B. comfortable home near the community recreation center A. Broker Nathan has a property listed for sale. Chad is a customer of Marcys. 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 C) A. fiduciary duties. 79. administrative law. the broker always acts as the agent of a client or customer. C) a. must have a definite termination date. B) In an arbitration dispute, the fact that Jim initially introduced Ken to the property favors A. racial segregation. C. are not allowed to litigate the matter. B. the administrative law created by real estate agencies as authorized by the legislature. B. disclosure REALTOR Devon Broker Deb admits that she extended an offer of cooperation and compensation to Broker Steve. 55. The broker is obligated to render loyalty to the seller. A) required to disclose the information because it is a material fact important to the seller. B. a client during and following the termination of the professional relationship between the client and the REALTOR. 45. C) avoid conflicts of interest. No. C) C. yes, because electronic contracts are not valid 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? A. Property Rights: Estates, Tenancies, And Multiple Ownership Interests, Real Estate Investment Analysis And Business Opportunity Brokerage. Compute the break-even point in dollar sales for the company under the new marketing strategy. At the closing table, Howard reveals to both REALTOR Jane and the sellers that he has an exclusive buyer agency agreement with his client. D) A key fact is if the buyer's inspector finds a problem, the seller does not have to disclose. Refer again to the data in (1) above. Intentional torts include all but which of the following? implied agreement. Misstatements about the property B. Melanie can seek the prospects future business. C. Grievance Committee. C. mediation. D. Professional Standards Committee. A. Linda refuses to answer Janes questions. To get his business started, he sends a mass e-mail to his former fraternity brothers, offering to assist them with any of their real estate needs. The listing broker and the seller find a small roof leak in the attic. Ethics Committee. However, listings are currently thin in his market. 69. needs but spent about an hour at the property asking many questions about other homes for sale. C. Professional Standards Committee REALTOR Antonio has been asked by a listing client to prepare an opinion of value on his property. This is D. A REALTOR may file a request for arbitration only after any ethics complaint about the same matter is resolved. A) 87. Which of these statements is an ethical practice by a REALTOR? C. is simply doing his job by selling the companys listings. In dual agency, an agent's actual knowledge pertains to. REALTOR Bill finds out about the contact and accuses Melanie of trying to steal his client. B. contact the sellers and write the contract. REALTOR Marys next step should be to B. aggressive, but ethical marketing efforts. A. completely unlike state licensing laws. The next day, Broker Nan calls Buyer John. C) B. Howard is Owens customer. 8. C. Olivia may ask her REALTOR principal to request arbitration but she may not request arbitration on her own. B. opinion of value. B. Ann cannot file multiple complaints against Marge over this one event. a state registries of residential information on sex offenders. B. C. unethical behavior between a REALTOR and a consumer. A. REALTOR Bill is representing sellers Sue and Sam, who are divorcing. The broker is guilty of intentional misrepresentation. The broker is guilty of negligent misrepresentation. Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. D. Yes, because she does not have permission from REALTOR Katie. Subsequently, REALTOR Nelson sells the property to the buyer that REALTOR Dee introduced to the property. A. find a third, impartial board to hold their hearing. Did Marty violate the Code? C) Later, Ben, who was seated at the same table with Linda, buys the house from Broker Andrew. B) commingling. Jerry discloses his compensation agreements to both parties and receives their consent. True or false: Any family relationship of the parties or whether they have legal representation does not change this rule. I recommend if you are interested, you have the house inspected by a professional. Common law, statutory law, and administrative law, Real estate agency relationships are governed by which kinds of law? Another goal was to recognize and accommodate the growing practice of buyer agency, B. Sarah may ask her REALTOR principal to initiate litigation but Sarah may not initiate litigation on her own. Which of the following duties does Marcy NOT owe to Chad? Broker Paul introduces tenant Elizabeth to a property. \text{Variable expenses}&\underline{\text{\hspace{5pt}315,000}}\\ NAR May the Code Be With You ? example, during working hours or on the principal's Dual agency occurs when an agent is representing both the buyer and the seller. In the common law of agency, the relationship of broker to client is that of In fact, the view includes the river and the back of a shopping center. B. Sarah may ask her REALTOR principal to initiate litigation but Sarah may not initiate litigation on her own. Which of the following is considered dual agency? C. offering to reduce broker fees to a short sale Which of the following is an INCORRECT statement regarding usurping an opportunity and the agent's duty of loyalty? REALTOR Dee files an arbitration request and is able to prove she is the procuring cause of the sale. REALTOR Nelson owes REALTOR Dee "The size of the bedrooms makes them wonderfully cozy and perfect for your children." REALTOR Brianna is a buyer agent and sells Randys house. D. panic selling. If another brokerage wants to show the property, what is the listing brokers responsibility? C) C. property taxes If two licensees, who are not REALTORS, have a monetary dispute, they C. hearing Professional Standards cases and ratifying the results. Such being the case, dual agency was revoked in the . A. the co-operating commission originally offered by Nelson. ____ agency occurs when an agent acts for two or more different principals in the same transaction. Which of the following is considered dual agency? A. another broker showed the property to Travis. 70. The seller had made no mention of it. D) Jun 5, 2022. C. Loretta may not market these auxiliary services to buyers or sellers using her company. C. panic selling. The statement is FALSE. 02. B. his client. It appears that REALTOR Tom may have Is this a violation of the Code? C) REALTOR Nathan has a website with extensive listing information. Rather than purchase new equipment, the marketing manager argues that the companys marketing strategy should be changed. REALTOR Bill is representing sellers Sue and Sam, who are divorcing. D. Marge does not have to provide any information about the matter to the Grievance Committee. D. neither Nathan nor Katherine. accounting. What is Barbaras duty? What does the phrase the law of agency is a common law doctrine mean? InvestmentCenterSalesIncomeAverageInvestedAssetsElectronics$40,000,000$2,880,000$16,000,000SportingGoods20,000,0002,040,00012,000,000\begin{array}{lccc} To keep the websites from looking skimpy, Scott keeps several sold or expired listings on his site that appear to be available. An exclusive listing must always be at least 30 days long., What are the three most common types of listings . A. B. something that would be understood by both REALTORS and does not need to be disclosed. B. disclosing her relationship with Derek B. are going to need to put this decision in writing to the Board of REALTORS. D) D. undivided loyalty. The dual agent may reveal to the seller the maximum the buyer is willing to pay. Thus, profits vary considerably from year to year according to general economic conditions. 6. C. Yes, Marty should have disclosed his relationship with all parties involved when an offer was made. 119. 17. B) It is a legal doctrine that is not unusual. REALTOR Mike is showing a property to his client Jean. 27. loyalty. The agent's job is to sell the principal's automotive parts to auto repair shops and other purchasers. 01. Identify which statement regarding this situation is TRUE. not required to disclose the information because the seller might reject the offer. As of November 2020, dual agency is illegal in eight states: Alaska, Colorado, Florida, Kansas, Oklahoma, Texas, Vermont, and Wyoming. B. yes, because the nature and the terms of the contract were not made clear Regarding such duties, which ONE of the following statements is NOT true? The broker is merely puffing. This is a violation of the duty of loyalty known as _________. D. Loretta must disclose her interest to her clients and customers, including any financial benefit received. C) REALTOR Marcy has listed Dereks home, thus creating an agency relationship in which she owes fiduciary duties to Derek. 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. The seller accepts the offer. This way is more efficient. 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%. The structure does not seem sound and I would not purchase this house. C. litigate any differences. inform any prospective buyers of the defect. a designated agency. 62. the sales associate was practicing puffing. Marty makes arrangements with the listing agent, REALTOR Caroline, to show the property. B. D. Open house in a beautiful neighborhood this Saturday!, 121. D. false advertising. B) The fact that the introduction occurred many months ago does NOT B. homeowners selling at a below market value because the demographics of the neighborhood is changing D. made a referral without Miriams consent, which is a violation of the Code. After the closing, Dan expressed his confusion because he thought Donna was representing him in the sale. D. Brianna. Morton Companys contribution format income statement for last month is given below: Sales(15,000unitsX$30perunit)$450,000Variableexpenses315,000Contributionmargin135,000Fixedexpenses90,000Netoperatingincome$45,000\begin{array}{lrr} The first thing Sam should do is Dual agency limits the level of representation that can be offered by the licensee and also prohibits the licensee from acting exclusively for either party. A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. 37. Past correlation of US REIT returns (over the last 20+ years) tends to indicate which A REALTOR may tell prospective clients not to list with REALTORS offering flat-rate commissions. C) Conflict of interest is inherent in a dual agency arrangement. REALTOR Patty has an appointment to show REALTOR Katies listing. Sign it in a few clicks Draw your signature, type it, upload its image, or use your mobile device as a signature pad. statutory law. 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. C. disclosing her relationship with Derek C. Loretta must disclose her interest to her clients and customers, including any financial benefit received. D) the seller and the buyer are represented by different companies. honest and fair dealing. A) C. Melanie must confirm that the agency relationship between the buyers and REALTOR Bill has terminated. Dual agency disclosure; A 2. . REALTOR Patty has an appointment to show REALTOR Katies listing. C. a 20% referral fee. B) REALTOR Jan calls Carlos to arrange for a showing. special agency universal agency. the principal. D. a violation of the Code as Lynn must first have Terrys permission before making a referral. B. B. Olivia may ask her REALTOR principal to initiate litigation but she may not initiate litigation on her own. B. telling him the lowest price Derek will take for the house, which Derek told her in confidence C. Yes, because REALTORS have an agreement to cooperate. 82. Statements of opinion are permissible 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. A broker tells a buyer, "This home has the most beautiful river view." Seller George paid for a home inspection on his house for a prospective buyer. A. advise Susan of the commission differential. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. The seller tells REALTOR Lynn that she is relocating to Hawaii. She and Dean enter into an agreement of sale. B. Jack Minevik reported Cost of Sales for 2013 of SEK57,222 million. Attend our First-Time Homebuyer Seminar and win a free TV! Deceitful or dishonest practices A. The dual agency does not constitute a violation of the duty of loyalty so long as the agent acts fairly and equitably. Which of these actions violates the Code? Asset-liability management REALTOR Marcy listed Dereks home, thus creating an agency relationship in which she owes fiduciary duties to Derek. 48. D) B. Neither the offer nor the escrow instructions mentioned: (a) the broker as the agent, or (b) terms for payment of a commission. common law. A nonagent (transactional broker, facilitator, coordinator, or contract broker) is not an agent of either party. Share your form with others Send it via email, link, or fax. In a simple random sample of U.S. purchasing managers, 70 out of the 200 are females. D. Yes, Marty should not have said anything to the other REALTOR and the seller at the closing. REALTOR Kim has a listing on a property and REALTOR John, a sales associate for REALTOR Millie, makes an appointment to show it. C. avoid the subject of the back door and if it comes up, lie 64. Susan wants to make an offer. C) contact the city building inspector about the defect. An open listing is an exclusive contract. D. notifying him of all known material facts, 95. C. Joes statement could be considered a threat. A broker engaged by a buyer has the responsibility to. B. once it has been reviewed by the Grievance committee D. Jon is simply being aggressive, which is permissible. A. complete a pre-printed contract 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. This is an example of A net listing is illegal in all states. A) A) D. Paula is simply expressing her personal opinion, which she is entitled to do. A. Sarah can take no action as Thomas is the principal broker at his agency; his title gives him seniority in this case. A. He identified himself as a REALTOR but he acted solely as a principal in the transaction. B) A. D) D. 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. A) B) A. local Identify which statement is true. D. tell the sellers to disclose the leaks, 31. All of these No, because her client, Larry, has no interest in the property. Which of the following is an INCORRECT statement regarding a principal's liability for an independent contractor's torts and contracts? 96. (ANSWERS will be revealed with subscription). B) Brenda could be appointed to either the buyer or the seller and a different associate assigned to Betty. a. has no legal right to a commission. A) Exclusive neighborhood community with a Tier 1 golf club REALTOR Jeffrey is preparing a new advertisement for the Sunday paper that will have pictures of people enjoying the neighborhood community pool. The Federal Fair Housing Law prohibits me from discussing the racial composition of the neighborhood. When Kathy applies for a mortgage, the lender turns her down because she doesnt have a sufficient down payment. a. fraudulent A statement that the disclosed dual agent may disclose any information to one party that the disclosed dual agent gains from the other party if that information is relevant to the transaction, except: (1) The willingness or ability of the seller to accept less than the asking price; 93. b. agent. D. Loretta needs to say nothing about these businesses or services; it is obvious she owns them. D) For the years ended December 31, 2013 and 2012. C) Buyer Holly contacts Sam indicating that she has seen the house Linda is selling and would like to make an offer. B. respond to the author of the comment and request the author remove the comment. B. discrimination. Did Pattys actions violate the Code? Nice and sturdy basement and everything appears dry. REALTOR Brian filed an ethics complaint against REALTOR Clarence. Identify which statement regarding this situation is TRUE. A. A) B) The term, however, can have different meanings. No, Tamika is permitted to call Alonzo to get the information she needs. D. statement that the opinion of value is not the same as an appraisal. Custom designers are available in person this Friday from noon until 4 PM! D) It may not be superseded by statutory law. C) C. once it has been reviewed by the Ethics committee B) Which is TRUE? Broker Roger files arbitration against Broker Paul, claiming procuring cause because he introduced the property to the buyer. D. the total commission paid to REALTOR Nelson by the seller. C) The seller didnt mention this before the open house. Jennifer rejects the offer. 2. C. large, four-bedroom on a quiet cul-de-sac lot While doing so, the agent also works as a salesperson for a competing seller of automotive parts. A) A. Donna has not violated any Article or Standard; she just did her job and sold the house. Absolutelythis is a community property state. 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. D. Yes, because she does not have permission to talk to the seller from REALTOR Katie. This is A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. This way is more efficient. The local association of REALTORS must offer mediation to both parties before an arbitration hearing is held.
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