute between two REALTORS. The Code of Ethics in Action R Copyright 2023 - RealEstateExamAnswers.com -, NAR May the Code Be With You ? B. Howard is Owens customer. Which one of the following statements regarding the duties of an agent is NOT true? C) D. litigate the matter with both REALTORS. C. reasonable care Broker Paul introduces tenant Elizabeth to a property. An exclusive listing must always be at least 30 days long., What are the three most common types of listings . C. unethical, because solicitation by any type of electronic transmission is a violation of the Code. The notes to its financial statements state that 2013 Cost of Sales includes a SEK281 million write-down of Finished Goods inventory. No, because permission was granted by Teds representing agent. 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. No, Antonio is entitled to collect these fees as long as there was informed consent from both parties to the transaction. 36. A. proof of clear title on the property B) C. Id be happy to discuss this house with you but I cannot discuss anything else. Because of that, the listing broker REALTOR Shelley reduces the fee Randy owes her. C) The rules established by tradition and court decisions are found in B. maintain confidentiality since the seller didnt mention the leak B. B. B. date the opinion of value was prepared C. Melanie must confirm that the agency relationship between the buyers and REALTOR Bill has terminated. B) D) A) C) Susan wants to make an offer. As long as there was prior informed consent from both parties before the transaction was complete, this is not a violation. In an arbitration dispute, the fact that Linda mentioned the property is considered Smitty tells Brad to call Ted and present it himself. C. estimated market evaluation. Only information about material defects the seller has provided the agent. Which of the following is correct? C. The sellers agent has authorized the buyers agent to speak to the seller. Board of Directors. Common law obedience to all instructions of the principal. Identify which statement is true. C. may not arbitrate as he does not belong to the local association. A. the co-operating commission originally offered by Nelson. Before leaving, REALTOR Patty takes the seller aside and tells her the property wont sell because it is overpriced and shows the seller her comps. A. beautiful home in an exclusive neighborhood tell the seller that the defect must be repaired. A REALTOR has to decide which is more important, behavior or money, and file just one complaint. C. Loretta may not market these auxiliary services to buyers or sellers using her company. D) C. REALTOR principal and REALTOR-ASSOCIATES jointly Subsequently, Dean lists the property with Broker Mike. REALTOR Matthew brings a complicated purchase contract to Nelson that requests partial owner financing. D. Yes, because REALTORS should not misrepresent the availability of access. Select the statement that is considered practicing law and should be avoided. A real estate broker lists a home for sale for $189,500. fraudulent misrepresentation. C. A REALTOR may not file an ethics complaint at the same time she files a request for arbitration. Which of the following is correct? B. neither broker. Subsequently, REALTOR Nelson sells the property to the buyer REALTOR Dee introduced to the property. Oxford University Press | Online Resource Centre | Multiple choice administrative law. \text{Sales (15,000 units X \$30 per unit)}&\text{\$450,000}\\ B. REALTOR Brian is the mediator. D. only consider who wrote the successful contract on the property. restrictions on disclosure of confidential information. The first thing Sam should do is C) It is one of the rules of society enacted by legislatures and other governing bodies. care. C) D) Which of the following is not a listing agreement typically used in California? whether the worker is paid by way of direct deposit or check. 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 \text{Contribution margin}&\text{135,000}\\ c. agent. He shows and sells a listing held by REALTOR Jane. This is A) C) Because the property is being sold "as is," An agreement that is specific in its terms and conditions is considered B) Unit quiz 10 Flashcards by Ron Jeremy | Brainscape Sign it in a few clicks Draw your signature, type it, upload its image, or use your mobile device as a signature pad. a. third party. c. It allows a broker to complete general tasks. Generally, a principal is liable for the torts of its independent contractors. Youve come to the right person.. 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. REALTOR Dee files an arbitration request and is able to prove she is the procuring cause of the sale. B) A. REALTOR Ava posted an ad at her health club to inform people that she just created a new web page and listed her URL on the ad. B) The seller, Morgan, contacts Buyer Valerie independently and informs her that the property is for sale. D. Sarahs client would have to request arbitration on her behalf; Sarah may not request arbitration on her own. Identify which of these practices a REALTOR is permitted to do. D. an offer or inducement. A. not practicing law D. tell the Byers to call Sam to find out the nature and terms of any agreement they have with Sam. Common law and representative law C. documentation of what the opinion is based on B. Which of the following is considered dual agency? D. only if he initiated the contact with Mr. Johnson. C. Yes, Tamika should have just asked the owners, who were in the driveway when she was there. In a fully disclosed agency, the contract is between the agent and the third party. Being a REALTOR means being included in the ____________ association(s). A. A. have the opinion verified by an appraiser. B. A young couple is looking for a new house. B. C. a living document that is revised annually. A. It appears that REALTOR Tom may have Chapter 7 Review Quiz Questions Flashcards | Chegg.com Do international differences in financial leverage exist? 124. InvestmentCenterSalesIncomeAverageInvestedAssetsElectronics$40,000,000$2,880,000$16,000,000SportingGoods20,000,0002,040,00012,000,000\begin{array}{lccc} Identify which statement regarding this situation is TRUE. C. Yes, Marty should have disclosed his relationship with all parties involved when an offer was made. of the following aspects of REITs as a diversifier? Board of Directors. Which of these advertisements is an example of inducement? While driving to the courthouse to represent Qaadir at trial, Zaafir negligently causes an automobile accident in which Maali is severely injured. D) D. Professional Standards Committee. 75. C. the principal B. Dual Agency: Learn The Rules In Your State - Clever Real Estate REALTOR Antonio has been asked by a listing client to prepare an opinion of value on his property. Inform any prospective buyers of the defect. A) C. The dual agent must have the written consent of both parties. Sacha does not want arbitration, and both agree to get lawyers and sue one another. Cancel your current listing contract and sign up with A-1 Realty for an all-expense paid weekend in Las Vegas! A. disclosing his true position. a designated agency. 99. Asset-liability management 102. Which of the following is an INCORRECT statement regarding misuse of confidential information and the agent's duty of loyalty? C. disclosing her relationship with Derek She negotiates the offer with buyer Dan, who offered less than asking price. A) tell the seller that the defect must be repaired. B. C. only consider who made the initial introduction to the property. Which of the following statements about dual agency is false? 37. B. respond to the author of the comment and request the author remove the comment. C) B. broker Jim. 98. No, because of the right of free speech, Brad can call Ted any time he wants regarding any offers. Which of these statements could be considered discriminatory? What is the internal rate of return? A. B) No, because REALTORS are entitled to collect some fees, which a non-member licensee is not. C. really none of REALTOR Janes or her clients business. 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", _____. Nelson informs Matthew of the rejection, and Matthew believes Jennifer did not understand the details of the contract. A) 66. REALTOR Dee files an arbitration request and is able to prove she is the procuring cause of the sale. What fiduciary duty did the buyer's agent violate? 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. D) In a real estate transaction the agent is the: Seller Jordan signs a memorandum for an open listing with a broker authorizing the sale of her house for $65,000. 59. Grievance Committee all lawful instructions of the owner. An agent can personally usurp an opportunity that belongs to the principal. the seller and the broker must both disclose this material fact. 126. A. favor either party. B. B. a minimum number of listings. A) the buyer and the seller are represented by the same company. C. call the sellers directly only if she has a buyer client who wishes to see the house. A) Which of the following statements is NOT true about dual agency sales associates are agents of the broker. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. C. large, four-bedroom on a quiet cul-de-sac lot (C). D. neither Buyer Bill nor Broker Anne. Which of the following statements is TRUE regarding dual agency? The broker is merely puffing. C. Buyer Travis is the owner of Big City Enterprises and High-Rise Corporation. The broker acted properly to obtain a quick offer on the property. Such being the case, dual agency was revoked in the . C. The price that the sellers told the agent is their minimum selling price. A. dictatorial business. A broker helps a buyer and a seller with paperwork but does not represent either party. REALTOR Barbara holds an open house on a rainy day and discovers the seal for the back door is leaking. C) Scott is in violation of the Code because premisesthe However, Jordan rejects the offers and instead sells the house to a friend. D. false advertising. D. Yes, because she does not have permission from REALTOR Katie. D) C) The buyer entered into a contract that stipulated that the broker had not been involved in the transaction. A. spacefor No, the fact that his daughter was the buyer is inconsequential to the transaction. B. disclosure of material facts. In a dual agency situation, if it is permitted by state law, a broker may represent both the seller and the buyer in the same transaction provided Every agency relationship has a principal, an agent, and a third party. implied agency A seller can sell his or her own home and owe no commission if he or she signs an exclusive agency listing. C. Providing an opinion about the structure is outside the scope of my expertise. REALTOR Jim violated the code D. I will ask the selling REALTOR her opinion and get back to you., 109. D. comparative financial analysis. 63. 88. B. have two brokers sign off on it. Dennis asks the Byers if they have someone helping them find a home. 100. A. an agent. Some states allow it, with certain conditions. C) avoid conflicts of interest. A REALTOR may tell prospective clients not to list with REALTORS offering flat-rate commissions. B. disclosure of material facts. A. REALTOR Brian is the mediator. the death of either party. Which of the following is an INCORRECT statement regarding misuse of confidential information and the agent's duty of loyalty? Tamika calls Alonzo to find out if the property is exclusively listed and, if so, when it expires. B. REALTOR principal or the firm itself 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. 103. Did Antonio violate the Code? However, fixed expenses would increase to a total of$225,000 each month. 43. REALTOR Brianna is a buyer agent and sells Randys house. D. half of the commission REALTOR Nelson actually received from the seller after he negotiated with the seller to reduce his commission. Commingling and conversion 140. B. aggressive, but ethical marketing efforts. C. REALTOR-ASSOCIATE. C. induced Miriams client to cancel her agreement, which is a violation of the Code. B. Jack 16. D) Patty prepares a CMA prior to the appointment, then shows the property to her prospect, buyer Larry. \text{Net operating income}&\underline{\underline{\text{\$\hspace{5pt}45,000}}}\\ A. consider how and when Amy entered the transaction. How is the NCREIF Property Index calculated? D. set up an appointment with the title company. REALTOR Bill finds out about the contact and accuses Melanie of trying to steal his client. C) B. Which of the following is correct? C. only consider who made the initial introduction to the property. C. Loretta must disclose her interest to her clients and customers, including any financial benefit received. 74. question. NAR May the Code Be With You ? The dual agent may not disclose confidential information from one party to the other. 4. If another brokerage wants to show the property, what is the listing brokers responsibility? The local association of REALTORS must offer mediation to both parties before an arbitration hearing is held. C) A method of resolving a dispute in which the parties involved discuss the situation and resolve it themselves is called In most states, a REALTOR is not required to have a license to sell real estate. is the correct answer to the question. A. keep the comment posted; it only helps his business and, after all, he didnt write it. D. Donna has violated the Code by not making it clear to buyer Dan that she was representing the seller. 44. C. The price that the sellers told the agent is their minimum selling price. C. Yes, Marty should have disclosed his relationship with all parties involved when an offer was made. unnecessary disclosure. C. litigate any differences. C. estimated market evaluation. Mikes answer should be A. Melanie can only talk to these buyers if they contact her. A) D. once it has been reviewed by the Board of Directors. D) required to disclose the information under the Fair Credit Registry Act. Later, Ben, who was seated at the same table with Linda, buys the house from Broker Andrew. C. Article 12Be truthful in advertising C. providing disclosure and obtaining consent from both parties. B) Disclosure D. Jon is simply being aggressive, which is permissible. Elizabeth leases the property from Broker Jane. C. estrangement of John by Broker Nan. Donna, representing the seller, holds firm and gets Dan to buy at asking price. 86. D. Broker Steve. I recently toured this home with REALTOR Jordan. of the following is not true regarding dual agency? B. Melanie can seek the prospects future business. 119. C) D. a violation of Code, because some of those properties might be listed for sale. 67. Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. No. In fact, the view includes the river and the back of a shopping center. REALTOR Dee shows a property listed by REALTOR Nelson. 138. Rather than purchase new equipment, the marketing manager argues that the companys marketing strategy should be changed. unmarketable properties. B. A. quality of title to the property He should D) 57. agency, so they are incorrect answers to the A. bait and switch. D. Marge does not have to provide any information about the matter to the Grievance Committee. The term, however, can have different meanings. This fact favors being primarily responsible to the customer. A) Disney tell Saul that the maximum it will pay for a 1-acre lot is $1 million. D. a violation of the Code as Lynn must first have Terrys permission before making a referral. The seller had made no mention of it. 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. accounting. D. neither Jane nor Paul. When preparing an opinion of value, REALTORS are required to d. negligent. C. made a great decision. B. ethical, because this is considered a general announcement. A. a 20% referral fee. D. provide the basis for their opinion. "The simple design is uncluttered and offers many possibilities for decorating.". C) B. a trustee. C. Donna has violated the Code by not getting informed consent from both buyer and seller to be a dual agent. C. documentation of what the opinion is based on Trisha wants to sell her house quickly because her new job in another city begins next month. The broker: a. is not entitled to a commission because of the open listing. B: Disclosing the information could create a fiduciary relationship with the buyer and, thereby, create an unauthorized dual agency situation. A) REALTOR Mike is showing a property to his client Jean. unless it was considered puffing. C. arbitrating disputes Another goal was to recognize and accommodate the growing practice of buyer agency, A. not timely disclosure per the requirements of the Code. D. notifying him of all known material facts. Broker Mike introduced Kathy to the property. This particular fact favors 03. B. This way is more efficient. the principal to whom the agent gives advice and counsel. D. REALTOR. C. national B. B. Sarah may ask her REALTOR principal to initiate litigation but Sarah may not initiate litigation on her own. Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. A) 33. Thus, profits vary considerably from year to year according to general economic conditions. 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. A. it is prohibited to target solicitations to first-time buyers because of their lack of experience. Administrative law. 130. REALTOR Sam represents seller Linda. Disclosure was improper and possibly illegal, regardless of the agent's motive. A factor that is indicative of bad faith and in Salvatores favor is whether implications of REIT dividends for pension funds? This particular fact favors After the closing, Dan expressed his confusion because he thought Donna was representing him in the sale. A. will have years of arbitration ahead of them. Choices (A), D) Statements not known to be false at the time they are made are called _____ misrepresentations. C. explaining to a customer why a contract cant be enforced Broker Jim introduces buyer Ken to a property and keeps in touch with him. Any broker is authorized to encourage such bids for the property. Josie is in a contract with REALTOR Bill, which is expiring in a week. special agency D) (ANSWERS will be revealed with subscription). 4 Q . His boss is Bud, whose wife is Broker Nan. Statutory law A. REALTOR-ASSOCIATES C. both Brenda and Jim. REALTOR Patty has an appointment to show a listing of REALTOR Katies. C. disclosing her relationship with Derek It is one of the rules enacted by legislatures and other governing bodies. The agent's job is to sell the principal's automotive parts to auto repair shops and other purchasers. D. mediation is not available. both parties consent in writing to the dual agency. Chapter 7 Online & Book Quiz Flashcards | Chegg.com Which of the following statements is LEAST accurate regarding UPREITs and downREITs? Common law, statutory law, and administrative law. Only information about material defects that the agent has personally observed A seller tells his agent in confidence that he must sell fast and may accept less than the list price. Misrepresentation or omission might result in broker liability A. A REALTOR has the duty of loyalty to D) a. Dual agency is a violation of real estate law b. C. a violation of the Code, despite the fact that REALTOR Nelson did have permission from REALTOR Matthew. B. opinion of value. 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. B. Olivia may ask her REALTOR principal to initiate litigation but she may not initiate litigation on her own. B. No, because REALTORS are entitled to collect some fees, which a non-member licensee is not. Which of the following is not true regarding dual agency? 146. What is NOT a major method of unsmoothing a real estate index.

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