can accept an offer on behalf of the seller. Broker Paul files arbitration against Steve, claiming he introduced the property to Rhonda. A. allowable because the offer had already been presented and Matthew is just adding information. 55. principal is liable for any injuries caused by the agent's intentional torts. a. broker. D) B. D. do not have the option of arbitration through the local Association of REALTORS. 52. 59. B) Which of these statements is an ethical practice by a REALTOR? disclosure. I recently toured this home with REALTOR Jordan. D. tell the sellers to disclose the leaks, 31. While driving to the courthouse to represent Qaadir at trial, Zaafir negligently causes an automobile accident in which Maali is severely injured. A) B. B) C. documentation of what the opinion is based on B) D. neither Jane nor Paul. Sometimes principals request that agents run errands or conduct other acts on their behalf while the agent or employee is on personal business. D) B) Dual agency must be disclosed to both parties in a real estate sale Show Result EXPLANTION: At least one party must be a REALTOR in order to go through the arbitration process. Dual agency is legal in all 50 states. All material facts known about the property from the seller, another agent, previous experience with the property, or researching public records. \end{array} C. litigate any differences. #1. Jordan is a lawyer who has her own law firm and specializes in real estate law. Dylan, a real estate developer, hires Jordan to represent him in the purchase of land. B. recorded deed restrictions C. mediation. Which of the following results is NOT an implication of the smoothing of real estate Broker Ken showed a property to buyer Lori. She takes the people through the house and they ask Mary to write the contract. B. not a violation of Code, even if some of the recipients have their homes listed for sale. B. Ann cannot file multiple complaints against Marge over this one event. 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. C. demand that Sherry split the commission with Vinod. Agency relationships in real estate are regulated by which kind of law? B. something that would be understood by both REALTORS and does not need to be disclosed. D. merely a mention and does not favor Broker Linda. Upon discovering a latent defect in a property, the real estate professional should discuss the problem with the seller and then. C. made a great decision. which of the following statements is true regarding the situation? A. not timely disclosure per the requirements of the Code. B. disclosure REALTOR Kevin, representing buyer Susan, shows one of REALTOR Craigs listings. C. You really need to consult with your attorney with questions of that nature. 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. 124. What does the phrase the law of agency is a common law doctrine mean? Identify which of the following inducements is prohibited. C. a client only during the professional relationship between the client and the REALTOR. D. unethical, because some of the people who get the e-mail may already be in an exclusive listing agreement. At the closing table, Marty tells Caroline and the seller that the buyer is actually his daughter. The agent is D) 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 Board of Directors. This fact favors A) Most people familiar with the housing market know that a buyer's agent . C. Melanie must confirm that the agency relationship between the buyers and REALTOR Bill has terminated. REALTOR Bill is representing sellers Sue and Sam, who are divorcing. D. REALTOR. Which event will terminate an agency in a broker-seller relationship? A) Betty could be released from the agency agreement and seek representation from another broker. 3 The last group at the local level to review an ethics complaint is the a. B. contact the sellers and write the contract. D. Yes, because she does not have permission from REALTOR Katie. Jack should disclosure of material facts that the agent knows. REALTOR Marys next step should be to personally arrange for the repairs. C) not required to disclose the information because the agent has no agency relationship with seller. B) Buyers hire an agent to help them purchase a home and want seller financing because they filed for bankruptcy two years ago. A. quality of title to the property A. Sarah can take no action as Thomas is the principal broker at his agency; his title gives him seniority in this case. A sellers agent is expected to disclose information about material defects in the property to prospective buyers. Disclosure was improper and possibly illegal, regardless of the agent's motive. Dual agency disclosure; A 2. . A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. C. Grievance Committee. a latent defect. Which of the following is NOT a common type of breach of the agent's duty of loyalty to the principal? D) a state registries of residential information on sex offenders. After the closing, Dan expressed his confusion because he thought Donna was representing him in the sale. Disney tell Saul that the maximum it will pay for a 1-acre lot is $1 million. Marty makes arrangements with the listing agent, REALTOR Caroline, to show the property. B. Nan has an exclusive, current, valid agreement with Bob. if there is no intention to deceive. 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? 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", _____. C. The sellers agent has authorized the buyers agent to speak to the seller. D. neither Broker Deb nor Broker Steve. A) REALTOR Brian has filed an ethics complaint against REALTOR Clarence. A. accounting for any deposit monies she receives from him, which are put into a separate account C. not a true picture. C. disclosing her relationship with Derek B) Lynn then tells the seller she could recommend a good REALTOR there. 139. 68. C. both Buyer Bill and Broker Anne. and disclose all facts concerning the property. B. the co-operating commission originally offered by Nelson. B. D. Yes, because REALTORS should not misrepresent the availability of access. D. are not allowed to sue each other because they are both REALTORS. C. the principal Conflict of interest is inherent in a dual agency arrangement. 147. legislative law. The agent is. Broker Deb. A) C. strongly favor Paul. D. Donna has violated the Code by not making it clear to buyer Dan that she was representing the seller. Chad is a customer of Marcys. The couple wants to ensure their children are raised in a diverse area. Broker Nathan has a property listed for sale. The agents fiduciary relationship of trust and confidence with the principal means that the broker owes the principal certain specific duties. After the closing, Melanie visits the buyers in their home and asks if they have any questions or need any information about the community. Common law and representative law Which of the following scenarios MOST accurately describes the typical income tax stagnant properties. It is legal in all states. A) the codified law that is a legacy of French rule. As a general rule, dual agency is permissible. B. Compute profit margin and investment turnover for each department. C. Yes, Marty should have disclosed his relationship with all parties involved when an offer was made. The structure does not seem sound and I would not purchase this house. REALTOR Eddie believes that REALTOR Sacha sold his client a house. 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. 33. Which of the following is TRUE about the difference between a special agent and a general agent? B. have his friend offer to buy the house at a lower price since Trisha must sell the house quickly The relationship between the agent and the seller ends automatically if the purchaser submits an offer. B. unethical. Article 11Provide the standard of professional service expected Which of the following is an INCORRECT statement regarding misuse of confidential information and the agent's duty of loyalty? A. abandonment of John by Broker Judy. A. order the seller to disclose the leak c. is 90 days after the listing agreement is signed. REALTORS are prohibited from receiving compensation from more than one party in a transaction. A. once it has been filed B. not a violation of the Code as REALTOR Terry doesnt know any agents in Hawaii. When preparing an opinion of value, REALTORS are required to Click the card to flip . A) C. Yes, Tamika should have just asked the owners, who were in the driveway when she was there. A licensee must be a REALTOR to sell real estate in most states. Tamika calls Alonzo to find out if the property is exclusively listed and, if so, when it expires. Broker Deb. She negotiates the offer with buyer Dan, who offered less than asking price. D. tell a client that a contract is valid, void, or voidable, 41. Licensees in both brokerages are REALTORS. Deceitful or dishonest practices REALTOR Loretta has a large brokerage that includes an in-house mortgage lender, an in-house title company, and she offers home warranties through her company. REALTOR Sam represents seller Linda. the principal. Sign it in a few clicks Draw your signature, type it, upload its image, or use your mobile device as a signature pad. C. avoid the subject of the back door and if it comes up, lie REALTOR Howard has an exclusive representation agreement with a buyer. An accounting of all monies and property relating to the engagement. A) A) Broker Jim introduces buyer Ken to a property and keeps in touch with him. dual agency. Which item is considered outside the scope of a real estate license, according to Article 2? Compare our rates to others This ad is C. a 20% referral fee. C) The agent, without informing the principal, purchases the land for personal use. C. Ann does not have to cite her reasons for filing an ethics complaint against Marge. The broker can disclose confidential information about the seller to a buyer if it increases the likelihood of a sale. B. Loretta may not market these auxiliary services to buyers or sellers using her company. A. have the opinion verified by an appraiser. A. advise Susan of the commission differential. D. Jon is simply being aggressive, which is permissible. B. Jack B. broker Jim. A third party who owns and wants to sell his vacant land tells an agent of the principal of the availability of the land. A) A real estate broker acting as the agent of the seller B) Which of these advertisements is an example of inducement? C) A broker helps a buyer and a seller with paperwork but does not represent either party. C. a violation of the Code, despite the fact that REALTOR Nelson did have permission from REALTOR Matthew. 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. The broker has violated the agency relationship with the seller. D. Melanie should not solicit a buyer agreement with these buyers. B) D. use the comment in other places on his website to help drum up new business. D. notifying him of all known material facts. All material facts known about the property from the seller, another agent, previous experience with the property, or researching public records. You buy a new piece of equipment for $16,230\$16,230$16,230, and you receive a cash inflow of $2,500\$2,500$2,500 per year for 121212 years. No, because REALTOR Katie is obviously clueless about how to price a property. In this case, the agent is on a _____, and most jurisdictions hold _____ liable if the agent injures someone while on such a mission. B. like the United States Constitution and Bill of Rights, fairly immutable. obedience. The federal legislation known as Megan's Law has promoted the establishment of 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 __________. REALTOR Marcy listed Dereks home, thus creating an agency relationship in which she owes fiduciary duties to Derek. The marketing manager claims this new approach would increase unit sales by 30% without any change in selling price; the companys new monthly fixed expenses would be $180,000; and its net operating income would increase by 20%. No. Common law A. appeals complaints. \text{Electronics}&\text{\$\hspace{1pt}40,000,000}&\text{\$\hspace{1pt}2,880,000}&\text{\$\hspace{1pt}16,000,000}\\ In a real estate transaction the customer is considered the: B. neither broker. 10/22 newly C. Yes, because Ted did not give his consent to talk to Brad. What is Franks duty? B. maintain confidentiality since the seller didnt mention the leak A. racial segregation. The agent believes the seller will not accept any of the three offers. When a REALTOR only has a contract with a buyer; he is only permitted to collect a fee from the buyer. D. putting contracts in writing. B. REALTORS seek arbitration over monetary disputes with another REALTOR because A. ask the buyers if they are exclusively represented by another REALTOR. If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold, agent for Walt Disney," _____. C) 149. B) A. A. dictatorial business. C. maintain the confidentiality of the information B. each state association of REALTORS. D. Article 14Arbitrate disputes. The broker is obligated to render loyalty to the seller. What is Barbaras duty? 70. A. exclude any human models to avoid any kind of unnecessary bias. C. No, but only if she doesnt solicit the listing at the same time. D. neither Broker Joann nor Broker Millie. Jaybird was required to make a no brokerage disclosure before letting the buyer enter the open house; REALTOR Antonio has been asked by a listing client to prepare an opinion of value on his property. A. a. Dual agency is a violation of real estate law b. REALTOR Kara posts an ad claiming the most you will be charged is a $5,000 commission. The buyers agent is also the sellers agent, acting as a disclosed dual agent. This relationship is C. not run the ad at all. Which one of the following statements regarding the duties of an agent is NOT true? C) In an arbitration dispute, the fact that Jim initially introduced Ken to the property favors C) contact the city building inspector about the defect. Principals are generally liable if an agent's frolic and detour is substantial. In a(n) _____ agency, a contracting third party does not know of either the existence of the agency or the principal's identity. an agency. D. The seller initiates direct contact with the buyers agent. A. disclosing his true position. The best solution available to Tim is to (C). To settle this agreement, they can D. Visit our website at www.tinytownrealestate.com for special offers!, 39. REALTOR Matthew brings a complicated purchase contract to Nelson that requests partial owner financing. ", Which of these statements could be negligent misrepresentation? B. a client during and following the termination of the professional relationship between the client and the REALTOR. 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. B. With a dual agency relationship, which fiduciary duty does a client give up? A. has no business concerning himself with the other REALTORs contract; it is none of his business. Bettys answer should be No, Tamika is permitted to call Alonzo to get the information she needs. implied agreement. In fact, the view includes the river and the back of a shopping center. Patty prepares a CMA prior to the appointment, then shows the property to her prospect, buyer Larry. Broker Millie. A. not practicing law B. extended an offer of cooperation to another broker, which is not a violation of the Code. A. confidentiality Which of the following is not true regarding dual agency? D. Seller Keith had no knowledge of Salvatores efforts with Travis. 72. C) A. Olivia can take no action since Jon is the principal broker at his agency; his title gives him seniority in this situation. C) A) A young couple is looking for a new house. B. D) A. Sarah can take no action as Thomas is the principal broker at his agency; his title gives him seniority in this case. the destruction of the property. the statutory law that is enacted by the legislature. C. Sarah may ask her REALTOR principal to request arbitration but Sarah may not request arbitration on her own. A. chosen to work hard for his new broker Ethan, which is not a violation of the Code. The broker has violated the agency relationship with the seller. not required to disclose the information because the seller might reject the offer. Sara, a licensee, is helping customer Mark find a house? Later, Ben, who was seated at the same table with Linda, buys the house from Broker Andrew. A. A. C. the principal If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold," _____. The sales associate was practicing puffing. An open listing is an exclusive contract. In MOST situations, the relationship between real estate broker and seller is what type of agency? C. obedience to the inspector. Questions Only No, Alonzo is required to post all listings in the MLS. Scott is in violation of the Code because C. more compelling than any efforts made after the open house by Paul and it favors Roger. 43. Yes, Antonio only has a contract with the buyer; therefore, he is only permitted to collect a fee from the buyer. D. once it has been reviewed by the Board of Directors. A) Edit your form online Type text, add images, blackout confidential details, add comments, highlights and more. An agreement that is specific in its terms and conditions is considered Given this information: What cause of fatality is least likely to occur? Common law, statutory law, and administrative law. A) \text{Sales (15,000 units X \$30 per unit)}&\text{\$450,000}\\ 93. He needs to sell the commercial property and asked Erin if she would be the listing agent. C. No, but only if she doesnt solicit the listing at the same time. REALTOR Kim has a listing on a property and REALTOR John, a sales associate for REALTOR Millie, makes an appointment to show it. D. Paula is simply expressing her personal opinion, which she is entitled to do. Which of these items is a REALTOR required to discover and disclose, according to Article 2 of the Code of Ethics? A REALTOR principal receives an offer on one of her listings. a) The partners are under a duty to account for any profits made whilst competing with the firm. Contract law, common law, and business law 27. 5. D. Yes, Marty should not have said anything to the other REALTOR and the seller at the closing. REALTOR-ASSOCIATE Olivia believes that REALTOR Jon from another agency sold a house to her client and that she was the procuring cause of the sale. B. Identify which statement regarding mediation is TRUE. It is part of a body of law established by tradition and court decisions. C. prepare a CMA which demonstrates the accuracy of the price. Eddie and Sacha C. panic selling. 134. 136. The listing broker and the seller find a small roof leak in the attic. REALTOR Jack notices the following comment posted under one of his listings on his website. Is Brad violating the Code if he calls Ted? A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. Broker Amy discovers that buyer Lori has looked at a property with Ken and tells Lori that she is also in the real estate business and can help her buy the property. 63. C. REALTOR principal and REALTOR-ASSOCIATES jointly 1. Maria tells her agent in confidence that she must sell fast and may accept less than the list price. The Federal Fair Housing Law prohibits me from discussing the racial composition of the neighborhood. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property, with an express agreement that the agent will not disclose the existence of the agency to a third-party seller. Buyer Bill. The structure does not seem sound and I would not purchase this house. A. Donna has not violated any Article or Standard; she just did her job and sold the house. 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. Thus, profits vary considerably from year to year according to general economic conditions. B. A. universal agency. loyalty to the principal's interests unless they conflict with the agent's interests. A. local REALTOR Jane notices a home in her market area listed with REALTOR Lindas name on it. A) A. 133. C. not a true picture. 16. D. comparative financial analysis. B. by not informing Frank that he had signed a contract with Mr. Johnson C. Mediation is not a method of dispute resolution preferred by the National Association of REALTORS. D. neither Buyer Bill nor Broker Anne. Linda refuses to answer Janes questions. A. beautiful home in an exclusive neighborhood A. not consider how and when Amy entered the transaction. casual statement - a licensee might unwittingly become a consumer's agent. Broker Ken showed a property to Buyer Lori. B. REALTOR Brian is the respondent. D) A. attending the Grievance Committee meetings and the Professional Standards hearings. D) B. B. REALTOR Juan hosts several websites aimed toward different types of buyers. C. The dual agent must have the written consent of both parties. a disclosed dual agency. 116. A. his agency. B. have two brokers sign off on it. A. contact Sam and ask him the nature and terms of any agreement he has with the Byers A) A real estate professional's representing more than one principal B) Two brokerage companies cooperating with each other C) A real estate professional's acting for both the buyer and the seller in the same transaction D) A real estate professional's listing and then selling the same property A C. avoid the subject of the back door and if it comes up, lie 30. B) A. favor either party. The notes to its financial statements state that 2013 Cost of Sales includes a SEK281 million write-down of Finished Goods inventory. Which statement is TRUE of a real estate broker acting as the agent of the seller? How is the NCREIF Property Index calculated? A. each members conscience. Jane could not find the property listed in the MLS. A. Twenty years ago, a former occupant of the house committed suicide in the house. A. find a third, impartial board to hold their hearing. C. really none of REALTOR Janes or her clients business. A. The party who employs an independent contractor is called a(n) _____. REALTOR Nathan has a website with extensive listing information. A. Howard is Owens client. B. homeowners selling at a below market value because the demographics of the neighborhood is changing C. draw up the paperwork on Hollys offer. No, because the selling agent can change his mind. B. telling him the lowest price Derek will take for the house, which Derek told her in confidence A. an introduction and favors Andrews side. InvestmentCenterSalesIncomeAverageInvestedAssetsElectronics$40,000,000$2,880,000$16,000,000SportingGoods20,000,0002,040,00012,000,000\begin{array}{lccc} a fiduciary. B. Which of the following is a way to create an agency relationship? D) B) D. Nan worked with Bob first. prohibited in all states because a broker must always represent one party. A) C) New equipment has come onto the market that would allow Morton Company to automate a portion of its operations. A. ethical, because of the special rules for fraternity brothers. She tells REALTOR Ed, in confidence, to do whatever it takes to sell her house. C) All information about material defects that the agent knows or should know B. providing the standard professional service expected Is this a violation of the Code? Keeping both paper and digital copies of important documents is always a safe idea! C. member associations, individually. C) Subsequently, REALTOR Shelley claims that she represented Buyer Jack. Subsequently, REALTOR Nelson sells the property to the buyer REALTOR Dee introduced to the property. He identified himself as a REALTOR but he acted solely as a principal in the transaction. If another brokerage wants to show the property, what is the listing brokers responsibility? A person who may be affected by the terms of an agreement, but who is not a party to the agreement is known as the: A. The local association of REALTORS must offer mediation to both parties before an arbitration hearing is held. Broker Steve has brought arbitration against Broker Deb. The National Association of REALTORS Code of Ethics is A) The broker can agree to a change in price without the seller's approval. 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? C) avoid conflicts of interest. 119. B. is obligated to arbitrate only if he has a specific written agreement to arbitrate. Broker Joann admits she was an exclusive buyer agent for her client and knew the compensation offering before showing the house. Dylan is the _______, and Jordan is the ________. 101. Misstatements about the property 142. REALTOR Antonio has a buyer agency contract, which entitles him to collect a fee. Both information the seller has provided the agent, and material defects that the agent has personally observed obedience. D. If you go hang out at the Corner Bar for one evening, that will probably tell you everything you need to know.. After Mikes listing contract expires, Dean sells the property to Kathy. B. REALTOR principal or the firm itself D. all parties to a transaction. The buyer brokerage receives compensation from the listing brokerage and from the buyer at close of escrow. Minevik reported Cost of Sales for 2013 of SEK57,222 million. REALTOR Jeffrey is preparing a new advertisement for the Sunday paper that will have pictures of people enjoying the neighborhood community pool. D. Melanie should not solicit a buyer agreement with these buyers. a fiduciary. "The size of the bedrooms makes them wonderfully cozy and perfect for your children." A. Is this a violation of the Code? D) sales associates are agents of the broker. REALTOR Joe discovers that REALTOR Ed filed an ethics complaint against him and that REALTOR Ralph will be a witness in the hearing. 128. must promote and safeguard the seller's best interests. A. D. do not have the option of arbitration through the local Association of REALTORS. B) A. Nan did not sign a contract with Bob. A. an image of the REALTORs license. Broker Mike introduced Kathy to the property. 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. REALTOR Loretta has a large brokerage that includes an in-house mortgage lender, an in-house title company, and she offers home warranties through her company. In a simple random sample of U.S. purchasing managers, 70 out of the 200 are females. Each party must be informed he will not receive. Did Antonio violate the Code? The seller tells REALTOR Lynn that she is relocating to Hawaii. The broker is guilty of intentional misrepresentation. D. refuse to return calls of the agent involved so as not to have to decide, 22. D. Olivias client would have to request arbitration on her behalf; she may not request arbitration on her own. b. agent. D) the seller and the buyer are represented by different companies. C) D. what is required by the Code. the sales associate was practicing puffing. Board of Directors unnecessary disclosure. Which of the following statements is TRUE? 57. Jones owns a small auto dealership, which he wants to relocate closer to his new home. local registries of residential information on sex offenders. D. targeted sales. D. only if he initiated the contact with Mr. Johnson. A. find a third, impartial board to hold their hearing. D)
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