Broker A and the salesperson agreed that she would receive 55 percent of any commission that she generated for their office. c. Designated agents cannot have prior confidential knowledge of the other party to the transaction. Do-not-call registries and laws such as the Telephone Consumer Protection Act, Junk Fax Prevention Act, and rules of the Federal communications Commission dictate "Due process" includes all the following except _______. A sellers demand not to cooperate with a firm or agent is a legitimate instruction regarding the sale of her property, and could be viewed as meeting this Which of the following statements is false regarding the Code of Ethics? A tenant committed suicide in the basement. a. only offers that meet the seller's specifications. Which REALTORS are allowed to lay a claim to a "sold" property? The agent contacts an owner selling property without the assistance of a real estate agent with the hope that the seller would be willing to pay her commission if the buyer decided to purchase the seller's property. endstream \text { (inches) } 0000011655 00000 n 0000031631 00000 n endobj "J>8n@Q3%n9?1 Get free summaries of new opinions delivered to your inbox! Front Row sells all of its DVDs for $15 each and uses a perpetual inventory system. a. only his sponsoring broker Use Excel to estimate the regression model: Height = 0+1\beta_0+\beta_10+1 Fertilizer ++\varepsilon+. Can a REALTOR who follows the letter of the law find that he has violated the Code of Ethics? A REALTOR has the obligation to make reasonable efforts to determine whether a prospect is subject to a current, valid exclusive agreement to provide the same type of real estate service. REALTORS are required by the Code of Ethics to present all offers ______. b. fraud on the part of the broker-in-charge because the employing broker is responsible for the actions of any agent representing the firm. Grievance Committee, Professional Standards Committee and Board of Directors. Which of the following describes designated agency in North Carolina? Cityscape Hotels has 200 rooms available in a major metropolitan city. Example 1. (7) There shall be no imputation of knowledge or information between any party and the transaction-broker or among persons within an entity engaged as a transaction-broker. Using the data from Lap 1 only, conduct a hypothesis test to determine if the mean time for completing a lap in races is the same as it is in practices. \text{Utilities}& 7\\ b. uses the employing broker's name or the firm name in the advertisement. An example of a stigmatized property is a For this transaction, she is entitled to receive 0000282931 00000 n a. a monthly salary or hourly wage C) prohibited communications. 0000004840 00000 n B) a maximum $1 million fine and 10 years in prison. 309 96 One all sales; if the owner rejects the offer, the listing agent should: Have the seller sign it and mark it "Rejected" then return a copy to the buyer's agent, May be granted authority to reject offers but must still get sellers signatures. The name of that REALTOR firm in an apparent manner. \hline 20.4 & 1.9 \\ HousekeepingserviceUtilitiesAmenitiesHoteldepreciationHotelstaff(excludinghousekeeping)TotalCostperRoomNight$23735542$130. A hotel room is priced at $180 per room night. Buyer agency has been created once the buyer consumer signs the acknowledgement panel. c. Use the estimated model to predict, after four months, the height of a tomato plant which received 3.0 ounces of fertilizer. \text{Hotel depreciation}& 55\\ 0000273456 00000 n (d) specific identification. Out of this amount, 5 percent is payable to the referral network that referred the buyer, 35 percent goes to the listing broker, and 60 percent belongs to the cooperating broker. Jenson, who also believes that the stone is quartz, contracts to purchase it for $10\$ 10$10. There is a spectacular house that a salesperson from Firm A has been trying to several weeks to list for sale. d. fraud only if the buyer purchased the house based on the statement. The broker must comply with the seller's wishes because he, In a typical agency relationship between a broker and client, the broker's commission is determined by. Which of the following would be dual agency? Brokerage What are the two area of responsibility assigned to the Grievance Committee? After broker E sells some of the lots, the landowner refuses to pay her a commission. d. belong to a real estate board, A licensee may receive compensation or commission from c. should present to the seller only the highest offer for the property. A provisional broker and a broker licensee from firms that are cooperating in a transaction b. the sponsoring broker was guilty of fraud because he is responsible for the actions of the licensee b. was a procuring cause Under what circumstances may REALTORS reveal confidential client information? 0000025940 00000 n <<94fb29068c007945a27558184a912f5d>]>> The two types of complaints handled by the Grievance and Professional Standards Committees of the local board/association are _______. The seller indicates to the broker that the offer would be acceptable if submitted in writing. WebThe correct answer is: the selling broker has exercised due care and loyalty to his principal All of the following are fiduciary duties owed to a client, EXCEPT: Select one: A. to use care in filling out contract forms B. to obey all client instructions C. to be loyal to the client D. to be accountable for documents and funds D) social security taxation. b. an employee. a. Ethics complaints and arbitration requests. Case law establishing the responsibilities of a person who acts for another b. directly from his consumer-principal. Under what conditions can a REALTOR advertise that a service or item is free? D) salespersons within the same office agreeing on a standard commission rate. 0000019650 00000 n 0000008042 00000 n Of this amount, 55 percent goes to the listing broker, and the remaining 45 percent belongs to the cooperating broker. d. A broker-in-charge appointing one agent to exclusively represent the seller as the client and appointing a different agent to exclusively represent the buyer as a client while the firm remains in dual agency. Arbitrate monetary disputes rather than litigate. Using his best efforts to obtain the earned commission, the broker should 0000024574 00000 n A developer subdivides acreage and offers individual lots for sale. A broker lists a property for sale at $100,000 with a 5 percent commission. Thirty tomato plants grown in similar conditions were subjected to various amounts of fertilizer over a four-month period, and then their heights were measured. \text { (ounces) } a. not having an equal housing opportunity sign in her office window A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. a. report the developer to the state real estate commission. the name of the REALTOR's firm and REALTOR's states of licensure. \hline \begin{array}{c} The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. d. proffered offer, The Illinois court decision in Chicago Bar Association et al. 0000278368 00000 n WebB A broker is permitted to represent both the seller and the buyer in the same transaction when a. the broker decides principals will benefit from the dual representation. WebIn filing property with the multiple listing service, participants make blanket unilateral offers of compensation to the other MLS participants and shall therefore specify on each listing filed with the service the compensation being offered Ocean therapy involves group discussion and ________. WebA broker wishing to act as an intermediary in a transaction would NOT be required to File notice of intermediary status with the local association of REALTORS. Yes. A firm that represents both the buyer and the seller in the same transaction is The Law of Agency 0000283648 00000 n d. the broker was an active member of the local Realtor board. Buyerunderstands that Broker may work with other prospective buyers who want to acquire the same property as Buyer. \end{array} 0000011057 00000 n required by court order, or 0000013533 00000 n Didnt she accompany them on their expedition as an interpreter and guide? endobj 0000021825 00000 n A real estate firm practices all legal forms of agency allowed in North Carolina. a. pro forma. by jwkotler@mac.com, Disclose that he is the owner and that he is a licensee. The listing and selling brokers agree to equally share a 7 percent commission on a $95,900 sale. B) unrelated to either the buyer or the seller. 0000000016 00000 n b. 0000004454 00000 n \text{Hotel staff (excluding housekeeping) }&42\\ It benefits consumers by imploring licensees to be truthful and honest in all communications and to always place the interests of the client above the licensee's own interests. Please sign in to share these flashcards. 0000016851 00000 n They can discuss the terms of a future agreements as long as they do not directly or indirectly initiate the conversation or encourage the client to break an existing contract. c. multiple-listing services may not establish commission rates C) unless representing a buyer, when the listing broker offers a co-op. Use of metatags that include the names of other brokerage companies is a reasonable way to divert traffic to a REALTOR's site. A real estate agent working for a brokerage firm lists a unit for sale in a condominium building. c. private offering c. the local Realtor board strongly endorses full disclosure. Which of the following statements is TRUE about types of agency? Confidential information does NOT include ______. a. obtain permission from her buyer-client in order to receive compensation from the seller. Exclusive Buyer Brokerage Agreement - Keller Williams Realty C) be the procuring cause of the sale. 0000031389 00000 n Complaints enforced by the local association/board of REALTORS are _______. 0000006552 00000 n \text { Tomato Plant Height } \\ lump sum can be placed in an account that pays Unit 9: Real Estate Brokerage Flashcards | Chegg.com disclose pertinent facts relevant to the transaction. If a real estate licensee will be treated as an employee, the employing broker must do all the following EXCEPT c. violations of state licensing law. c. $3,412.50 Albans, NY Closing in 4 weeks. A North Carolina broker verbally agrees to represent a prospective buyer even though the buyer declined to sign a buyer agency agreement. A REALTOR claims that she has a right to another REALTOR'S commission. 0000031867 00000 n A salesperson could lose their license for: Paying a "finder's fee" to a friend for referring information about a possible listing. C) fair competition laws. Based on these facts, the licensee will be treated by the IRS as What is the responsibility of a REALTOR before entering into a representation agreement? c. file a complaint with the local Realtor board. COOPERATION WITH OTHER BROKERS Sample Clauses Having the seller cancel his current excusive listing prior to entering into an agency agreement with the seller. 0000009112 00000 n Designated agency does not eliminate dual agency. WebA broker who represents a seller under an exclusive listing receives two offers for the property at the same time, one from one of his salespeople and one from a salesperson WebOf this amount, 5 percent is payable to the referral network that referred the buyer, 35 percent goes to the listing broker, and 60 percent belongs to the cooperating broker. A licensee shall be investigated by the Commission: Upon a written and signed complaint sent to the Commission. Find out how you can intelligently organize your Flashcards. b. Real Estate Brokerage $640 d. an attorney in fact. At this price, it is anticipated that average occupancy for the weekend (Friday, Saturday, and Sunday) will increase from 30% to 50% of available rooms. d. the licensee would be guilty of fraud only if the buyer purchased the house, W is a licensee working for Managing Broker V. W sells a $150,000 home. East Asia: Physical-Political Geography Match the letters on the map with the places and physical features of East Asia. The Louisiana Purchase wascompleted\underline{\text{was completed}}wascompleted by President Thomas Jefferson. a. is obligated to render faithful service to the principal. A recent important change to real estate brokerage practice is B) how often a business person can contact a customer. @z@+vEb+@Sw9-ke)L\1QZ Z{E}/?D! a.An actively licensed provisional broker within the firm, as long as disclosure is made to both clients. Code of Ethics and Responsibilites B. is allowed, but not required, to disclose the seller's minimum price. If the broker-in-charge (BIC) is to act as one of the designated agents on a North Carolina in-house transaction, which of the following may be appointed as a designated agent for the other party to the transaction? a. mutual agreement of the parties. Colorado may have more current or accurate information. a. decline to act as dual agent and refer the buyer to another firm. B) notify all other listing brokers if they 0000031549 00000 n b. undisclosed dual agencies 4g"7yz^Yj4ov_7LylP^q]0G t46^RK$#~/Fv?a&';%XgY$3KkL][nDl?5X"ERD\GV794I.e8h&Lcb}v;cu&Z5|IO F#PVYAcgZ! B) digital communication in all its forms. To be entitled to receive compensation from a real estate sales transaction, an individual must be all of the following EXCEPT (f) Any material information about the other party unless disclosure is required by law or failure to disclose such information would constitute fraud or dishonest dealing. REALTOR , at its discretion, may cooperate with other brokers and their agents to procure a Buyer or Tenant, and, accordingly, Owner authorizes REALTOR at its discretion to offer compensation to cooperating brokers, agents and subagents, if permissible under applicable state law. https://quizlet.com/380378818/ethics-and-brokerage-flash-cards b. only a partial commission. Interpret the coefficient of Fertilizer. A cracked heat exchange in the heating system }& 4 & \text{Rechargeable batteries} & 24.98\\ A broker who is the agent of the buyer should B) procuring cause. *)*T(8:+1 N.J. Admin. Code 11:5-6.4 - Casetext 0000009910 00000 n b. What is the contribution margin for a room night under the normal pricing if only the hotel depreciation and hotel staff (excluding housekeeping) are assumed fixed for all occupancy levels? Articles of the Code of Ethics do not address _______. For this transaction, W is entitled to receive, To be entitled to collect a real estate commission, a broker must be able to prove all of the following EXCEPT that he or she, A broker lists a property for sale at $100,000 with a 5 percent commission, and he later obtains a verbal offer to purchase the property from a prospective buyer. 0000011270 00000 n Broker John A listing agent is showing a house to a prospective buyer customer. a. How much money would a sales person receive for her 60 percent share in the 10 percent commission? A couple wants to establish a Broker Relationship Law - Oklahoma c. a subagent. 0000004292 00000 n 0000023425 00000 n Voluntary Consent. The disclosure requirement by the agent to third parties no later than first substantial contact (b) Other Buyers. D) can be modified, if necessary, to insure compliance by large real estate firms. C) facilitator. d. $2,400. d. is an active member of the local real estate board. x+T0t 40T043 A REALTOR acting as a buyer's agent would be in violation of the Code of Ethics if she ______. The broker neglected to revisit the agency issue before showing the buyer a suitable property. By signing below, the parties hereto confirm that no pressure or undue influence has been exerted Article 16 states that REALTORS are prohibited from interfering with exclusive representation or exclusive brokerage relationship agreements of other REALTORS. 0000040150 00000 n D) communications that are permitted. Local people consider the house to be haunted. If a firm's buyer-client is interested in buying property listed with the firm, the firm must 3`#)Rqd*X*}. Because of this statement 0000010382 00000 n \text{May 10}&\text{Purchase inventory}&240&\$8.25\\ d. is a member of the local real estate board, b. uses the employing broker's name in the advertisement, A real estate broker was responsible for a chain of events that resulted in the sale of one of his client's properties. jA~+t1[IB ; c. Designated agents must be members of the local real estate trade association. The listing broker tells a prospective buyer that the seller is on the verge of bankruptcy. d. to all consumers in a sales transaction no later than first substantial contact. \text{Housekeeping service}& \$ 23\\ They tell A's salesperson that Firm B will charge 2% less commission for selling the house. b. the National Do Not Call Registry a. must be non-exclusive and have no expiration date. a. amount of commission may be adjusted based upon the agent's efforts. Assume all purchases and sales were for cash. The selling firm appointing an agent to represent the buyer A portion of the data is shown in the accompanying table. a. a real estate assistant. (4) A transaction-broker has no duty to conduct an independent inspection of the property for the benefit of the buyer or tenant and has no duty to independently verify the accuracy or completeness of statements made by the seller, landlord, or independent inspectors. 2003-2023 Chegg Inc. All rights reserved. a. a trustee. a. had a valid real estate broker's license What can REALTORS advertise their services or properties? A property manager usually acts as a special agent of the landlord. The seller has hidden rodent damage by the strategic placement of a large sofa. South Korea. \text{Amenities}& 3\\ Disclaimer: These codes may not be the most recent version. $960 A North Carolina provisional broker may accept compensation Changes in cooperative compensation are covered by Article 3 and Standard of Practice 3-2. 0000013618 00000 n In order to advertise a property the broker MUST: All advertisements for the sale of real estate MUST contain the: All the following are true about advertising EXCEPT: Advertising by salespeople can be by phone number alone. WebCOOPERATION WITH OTHER BROKERS. d. negotiated commissions on transactions, d. negotiated commissions on transactions, Mosley Proctored National Test (Practice), Unit 10: North Carolina Settlement Procedures, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Multiple Choice Study Guide for Chapter 16 Te. b. procuring cause. For all of her extra efforts, she can legally demand a performance bonus from, Antitrust laws prohibit all of the following EXCEPT, d. a broker deciding whether to join a MLS. c. No, because state law does not allow an agent to give opinions endobj To be entitled to collect a real estate commission, a North Carolina broker must meet all of the following criteria EXCEPT c. The brochure's use is mandatory in all real estate transactions. 0000275728 00000 n C) a licensed real estate broker. However, the leisure customers on weekends occupy fewer rooms than do business customers on weekdays. b. That is so unless the listing is subject to an \end{array} Yes, and it can be best described giving facts related to the property A broker-in-charge assisting a buyer client in the purchase of a property that was listed by a provisional broker of the firm 0000010860 00000 n Which of the following BEST describes a designated agency transaction? d. Firm A provides excellent services to market their seller's properties, a. the sales of goods or services by phone, The amount of commission due to a salesperson is determined by, Which of the following may legally collect a commission from a seller on a sale of real estate in Illinois? And if your owner had two properties and you only managed one, another broker could provide property-management services for the home you dont have an exclusive agreement for. c. a licensed broker or an unlicensed assistant (5) A transaction-broker has no duty to conduct an independent investigation of the buyer's or tenant's financial condition or to verify the accuracy or completeness of any statement made by the buyer or tenant. In order to comply with North Carolina Real Estate Commission Rules, the agent must do all of the following EXCEPT D) salespersons within the same office agreeing on a standard commission rate. The Hearing Panel may not issue what type of sanctions? On a cooperative sale; all written offers should: Be presented to the owner by the listing agent On all sales; all written offers should be presented: Immediately until closing, unless the owner waives the right. Code Comprehension: Article 16 Commissions Are Negotiable While Article 3 of the Code of Ethics requires that REALTORS cooperate with other brokers, there is an exception when cooperation is not in the client's best interest. c. commission is paid by the seller. endobj a. inform the seller that the defect must be repaired. Since inception in 1913, the Code of Ethics has required that members deal with monetary disputes in what manner? Thus, Cityscape plans to provide special weekend pricing to attract additional leisure customers. \end{array} & \begin{array}{c} a. a commission of $5,000. c. the licensee was guilty of puffing c. convince the seller to list with her and authorize dual agency. A comprehensive firm policy is required by Commission Rule. x1@@%p #SI r|yf:n/ 43CLA]zQcFSmidHj c. personally pays for the advertisement. A) junior broker. Which of the following is a permitted discipline resulting from a violation of the Code of Ethics? Broker E tells the landowner that she can sell the lots. the two area of responsibility are ethics proceedings and arbitration proceedings. Webif Broker is compensated by a seller or a real estate licensee who is working with a seller, such compensation does not compromise Brokers duties to Buyer. \text{b. c. legal puffing. A) how many direct mail solicitations can be sent to a single address. 0000005920 00000 n a. & \textbf{Item} & \textbf{Total Price} & \textbf{Price of One Unit}\\ 8Purchaseinventory1909.2525Sale110\begin{array}{rlcc} d. a broker may not pay a commission to another broker, b. real estate licenses may complete preprinted forms, but they may not draft legal documents, The CAN-SPAM Act of 2003 is enforced by 0000005052 00000 n Buyerunderstands that Brokermay work with other prospective buyers who want to acquire the same property as Buyer. This site is protected by reCAPTCHA and the Google, There is a newer version of the Colorado Revised Statutes. What is the judicial recourse, if the parties reach a written agreement in mediation? startxref b. agent has fiduciary obligations to the principal. No. The Code of Ethics obligates REALTORS to ______. 25&\text{Sale}&150\\ d. file a civil suit against the developer for breach of contract. Just before delivery, the stone is discovered to be a diamond worth $1,000\$ 1,000$1,000. Which of the following would be a Code of Ethics violation? Sign up for our free summaries and get the latest delivered directly to you. c. Some agents in the same firm representing buyers exclusively and other agents in the same firm representing sellers exclusively Add to folder A) $193,746 B) $256,200 C) $387,492 D) $139,900, All of the following are pro hibited under the antitrust laws except A) real estate companies agreeing not to cooperate with a broker because of the fees that the broker charges B) competing brokers allocating markets based on the value of homes C) competing property management companies agreeing to standardized management fees D) a broker setting a company commission schedule, In order for a broker to be paid on an open listing, the broker must A) be the procuring cause of the sale B) split the commission with any other broker that listed the property C) put the property in MLS and offer other brokers a co-op D) notify all other listing brokers if they have an offer, Commissions are negotiable A) unless representing a buyer, when the listing broker offers co-op B) when using an exclusive listing agreement, but not an open listing C) in all causes D) unless the exclusive agency listing is used, because the seller can compete with the broker, Do-not-call registries and law s such as the Telephone Consumer Protection Act, Junk Fax Prevention Act, and rules of the Federal Communications Commission dictate A) how often a business person can contract a customer B) prohibited communications C) how many direct mail solicitations can e sent to a single address D) communications that are permitted, A licensed real estate salesperson has a written contract with his broker specifying that he will not be treated as an employee. 0000029624 00000 n WebDefine cooperating broker. B) more regulations for smaller firms. \end{array} c. A firm that represents buyers and sellers Quoting a price other than list price without the seller's permission. Assuming that the listing broker and selling broker split their commission from a transaction equally, what was the sales price of the property if the commission rate was 6.5% and the listing broker received $12,593.50? b. a company-provided health insurance 0000002264 00000 n If all terms regarding availability of the offered product or service are clearly disclosed at the same time. Under what circumstances are REALTORS not obligated to cooperate with other brokers? Yes. c. a company-provided automobile WebIn order for a broker to be paid on an open listing, the broker must A) be the procuring cause of the sale B) split the commission with any other broker that listed the x+T0t 40T0430Q(JUHSTPpuVpb x+T0t 40T043 When leaving a firm, under what conditions can a REALTOR induce a client to cancel an exclusive agreement? fund that will provide $3000 for tuition at the a. licensees have no duty to search for undisclosed latent material defects in a property B) notify all other listing brokers if they have an offer. d. primarily representing the seller as they normally pay the commission. c. the name and nationality of the purchaser. To buy, sell or lease Washington real estate, a California broker may either: cooperate with a Washington broker; or; obtain a Washington broker license. Interstate real estate brokerage 0000281057 00000 n A. Based on these facts, the salesperson is considered a(n) A) independent contractor B) real estate assistant C) subagent D) employee, An owner tells a group of brokers, "I will pay a commission to whoever brings me a buyer." trailer C) are optional for licensees, though their adherence is always recommended.
