Buyer John mentions at his place of employment that he is looking for a house with Broker Judy. Minevik reported Cost of Sales for 2013 of SEK57,222 million. This relationship is the sales associate was practicing puffing. Every state now requires Upon discovering a latent defect in a property, the real estate professional should discuss the problem with the seller and then A. the co-operating commission originally offered by Nelson. B) A. ethical. D) He identified himself as a REALTOR but he acted solely as a principal in the transaction. 124. 92. "I think these low doorways are a charming part of the Cape Cod style." listing agreement. REALTOR Devon traveled to another state where he bought a property for himself. B. Olivia may ask her REALTOR principal to initiate litigation but she may not initiate litigation on her own. The agent has not violated any agency responsibilities to the seller. disclosure of material facts that the agent knows. Grievance Committee C. Grievance Committee. B. 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. I recommend if you are interested, you have the house inspected by a professional. They ask their buying agent, REALTOR Larry, about the racial composition of a neighborhood they are considering. disclosure of all facts that the real estate professional knows or should reasonably be expected to know that materially affect the value or desirability of the property. B. Loretta needs to say nothing about these businesses or services; it is obvious she owns them. 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. 149. 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. A. 81. The laws enacted by a legislature make up B. drafting advertisements for general mailing D. no, because the user had the choice to click or not to click. REALTOR Jon has an open house, which buyer Halie attends. D. Visit our website at www.tinytownrealestate.com for special offers!, 39. A. a licensed personal assistant of a sales associate is the agent of the sales associate. D. If you go hang out at the Corner Bar for one evening, that will probably tell you everything you need to know.. If a real estate agent who is employed to purchase real estate for a principal secretly sells his or her own property to the principal, this is a violation of the duty of loyalty known as __________. Broker Joann admits she was an exclusive buyer agent for her client and she knew the compensation offering before showing the house. Universal C) Being a REALTOR means being included in the ____________ association(s). Seller Tim has offered an open listing on his property to a number of brokers in the area. A) C. Donna has violated the Code by not getting informed consent from both buyer and seller to be a dual agent. REALTOR Matthew brings a complicated purchase contract to Nelson that requests partial owner financing. Loyalty local registries of residential information on sex offenders. B. have an arbitration hearing at Wallys association, if Jona agrees. Dual agency occurs when an agent is representing both the buyer and the seller. A) A. REALTOR-ASSOCIATES D) D. panic selling. personally arrange for the repairs. unstable properties. A. order the seller to disclose the leak C. made a great decision. even if they are considered a "harmless white lie." D. once it has been reviewed by the Board of Directors. D. sending a mass mailing out to potential clients, 122. The term, however, can have different meanings. A. Neil is in violation of Article 15 for not blogging about REALTOR Paulas successes. The broker acted properly to obtain a quick offer on the property. the concept of caveat emptor. D. Donna has violated the Code by not making it clear to buyer Dan that she was representing the seller. A. Ed leaked information about who would appear at the hearing. Which of the following duties does Marcy NOT owe to Chad? Given this information: What cause of fatality is least likely to occur? C. member associations, individually. The structure looks good. 98. D. The buyer sought another broker in order to get a lower price. D. A foundation crack is hidden behind the paneling in the basement. REALTOR Jim violated the code C) B) Identify which statement is true. The federal legislation known as Megan's Law has promoted the establishment of No, because REALTORS are entitled to collect some fees, which a non-member licensee is not. C. No, but only if she doesnt solicit the listing at the same time. C) both the buyer and the seller are customers. whether the worker is paid by way of direct deposit or check. C) A REALTOR may tell prospective clients not to list with REALTORS offering flat-rate commissions. sales associates are agents of the broker. Required to disclose the information because it is a material fact important to the seller. B. Donna has violated the Code by not disclosing to the seller that she was representing buyer Dan. REALTOR Bill finds out about the contact and accuses Melanie of trying to steal his client. prohibited in all states because a broker must always represent one party. InvestmentCenterSalesIncomeAverageInvestedAssetsElectronics$40,000,000$2,880,000$16,000,000SportingGoods20,000,0002,040,00012,000,000\begin{array}{lccc} Broker Paul files arbitration against Steve, claiming he introduced the property to Rhonda. B. real estate licensees may not litigate over commissions. D. request arbitration services from the National Association of REALTORS if both Jona and Wally agree. A. broker Brenda. Identify which statement is true. Nelson informs Matthew of the rejection, and Matthew believes Jennifer did not understand the details of the contract. B. B. are going to need to put this decision in writing to the Board of REALTORS. 142. C. only consider who made the initial introduction to the property. Identify which statement regarding complaint filing is TRUE. Broker Deb admits that she extended an offer of cooperation and compensation to Broker Steve. C) C. arbitrating disputes C. arbitration. Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. C. avoid the subject of the back door and if it comes up, lie 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. A. order the seller to disclose the leak Subsequently, REALTOR Nelson sells the property to the buyer REALTOR Dee introduced to the property. common law. Subsequently, Dean lists the property with Broker Mike. Principals are generally liable if an agent's frolic and detour is substantial. The two functions of the local REALTOR Associations Board of Directors, with respect to Code enforcement, are If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold," _____. the death of either party. REALTOR Barbara holds an open house on a rainy day and discovers the seal for the back door is leaking. Which statement is correct? 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. both parties consent in writing to the dual agency. unless unintentional. B. the co-operating commission originally offered by Nelson. Advertisements on the Internet require B. REALTOR Jeffrey is preparing a new advertisement for the Sunday paper that will have pictures of people enjoying the neighborhood community pool. 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. The principal is looking for vacant land to purchase to develop. A. advising customers or clients on how to get a house show ready Maria tells her agent in confidence that she must sell fast and may accept less than the list price. C. made a great decision. C. Loretta must disclose her interest to her clients and customers, including any financial benefit received. REALTOR Jerry has exclusive employment contracts with buyer Stan and seller Tammy. 18. 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 D. zoning restrictions. A) A) B. C. documentation of what the opinion is based on A. D. Paula is simply expressing her personal opinion, which she is entitled to do. B. any relevant state laws. Generally, the relationship between real estate broker and seller is The party who employs an independent contractor is called a(n) _____. B) B) Brenda could be appointed to either the buyer or the seller and a different associate assigned to Betty. REALTOR Marty has a daughter who is interested in a property. C. Melanie must confirm that the agency relationship between the buyers and REALTOR Bill has terminated. implied agreement. A sales associate of a broker told a prospective buyer that the house being shown is "the best house in the area." At the request of a client, REALTOR Marguerite provided a written estimated value of the clients property. D. Sarahs client would have to request arbitration on her behalf; Sarah may not request arbitration on her own. an express agreement. B. include persons of only one race to show the demographics of that neighborhood. the broker was guilty of fraud because he is responsible for actions of the sales associate. A) Broker Joann, a buyers agent, is seeking arbitration against Broker Millie, a sellers agent. 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. needs but spent about an hour at the property asking many questions about other homes for sale. Disney tell Saul that the maximum it will pay for a 1-acre lot is $1 million. C. only consider who made the initial introduction to the property. A. A. Ann cannot file both an ethics complaint and an arbitration request at the same time. Which of the following is not true regarding dual agency? After the closing, Eddie calls Sacha to discuss the matter. Sara, a licensee, is helping customer Mark find a house? Broker Deb. Broker Steve. REALTOR Bill is representing sellers Sue and Sam, who are divorcing. D) A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. administrative law. Jane calls Linda to find out if the property is exclusively listed, and, if so, when it terminates. C. panic selling. an implied agreement. 145. This is called a(n) Some states allow it, with certain conditions. Broker Millie. A. not timely disclosure per the requirements of the Code. B) Buyer Travis does not own Big City Enterprises and High-Rise Corporation. An agent can personally usurp an opportunity that belongs to the principal. B) Dual agency is legal in all 50 states. REALTOR Kim can Broker Amy discovers that Buyer Lori has looked at a property with Ken and tells Lori that she is also in the real estate business and she can help her buy the property. REALTOR Kim has a listing on a property and REALTOR John, a sales associate for REALTOR Millie, makes an appointment to show it. B. discrimination. d. negligent. A) 80. This is called a(n) 103. Broker Anne files an arbitration request against her client, Buyer Bill. Administrative law and canonical law B. Ann cannot file multiple complaints against Marge over this one event. REALTOR Carlos has a listing. Broker Millie presents as evidence the listing in the MLS with no compensation offered to a buyers agent, only offered to sub-agents. A. not required to disclose the information because the agent has no agency relationship with seller. 82. Which of these items is a REALTOR required to discover and disclose, according to Article 2 of the Code of Ethics? Which of the following scenarios MOST accurately describes the typical income tax 96. Another goal was to recognize and accommodate the growing practice of buyer agency, B. Melanie can seek the prospects future business. The Code of Ethics in Action R Copyright 2023 - RealEstateExamAnswers.com -, NAR May the Code Be With You ? C. disclosing her relationship with Derek He sells Marys property and receives an additional fee for the sale. even if unintentional. REALTOR Howard has an exclusive representation agreement with a buyer. 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. D) D. an offer or inducement. What is Barbaras duty? 12. Deceitful or dishonest practices A. completely unlike state licensing laws. The structure does not seem sound and I would not purchase this house. C. Sign a six-month contract with Tims Realty and if we sell your home, youll get a free GrillMate gas grill. 137. C. a violation of Code, because it is not a general announcement. Because the property is being sold "as is," 70. C. ethics complaints. 87. Did Marty violate the Code? B. respond to the author of the comment and request the author remove the comment. \text{Fixed expenses}&\underline{\text{\hspace{10pt}90,000}}\\ unless it was considered puffing. A REALTOR can recommend another REALTOR to a client who mentioned she is relocating out of state. 115. a. third party. B. draft a purchase contract from scratch The agent tells a buyer the seller will accept up to $5,000 less than the list price. She and Dean enter into an agreement of sale. B) C. hearing Professional Standards cases and ratifying the results. D. what is required by the Code. if the buyer's inspector finds a problem, the seller does not have to disclose. premisesthe She takes the people through the house and they ask Mary to write the contract. B. lie to prospective buyers regarding the windows condition Regarding such duties, which ONE of the following statements is NOT true? B. Qaadir hires Zaafir, a lawyer and an independent contractor, to represent him in a court case. Which of the following Standards is considered a duty to other REALTORS? honest and fair dealing. D. Yes. D. use the comment in other places on his website to help drum up new business. Eddie and Sacha REALTOR Matthew brings a complicated purchase contract to Nelson that requests partial owner financing. If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold, agent," _____. C. half of the commission REALTOR Nelson actually received from the seller, after he negotiated with the seller to reduce his commission. It may not be superseded by statutory law. A factor that is indicative of bad faith and in Salvatores favor is whether Do you agree with the marketing managers proposal? REALTOR Joe discovers that REALTOR Ed filed an ethics complaint against him and that REALTOR Ralph will be a witness in the hearing. C) D. an intrusion by Broker Nan into an existing relationship. 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. Open house in a beautiful tree-lined neighborhood this Saturday! Study with Quizlet and memorize flashcards containing terms like Which is TRUE about listings? The dual agent may reveal to the seller the maximum the buyer is willing to pay. B. B. determining if ethics complaints should go forward and holding the hearings. B. date the opinion of value was prepared B. may ask the local Association of REALTORS to arbitrate it. 66. Buyers hire an agent to help them purchase a home and want seller financing because they filed for bankruptcy two years ago. C. No, Antonio is entitled to collect these fees as long as there was informed consent from both parties to the transaction. Which of the following is correct? D) Who is liable? A. ask the buyers if they are exclusively represented by another REALTOR. obedience to all instructions of the principal. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. REALTOR Nathan has a website with extensive listing information. Susan wants to make an offer. A) C. tell the Byers they cannot talk to Sam Variable expenses would be reduced by $9 per unit. B) not required to disclose the information because the seller might reject the offer. 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. all lawful instructions of the owner. B) REALTOR Nelson has an exclusive listing contract with seller Jennifer. A) A. it is prohibited to target solicitations to first-time buyers because of their lack of experience. Broker Deb. C. Melanie must confirm that the agency relationship between the buyers and REALTOR Bill has terminated. The couple wants to ensure their children are raised in a diverse area. A REALTOR has the duty of loyalty to B. 03. C) "The uneven floors just mean that the building dates to colonial times." C. Yes, because REALTORS have an agreement to cooperate. A. consider how and when Amy entered the transaction. 54. C. express an opinion about the quality of title on a property A. advise Susan of the commission differential. 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. C. REALTOR Clarence is the complainant. D) A. offering an inducement to get someone through the door Compare our rates to others This ad is Board of Directors. C) Katy could elect not to make any appointments. 36. Disclosure of material facts that the agents knows. 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. B. REALTOR Marys next step should be to 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%. B. Nathan, as the listing broker. A) the buyer and the seller are represented by the same company. B. At the closing table, Marty tells Caroline and the seller that the buyer is actually his daughter. B. D. Yes, because Ted did not initiate the conversation. Do not show percentages for the fixed expenses. Lori subsequently meets broker Amy, whose son plays ball with Loris son. B. C. The sellers agent has authorized the buyers agent to speak to the seller. 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; B. aggressive, but ethical marketing efforts. Subsequently, REALTOR Nelson sells the property to the buyer that REALTOR Dee introduced to the property. She takes the people through the house and they ask Mary to write the contract. D) REALTOR Jack notices the following comment posted under one of his listings on his website. D. are not allowed to sue each other because they are both REALTORS. While doing so, the agent also works as a salesperson for a competing seller of automotive parts. It is part of a body of law established by tradition and court decisions. B) B. something that would be understood by both REALTORS and does not need to be disclosed. Conflict of interest is inherent in a dual agency arrangement. B) Recently, Erin was the buyers agent for Jones, who purchased a new home. Subsequently, Vinod tells Tim that Wanda was his client and he is owed a commission. Absolutelythis is a community property state. A. 134. A buyer's agent, upon learning that the home being purchased is to house a dog-grooming business, didn't check zoning. Arbitration deals with monetary disputes only and could also be initiated by or made against a customer, client, or non-member broker. D. refuse to return calls of the agent involved so as not to have to decide, 22. (?) The relationship between the agent and the seller ends automatically if the purchaser submits an offer. Cancel your current listing contract and sign up with A-1 Realty for an all-expense paid weekend in Las Vegas! D. A REALTOR may file a request for arbitration only after any ethics complaint about the same matter is resolved.
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