C) 6. D. I think youll get more than half with me as your REALTOR., 111. common law. A. accounting for any deposit monies she receives from him, which are put into a separate account D. mediation is not available. all client information to be kept confidential forever. In an arbitration dispute, the fact that Jim initially introduced Ken to the property favors B) A. After the closing, REALTOR Edward, who represented the seller in the transaction, claimed that Devon owed him a buyers agent fee, and sought arbitration. 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 Pete tells them it is no problem and asks them to sign an exclusive buyer contract with his company and he will show them the listing. A) the buyer and the seller are represented by the same company. The broker in charge of an office, by ownership or designation as the managing broker, is called a(n) I recently toured this home with REALTOR Jordan. C. Great location, four blocks away from the Park and Ride D. Yes, Tamika violated the Code because contacting the listing agent is never allowable. C. ethics complaints. After the closing, Melanie visits the buyers in their home and asks if they have any questions or need any information about the community. What is Barbaras duty? C. both brokers. B. disclosure of material facts. D) a transactional brokerage. REALTOR Jane notices a home in her market area listed with REALTOR Lindas name on it.
Agency - National Association of Realtors This fact favors If another brokerage wants to show the property, what is the listing brokers responsibility? The broker has violated the agency relationship with the seller. A nonagent (transactional broker, facilitator, coordinator, or contract broker) is not an agent of either party. Principals are generally liable if an agent's frolic and detour is substantial. After the closing, Eddie calls Sacha to discuss the matter. He sells Marys property and receives an additional fee for the sale. A. confidentiality A. find a third, impartial board to hold their hearing. how an implied agency may occur. Eddie suggests taking the matter to arbitration. The broker designates one sales associate to represent the seller and one sales associate to represent the buyer. B. Sarah may ask her REALTOR principal to initiate litigation but Sarah may not initiate litigation on her own. Exclusive neighborhood community with a Tier 1 golf club Compare our rates to others This ad is D. Jon is simply being aggressive, which is permissible. D. tell a client that a contract is valid, void, or voidable, 41. Is this a violation of the Code? Which of the following is an INCORRECT statement regarding a principal's liability for an independent contractor's torts and contracts? A real estate professional's duties to a customer do NOT include C. REALTOR Clarence is the complainant. B. property profiling. She mentions to all of them that she has just listed a home near the country club. C. No, but only if she doesnt solicit the listing at the same time. Yes, Antonio only has a contract with the buyer; therefore, he is only permitted to collect a fee from the buyer. C) A. each members conscience. Only choice (C) is not true, so it is the correct answer to the question. D) What does the phrase the law of agency is a common law doctrine mean? A) a criminal registry that is maintained by state real estate offices. sales associates are agents of the licensing authority. It has been reported that 40%40 \%40% of U.S. workers employed as purchasing managers are females. loyalty to the principal's interests unless they conflict with the agent's interests. C) New builds going fast! A) REALTOR Jerry has exclusive employment contracts with buyer Stan and seller Tammy. C. are not allowed to litigate the matter. Which of the following describes a typical equity REIT? However, fixed expenses would increase to a total of$225,000 each month. B. are going to need to put this decision in writing to the Board of REALTORS. A. Compute the break-even point in dollar sales for the company under the new marketing strategy. D) D. Seller Dean was not free to sell the property on his own. A) C) A. have the opinion verified by an appraiser. stagnant properties. This relationship is. 33. A. Olivia can take no action since Jon is the principal broker at his agency; his title gives him seniority in this situation. C) D) A. favor either party. REALTOR Marcy listed Dereks home, thus creating an agency relationship in which she owes fiduciary duties to Derek. the seller must disclose, but the broker has no obligation to disclose. A. quality of title to the property Youve come to the right person.. Id love to sign you but I cant say anything else until you are out of your contract. B. Jack The company has a large amount of unused capacity and is studying ways of improving profits. C. estimated market evaluation. Arbitration deals with monetary disputes only and could also be initiated by or made against a customer, client, or non-member broker. The broker can disclose confidential information about the seller to a buyer if it increases the likelihood of a sale. sales associates are agents of the broker. 77. A. attending the Grievance Committee meetings and the Professional Standards hearings. 3 The last group at the local level to review an ethics complaint is the Special, Exaggerated statements about the property, Which of the following is considered lawful practice in real estate brokerage? A. no, because Nathan is not responsible for how the website functions C. remove the comment immediately. D. are not allowed to sue each other because they are both REALTORS. C. REALTOR principal and REALTOR-ASSOCIATES jointly 51. Bettys answer should be 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; principal is liable for any injuries caused by the agent's intentional torts. A sellers agent is expected to disclose information about material defects in the property to prospective buyers. a. a. must have a definite termination date. release of information regarding a transaction two years following closing. B. ethical, because this is considered a general announcement. A beautiful home on 1.5 acres with trees and a small pond
Unit 5: Agency Relationships Flashcards | Quizlet Which event will terminate an agency in a broker-seller relationship? C. litigate any differences. REALTOR Marty has a daughter who is interested in a property. honest and fair dealing. Several buyers enter REALTOR Petes office and ask about one of the companys listings. A. not practicing law D. The seller initiates direct contact with the buyers agent. A. Olivia can take no action since Jon is the principal broker at his agency; his title gives him seniority in this situation. A REALTOR has the duty of loyalty to A REALTOR may tell prospective clients not to list with REALTORS offering flat-rate commissions. Because of this statement, REALTOR Melanie has a listing, which REALTOR Bill sells. an undisclosed dual agency. The buyers agent and the sellers agent work for the same company as designated agents. A. D. undivided loyalty. C) a. broker. Jerry discloses his compensation agreements to both parties and receives their consent. Misrepresentation or omission might result in broker liability C. Sarah may ask her REALTOR principal to request arbitration but Sarah may not request arbitration on her own. Do you agree with the marketing managers proposal? C. yes, because electronic contracts are not valid Under the _____ rule, a principal is generally _____ for injuries caused by its agents and employees while they are on their way to or from work. Asset-liability management THIRD PARTY. A. C. maintain the confidentiality of the information since the seller is his client Which of these items is NOT required to be provided with the opinion of value? A key fact is unless unintentional. Broker Linda is at a wedding seated at a table with nine other guests. A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. D. all parties to a transaction. Josie is in a contract with REALTOR Bill, which is expiring in a week. Agents are prohibited from using general information, knowledge, or experience acquired during the course of an agency in later employment. D. use the comment in other places on his website to help drum up new business. D. set up an appointment with the title company. unless it was considered puffing. 99. 70. An agent can personally usurp an opportunity that belongs to the principal. An agent works for a principal that is in the business of real estate development. B) never. 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 \text{Sales (15,000 units X \$30 per unit)}&\text{\$450,000}\\ B) b. is three months. She tells REALTOR Ed, in confidence, to do whatever it takes to sell her house. A. proof of clear title on the property No, because REALTOR Katie is obviously clueless about how to price a property. A) (2) Which department is most efficient at generating sales from average invested assets? D. only consider who wrote the successful contract on the property. A) the buyer and the seller are represented by the same company. Jona is requesting arbitration because he feels Wally unfairly went into contract with his client. C. both Jane and Paul. stigmatized properties. C. other REALTORS. A) Betty could be released from the agency agreement and seek representation from another broker. B. telling him the lowest price Derek will take for the house, which Derek told her in confidence Broker Deb. D) The agent gives the offer to the seller, who asks to consider it for 24 hours. Jean asks Mike his opinion about the structure of the property. Every state now requires D) the client. Howard walks through a home listed by Owens agency during an open house. Matthew calls Jennifer to explain the details. A. ask the buyers if they are exclusively represented by another REALTOR. As a manager, what factor would be paramount in your mind in deciding whether to purchase the new equipment? The Catholic Church on the corner indicates that the area is predominately Italian-Catholic. Broker Mike introduced Kathy to the property. B) 61. A. agree to be bound by arbitration and allow the local board of REALTORS to arbitrate the matter.
Unit 9 Flashcards | Quizlet 59. C) both the buyer and the seller are customers. C. draw up the paperwork on Hollys offer. 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 REALTOR may file both an ethics complaint and an arbitration request simultaneously over the same matter. A. D) A. bait and switch. A) All information about material defects that the agent knows or should know, What is a seller's agent required to disclose to prospective buyers about material defects in the property? B) REALTOR Sam represents seller Linda. D. Seller Keith had no knowledge of Salvatores efforts with Travis. He sells Marys property and receives an additional fee for the sale. D. providing little to no information about known issues with a house. The broker is merely puffing. B. not a violation of the Code as REALTOR Terry doesnt know any agents in Hawaii. D. set up an appointment with the title company. Which of the following statements is TRUE? REALTOR Dee shows a property listed by REALTOR Nelson. Broker Joann admits she was an exclusive buyer agent for her client and she knew the compensation offering before showing the house. All material facts known about the property from the seller, another agent, previous experience with the property, or researching public records. 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%. D. made a referral without Miriams consent, which is a violation of the Code. B. Identify which statement regarding this situation is TRUE. A. a latent defect. Broker REALTOR Miriam employs REALTOR Tom. D. honesty and integrity, 108. Scott is in violation of the Code because C. Yes, Tamika should have just asked the owners, who were in the driveway when she was there. This is C. call the sellers directly only if she has a buyer client who wishes to see the house. Nice and sturdy basement and everything appears dry. B. extended an offer of cooperation to another broker, which is not a violation of the Code. Marty later writes a contract and a sale is made. C) B. broker Jim. casual statement - a licensee might unwittingly become a consumer's agent. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. 11. Prepare two contribution format income statements, one showing present operations and one showing how operations would appear if the new equipment is purchased.
Chapter 4_Brokerage Relationships and Ethics Quizzes - Chegg D. both brokers. The dual agent may reveal to the seller the maximum the buyer is willing to pay. Only choice (C) is not true, so it
D. Article 14Arbitrate disputes. Obedience. As of November 2020, dual agency is illegal in eight states: Alaska, Colorado, Florida, Kansas, Oklahoma, Texas, Vermont, and Wyoming. A special agent represents the principal for one certain transaction only. B. Neil is in violation of SOP 1-3 for misleading sellers about market value. At the request of a client, REALTOR Marguerite provided a written estimated value of the clients property. While doing so, the agent also works as a salesperson for a competing seller of automotive parts. Matthew calls Jennifer to explain the details. Common law and representative law She negotiates the offer with buyer Dan, who offered less than asking price. The broker can accept a commission from the buyer without the seller's approval. Buyer Halie refers to other houses she has looked at with REALTOR Grant. Which of the following is correct? 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. The agent, without informing the principal, purchases the land for personal use. a subagent. D. I will ask the selling REALTOR her opinion and get back to you., 109. Who is liable? Broker Paul introduces tenant Elizabeth to a property. negligent misrepresentation. C. prepare a CMA, which demonstrates the accuracy of the price. Which of the following is correct? If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold, agent," _____. 37. loyalty. D) This is The Federal Fair Housing Law prohibits me from discussing the racial composition of the neighborhood. However, Jordan rejects the offers and instead sells the house to a friend. can disclose the seller's minimum price. dual agency. However, listings are currently thin in his market. a. must have a definite termination date. 28. A. racial segregation. A. dictatorial business. A The statement is TRUE. 69. After the closing, Eddie calls Sacha to discuss the matter. The broker is obligated to render loyalty to the seller. C) an offer made on the property. B. Donna has violated the Code by not disclosing to the seller that she was representing buyer Dan. D) required to disclose the information under the Fair Credit Registry Act. D) Which of the following is an INCORRECT statement regarding a "frolic and detour?". C. made a great decision. D. unprofessional behavior. D. Yes, because REALTORS are prohibited from receiving compensation from more than one party. A) C. No, Antonio is entitled to collect these fees as long as there was informed consent from both parties to the transaction. D. A REALTOR may file a request for arbitration only after any ethics complaint about the same matter is resolved. 90. C) D. Professional Standards Committee. 2. a. has no legal right to a commission. A) A. ASSOCIATE-BROKER. universal agency. Dual agency exists when a real estate broker represents both parties in a transaction in a fiduciary capacity. C) C. notifying him of all known material facts A. Donna has not violated any Article or Standard; she just did her job and sold the house. a) If an agent appoints a sub-agent, that sub-agent is not normally regarded as an agent of the principal.
Unit quiz 10 Flashcards by Ron Jeremy | Brainscape B. B. lie to prospective buyers regarding the windows condition Identify which statement regarding complaint filing is TRUE. B. advise Susan of the commission differential and renegotiate his fee. ____ agency occurs when an agent acts for two or more different principals in the same transaction. should present to the seller only the highest offer for the property. D. urge the seller to update the disclosure form or have the back door repaired, 106. It is part of a body of law established by tradition and court decisions. The listing broker and the seller find a small roof leak in the attic. Nelson informs Matthew of the rejection, and Matthew believes Jennifer did not understand the details of the contract. 134. 81. A. encourage the sellers to update the disclosure form and/or have the window repaired B. A) B. his client. A broker performing as a property manager who deposits the rent into his operating account is an example of This is an example of A third party who owns and wants to sell his vacant land tells an agent of the principal of the availability of the land. B. neither broker. A. by establishing a new contract with Mr. Johnson before the previous one had expired. Only information about material defects that the agent has personally observed Board of Directors A) 14. B) REALTOR Jack notices the following comment posted under one of his listings on his website. A. Jon did not make a reasonable effort to determine if Halie has an exclusive agreement. The buyer asked the broker to negotiate on his behalf and write a purchase contract. Choices (A),
Given this information: What cause of fatality is least likely to occur? C. The dual agent must have the written consent of both parties. B) C) B. Jon did not represent his seller as required. In dual agency, the real estate professional represents two principals in the same transaction. B. unethical. A) I recommend if you are interested, you have the house inspected by a professional. obedience to all instructions of the principal. A. B. disclose the existing offer only if the seller gives permission C) When homeowners in a particular area are convinced that the ethnic or racial make-up of their neighborhood is changing, causing them to sell below market value, this is known as 101.
Chapter 7 Online & Book Quiz Flashcards | Chegg.com B. real estate licensees may not litigate over commissions. Board of Directors. C) It is one of the rules of society enacted by legislatures and other governing bodies. \text{Net operating income}&\underline{\underline{\text{\$\hspace{5pt}45,000}}}\\ A) A real estate professionals representing more than one principal, B) Two brokerage companies cooperating with each other, C) A real estate professionals acting for both the buyer and the seller in the same transaction, D) A real estate professionals listing and then selling the same property. 130.
Chapter 7 Flashcards | Quizlet 3. What fiduciary duty did the buyer's agent violate? The broker expends considerable time and money advertising and showing the house and obtains several offers. A) Nice and sturdy basement and everything appears dry. 20. 93. D. statement that the opinion of value is not the same as an appraisal. 65. As a general rule, dual agency is permissible. C. Yes, because Ted did not give his consent to talk to Brad. 30. Broker Roger has an open house on a property and has a register for attendees to sign. At the closing table, Marty tells Caroline and the seller that the buyer is actually his daughter. 102. REALTOR John, who is also an appraiser, periodically sends letters to past clients asking if they need a current valuation of their property. C. You really need to consult with your attorney with questions of that nature. A young couple is looking for a new house. The hearing panel will A. ask the buyers if they are exclusively represented by another REALTOR. C. a violation of the Code, despite the fact that REALTOR Nelson did have permission from REALTOR Matthew. 103. C. only look at the MLS. Jona is requesting arbitration because he feels Wally unfairly went into contract with his client. In an advertisement for a four-bedroom home, which of the following statements could be considered discriminatory? A) Sales(15,000unitsX$30perunit)VariableexpensesContributionmarginFixedexpensesNetoperatingincome$450,000315,000135,00090,000$45,000. C) not required to disclose the information because the agent has no agency relationship with seller. B) prohibited in all states because a broker must always represent one party. Which of the following is NOT a critical factor in determining independent contractor status? B. contact the sellers and write the contract. D. comparative financial analysis. an agent. C. avoid the subject of the back door and if it comes up, lie