I know Bill, and hes got a reputation for only working hard on his million-dollar listings. The statement is FALSE. Did Nathan violate the Code? a nonagent. B. like the United States Constitution and Bill of Rights, fairly immutable. The structure does not seem sound and I would not purchase this house. A. will have years of arbitration ahead of them. Broker Paul later brings a sales agreement on the property from one of the attendees of the open house. A. B. 104. B. draft a purchase contract from scratch Board of Directors the sales associate was guilty of fraud. Eddie suggests taking the matter to arbitration. A. D) All information about material defects that the agent knows or should know REALTORS seek arbitration over monetary disputes with another REALTOR because REALTOR Melanie has a listing, which REALTOR Bill sells. A) Josie is in a contract with REALTOR Bill, which is expiring in a week. an expiration of the agreement. It is Marys listing and she has the key; the sellers are not home, but told her to show it anytime. C) He shows and sells a listing held by REALTOR Jane. She was terrible and I believe she is not a licensed REALTOR and you should never give her your business. Jack knows for a fact that Jordan is licensed. Which of the following is an INCORRECT statement regarding a principal's liability for an independent contractor's torts and contracts? A. once it has been filed Property Rights: Estates, Tenancies, And Multiple Ownership Interests, Real Estate Investment Analysis And Business Opportunity Brokerage. 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. 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. B. D. include persons of several races in order to avoid exclusivity in advertising. A. order the seller to disclose the leak the destruction of the property. Agency - National Association of Realtors 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. The agents fiduciary relationship of trust and confidence with the principal means that the broker owes the principal certain specific duties. As a general rule, dual agency is permissible. This fact favors REALTOR Nelson owes REALTOR Dee THIRD PARTY. sales associates are agents of the broker. B. Nan has an exclusive, current, valid agreement with Bob. REALTOR Donna has a property exclusively listed and shows it to buyer Dan, who wants to make an offer. With a dual agency relationship, which fiduciary duty does a client give up? D. Donna has violated the Code by not making it clear to buyer Dan that she was representing the seller. A. Donna has not violated any Article or Standard; she just did her job and sold the house. D) Show an Amount column, a Per Unit column, and a Percent column on each statement. When a REALTOR only has a contract with a buyer; he is only permitted to collect a fee from the buyer. A) Betty could be released from the agency agreement and seek representation from another broker. Jack should A. not timely disclosure per the requirements of the Code. common law. This is 52. D. neither Brenda nor Jim. A REALTOR has the duty of loyalty to A) No, because REALTORS are entitled to collect some fees, which a non-member licensee is not. B. The rules established by tradition and court decisions are found in D. sending a mass mailing out to potential clients, 122. A. allowable because the offer had already been presented and Matthew is just adding information. Patty prepares a CMA prior to the appointment, then shows the property to her prospect, buyer Larry. environmental hazards. 13. D. a violation of the Code; REALTOR Matthew did not have permission from REALTOR Nelson to contact Jennifer. Solved Which of the following is true regarding a dual - Chegg The real estate broker's fiduciary responsibility to keep the principal informed of all facts, including property condition and issues that affect a seller's willingness to sell and a buyer's willingness to buy, is the duty of: A. skill, care and diligence B. disclosure C. obedience D. accounting disclosure A. In a real estate brokerage, D) 131. Which of the following is an INCORRECT statement regarding dual agency? The fact that the introduction occurred many months ago does NOT In an arbitration dispute, the fact that Linda mentioned the property is considered casual statement - a licensee might unwittingly become a consumer's agent. He should listing agreement. When Frank contacts Mr. Johnson to renew the listing, Mr. Johnson informs him that he just signed a contract with REALTOR Jim that becomes effective one day after the current listing expires. A The statement is TRUE. A. Ed leaked information about who would appear at the hearing. even if they are considered a "harmless white lie." Statutory law statutory law. 115. This is an example of even if unintentional. B. Donna has violated the Code by not disclosing to the seller that she was representing buyer Dan. D. Seller Keith had no knowledge of Salvatores efforts with Travis. A. Howard is Owens client. C. No, I have no experience selling commercial properties so it is illegal for me to do it. 01. sales associates are agents of the licensing authority. All of these will terminate an agency relationship EXCEPT Which statement is true? 17. honest and fair dealing. Jon does not ask Halie if she has an exclusive agreement with Grant; instead, he tells her if she wants to buy the house, she needs to enter into an exclusive agreement with him. To get the answers she needs, Jane may A. confidentiality D) inform any prospective buyers of the defect. C) The hearing panel will Dual agency can lead to a conflict of interest. C. No, but only if she doesnt solicit the listing at the same time. The next day, Broker Nan calls Buyer John. C. a living document that is revised annually. stigmatized properties. Which of these advertisements is an example of inducement? D) prohibited in all states because a broker must always represent one party. C) 126. D. weed out offers that seem unreasonable to keep Trisha from wasting her time. 7. This relationship is C) Identify which statement regarding this situation is TRUE. This is B. property profiling. 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. Which of the following is NOT a critical factor in determining independent contractor status? REALTOR Mike is showing a property to his client Jean. When considering whether or not to reveal information regarding a stigmatized property, a real estate professional should be aware of A. fiduciary duties. A. ask the buyers if they are exclusively represented by another REALTOR. C) D. providing little to no information about known issues with a house. inform any prospective buyers of the defect. Who is liable? REALTORS Jona and Wally are from different states where their boards do not have an established inter-association arbitration agreement. REALTOR Matthew brings a complicated purchase contract to Nelson that requests partial owner financing. Generally, the relationship between real estate broker and seller is B) ch 30 quiz Flashcards | Quizlet C. only look at the MLS. A) the buyer and the seller are represented by the same company. C) a licensed personal assistant of a sales associate is the agent of the sales associate. B. litigation. D) A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. REALTOR Scott has several websites, each directed at various niches, such as first-time buyers, seniors, etc. Article 9Put contracts in writing 4 Q . a) The partners are under a duty to account for any profits made whilst competing with the firm. D. Paula is simply expressing her personal opinion, which she is entitled to do. not required to disclose the information because the agent has no agency relationship with seller. The broker designates one sales associate to represent the seller and one sales associate to represent the buyer. A) 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 D. set up an appointment with the title company. 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. B. offer to directly pay REALTOR John a bonus commission if he produces a contract at full price. can disclose the seller's minimum price. B. 32. \text{Sales (15,000 units X \$30 per unit)}&\text{\$450,000}\\ Asset-liability management B. respond to the author of the comment and request the author remove the comment. This offer is accepted, contingent upon the buyer obtaining financing and a satisfactory home inspection. A) REALTOR Jeffrey is preparing a new advertisement for the Sunday paper that will have pictures of people enjoying the neighborhood community pool. Broker Ken showed a property to Buyer Lori. A. exclude any human models to avoid any kind of unnecessary bias. In the common law of agency, the relationship of broker to client is that of A. allowable because the offer had already been presented and Matthew is just adding information. Given this information: What cause of fatality is least likely to occur? This is an example of Which of the following is an INCORRECT statement regarding a "frolic and detour?". No, Tamika is permitted to call Alonzo to get the information she needs. 124. C. is simply doing his job by selling the companys listings. A. not practicing law Jane could not find the property listed in the MLS. C. documentation of what the opinion is based on 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. drafting advertisements for general mailing A. ask the buyers if they are exclusively represented by another REALTOR. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. C. mediation. B. Ann cannot file multiple complaints against Marge over this one event. Eddie and Sacha REALTOR Nelson has an exclusive listing contract with seller Jennifer. A) tell the seller that the defect must be repaired. A. D. Nan worked with Bob first. 118. B) A REALTOR may file both an ethics complaint and an arbitration request simultaneously over the same matter. D) A. encourage the sellers to update the disclosure form and/or have the window repaired unnecessary disclosure. fraud. C. Mediation is not a method of dispute resolution preferred by the National Association of REALTORS. 81. A) Complaints about the behavior of a REALTOR are 11. an undisclosed dual agency. a nonagency. Statements not known to be false at the time they are made are called _____ misrepresentations. B. A) The broker is guilty of intentional misrepresentation. Which. He sells Marys property and receives an additional fee for the sale. This fact favors C. more compelling than any efforts made after the open house by Paul and it favors Roger. (2) Which department is most efficient at generating sales from average invested assets? care and skill in representing the principal equivalent to that of the average person. D) No, because REALTORS are entitled to collect some fees, which a non-member licensee is not. An agency relationship between a seller and a broker is usually created by a written employment contract called a 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. B. sign the Byers to an exclusive buyer agency agreement 100. Broker Paul introduces tenant Rhonda to a property. C. large, four-bedroom on a quiet cul-de-sac lot A. A. instruct her seller to pay a bonus commission directly to REALTOR John. REALTOR Sam represents seller Linda. Recently, Erin was the buyers agent for Jones, who purchased a new home. Nice and sturdy basement and everything appears dry. Lynns action is Broker Joann admits she was an exclusive buyer agent for her client and she knew the compensation offering before showing the house. D. tell a client that a contract is valid, void, or voidable, 41. C. Sarah may ask her REALTOR principal to request arbitration but Sarah may not request arbitration on her own. Which of the following choices addresses standards designed around duties to the client, not the public? At this point, what kind of relationship do Howard and Owen have? 2. B) D. REALTOR who is the procuring cause of the sale, 40. Oxford University Press | Online Resource Centre | Multiple choice A. offering an inducement to get someone through the door No. 132. D. targeted sales. 26. D. excellent location; walk to the bus stop. Misstatements about the property How is the NCREIF Property Index calculated? B. The Catholic Church on the corner indicates that the area is predominately Italian-Catholic. D. Yes, because REALTORS should not misrepresent the availability of access. C) not required to disclose the information because the agent has no agency relationship with seller. Which of the following is not a listing agreement typically used in California? when, how, and to whom agents must reveal for whom they provide client-based services. Broker Linda is at a wedding seated at a table with nine other guests. C. ethics complaints. B) It is a legal doctrine that is not unusual. She negotiates the offer with buyer Dan, who offered less than asking price. A) A. quality of title to the property B. A. apparently limited to the open house and does not favor Roger. 14. The relationship between the agent and the seller ends automatically if the purchaser submits an offer. the client. latent defects. D. REALTOR Robbie offers a free restaurant coupon to Flannigans to anyone that books a home tour with him between now and St. Patricks Day. REALTOR Barbara holds an open house on a rainy day and discovers the seal for the back door is leaking. A. If another brokerage wants to show the property, what is the listing brokers responsibility? Generally, a principal is liable for the torts of its independent contractors. Some states allow it, with certain conditions. 98. 64. C. Buyer Travis is the owner of Big City Enterprises and High-Rise Corporation. A. Jon did not make a reasonable effort to determine if Halie has an exclusive agreement. Youve come to the right person.. Broker Ken showed a property to buyer Lori. the codified law that is a legacy of French rule. An agent can personally usurp an opportunity that belongs to the principal. 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. general agency care and skill in performance. D) They ask their buying agent, REALTOR Larry, about the racial composition of a neighborhood they are considering. Buyer Holly contacts Sam indicating that she has seen the house Linda is selling and would like to make an offer. which of the following statements is true regarding the situation? Unit 6 Test Flashcards | Chegg.com b. agent. 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 Devon C) 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. A. A. a monetary dispute between two licensees. b. innocent Only choice (C) is not true, so it Did Marty violate the Code? D. are not allowed to sue each other because they are both REALTORS. D. half of the commission REALTOR Nelson actually received from the seller after he negotiated with the seller to reduce his commission. This fact favors Which of these statements is an ethical practice by a REALTOR? 46. universal agency. D. only consider who wrote the successful contract on the property. REALTOR Pete Jerry discloses his compensation agreements to both parties and receives their consent. Chapter 4_Brokerage Relationships and Ethics Quizzes - Chegg D. Yes, because she does not have permission from REALTOR Katie. B) B. A. B. aggressive, but ethical marketing efforts. stigmatized properties. A. Neil is in violation of Article 15 for not blogging about REALTOR Paulas successes. If two licensees, who are not REALTORS, have a monetary dispute, they 130. Most people familiar with the housing market know that a buyer's agent . 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. B. REALTORS are not permitted to advertise on more than one site. Some states allow two sales associates in the same brokerage to represent opposing sides to a transaction without creating a dual agency by using B. homeowners selling at a below market value because the demographics of the neighborhood is changing C. a 20% referral fee. A. 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 A. C. estimated market evaluation. A) Absolutelythis is a community property state. Under these circumstances the broker:
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