C. notifying him of all known material facts Keeping both paper and digital copies of important documents is always a safe idea! A) D. Loretta must disclose her interest to her clients and customers, including any financial benefit received. B. Ralph should not talk to Joe until after the hearing. A net listing is illegal in all states. Common law, statutory law, and administrative law. Which of the following statements about dual agency is false? a. must have a definite termination date. 86. How would a histogram of US REIT returns over the last twenty years be described? A. instruct her seller to pay a bonus commission directly to REALTOR John. B. lie to prospective buyers regarding the windows condition C. avoid the subject of the back door and if it comes up, lie B. the first step in procuring cause and strongly favors Roger. Broker Millie. if there is no intention to deceive. D) 78. B. Nathan, as the listing broker. Broker Joann. Which of these statements is an ethical practice by a REALTOR? B. D) prohibited in all states because a broker must always represent one party. B. Which one of the following statements regarding the duties of an agent is NOT true? 64. No, because her client, Larry, has no interest in the property. C. Article 12Be truthful in advertising REALTORS Jona and Wally are from different states where their boards do not have an established inter-association arbitration agreement. According to the Code of Ethics, a REALTOR owes the duty of confidentiality to B) loyalty. Article 11Provide the standard of professional service expected stagnant properties. A. REALTOR Brian is the respondent. B. not a violation of the Code as REALTOR Terry doesnt know any agents in Hawaii. B. C) He sends letters only to those homeowners whose properties he has previously appraised. Dual Agency and Transaction Brokerage Flashcards | Quizlet A. fiduciary duties. The company has a large amount of unused capacity and is studying ways of improving profits. A) D. neither Broker Joann nor Broker Millie. D. The seller initiates direct contact with the buyers agent. Broker Paul introduces tenant Elizabeth to a property. Compute the break-even point in dollar sales for the company under the new marketing strategy. 73. A. Ed leaked information about who would appear at the hearing. 87. Dual agency is legal in all 50 states. C) A. ask the buyers if they are exclusively represented by another REALTOR. REALTOR Jim violated the code Nelson informs Matthew of the rejection, and Matthew believes Jennifer did not understand the details of the contract. D. talk Susan out of buying the house. B. allowable because REALTOR Nelson obviously doesnt understand the offer. She negotiates the offer with buyer Dan, who offered less than asking price. C. just by talking to Mr. Johnson before his listing contract expired. Identify which of these is considered misconduct, according to the Code. B) obey the principal's instructions in accordance with the contract. Buyer Kathy contacts Seller Dean about buying his property. Deceitful or dishonest practices B. is obligated to arbitrate only if he has a specific written agreement to arbitrate. C. Professional Standards Committee B) General membership. If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold," _____. Zaafir only, because he is an independent contractor. The broker can accept a commission from the buyer without the seller's approval. 1. Carlos tells Jan that the property is not available for showing today but will be available in a week. C. fraud. Broker REALTOR Miriam employs REALTOR Tom. 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. No, Antonio is entitled to collect these fees as long as there was informed consent from both parties to the transaction. 117. C. REALTOR Lyla listed her clients property for less than they had wanted to sell it for because she knew it had a better chance of selling at that price. C) A. C. REALTOR Clarence is the complainant. C. draw up the paperwork on Hollys offer. REALTOR Melanie has a listing, which REALTOR Bill sells. A request for arbitration could stem from 75. a latent defect. A. REALTOR Bill finds out about the contact and accuses Melanie of trying to steal his client. An open listing is an exclusive contract. REALTOR Mike is showing a property to his client Jean. A. Only choice (C) is not true, so it C. Kathy and Dean had previous dealings with each other. a licensed personal assistant of a sales associate is the agent of the sales associate. REALTORS Jona and Wally are from different states where their boards do not have an established inter-association arbitration agreement. As long as there was prior informed consent from both parties before the transaction was complete, this is not a violation. Agents are generally allowed to self-deal with the principal, especially if the self-dealing is undisclosed. D. Visit our website at www.tinytownrealestate.com for special offers!, 39. D. Yes, because Ted did not initiate the conversation. Which is TRUE? No, the fact that his daughter was the buyer is inconsequential to the transaction. In most states, a REALTOR is not required to have a license to sell real estate. A. a buying customer in a transaction. When a consumer wishes to obtain specific information about a listing, he is instructed to click here. The click actually is consent for the consumer to enter into an exclusive, year-long buyer agency agreement with Nathan but this is not apparent. If the two parties go to mediation and do not resolve the dispute, they are no longer entitled to arbitration. a. broker. The buyer entered into a contract that stipulated that the broker had not been involved in the transaction. Which of the following statements is NOT true about dual agency D. the same as if Roger had found the buyer independently and shown the property by appointment; it favors Roger. C) 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 __________. 96. D. Donna has violated the Code by not making it clear to buyer Dan that she was representing the seller. No, because REALTORS are entitled to collect some fees, which a non-member licensee is not. What is the probability that fatality resulted from this cause? Dual agency must be disclosed to both parties in a real estate sale Show Result 102. disclosure agreement. B. include persons of only one race to show the demographics of that neighborhood. If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold, agent," _____. 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. 65. C) (ANSWERS will be revealed with subscription). A broker tells a buyer, "This home has the most beautiful river view." Youve come to the right person.. At the closing table, Howard reveals to both REALTORJane and the sellers that he has an exclusive buyer agency agreement with his client. C. Providing an opinion about the structure is outside the scope of my expertise. 53. Jaybird was required to make a no brokerage disclosure before letting the buyer enter the open house; B. contact the sellers and write the contract. agency, so they are incorrect answers to the D) unless it was considered puffing. Variable expenses would be reduced by $9 per unit. Any broker is authorized to encourage such bids for the property. A. racial segregation. REALTOR Pete D. Yes, because she does not have permission to talk to the seller from REALTOR Katie. is the correct answer to the question. It may not be superseded by statutory law. C. Ann does not have to cite her reasons for filing an ethics complaint against Marge. C. Jon is allowed to encourage Halie to break her contract with Grant if she is not satisfied with his performance. A. C. Grievance Committee. Statements not known to be false at the time they are made are called _____ misrepresentations. I have no experience selling commercial properties but I would be happy to take on the challenge. Real Estate Course Chapter 4 Flashcards Preview - Brainscape Which statement is TRUE of a real estate broker acting as the agent of the seller? C. Nan sold a house to Bob last year. Chapter 30. A) C. prepare a CMA which demonstrates the accuracy of the price. The broker has violated the agency relationship with the seller. D. expressing an opinion about a property, 42. REALTOR Marty has a daughter who is interested in a property. Which of these statements could be considered discriminatory? Broker Deb admits that she extended an offer of cooperation and compensation to Broker Steve. not required to disclose the information because the agent has no agency relationship with seller. If two licensees, who are not REALTORS, have a monetary dispute, they C. The price that the sellers told the agent is their minimum selling price. The introduction of the property by Morgan favors B. 97. REALTOR Melanie has a listing, which REALTOR Bill sells. A. C. state law requires it. B. yes, because the nature and the terms of the contract were not made clear Subsequently, Vinod tells Tim that Wanda was his client and he is owed a commission. 67. A. cannot arbitrate if he is a principal in the transaction. should present to the seller only the highest offer for the property. In MOST situations, the relationship between real estate broker and seller is what type of agency? A. D. unprofessional behavior. D. neither Broker Deb nor Broker Steve. A. A. offering an inducement to get someone through the door The hearing panel will D) the seller and the buyer are represented by different companies. C. a living document that is revised annually. Seller Sue says to REALTOR Bill one day, I will get half the money when we sell this house, wont I? Which response is correct? A. a 20% referral fee. D. Yes, because she does not have permission from REALTOR Katie. C. not a true picture. A) It is part of a body of law established by tradition and court decisions. B. Neil is in violation of SOP 1-3 for misleading sellers about market value. B) an offer made on the property. A. ethical, because of the special rules for fraternity brothers. B. Minevik reported Cost of Sales for 2013 of SEK57,222 million. how an implied agency may occur. a designated agency. Unit quiz 10 Flashcards by Ron Jeremy | Brainscape 3. Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. C. Buyer Travis is the owner of Big City Enterprises and High-Rise Corporation. B) They ask their buying agent, REALTOR Larry, about the racial composition of a neighborhood they are considering. B. a monetary dispute between two REALTORS. D) An accounting of all monies and property relating to the engagement. Open house in a beautiful tree-lined neighborhood this Saturday! B. property profiling. A. Donna, representing the seller, holds firm and gets Dan to buy at asking price. REALTOR Devon traveled to another state where he bought a property for himself. sales associates are agents of the licensing authority. Did Pattys actions violate the Code? In an advertisement for a four-bedroom home, which of the following statements could be considered discriminatory? B) B) The broker is obligated to render loyalty to the seller. 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. A. The Byers reply that REALTOR Sam has taken them to several homes, but they arent sure if they have an exclusive agreement with Sam. D) C) Broker Anne files an arbitration request against her client, Buyer Bill. Click the card to flip . Which of the following Standards is NOT considered a duty to the public? B) C. You really need to consult with your attorney with questions of that nature. A. chosen to work hard for his new broker Ethan, which is not a violation of the Code. C. induced Miriams client to cancel her agreement, which is a violation of the Code. Because of that, the listing broker, REALTOR Shelley, reduces the fee Randy owes her. Such being the case, dual agency was revoked in the . During the listing period, the broker found a buyer who made an offer on the property that was accepted by the seller. 131. No. B. D. undivided loyalty. Smitty tells Brad to call Ted and present it himself. B. 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. C. Donna has violated the Code by not getting informed consent from both buyer and seller to be a dual agent. 143. A. advising customers or clients on how to get a house show ready Dual Agency: Learn The Rules In Your State - Clever Real Estate B. Melanie can seek the prospects future business. a disclosed dual agency. Dual agency can lead to a conflict of interest. The agent tells a buyer the seller will accept up to $10,000 less than the list price. A. the co-operating commission originally offered by Nelson. C. maintain the confidentiality of the information D. Owen is Howards principal. Lynn then tells the seller she could recommend a good REALTOR there. Yes, because she is targeting properties already listed and offering brokerage services. 47. Dual agency requires nothing less than written, informed consent from both parties. returns due to the use of appraisals? Disclosure was improper and possibly illegal, regardless of the agent's motive. A) Obedience. obedience. ! The broker has violated the agency relationship with the seller. A. disclose the existing accepted offer 145. D. set up an appointment with the title company. D) Which of the following statements is TRUE regarding dual agency? B. ethical, because this is considered a general announcement. A. exclude any human models to avoid any kind of unnecessary bias. As a manager, what factor would be paramount in your mind in deciding whether to purchase the new equipment? C) New equipment has come onto the market that would allow Morton Company to automate a portion of its operations. B. by not informing Frank that he had signed a contract with Mr. Johnson question. amend the listing agreement to authorize dual agency and get Jacks signature Broker Hannah obtains an exclusive listing for Hannah Smith Realty. If REALTOR Shelley wishes to file an arbitration request, against whom does she file it? C. hearing Professional Standards cases and ratifying the results. tell the seller that the defect must be repaired. B) REALTOR Maria advises that her buyer obtain and review a home inspection report on a house she is considering buying. A) prohibited in all states because a broker must always represent one party. Omitted statements of material facts. C. maintain the confidentiality of the information since the seller is his client REALTOR Kevin, representing buyer Susan, shows one of REALTOR Craigs listings. 34. 33. No, because her client, Larry, has no interest in the property. Explain. when, how, and to whom agents must reveal for whom they provide client-based services. REALTORS Sherry and Vinod both show his property. Who is liable? Loyalty C. obedience to the inspector. A broker engaged by a buyer has the responsibility to. B. telling him the lowest price Derek will take for the house, which Derek told her in confidence C) A) At this point, what kind of relationship do Howard and Owen have? A) Broker Anne. Jennifer rejects the offer. D) C. large, four-bedroom on a quiet cul-de-sac lot A seller tells his agent in confidence that he must sell fast and may accept less than the list price. REALTOR Lisa, a property manager, researchs county records to determine the owners of multi-unit buildings. It follows IFRS and reports its results in millions of Swedish kronor (SEK). Absolutelythis is a community property state. A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. 8. DBA accounting. D. zoning restrictions. The duty of _____ is a fiduciary duty owed by an agent not to act adversely to the interests of the principal. 23. It is illegal in all states. D. targeted sales. D. Loretta needs to say nothing about these businesses or services; it is obvious she owns them. THIRD PARTY. 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. mandatory agency disclosure. REALTOR Howard has an exclusive representation agreement with a buyer. Chapter 30 Flashcards | Quizlet Buyer Holly contacts Sam indicating that she has seen the house Linda is selling and would like to make an offer. 70. b) If a partner makes a profit using information gained from inside the firm, but uses that information in a venture that is outside the firm, he may keep that profit. D. all parties in a transaction, whether they are clients or customers. 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. C. REALTOR principal and REALTOR-ASSOCIATES jointly B. disclose the existing offer only if the seller gives permission A. gain consent to advertise Tricias property as having an anxious owner who wants an offer "I think these low doorways are a charming part of the Cape Cod style." B. Is this a violation of the Code? C. a violation of Code as Lynn cannot attempt to obtain future business with Terrys client at this point. The listing broker and the seller find a small roof leak in the attic. A method of resolving a dispute in which the parties involved discuss the situation and resolve it themselves is called It appears that REALTOR Tom may have D. Broker Steve. 61. A. A. appraisal. B. D. weigh into consideration; Paul introduced the property and is the procuring cause. C. panic selling. Generally, the relationship between real estate broker and seller is This is 11. C. Paula is in violation of Article 15 for posting misleading statements. B. each state association of REALTORS. A) A. beautiful home in an exclusive neighborhood Which of the following choices addresses standards designed around duties to the client, not the public? Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. A. order the seller to disclose the leak Which statement is correct? A key element of an agent's fiduciary responsibility of loyalty is to, The seller is the broker's client; the buyer is a customer.
