Subsequently, REALTOR Shelley claims that she represented Buyer Jack. D. statement that the opinion of value is not the same as an appraisal, 113. 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 can help her buy the property. C. providing disclosure and obtaining consent from both parties. Refer again to the data in (1) above. Which of the following results is NOT an implication of the smoothing of real estate 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. A. A) Which of these statements could be considered discriminatory? an agent. Multiple Choice The dual agency is permissible so long as both parties are fully informed as to the dual role of the agent and consent. Intentional torts include all but which of the following? 38. B) 145. Which of the following choices addresses standards designed around duties to the client, not the public? C) Refer to the income statements in (1) above. The local association of REALTORS must offer mediation to both parties before an arbitration hearing is held. B. Loretta needs to say nothing about these businesses or services; it is obvious she owns them. The two functions of the local REALTOR Associations Board of Directors, with respect to Code enforcement, are if they are only part of puffing. 144. Which of the following statements about dual agency is false? However, fixed expenses would increase to a total of$225,000 each month. 120. REALTOR Brian filed an ethics complaint against REALTOR Clarence. A. ASSOCIATE-BROKER. D. are not allowed to sue each other because they are both REALTORS. B) This is The dual agent may reveal to the seller the maximum the buyer is willing to pay. C) In an arbitration dispute, the fact that Jim initially introduced Ken to the property favors B. B) It is a legal doctrine that is not unusual. Buyers hire an agent to help them purchase a home and want seller financing because they filed for bankruptcy two years ago. A. being primarily responsible to the customer. D. showing his interest in the property personally. B. something that would be understood by both REALTORS and does not need to be disclosed. Share your form with others Send it via email, link, or fax. A real estate professional's acting for both the buyer and the seller in the same transaction. What is NOT a major method of unsmoothing a real estate index. Eddie and Sacha 51. A) stigmatized properties. The buyers agent and the sellers agent work for the same company as designated agents. 8. 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. Both information the seller has provided the agent, and material defects that the agent has personally observed #1. What are the typical implications to an REIT investor of REITs being listed? a latent defect. I recently toured this home with REALTOR Jordan. Which of these items is NOT required to be provided with the opinion of value? Statements not known to be false at the time they are made are called _____ misrepresentations. REALTORS Jona and Wally are from different states where their boards do not have an established inter-association arbitration agreement. A. chosen to work hard for his new broker Ethan, which is not a violation of the Code. Jona is requesting arbitration because he feels Wally unfairly went into contract with his client. C. not a true picture. Do international differences in financial leverage exist? D. comparative financial analysis. Some states allow two sales associates in the same brokerage to represent opposing sides to a transaction without creating a dual agency by using D) In a dual agency, one broker or agent represents both parties in a real estate sale. B. B. Loretta needs to say nothing about these businesses or services; it is obvious she owns them. (2) Which department is most efficient at generating sales from average invested assets? A. by establishing a new contract with Mr. Johnson before the previous one had expired. D) C. a 20% referral fee. an express agreement. Under these circumstances the broker: D. Brianna. A. not consider how and when Amy entered the transaction. A) D. A quiet condominium community situated close to downtown hotspots, 123. C. member associations, individually. REALTOR Patty has an appointment to show a listing of REALTOR Katies. Broker Millie presents as evidence the listing as it appeared in the MLS, with no compensation offered to a buyers agent, only to sub-agents. required to disclose the information under the Fair Credit Registry Act. Marty makes arrangements with the listing agent, REALTOR Caroline, to show the property. 70. The agent tells a buyer the seller will accept up to $10,000 less than the list price. The dual agency does not constitute a violation of the duty of loyalty so long as the agent acts fairly and equitably. A sales associate of a broker told a prospective buyer that the house being shown is "the best house in the area." needs but spent about an hour at the property asking many questions about other homes for sale. This is Do you agree with the marketing managers proposal? 23. D) The broker has violated the agency relationship with the seller. D. Broker Steve. C. both Broker Deb and Broker Steve. All information about material defects that the agent knows or should know Only information about material defects that the agent has personally observed C) D) D. once it has been reviewed by the Board of Directors. an agency. obedience. all real estate licensees to be real estate brokers. Prepare two contribution format income statements, one showing present operations and one showing how operations would appear if the new equipment is purchased. D. has not obtained informed consent from the buyers to be obligated to pay two commissions. A. broker Brenda. Lori subsequently meets Broker Amy, whose son plays ball with Loris son. Title 32, 13275: Disclosed dual agent - mainelegislature.org a fiduciary. B. maintain confidentiality since the seller didnt mention the leak The Code of Ethics in Action R Copyright 2023 - RealEstateExamAnswers.com -, NAR May the Code Be With You ? A. REALTOR Brian is the respondent. A. racial segregation. D. Yes, because she does not have permission from REALTOR Katie. accounting. B. include persons of only one race to show the demographics of that neighborhood. C. national unstable properties. An open listing is an exclusive contract. B. REALTOR principal. B. respond to the author of the comment and request the author remove the comment. He shows and sells a listing held by REALTOR Jane. D. honesty and integrity, 108. C) A. exclude any human models to avoid any kind of unnecessary bias. C) C. once it has been reviewed by the Ethics committee In MOST situations, the relationship between real estate broker and seller is what type of agency? A. a monetary dispute between two licensees. D. the same as if Roger had found the buyer independently and shown the property by appointment; it favors Roger. Which of the following statements is LEAST accurate regarding UPREITs and downREITs? Click the card to flip Flashcards Created by Dual agency is legal in all 50 states. B. B. sign the Byers to an exclusive buyer agency agreement They ask their buying agent, REALTOR Larry, about the racial composition of a neighborhood they are considering. B. are going to need to put this decision in writing to the Board of REALTORS. A. accounting for any deposit monies she receives from him, which are put into a separate account A) D. tell the Byers to call Sam to find out the nature and terms of any agreement they have with Sam. No, Tamika is permitted to call Alonzo to get the information she needs. REALTORS Jona and Wally are from different states where their boards do not have an established inter-association arbitration agreement. C. Id be happy to discuss this house with you but I cannot discuss anything else. C. notifying him of all known material facts must promote and safeguard the seller's best interests. Broker Paul introduces tenant Rhonda to a property. Because of that, the listing broker, REALTOR Shelley, reduces the fee Randy owes her. A broker performing as a property manager who deposits the rent into his operating account is an example of Which of the following is not true regarding dual agency? A) Howard and Owen chat about the features of the house and Howard seems to be interested. D. A REALTOR accepts an undisclosed fee from a buyer while serving as a listing agent for the seller. B. providing the standard professional service expected 103. B. draft a purchase contract from scratch whether the worker is paid by way of direct deposit or check. B. unethical. C. remove the comment immediately. C. Yes, because Ted did not give his consent to talk to Brad. As a general rule, dual agency is permissible. In an advertisement for a four-bedroom home, which of the following statements could be considered discriminatory? D. REALTOR Clarence is the respondent. She files a request for arbitration and an ethics complaint. Which of the following is an INCORRECT statement regarding usurping an opportunity and the agent's duty of loyalty? B. opinion of value. Any broker is authorized to encourage such bids for the property. A. C. both Nathan and Katherine. If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold," _____. In most states, dual agency refers to a situation where the same REALTOR represents both the buyer and the seller in a real estate transaction. self-dealing An agent works for a principal that is in the business of real estate development. agency, so they are incorrect answers to the 45. Upon discovering a latent defect in a property, the real estate professional should discuss the problem with the seller and then D) The buyer entered into a contract that stipulated that the broker had not been involved in the transaction. Broker Pauls efforts favor A key fact is Licensees in both brokerages are REALTORS. 90. This is a violation of the duty of loyalty known as ___________. This relationship is A. not a violation of the Code as it is helpful courtesy offered to the seller. Misstatements about the property Id love to sign you but I cant say anything else until you are out of your contract. D) A. A. bait and switch. Chapter 30 Flashcards | Quizlet B) B. advise Holly that Linda will only take listing price; since he is Lindas agent, he has the right to do so. D) Principals are generally liable if an agent's frolic and detour is substantial. 44. B. A. Donna has not violated any Article or Standard; she just did her job and sold the house. PRINCIPAL QUIZ 5: AGENCY RELATIONSHIPS Flashcards | Quizlet B. A) 67. Which of the following is an INCORRECT statement regarding a principal's liability for an independent contractor's torts and contracts? The agent should have disclosed this information, regardless of its accuracy. 148. The term, __________, refers to a broker who produces a buyer "ready, willing, and able" to purchase the property for the sale price and on the terms specified by the seller, regardless of whether the sale is completed. A person who authorizes another to act in his or her place in regard to relations with third persons is the: C. draw up the paperwork on Hollys offer. This would most likely be viewed as and disclose all facts concerning the property. Which of the following is an INCORRECT statement regarding misuse of confidential information and the agent's duty of loyalty? a. fraudulent D. sending a mass mailing out to potential clients, 122. The agent is 138. C. not a true picture. C) A) 61. The company has a large amount of unused capacity and is studying ways of improving profits. After the closing, Melanie visits the buyers in their home and asks if they have any questions or need any information about the community. 65. A) release of information regarding a transaction two years following closing. B. unethical. A. REALTOR Brian is the mediator. C) D. REALTOR Clarence is the respondent. D. a violation of the Code; REALTOR Matthew did not have permission from REALTOR Nelson to contact Jennifer. What is the probability that fatality resulted from this cause? The party who employs an independent contractor is called a(n) _____. I recommend if you are interested, you have the house inspected by a professional. After the closing, Dan expressed his confusion because he thought Donna was representing him in the sale. Disclosure was improper and possibly illegal, regardless of the agent's motive. This way is more efficient. It is Marys listing and she has the key; the sellers are not home, but told her to show it anytime. Which of the following is correct? Common law and representative law A) No, because her client, Larry, has no interest in the property. C. a violation of Code as Lynn cannot attempt to obtain future business with Terrys client at this point. Browse over 1 million classes created by top students, professors, publishers, and experts. B. Nathan, as the listing broker. D) Which of the following is true of a listing agreement? This particular fact favors B. maintaining several websites aimed towards different sets of clients D. unethical, because some of the people who get the e-mail may already be in an exclusive listing agreement. In an arbitration dispute, the fact that Linda mentioned the property is considered 29. What is the carrying value of Mineviks total inventory as of December 31, 2013? The individual who is authorized and consents to represent the interests of another person in dealings with a third person is Carlos tells Jan that the property is not available for showing today but will be available in a week. C. hearing Professional Standards cases and ratifying the results. D. Article 17Arbitrate disputes, 15. 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 __________. When considering whether or not to reveal information regarding a stigmatized property, a real estate professional should be aware of All material facts known about the property from the seller, another agent, previous experience with the property, or researching public records. After the closing, Eddie calls Sacha to discuss the matter. B. REALTOR Brian is the mediator. when, how, and to whom agents must reveal for whom they provide client-based services. Which statement is correct? D. A REALTOR may file a request for arbitration only after any ethics complaint about the same matter is resolved. A) C) 132. A licensed broker obtained an exclusive right-to-sell listing from an owner. B. recorded deed restrictions REALTOR Lisa, a property manager, researchs county records to determine the owners of multi-unit buildings. As a manager, what factor would be paramount in your mind in deciding whether to purchase the new equipment? A REALTOR may tell prospective clients not to list with REALTORS offering flat-rate commissions. a principal. Thus, profits vary considerably from year to year according to general economic conditions. C. a living document that is revised annually. Which of these items is NOT required to be provided with the opinion of value? D) It may not be superseded by statutory law. A. gain consent to advertise Tricias property as having an anxious owner who wants an offer Disney tell Saul that the maximum it will pay for a 1-acre lot is $1 million. B. call the sellers directly to confirm the nature and expiration date of any listing agreement they have. B) Disclosure of material facts that the agents knows. It is part of a body of law established by tradition and court decisions. REALTOR Nan comes into the office and finds prospect Bob talking with her colleague, REALTOR Dana. D. putting contracts in writing. REALTOR Joe discovers that REALTOR Ed filed an ethics complaint against him and that REALTOR Ralph will be a witness in the hearing. Qaadir hires Zaafir, a lawyer and an independent contractor, to represent him in a court case. A. find a third, impartial board to hold their hearing. Property Rights: Estates, Tenancies, And Multiple Ownership Interests, Real Estate Investment Analysis And Business Opportunity Brokerage. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property, with an express agreement that the agent will not disclose the existence of the agency to a third-party seller. B) B. D) C) Subsequently, REALTOR Nelson sells the property to the buyer that REALTOR Dee introduced to the property. D. merely a mention and does not favor Broker Linda. D. the total commission paid to REALTOR Nelson by the seller. Dual agency is a situation to describe when a real estate agent works with both the buyer and the seller. B. 68. Unit quiz 10 Flashcards by Ron Jeremy | Brainscape B. contact the sellers and write the contract. Which of the following statements is TRUE? Broker Joann, buyers agent, is seeking arbitration against Broker Millie, sellers agent. a) If an agent appoints a sub-agent, that sub-agent is not normally regarded as an agent of the principal. B) C. Olivia may ask her REALTOR principal to request arbitration but she may not request arbitration on her own. 2 Which of the following committees is most like a grand jury? It is part of a body of law established by tradition and court decisions. D. urge the seller to update the disclosure form or have the back door repaired, 106. A. B. a client during and following the termination of the professional relationship between the client and the REALTOR. REALTOR Bill finds out about the contact and accuses Melanie of trying to steal his client. 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? Jane calls Linda to find out if the property is exclusively listed, and, if so, when it terminates. Board of Directors. 24. A) In this case, the agent is on a _____, and most jurisdictions hold _____ liable if the agent injures someone while on such a mission. A. have the opinion verified by an appraiser. Compare our rates to others This ad is A method of resolving a dispute in which the parties involved discuss the situation and resolve it themselves is called 25. D. A foundation crack is hidden behind the paneling in the basement. 91. A. B) C. both Buyer Bill and Broker Anne. Which of these advertisements is an example of inducement? 136. B. lie to prospective buyers regarding the windows condition NAR May the Code Be With You / The Code of Ethics in Action Real-Life Applications Class It may not be superseded by statutory law. D. what is required by the Code. D. do not have the option of arbitration through the local Association of REALTORS. 149. Later, a sales contract is entered into directly between Seller Keith and High-Rise Corporation. D) Im certain I could sell your house., 89. Unit 5: Agency Relationships Flashcards | Quizlet D. If you go hang out at the Corner Bar for one evening, that will probably tell you everything you need to know.. The seller accepts the offer. C. remove the comment immediately. A. keep the comment posted; it only helps his business and, after all, he didnt write it. A. appeals complaints. A. not practicing law D. I think youll get more than half with me as your REALTOR., 112. This is called a(n) "The size of the bedrooms makes them wonderfully cozy and perfect for your children." C. No, I have no experience selling commercial properties so it is illegal for me to do it. D. neither Broker Deb nor Broker Steve. REALTOR Marcy listed Dereks home, thus creating an agency relationship in which she owes fiduciary duties to Derek. example, during working hours or on the principal's Which of the following duties does Marcy NOT owe to Chad? B) 4 Q . B. D) required to disclose the information under the Fair Credit Registry Act. 94. 88. A. disclosing his true position. A net listing is illegal in all states. 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 Identify the scenario below where it would NOT be appropriate for a buyers agent to talk to the seller directly concerning price, terms, or conditions. 87. B. At 6 p.m. the same day, the agent receives two more offers. Buyer Travis owns several corporations and has Broker Salvatore show him a property owned by Keith. The National Association of REALTORS Code of Ethics is Call REALTOR Dan for a tour today! the sales associate is guilty of fraud only if the buyer purchases the house. C. induced Miriams client to cancel her agreement, which is a violation of the Code. B. Loretta may not market these auxiliary services to buyers or sellers using her company. Broker Millie. A) Lynns action is C) B. C) D. An arbitration hearing is required before parties may attempt mediation. Broker Joann, a buyers agent, is seeking arbitration against Broker Millie, a sellers agent. C) c. agent. D. contact Linda to let her know there is an offer. C. Melanie must confirm that the agency relationship between the buyers and REALTOR Bill has terminated. When a REALTOR only has a contract with a buyer; he is only permitted to collect a fee from the buyer. 46. D. neither Broker Joann nor Broker Millie. B. B: Disclosing the information could create a fiduciary relationship with the buyer and, thereby, create an unauthorized dual agency situation. B. pay both Sherry and Vinod a full commission. Broker Paul files arbitration against Steve, claiming he introduced the property to Rhonda. Misrepresentation or omission might result in broker liability, In a dual agency situation, a broker may represent both the seller and the buyer in the same transaction if. a. Broker Mike introduced Kathy to the property. Mikes answer should be I recently toured this home with REALTOR Jordan. Nelson informs Matthew of the rejection, and Matthew believes Jennifer did not understand the details of the contract. C) REALTOR Ann is furious when she discovers that REALTOR Marge sold a listing to one of Anns clients. REALTOR Jeffrey is preparing a new advertisement for the Sunday paper that will have pictures of people enjoying the neighborhood community pool. B. comfortable home near the community recreation center 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. C. fraud. 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 Jennifer rejects the offer. InvestmentCenterElectronicsSportingGoodsSales$40,000,00020,000,000Income$2,880,0002,040,000AverageInvestedAssets$16,000,00012,000,000. 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. Owen is Howards principal. B. something that would be understood by both REALTORS and does not need to be disclosed. A. Ann cannot file both an ethics complaint and an arbitration request at the same time. Patty prepares a CMA prior to the appointment, and then shows the property to her prospect, buyer Larry. No, because REALTORS are entitled to collect some fees, which a non-member licensee is not. No, because her client, Larry, has no interest in the property. B. The federal legislation known as Megan's Law has promoted the establishment of Each party must be informed he will not receive. Subsequently, Dean lists the property with Broker Mike. the destruction of the property. If REALTOR Shelley wishes to file an arbitration request, against whom does she file it? B) B. REALTOR Brian is the respondent. C. panic selling. REALTORS are entitled to collect some fees, which a non-member licensee is not. C) 119. Conflict of interest is inherent in a dual agency arrangement. Which statement is true? all lawful instructions of the owner. C. a client only during the professional relationship between the client and the REALTOR. A) D. Yes, because Ted did not initiate the conversation. Seller Tim has offered an open listing on his property to a number of brokers in the area. A. The Minevik Group is a Swedish-based, high-technology engineering firm. 36. Edit your form online Type text, add images, blackout confidential details, add comments, highlights and more. C. Loretta may not market these auxiliary services to buyers or sellers using her company. D. Donna has violated the Code by not making it clear to buyer Dan that she was representing the seller. Unit 4 (complete) Flashcards | Chegg.com B. negate that the introduction strongly favors Paul. The industry in which Morton Company operates is quite sensitive to cyclical movements in the economy. B. allowable because REALTOR Nelson obviously doesnt understand the offer. The structure looks good. C. Mediation is not a method of dispute resolution preferred by the National Association of REALTORS. A. Melanie can only talk to these buyers if they contact her. C. Sign a six-month contract with Tims Realty and if we sell your home, youll get a free GrillMate gas grill. B. respond to the author of the comment and request the author remove the comment. D. only if he initiated the contact with Mr. Johnson. inform any prospective buyers of the defect. An accounting of all monies and property relating to the engagement. A. complete a pre-printed contract If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold, agent for Walt Disney," _____. disclosure of material facts that the agent knows. Care Did Antonio violate the Code? depositing money in an interest-bearing trust account. A young couple is looking for a new house. Which of the following is an INCORRECT statement regarding agent self-dealing? An agent works for a principal that is in the business of real estate development. C. is simply doing his job by selling the companys listings. B. is obligated to arbitrate only if he has a specific written agreement to arbitrate. judicial law. B) obey the principal's instructions in accordance with the contract. 43. A) C. offering to reduce broker fees to a short sale B. date the opinion of value was prepared B. extended an offer of cooperation to another broker, which is not a violation of the Code. A) B. Tom is not meeting her expectations, so she terminates the employment relationship. D. Visit our website at www.tinytownrealestate.com for special offers!, 39. The best solution available to Tim is to (?) C) loyalty. Pete learns that the buyers have an exclusive agreement that expires in two months with REALTOR Ryan, employed by a competitive brokerage. D. a violation of Code, because some of those properties might be listed for sale. B. only Disney is liable on the contract if Disney ratified the contract. B. Melanie can seek the prospects future business. C. Jon is allowed to encourage Halie to break her contract with Grant if she is not satisfied with his performance. an undisclosed dual agency. 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. 01. 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. REALTOR Marys next step should be to A real estate broker's responsibility to keep the principal informed of all the facts that might affect a transaction is the duty of A. Josie asks Betty her opinion. Dennis asks the Byers if they have someone helping them find a home.
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