REALTOR Patty has an appointment to show REALTOR Katies listing. C. a client only during the professional relationship between the client and the REALTOR. A. chosen to work hard for his new broker Ethan, which is not a violation of the Code. Because the property is being sold "as is," D. REALTOR Clarence is the respondent. REALTOR Patty has an appointment to show a listing of REALTOR Katies. local registries of residential information on sex offenders. D. Yes, because she does not have permission from REALTOR Katie. Her letter offers both her property management services and her brokerage services. Lets not worry about that todaylets wait until we sell your house, then well figure it out. buyer representation agreement. Which of these statements is an ethical practice by a REALTOR? Did Lisa violate the Code? Chapter 4_Brokerage Relationships and Ethics Quizzes - Chegg C. the principal a latent defect. the administrative law created by real estate agencies as authorized by the legislature. REALTOR Kim has a listing on a property and REALTOR John, a sales associate for REALTOR Millie, makes an appointment to show it. REALTOR Ann is furious when she discovers that REALTOR Marge sold a listing to one of Anns clients. Intentional torts include all but which of the following? 100. A. proof of clear title on the property Which statement is correct? B) C. Sign a six-month contract with Tims Realty and if we sell your home, youll get a free GrillMate gas grill. A. keep the comment posted; it only helps his business and, after all, he didnt write it. negligent misrepresentation. "The simple design is uncluttered and offers many possibilities for decorating.". implied agency D. I think youll get more than half with me as your REALTOR., 111. REALTOR Bill finds out about the contact and accuses Melanie of trying to steal his client. b. is three months. A. disclosing his true position. D. what is required by the Code. Linda refuses to answer Janes questions. 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. 34. A. his agency. A. REALTOR Donna has a property exclusively listed and shows it to buyer Dan, who wants to make an offer. C. Loretta must disclose her interest to her clients and customers, including any financial benefit received. C. Yes, because Ted did not give his consent to talk to Brad. The Federal Fair Housing Law prohibits me from discussing the racial composition of the neighborhood. B) Broker Mike introduced Kathy to the property. D) B. state REALTOR Lynn is very well connected to REALTORS all over the country. Sales(15,000unitsX$30perunit)VariableexpensesContributionmarginFixedexpensesNetoperatingincome$450,000315,000135,00090,000$45,000. C. REALTOR Clarence is the complainant. Disclosure was improper and possibly illegal, regardless of the agent's motive. Which of the following is not a listing agreement typically used in California? 126. All of these will terminate an agency relationship EXCEPT D)!!! 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. the agent. 70. 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. required to disclose the information under the Fair Credit Registry Act. While reviewing the MLS data sheet, Kevin notices that the cooperative broker compensation offered in the MLS listing is less than the fee he negotiated with Susan with his buyer broker agreement. A sellers agent is expected to disclose information about material defects in the property to prospective buyers. D. statement that the opinion of value is not the same as an appraisal, 113. B. A) Is Brad violating the Code if he calls Ted? B) When, how and to whom agents must reveal for whom they provide client based services. a fiduciary. A) tell the seller that the defect must be repaired. Only choice (C) is not true, so it is the correct answer to the question. Exaggerated statements about the property No, because REALTOR Katie is obviously clueless about how to price a property. administrative law. Joe tells Ralph that if he shows up at the hearing, hell wish he hadnt! Which event will terminate an agency in a broker-seller relationship? Conflict of interest is inherent in a dual agency arrangement. D. what is required by the Code. Seller George paid for a home inspection on his house for a prospective buyer. C. A REALTOR accepts an undisclosed fee from a buyer while serving as a listing agent for the seller. Most people familiar with the housing market know that a buyer's agent . D. REALTOR membership is voluntary but provides a distinction from other licensees. Jones owns a small auto dealership, which he wants to relocate closer to his new home. At this point, what kind of relationship do Howard and Owen have? Identify which of these practices a REALTOR is permitted to do. a. fraudulent D. Professional Standards Committee. B. Nan has an exclusive, current, valid agreement with Bob. Which of the following Standards is NOT considered a duty to the public? B. like the United States Constitution and Bill of Rights, fairly immutable. 7. D. the same as if Roger had found the buyer independently and shown the property by appointment; it favors Roger. Howard and Owen chat about the features of the house and Howard seems to be interested. REALTOR Barbara holds an open house on a rainy day and discovers the seal for the back door is leaking. A) Bettys answer should be The basic framework of the agency law that governs the legal responsibilities of real estate brokers to the people they represent is known as, Designated agency is MOST likely to occur when. Which of these items is NOT required to be provided with the opinion of value? C. Yes. Qaadir hires Zaafir, a lawyer and an independent contractor, to represent him in a court case. common law. D) B. telling him the lowest price Derek will take for the house, which Derek told her in confidence Implied C. documentation of what the opinion is based on Broker Steve has brought arbitration against Broker Deb. D. neither Broker Deb nor Broker Steve. Which of the following statements is NOT true about dual agency 10. D. the total commission paid to REALTOR Nelson by the seller. A) C) C. estimated market evaluation. Which statement is TRUE of a real estate broker acting as the agent of the seller? A) 5. A) must promote and safeguard the seller's best interests. REALTOR Melanie has a listing, which REALTOR Bill sells. What is NOT a major method of unsmoothing a real estate index. Study with Quizlet and memorize flashcards containing terms like Which is TRUE about listings? C. Melanie must confirm that the agency relationship between the buyers and REALTOR Bill has terminated. care and skill in representing the principal equivalent to that of the average person. B. D. Seller Dean was not free to sell the property on his own. 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. the common law of agency in the state in which the property owner lives. C. not run the ad at all. C. estrangement of John by Broker Nan. care and skill in performance. REALTORS are entitled to collect some fees, which a non-member licensee is not. A. appeals complaints. If Jackie Knox, who owns property in Chicago, agrees to sell the needed land for $1.5 million and the agent signs his name "Saul Arnold, agent for Walt Disney",_____. REALTOR Sam represents seller Linda. No, Martys daughter and the seller were in mutual agreement with the stipulations of the sale. A. find a third, impartial board to hold their hearing. personally arrange for the repairs. B. Jack B. broker Jim. is the correct answer to the question. only if intentional. 135. Which is TRUE? C. Donna has violated the Code by not getting informed consent from both buyer and seller to be a dual agent. A. dictatorial business. REALTOR Devon 24. When Todd finished his degree in marketing, he started a career as a REALTOR. The agent tells a buyer the seller will accept up to $5,000 less than the list price. c. fiduciary. If two licensees, who are not REALTORS, have a monetary dispute, they A. Melanie can only talk to these buyers if they contact her. B. determining if ethics complaints should go forward and holding the hearings. D) Which of the following Standards is considered a duty to other REALTORS? \text{Variable expenses}&\underline{\text{\hspace{5pt}315,000}}\\ Agents are generally allowed to self-deal with the principal, especially if the self-dealing is undisclosed. D. targeted sales. The dual agent may reveal to the seller the maximum the buyer is willing to pay. The broker is called. 98. A. A. ask the buyers if they are exclusively represented by another REALTOR. The relationship between real estate broker and seller is generally what type of agency? No, Martys daughter and the seller were in mutual agreement with the stipulations of the sale. C. documentation of what the opinion is based on Which of the following is TRUE regarding dual agency? 11. dual-purpose mission; both the principal and the agent. A. Every state has mandatory agency disclosure laws that stipulate C) The Byers reply that REALTOR Sam has taken them to several homes, but they arent sure if they have an exclusive agreement with Sam. The sales associate was practicing puffing. question. Broker Ken showed a property to Buyer Lori. I recently toured this home with REALTOR Jordan. B) a fiduciary. Donna, representing the seller, holds firm and gets Dan to buy at asking price. A REALTOR can recommend another REALTOR to a client who mentioned she is relocating out of state. B. Jack should 72. 129. The agent's job is to sell the principal's automotive parts to auto repair shops and other purchasers. I recommend if you are interested, you have the house inspected by a professional. D. unethical behavior between two REALTORS. The National Association of REALTORS Code of Ethics is Dual agency must be disclosed to both parties in a real estate sale Show Result A. EXPLANTION: At least one party must be a REALTOR in order to go through the arbitration process. C. half of the commission REALTOR Nelson actually received from the seller, after he negotiated with the seller to reduce his commission. Contract law, common law, and business law D. expressing an opinion about a property, 42. B) D) prohibited in all states because a broker must always represent one party. 16. D) Common law, statutory law, and administrative law. How is the NCREIF Property Index calculated? legislative law. Jane calls Linda to find out if the property is exclusively listed, and, if so, when it terminates. B. D. Melanie should not solicit a buyer agreement with these buyers. After the closing, Melanie visits the buyers in their home and asks if they have any questions or need any information about the community. A. B) not required to disclose the information because the seller might reject the offer. REALTOR Dee files an arbitration request and is able to prove she is the procuring cause of the sale. The statement is FALSE. Which of the following is considered dual agency? C. both Brenda and Jim. This is an example of 50. B. disclosing her relationship with Derek 38. Broker Pauls efforts favor B. 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. \text{Electronics}&\text{\$\hspace{1pt}40,000,000}&\text{\$\hspace{1pt}2,880,000}&\text{\$\hspace{1pt}16,000,000}\\ D. Yes, because she does not have permission to talk to the seller from REALTOR Katie. C. large, four-bedroom on a quiet cul-de-sac lot B) D. unprofessional behavior. A) C) Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. Licensees in both brokerages are REALTORS. C. panic selling. Did Marty violate the Code? A. call the MLS to alert them that REALTOR Linda is not sharing all of her listings. Only choice (C) is not true, so it REALTOR Nelson has an exclusive listing contract with seller Jennifer. 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 __________. The broker is merely puffing. accounting. Which of the following is an INCORRECT statement regarding a principal's liability for an independent contractor's torts and contracts? Marty makes arrangements with the listing agent, REALTOR Caroline, to show the property.
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