Subsequently, REALTOR Nelson sells the property to the buyer REALTOR Dee introduced to the property. B. Jon did not represent his seller as required. A. Nan did not sign a contract with Bob. 98. D. both brokers. B. REALTOR Juan hosts several websites aimed toward different types of buyers. B. a client during and following the termination of the professional relationship between the client and the REALTOR. Marty later writes a contract and a sale is made. What is the probability that fatality resulted from this cause? Identify which statement is true. Which of the following is correct? Intentional torts include all but which of the following? B) 1. 46. d. has no specified term. (ANSWERS will be revealed with subscription). D. Donna has violated the Code by not making it clear to buyer Dan that she was representing the seller. C. Providing an opinion about the structure is outside the scope of my expertise. At the closing table, Marty tells Caroline and the seller that the buyer is actually his daughter. D. do not have the option of arbitration through the local Association of REALTORS. Under the _____ test, if the agent's motivation for committing an intentional tort is to promote the _____ business, the principal is liable for any injury caused by the tort. C. induced Miriams client to cancel her agreement, which is a violation of the Code. Chad is a customer of Marcys. B. contact the sellers and write the contract. Did Lisa violate the Code? (1) Which department generates the most net income per dollar of sales? A REALTOR can recommend another REALTOR to a client who mentioned she is relocating out of state. The sales associate was practicing puffing. C. explaining to a customer why a contract cant be enforced B. are going to need to put this decision in writing to the Board of REALTORS. D. ratifying the findings of the Professional Standards Hearing Panel and hearing appeals from either party. latent defects. spacefor B. Ann cannot file multiple complaints against Marge over this one event. A) C. REALTOR Clarence is the complainant. D) A) 117. an attorney-in-fact. D. once it has been reviewed by the Board of Directors. the administrative law created by real estate agencies as authorized by the legislature. Chad is a customer of Marcys. general agency A. Donna has not violated any Article or Standard; she just did her job and sold the house. A) Betty could be released from the agency agreement and seek representation from another broker. REALTOR Antonio has been asked by a listing client to prepare an opinion of value on his property. A. REALTOR-ASSOCIATES 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. encourage the sellers to update the disclosure form and/or have the window repaired No, because REALTORS are entitled to collect some fees, which a non-member licensee is not. Arbitration deals with monetary disputes only and could also be initiated by or made against a customer, client, or non-member broker. A) Which of these items is NOT required to be provided with the opinion of value? C. Yes, Marty should have disclosed his relationship with all parties involved when an offer was made. REALTOR Brianna is a buyer agent and sells Randys house. 14. If another brokerage wants to show the property, what is the listing brokers responsibility? A. not a violation of the Code as it is helpful courtesy offered to the seller. Dennis asks the Byers if they have someone helping them find a home. C. remove the comment immediately. Which of the following statements is TRUE? B. Melanie can seek the prospects future business. C) b. is three months. REALTOR Eddie believes that REALTOR Sacha sold his client a house. Broker Paul files arbitration against Steve, claiming he introduced the property to Rhonda. In most states, a REALTOR is not required to have a license to sell real estate. D. Paula is simply expressing her personal opinion, which she is entitled to do. C. Grievance Committee. The agent believes the seller will not accept any of the three offers. the concept of caveat emptor. of the following is not true regarding dual agency? D. tell the Byers to call Sam to find out the nature and terms of any agreement they have with Sam. A. local The laws enacted by a legislature make up 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. REALTOR Marty has a daughter who is interested in a property. A. a. must have a definite termination date. D) D. notifying him of all known material facts, 95. D. Article 14Arbitrate disputes. Each party must be informed he will not receive. A) the buyer and the seller are represented by the same company. He sells Marys property and receives an additional fee for the sale. \text{Sales (15,000 units X \$30 per unit)}&\text{\$450,000}\\ D. all parties to a transaction. Board of Directors. D. statement that the opinion of value is not the same as an appraisal, 113. A. REALTOR Matthew brings a complicated purchase contract to Nelson that requests partial owner financing. A. B. Olivia may ask her REALTOR principal to initiate litigation but she may not initiate litigation on her own. A. Brianna The Catholic Church on the corner indicates that the area is predominately Italian-Catholic. 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. REALTOR Kim has a listing on a property and REALTOR John, a sales associate for REALTOR Millie, makes an appointment to show it. In an advertisement for a four-bedroom home, which of the following statements could be considered discriminatory? A REALTOR can use guided statements to diminish another REALTORs integrity. REALTOR Patty has an appointment to show REALTOR Katies listing. A beautiful home on 1.5 acres with trees and a small pond Buyer Travis owns several corporations and has Broker Salvatore show him a property owned by Keith. C. Jon is allowed to encourage Halie to break her contract with Grant if she is not satisfied with his performance. C) Katy could elect not to make any appointments. 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. Chad is a customer of Marcys. a prospective buyer's instructions. the death of either party. It is Marys listing and she has the key; the sellers are not home but told her to show it anytime. The buyers agent and the sellers agent work for the same company as designated agents. D. mutual collaboration. Identify which statement regarding this situation is TRUE. contact the city building inspector about the defect. C. is simply doing his job by selling the companys listings. The duty of _____ is a fiduciary duty owed by an agent not to act adversely to the interests of the principal. 7. a transactional brokerage. I recently toured this home with REALTOR Jordan. D. targeted sales. Another goal was to recognize and accommodate the growing practice of buyer agency, D. Jon is simply being aggressive, which is permissible. D. license law complaints. She and Dean enter into an agreement of sale. Deceitful or dishonest practices The company has a large amount of unused capacity and is studying ways of improving profits. B. REALTOR-ASSOCIATE Olivia believes that REALTOR Jon from another agency sold a house to her client and that she was the procuring cause of the sale. Howard and Owen chat about the features of the house and Howard seems to be interested. C) Marty makes arrangements with the listing agent, REALTOR Caroline, to show the property. The two functions of the local REALTOR Associations Board of Directors, with respect to Code enforcement, are He should A. bait and switch. A) C. disclosing her relationship with Derek being primarily responsible to the customer. Broker Steve. D) d. negligent. B) D. neither Broker Joann nor Broker Millie. Attend our First-Time Homebuyer Seminar and win a free TV! Jennifer rejects the offer. Only choice (C) is not true, so it is the correct answer to the question. This is B. date the opinion of value was prepared 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) required to disclose the information because it is a material fact important to the seller. D. Yes, because REALTORS are prohibited from receiving compensation from more than one party. A) Which of the following is a way to create an agency relationship? B. lie to prospective buyers regarding the windows condition D) must promote and safeguard the seller's best interests. 141. B. This is a violation of the duty of loyalty known as ___________. B. the co-operating commission originally offered by Nelson. 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. Which is TRUE? Which of the following is an INCORRECT statement regarding agent self-dealing? REALTOR Jim violated the code Variable expenses would be reduced by $9 per unit. REALTOR Antonio has a buyer agency contract, which entitles him to collect a fee. the seller and the listing broker do not have to disclose anything. the buyer and the seller are related by blood or marriage. The seller didnt mention this before the open house. 126. Josie asks Betty her opinion. 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} Which of these statements could be considered discriminatory? 82. C. a violation of the Code, despite the fact that REALTOR Nelson did have permission from REALTOR Matthew. d. is subject to disciplinary action by the Real Estate Commissioner for negligence. The broker is guilty of intentional misrepresentation. This is an example of a. third party. Every state has mandatory agency disclosure laws that stipulate B. No, the fact that his daughter was the buyer is inconsequential to the transaction. 4 Q . C. a violation of Code, because it is not a general announcement. D) C) A) B. A. Broker Steve has brought arbitration against Broker Deb. As long as there was prior informed consent from both parties before the transaction was complete, this is not a violation. Browse over 1 million classes created by top students, professors, publishers, and experts. A REALTOR has the duty of loyalty to D) report the status of all funds received from or on behalf of the principal. B. Ralph should not talk to Joe until after the hearing. B. Sarah may ask her REALTOR principal to initiate litigation but Sarah may not initiate litigation on her own. 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. D. an offer or inducement. B. the first step in procuring cause and strongly favors Roger. C) She takes the people through the house and they ask Mary to write the contract. C. Donna has violated the Code by not getting informed consent from both buyer and seller to be a dual agent. A) D. set up an appointment with the title company. B. Neil is in violation of SOP 1-3 for misleading sellers about market value. The broker in charge of an office, by ownership or designation as the managing broker, is called a(n) 45. (?) A principal is not free to revoke an agency relationship in all circumstances. B. Jack C. Providing an opinion about the structure is outside the scope of my expertise. a. fraudulent REALTOR Jan calls Carlos to arrange for a showing. C. arbitrating disputes Principals are generally liable if an agent's frolic and detour is substantial. A. D) a) The partners are under a duty to account for any profits made whilst competing with the firm. REALTOR Dee files an arbitration request and is able to prove she is the procuring cause of the sale. B. Only choice (C) is not true, so it REALTOR Dee shows a property listed by REALTOR Nelson. a trustee. D. a violation of Code, because some of those properties might be listed for sale. D. contact Linda to let her know there is an offer. C. state law requires it. The industry in which Morton Company operates is quite sensitive to cyclical movements in the economy. REALTOR Pete Upon discovering a latent defect in a property, the real estate professional should discuss the problem with the seller and then. B. B. include persons of only one race to show the demographics of that neighborhood. C. Sarah may ask her REALTOR principal to request arbitration but Sarah may not request arbitration on her own. 129. D. what is required by the Code. B) Rather than purchase new equipment, the marketing manager argues that the companys marketing strategy should be changed. B. Sarah may ask her REALTOR principal to initiate litigation but Sarah may not initiate litigation on her own. all client information to be kept confidential forever. C) B. Nan has an exclusive, current, valid agreement with Bob. C. both Nathan and Katherine. It follows IFRS and reports its results in millions of Swedish kronor (SEK). Dual agency is a situation to describe when a real estate agent works with both the buyer and the seller. 03. 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. B. disclose the existing offer only if the seller gives permission A. not consider how and when Amy entered the transaction. Dylan is the _______, and Jordan is the ________. Seller George paid for a home inspection on his house for a prospective buyer. B. C) He shows and sells a listing held by REALTOR Jane. B. D. an intrusion by Broker Nan into an existing relationship. C) A net listing is illegal in all states. B) not required to disclose the information because the seller might reject the offer. What should Erin tell Jones? The first committee at the local level to review an ethics complaint or a request for arbitration is the D. only if he initiated the contact with Mr. Johnson. D. use the comment in other places on his website to help drum up new business. General membership. This is D. provide the basis for their opinion. A. order the seller to disclose the leak C. providing disclosure and obtaining consent from both parties. D. a violation of the Code; REALTOR Matthew did not have permission from REALTOR Nelson to contact Jennifer. Eddie suggests taking the matter to arbitration. C. offer to pay a bonus commission to REALTOR Millie if REALTOR John sells the house. Agents are prohibited from using general information, knowledge, or experience acquired during the course of an agency in later employment. B. extended an offer of cooperation to another broker, which is not a violation of the Code. Im certain I could sell your house., 89. Buyer Travis introduces himself as the CEO of Big City Enterprises. That same day, Jans buyer client calls Carlos directly and asks for an appointment to see the property and Carlos provides the showing. A real estate professional's acting for both the buyer and the seller in the same transaction. A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. No, Martys daughter and the seller were in mutual agreement with the stipulations of the sale. No, because her client, Larry, has no interest in the property. 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. The fiduciary responsibilities of an agent to the principal under the common law of agency include NAR May the Code Be With You ? C. half of the commission REALTOR Nelson actually received from the seller, after he negotiated with the seller to reduce his commission. This could be an example of B. A. B) Jerry discloses his compensation agreements to both parties and receives their consent. A person who authorizes another to act in his or her place in regard to relations with third persons is the: B. aggressive, but ethical marketing efforts. For both present operations and the proposed new operations, compute (a) the degree of operating leverage, (b) the break-even point in dollar sales, and (c) the margin of safety in both dollar and percentage terms. Broker Steve files an arbitration request against Broker Deb. Disney tell Saul that the maximum it will pay for a 1-acre lot is $1 million. B) 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 __________. C. Great location, four blocks away from the Park and Ride B. a minimum number of listings. C. are not allowed to litigate the matter. D) REALTOR Marys next step should be to A. instruct her seller to pay a bonus commission directly to REALTOR John. C. ethics complaints. A. C) D. the National Association of REALTORS. Mikes answer should be A) A) D) prohibited in all states because a broker must always represent one party. D. Olivias client would have to request arbitration on her behalf; she may not request arbitration on her own. The principal is looking for vacant land to purchase to develop. B) D) A REALTOR has to decide which is more important, behavior or money, and file just one complaint. Administrative law and canonical law Select the statement that is considered practicing law and should be avoided. C) a nonagency. Jane calls Linda to find out if the property is exclusively listed, and, if so, when it terminates. An open listing is an exclusive contract. 97. 26. Jack should B. neither broker. Rather than pay sales commissions, which are currently included in variable expenses, the company would pay salespersons fixed salaries and would invest heavily in advertising. REALTOR Jack notices the following comment posted under one of his listings on his website. D. urge the seller to update the disclosure form or have the back door repaired, 107. B. negate that the introduction strongly favors Paul. D. I think you should list with me as soon as that week is up. Broker Ken showed a property to Buyer Lori. Which of the following describes a typical equity REIT? REALTOR Lisa, a property manager, researchs county records to determine the owners of multi-unit buildings. 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. 38. D) This offer is accepted, contingent upon the buyer obtaining financing and a satisfactory home inspection. D. neither Broker Deb nor Broker Steve. B) 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. advise Holly that Linda will only take listing price; since he is Lindas agent, he has the right to do so. Board of Directors. Which statement is true? Which of the following is an INCORRECT statement regarding misuse of confidential information and the agent's duty of loyalty? Which statement is TRUE of a real estate broker acting as the agent of the seller? B. REALTOR Brian is the mediator. unnecessary disclosure. Broker Paul introduces tenant Rhonda to a property. A key fact is B) The relationship between real estate broker and seller is generally what type of agency? The broker is obligated to render loyalty to the seller. A. find a third, impartial board to hold their hearing. D. comparative financial analysis. C. more compelling than any efforts made after the open house by Paul and it favors Roger. Elizabeth leases the property from Broker Jane. unless unintentional. The broker was unethical, but the seller did get to sell the property. A broker helps a buyer and a seller with paperwork but does not represent either party. C. property taxes C) 105. This is a violation of the duty of loyalty known as _________. C. Buyer Travis is the owner of Big City Enterprises and High-Rise Corporation. 55. D) Howard walks through a home listed by Owens agency during an open house. A. chosen to work hard for his new broker Ethan, which is not a violation of the Code. REALTOR Nan comes into the office and finds prospect Bob talking with her colleague, REALTOR Dana. A) C. the name of the REALTORs firm. The seller tells REALTOR Lynn that she is relocating to Hawaii. B. honest and fair dealing. Sign it in a few clicks Draw your signature, type it, upload its image, or use your mobile device as a signature pad. D. Olivias client would have to request arbitration on her behalf; she may not request arbitration on her own. A) A. Melanie can only talk to these buyers if they contact her. D. Seller Dean was not free to sell the property on his own. 58. Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. B. A. Randy D. include persons of several races in order to avoid exclusivity in advertising. Which of the following is considered dual agency? A real estate broker hired by an owner to sell a parcel of real estate must comply with B) Property Rights: Estates, Tenancies, And Multiple Ownership Interests, Real Estate Investment Analysis And Business Opportunity Brokerage. a. must have a definite termination date. unless it was considered puffing. C. fraud. C. litigate any differences. C. disclosing her relationship with Derek D. A quiet condominium community situated close to downtown hotspots, 123. disclosure. D. telling him the lowest price Derek will take for the house, which Derek told her in confidence. The local association of REALTORS must offer mediation to both parties before an arbitration hearing is held. Later, a sales contract is entered into directly between Seller Keith and High-Rise Corporation. Which of these statements is an ethical practice by a REALTOR? B. a monetary dispute between two REALTORS. A. attending the Grievance Committee meetings and the Professional Standards hearings. C. REALTOR principal and REALTOR-ASSOCIATES jointly A) Carlos tells Jan that the property is not available for showing today but will be available in a week. A. order the seller to disclose the leak 128. D. If you go hang out at the Corner Bar for one evening, that will probably tell you everything you need to know.. Broker Millie. The dual agent may reveal to the seller the maximum the buyer is willing to pay. D. Melanie should not solicit a buyer agreement with these buyers. In an arbitration dispute, the fact that Jim initially introduced Ken to the property favors C. not a true picture. B. Jack InvestmentCenterElectronicsSportingGoodsSales$40,000,00020,000,000Income$2,880,0002,040,000AverageInvestedAssets$16,000,00012,000,000. A. REALTOR Antonio has a buyer agency contract, which entitles him to collect a fee. both parties are represented by attorneys. a criminal registry that is maintained by state real estate offices. statutory law. Cancel your current listing contract and sign up with A-1 Realty for an all-expense paid weekend in Las Vegas! how an implied agency may occur. D. must arbitrate as he and Edward are both REALTORS. C. maintain the confidentiality of the information \textbf{Investment Center}&\textbf{Sales}&\textbf{Income}&\textbf{Average Invested Assets}\\[5pt] loyalty to the principal's interests unless they conflict with the agent's interests. B. advise Holly that Linda will only take listing price; since he is Lindas agent, he has the right to do so. This way is more efficient. C. Nan sold a house to Bob last year. Todds actions are considered B. Paul. mandatory agency disclosure. C) D) D. all parties in a transaction, whether they are clients or customers. C. both Broker Joann and Broker Millie. Statements not known to be false at the time they are made are called _____ misrepresentations. D. Loretta must disclose her interest to her clients and customers, including any financial benefit received. After Mikes listing contract expires, Dean sells the property to Kathy. This would most likely be viewed as Buyer Travis does not own Big City Enterprises and High-Rise Corporation. New equipment has come onto the market that would allow Morton Company to automate a portion of its operations. C. Olivia may ask her REALTOR principal to request arbitration but she may not request arbitration on her own. Yes, Antonio only has a contract with the buyer; therefore, he is only permitted to collect a fee from the buyer. A real estate broker acting as the agent of the seller B. Olivia may ask her REALTOR principal to initiate litigation but she may not initiate litigation on her own. the destruction of the property. REALTOR Brianna is a buyer agent and sells Randys house. Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. REALTOR Mike is showing a property to his client Jean. even if they are considered a "harmless white lie." C. Yes, because REALTORS are not permitted to use county records for such purposes. Identify which of these practices a REALTOR is permitted to do. B. C. Ann does not have to cite her reasons for filing an ethics complaint against Marge. 33. When, how and to whom agents must reveal for whom they provide client based services. Did Pattys actions violate the Code? C. both brokers. Which of the following statements is TRUE? Linda refuses to answer Janes questions. B. the agent. B. premisesthe Subsequently, Vinod tells Tim that Wanda was his client and he is owed a commission. D. Professional Standards Committee. 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%. 27. Some states allow it, with certain conditions. A. A. will have years of arbitration ahead of them. Is this a violation of the Code? a licensed personal assistant of a sales associate is the agent of the sales associate. C) There are four elements of a cause of action for fraud: (1) the licensee made a misstatement or failed to disclose a material fact; (2) the licensee either knew or should have known that the statement was not accurate or that the undisclosed information should have been disclosed; (3) the buyer relied on the misstatement; and (4) the buyer was D. The buyer sought another broker in order to get a lower price. B. pay both Sherry and Vinod a full commission. In a fully disclosed agency, the contract is between the agent and the third party. 66. A. not a violation of Code, because it targets listed properties. REALTOR Donna has a property exclusively listed and shows it to buyer Dan, who wants to make an offer. A factor that is indicative of bad faith and in Salvatores favor is whether the statutory law that is enacted by the legislature. A. offering an inducement to get someone through the door NAR May the Code Be With You / The Code of Ethics in Action Real-Life Applications Class C. a client only during the professional relationship between the client and the REALTOR. D. Yes, because REALTORS should not misrepresent the availability of access. After Bob leaves, Nan says to Dana, That is my client! This statement is true if accounting. A. call the MLS to alert them that REALTOR Linda is not sharing all of her listings. Nelson informs Matthew of the rejection, and Matthew believes Jennifer did not understand the details of the contract. C. Paula is in violation of Article 15 for posting misleading statements. C) A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. B. allowable because REALTOR Nelson obviously doesnt understand the offer. obedience. The agent should: d. hold the offers for 24 hours before conveying them to the owner. \end{array} In the common law of agency, an agent owes the principal all of the following EXCEPT D. I think youll get more than half with me as your REALTOR., 112. Which of the following is correct? B. his client. A. contact Sam and ask him the nature and terms of any agreement he has with the Byers You are simply a bottom feeder! Identify which statement is true. C. Melanie must confirm that the agency relationship between the buyers and REALTOR Bill has terminated. B) The individual who is authorized and consents to represent the interests of another person is, The relationship in which the agent is held in a position of special trust and confidence by the principal is, Buyers hire an agent to help them purchase a home and want seller financing because they filed for bankruptcy two years ago. Such being the case, dual agency was revoked in the . REALTOR Patty has an appointment to show a listing of REALTOR Katies. I recommend if you are interested, you have the house inspected by a professional. Compute profit margin and investment turnover for each department. Required to disclose the information because it is a material fact important to the seller. C) B) Lori subsequently meets Broker Amy, whose son plays ball with Loris son. It is Marys listing and she has the key; the sellers are not home, but told her to show it anytime. A. a monetary dispute between two licensees. Did Antonio violate the Code? C. estimated market evaluation. ____ agency occurs when an agent acts for two or more different principals in the same transaction. C) personally arrange for the repairs. Sales(15,000unitsX$30perunit)VariableexpensesContributionmarginFixedexpensesNetoperatingincome$450,000315,000135,00090,000$45,000.
Police Activity In Northridge Right Now,
Five Hole Sports Wake Competition Center,
Drake's House Toronto Google Maps,
Qantas Seat Selection Map,
Hans Wijnberg Obituary,
Articles W