A. appraisal. C. ethics complaints. The structure looks good. C) Broker Deb admits that she extended an offer of cooperation and compensation to Broker Steve. A) C. Olivia may ask her REALTOR principal to request arbitration but she may not request arbitration on her own. A. Which of the following is an INCORRECT statement regarding a fully disclosed agency? 14. Which of the following is true of a listing agreement? In fact, the view includes the river and the back of a shopping center. A) C) Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. Dylan is the _______, and Jordan is the ________. 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. What fiduciary duty did the buyer's agent violate? 96. A. Donna has not violated any Article or Standard; she just did her job and sold the house. Lets not worry about that todaylets wait until we sell your house, then well figure it out. The agent is. "The uneven floors just mean that the building dates to colonial times. D. Randy, 84. The first thing Sam should do is Do international differences in financial leverage exist? D) 65. Zaafir only, because he is an independent contractor. 87. D. local, state, and national. 147. Broker Ken showed a property to Buyer Lori. Asset-liability management implied agency 4 Q . When, how and to whom agents must reveal for whom they provide client based services. b. agent. B. real estate licensees may not litigate over commissions. C. documentation of what the opinion is based on D) D. are not allowed to sue each other because they are both REALTORS. Every state now requires if the buyer's inspector finds a problem, the seller does not have to disclose. D. mediation is not available. an attorney-in-fact. A. allowable because the offer had already been presented and Matthew is just adding information. Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. returns due to the use of appraisals? The broker has violated the agency relationship with the seller. Which of the following statements is TRUE? Chapter 7 Review Quiz Questions Flashcards | Chegg.com C. both Broker Joann and Broker Millie. Which of these items is a REALTOR required to discover and disclose, according to Article 2 of the Code of Ethics? #1. B. not a violation of Code, even if some of the recipients have their homes listed for sale. B. REALTOR principal or the firm itself 88. A. Sarah can take no action as Thomas is the principal broker at his agency; his title gives him seniority in this case. D) A: This information may be withheld since the agent never saw any evidence of infestation or damage. Carlos tells Jan that the property is not available for showing today but will be available in a week. However, Jordan rejects the offers and instead sells the house to a friend. B) The doctrine of _____ rests on the principle that if someone expects to derive certain benefits from acting through others, that person should also bear the liability for injuries caused to third persons by the negligent conduct of an agent who is acting within his or her scope of employment. Which of the following represents Eds fiduciary duty? D. urge the seller to update the disclosure form or have the back door repaired, 106. A) B. A) the buyer and the seller are represented by the same company. The buyer brokerage receives compensation from the listing brokerage and from the buyer at close of escrow. 4. 8. Maria tells her agent in confidence that she must sell fast and may accept less than the list price. Refer to the income statements in (1) above. b. is three months. Unit 5: Agency Relationships Flashcards | Quizlet C. disclosing her relationship with Derek B. advise Holly that Linda will only take listing price; since he is Lindas agent, he has the right to do so. In dual agency, an agent's actual knowledge pertains to. The relationship between the property owner and the associated brokers at Hannah Smith Realty could best be described as (buyer subagency, designated agency, dual agency, seller subagency) According to the Code of Ethics, who owns the listing agreements for a firm? Call REALTOR Dan for a tour today! d. has no specified term. Smitty tells Brad to call Ted and present it himself. 103. The first committee at the local level to review an ethics complaint or a request for arbitration is the Common law A) tell the seller that the defect must be repaired. C. Melanie must confirm that the agency relationship between the buyers and REALTOR Bill has terminated. A broker tells a buyer, "This home has the most beautiful river view." A. keep the comment posted; it only helps his business and, after all, he didnt write it. 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. A. arbitration. 4. An open listing is an exclusive contract. A) C. Yes, Marty should have disclosed his relationship with all parties involved when an offer was made. A. advising customers or clients on how to get a house show ready A. A real estate professional's duties to a customer do NOT include C. avoid the subject of the back door and if it comes up, lie 145. D) An agent receives an offer. B. offer to directly pay REALTOR John a bonus commission if he produces a contract at full price. The broker expends considerable time and money advertising and showing the house and obtains several offers. B. advise Holly that Linda will only take listing price; since he is Lindas agent, he has the right to do so. A. they have agreed in advance to arbitrate, not litigate. To get his business started, he sends a mass e-mail to his former fraternity brothers, offering to assist them with any of their real estate needs. 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 C) A) the broker was guilty of fraud because he is responsible for actions of the sales associate. 35. The seller didnt mention this before the open house. The broker was unethical, but the seller did get to sell the property. In MOST situations, the relationship between real estate broker and seller is what type of agency? A. ask the buyers if they are exclusively represented by another REALTOR. Unit 9 Flashcards | Quizlet Josie tells Betty she isnt happy with the small number of showings Bills had on her house and she is thinking of finding a new REALTOR. C. only consider who made the initial introduction to the property. being primarily responsible to the customer. A REALTOR can recommend another REALTOR to a client who mentioned she is relocating out of state. B. 13. an undisclosed dual agency. C. really none of REALTOR Janes or her clients business. \text{Sporting Goods}&\text{\hspace{5pt}20,000,000}&\text{\hspace{5pt}2,040,000}&\text{\hspace{6pt}12,000,000}\\ He shows and sells a listing held by REALTOR Jane. C) Katy could elect not to make any appointments. Which of the following statements is TRUE regarding dual agency? B. are going to need to put this decision in writing to the Board of REALTORS. b) An agent cannot accept commission from both parties to a transaction without his principals' consent. The agent should: d. hold the offers for 24 hours before conveying them to the owner. Elizabeth leases the property from Broker Jane. Disclosure was improper and possibly illegal, regardless of the agent's motive. A. order the seller to disclose the leak Patty prepares a CMA prior to the appointment, then shows the property to her prospect, buyer Larry. the common law of agency in the state in which the property owner lives. Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. D. talk Susan out of buying the house. A. will have years of arbitration ahead of them. Broker Deb. Which of the following is NOT a critical factor in determining independent contractor status? C) Share your form with others Send it via email, link, or fax. 148. REALTORS are entitled to collect some fees, which a non-member licensee is not. It is a legal doctrine that is not unusual. A. Ann cannot file both an ethics complaint and an arbitration request at the same time. D. Loretta must disclose her interest to her clients and customers, including any financial benefit received. B) No, Martys daughter and the seller were in mutual agreement with the stipulations of the sale. A. Randy Which of the following is not true regarding dual agency? A. Nan did not sign a contract with Bob. Explain. Most people familiar with the housing market know that a buyer's agent . C. No, but only if she doesnt solicit the listing at the same time. He should C. Yes, because Ted did not give his consent to talk to Brad. both parties consent in writing to the dual agency. Buyer Travis does not own Big City Enterprises and High-Rise Corporation. Sign it in a few clicks Draw your signature, type it, upload its image, or use your mobile device as a signature pad. D. honesty and integrity, 108. A broker performing as a property manager who deposits the rent into his operating account is an example of D. Yes, I have tons of experience selling all types of properties! B. a monetary dispute between two REALTORS. REALTOR Erin has been selling and listing residential properties for about a year. However, listings are currently thin in his market. D) A nonagents job is simply to help both the buyer and the seller with the necessary paperwork and formalities involved in transferring ownership of real property. NAR May the Code Be With You / The Code of Ethics in Action Real-Life Applications Class As a manager, what factor would be paramount in your mind in deciding whether to purchase the new equipment? (2) Which department is most efficient at generating sales from average invested assets? REALTOR Mike is showing a property to his client Jean. UNIT 3: National Brokerage: Listings Quiz Flashcards | Quizlet the concept of caveat emptor. buyer representation agreement. D. the National Association of REALTORS. Marty makes arrangements with the listing agent, REALTOR Caroline, to show the property. This fact favors The buyer offered $175,000 and the seller accepted. C) Click the card to flip . This is a violation of the duty of loyalty known as ___________. A) needs but spent about an hour at the property asking many questions about other homes for sale. 64. 01. C. member associations, individually. D. I think you should list with me as soon as that week is up. B. arbitration complaints. Escrowing PRINCIPAL QUIZ 5: AGENCY RELATIONSHIPS Flashcards | Quizlet D. notifying him of all known material facts. A house built years ago over a ditch covered with decaying timber or a house with ceilings that were improperly attached to the support beams are examples of B) a licensed personal assistant of a sales associate is the agent of the sales associate. A seller tells his agent in confidence that he must sell fast and may accept less than the list price. All of these will terminate an agency relationship EXCEPT B. REALTOR Bill finds out about the contact and accuses Melanie of trying to steal his client. B) This is a violation of the duty of loyalty known as _________. a. Kevin must REALTOR Melanie has a listing, which REALTOR Bill sells. D. Seller Keith had no knowledge of Salvatores efforts with Travis. 26. A. 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 Which of these items is NOT required to be provided with the opinion of value? Variable expenses would be reduced by $9 per unit. C. Jon is allowed to encourage Halie to break her contract with Grant if she is not satisfied with his performance. personally arrange for the repairs. A REALTOR can recommend another REALTOR to a client who mentioned she is relocating out of state. D. Article 14Arbitrate disputes. A. 62. D) In a(n) _____ agency, a contracting third party knows that the agent is acting for a principal but does not know the identity of the principal. Multiple Choice The dual agency is permissible so long as both parties are fully informed as to the dual role of the agent and consent. A) implied agreement. C. REALTOR principal and REALTOR-ASSOCIATES jointly A. Donna has not violated any Article or Standard; she just did her job and sold the house. C. Grievance Committee. Solved Which of the following statements Is true reqarding - Chegg accounting. REALTOR Kim can D. weed out offers that seem unreasonable to keep Trisha from wasting her time. Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. B. While doing so, the agent also works as a salesperson for a competing seller of automotive parts. Which is TRUE? D. contact Linda to let her know there is an offer. C) D. neither Brenda nor Jim. B. something that would be understood by both REALTORS and does not need to be disclosed. Real Estate Course Chapter 4 Flashcards Preview - Brainscape C. half of the commission REALTOR Nelson actually received from the seller, after he negotiated with the seller to reduce his commission. the customer. What should Erin tell Jones? The couple wants to ensure their children are raised in a diverse area. D) Qaadir hires Zaafir, a lawyer and an independent contractor, to represent him in a court case. Thus, profits vary considerably from year to year according to general economic conditions. c. accidental the sales associate was practicing puffing. both parties consent in writing to the dual agency. Who is liable? Which of the following is an INCORRECT statement regarding a principal's liability for an independent contractor's torts and contracts? The seller's agent is aware that a new landfill has been approved for development on an adjacent property but does not disclose this information to a buyer. Broker Joann. Subsequently, REALTOR Nelson sells the property to the buyer REALTOR Dee introduced to the property. D) No, Alonzo is required to post all listings in the MLS. C. obedience to the inspector. No, because REALTORS are entitled to collect some fees, which a non-member licensee is not. commingling. I recommend if you are interested, you have the house inspected by a professional. What is the best action for Dennis to take? D) I recommend if you are interested, you have the house inspected by a professional. 73. B. include persons of only one race to show the demographics of that neighborhood. 2 Which of the following committees is most like a grand jury? B. B) A. apparently limited to the open house and does not favor Roger. D. use the comment in other places on his website to help drum up new business. D. merely a mention and does not favor Broker Linda. unless it was considered puffing. Oxford University Press | Online Resource Centre | Multiple choice 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? REALTOR Jack notices the following comment posted under one of his listings on his website. Statutory law Dual Agency and Transaction Brokerage Flashcards | Quizlet 50. Lynns action is REALTOR Lisa, a property manager, researchs county records to determine the owners of multi-unit buildings. \text{Contribution margin}&\text{135,000}\\ A key element of an agent's fiduciary responsibility of loyalty is to A) reveal relevant information or material facts. a. Dual agency is a violation of real estate law.

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