B. is obligated to arbitrate only if he has a specific written agreement to arbitrate. A. 77. D) REALTORS are entitled to collect some fees, which a non-member licensee is not. With a dual agency relationship, which fiduciary duty does a client give up? Is this a violation of the Code? implications of REIT dividends for pension funds? Administrative law and canonical law A) must promote and safeguard the seller's best interests. Which of the following represents Eds fiduciary duty? a trustee. which of the following statements is true regarding the situation? D. State Licensing Board of Directors. When, how and to whom agents must reveal for whom they provide client based services. 56. A broker engaged by a buyer has the responsibility to. B. 34. buyer representation agreement. d. principal. accounting. This is a violation of the Code because C. No, but only if she doesnt solicit the listing at the same time. A. abandonment of John by Broker Judy. "The uneven floors just mean that the building dates to colonial times." Broker Nathan has a property listed for sale. REALTOR Marys next step should be to Every agency relationship has a principal, an agent, and a third party. D. are not allowed to sue each other because they are both REALTORS. It is Marys listing and she has the key; the sellers are not home but told her to show it anytime. B. telling him the lowest price Derek will take for the house, which Derek told her in confidence Being primarily responsible to the customer. D. offer to pay REALTOR John directly at the time of closing. Todds actions are considered B. Which of the following duties does Marcy NOT owe to Chad? C. Providing an opinion about the structure is outside the scope of my expertise. A licensee must be a REALTOR to sell real estate in most states. D. No, because she is a property manager and the listing agent does not offer that service. D. once it has been reviewed by the Board of Directors. REALTOR Matthew brings a complicated purchase contract to Nelson that requests partial owner financing. A) If REALTOR Shelley wishes to file an arbitration request, against whom does she file it? Linda refuses to answer Janes questions. D. weed out offers that seem unreasonable to keep Trisha from wasting her time. the broker always acts as the agent of a client or customer. General membership. REALTORS seek arbitration over monetary disputes with another REALTOR because No, because REALTORS are entitled to collect some fees, which a non-member licensee is not. D. no, because the user had the choice to click or not to click. A. C. A REALTOR may not file an ethics complaint at the same time she files a request for arbitration. In this case, the agent is on a _____, and most jurisdictions hold _____ liable if the agent injures someone while on such a mission. Only information about material defects that the agent has personally observed Sacha does not want arbitration, and both agree to get lawyers and sue one another. 72. In a dual agency, one broker or agent represents both parties in a real estate sale. C. state law requires it. A seller, anxious to sell, listed a home for $190,000 and signed an agency agreement with a broker who then told a buyer to submit a low offer. Disney tell Saul that the maximum it will pay for a 1-acre lot is $1 million. A. D. Open house in a beautiful neighborhood this Saturday!, 121. D. Article 17Arbitrate disputes, 15. B. An accounting of all monies and property relating to the engagement. Because of this statement, A. exclude any human models to avoid any kind of unnecessary bias. Identify which statement regarding this situation is TRUE. The agent's job is to sell the principal's automotive parts to auto repair shops and other purchasers. C. prepare a CMA which demonstrates the accuracy of the price. B) Broker Joann. contact the city building inspector about the defect. In a(n) _____ agency, a contracting third party does not know of either the existence of the agency or the principal's identity. C) should present to the seller only the highest offer for the property. B. respond to the author of the comment and request the author remove the comment. D. If you go hang out at the Corner Bar for one evening, that will probably tell you everything you need to know.. 83. The agent believes the seller will not accept any of the three offers. A) C. The buyer refused to negotiate with the broker. REALTORS Jona and Wally are from different states where their boards do not have an established inter-association arbitration agreement. REALTOR Antonio has a buyer agency contract, which entitles him to collect a fee. D. Loretta must disclose her interest to her clients and customers, including any financial benefit received. \text{Sporting Goods}&\text{\hspace{5pt}20,000,000}&\text{\hspace{5pt}2,040,000}&\text{\hspace{6pt}12,000,000}\\ Dual agency disclosure; A 2. . Deceitful or dishonest practices Escrowing A. ethical. An agent who represents both the buyer and the seller in a transaction is known as a: a. dual agency. All information about material defects that the agent knows or should know, What is a seller's agent required to disclose to prospective buyers about material defects in the property? Buyer Travis owns several corporations and has Broker Salvatore show him a property owned by Keith. Some states allow two sales associates in the same brokerage to represent opposing sides to a transaction without creating a dual agency by using C) 71. This is called a(n) 54. What is NOT a major method of unsmoothing a real estate index. All material facts known about the property from the seller, another agent, previous experience with the property, or researching public records. Matthew calls Jennifer to explain the details. B. disclosure of material facts. At the closing table, Howard reveals to both REALTORJane and the sellers that he has an exclusive buyer agency agreement with his client. C. just by talking to Mr. Johnson before his listing contract expired. C. a violation of the Code, despite the fact that REALTOR Nelson did have permission from REALTOR Matthew. Question: Which of the following statements Is true reqarding the practice of designated agency under North Carolina Real Estate Commission rules?O A Designated agency provides an optional method of practicing dual agency for real estate firms.O B.The designated agency concept may be utilized by a firm that does not practice dual agency. C. The introduction of the property by Morgan favors C) A broker helps a buyer and a seller with paperwork but does not represent either party. A. accounting for any deposit monies she receives from him, which are put into a separate account A. confidentiality This is an example of 59. The first committee at the local level to review an ethics complaint or a request for arbitration is the a facilitator relationship. A. Howard is Owens client. A. Olivia can take no action since Jon is the principal broker at his agency; his title gives him seniority in this situation. The next day, Howard calls Owen and tells him that he would like to make an offer on the house. A. d. has no specified term. REALTOR Frank has been trying for several months to sell the Johnsons home. D. urge the seller to update the disclosure form or have the back door repaired, 107. 141. B. contact the sellers and write the contract. A. find a third, impartial board to hold their hearing. C. Article 12Be truthful in advertising No, the fact that his daughter was the buyer is inconsequential to the transaction. It is Marys listing and she has the key; the sellers are not home but told her to show it anytime. listing agreement. 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. Grievance Committee. A. REALTOR-ASSOCIATES D) D) D. the National Association of REALTORS. B. drafting advertisements for general mailing D) D. tell the sellers to disclose the leaks, 31. loyalty. C) REALTOR Nelson has an exclusive listing contract with seller Jennifer. The rules established by tradition and court decisions are found in Broker Millie. Marty later writes a contract and a sale is made. 149. 45. A The statement is TRUE. the desire of a potential buyer or tenant to know the information. (2) Which department is most efficient at generating sales from average invested assets? B. Jon did not represent his seller as required. The agent has not violated any agency responsibilities to the seller. The fact that the introduction occurred many months ago does NOT The agent, without informing the principal, purchases the land for personal use. C) The agent tells a buyer the seller will accept up to $5,000 less than the list price. A. ask the buyers if they are exclusively represented by another REALTOR. C. both Broker Deb and Broker Steve. dual-purpose mission; both the principal and the agent. Board of Directors. Do international differences in financial leverage exist? B. REALTORS are not permitted to advertise on more than one site. personally arrange for the repairs. C. half of the commission REALTOR Nelson actually received from the seller, after he negotiated with the seller to reduce his commission. b. innocent keep all buyer requested information confidential during the engagement period. A) Based on these facts, which statement is TRUE? Dual if the buyer's inspector finds a problem, the seller does not have to disclose. D) The buyer offered $175,000 and the seller accepted. if they are only part of puffing. Buyer Travis does not own Big City Enterprises and High-Rise Corporation. An agent works for a principal that is in the business of real estate development. B. something that would be understood by both REALTORS and does not need to be disclosed. a. must have a definite termination date. A. consider how and when Amy entered the transaction. As a manager, what factor would be paramount in your mind in deciding whether to purchase the new equipment? the codified law that is a legacy of French rule. A. they have agreed in advance to arbitrate, not litigate. 4. While doing so, the agent also works as a salesperson for a competing seller of automotive parts. C) One day, she is showing REALTOR Terrys listing. Chad is a customer of Marcys. A. D) D) C. disclosing her relationship with Derek B. Exclusive neighborhood community with a Tier 1 golf club REALTOR Antonio has been asked by a listing client to prepare an opinion of value on his property. In a dual agency situation, if it is permitted by state law, a broker may represent both the seller and the buyer in the same transaction provided A. his agency. D. only consider who wrote the successful contract on the property. How should Larry respond to the question? Stan enters into an agreement with Tammy. Subsequently, REALTOR Nelson sells the property to the buyer that REALTOR Dee introduced to the property. Which of these advertisements is an example of inducement? honest and fair dealing. Jean asks Mike his opinion about the structure of the property. B. maintain confidentiality since the seller didnt mention the leak Complaints about the behavior of a REALTOR are A) She takes the people through the house and they ask Mary to write the contract. Commingling and conversion The relationship between the agent and the seller ends automatically if the purchaser submits an offer. C. You really need to consult with your attorney with questions of that nature. When considering whether or not to reveal information regarding a stigmatized property, a real estate professional should be aware of C. tell prospective buyers Trisha must sell quickly because Ed must follow all instructions of the client A. attending the Grievance Committee meetings and the Professional Standards hearings. unnecessary disclosure. Dual agency occurs when an agent is representing both the buyer and the seller. Jun 5, 2022. The next day, Broker Nan calls Buyer John. C. Great location, four blocks away from the Park and Ride A) care and skill in performance. In dual agency, an agent's actual knowledge pertains to. C. estrangement of John by Broker Nan. Which of the following is correct? At 6 p.m. the same day, the agent receives two more offers. A. Jon did not make a reasonable effort to determine if Halie has an exclusive agreement. \text{Variable expenses}&\underline{\text{\hspace{5pt}315,000}}\\ Buyer Bill. a disclosed dual agency. 69. C. Olivia may ask her REALTOR principal to request arbitration but she may not request arbitration on her own. Upon discovering a latent defect in a property, the real estate professional should discuss the problem with the seller and then A REALTOR has to decide which is more important, behavior or money, and file just one complaint. D. neither Broker Joann nor Broker Millie. 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 __________. A. ethical, because of the special rules for fraternity brothers. Several months go by without contact between Paul and Rhonda, and then Broker Steve introduces the property to Rhonda again. B. date the opinion of value was prepared B. real estate licensees may not litigate over commissions. Lynn then tells the seller she could recommend a good REALTOR there. b) An agent cannot accept commission from both parties to a transaction without his principals' consent. D) C. offering to reduce broker fees to a short sale 103. This would most likely be viewed as B. advise Holly that Linda will only take listing price; since he is Lindas agent, he has the right to do so. What should Erin tell Jones? Broker Joann admits she was an exclusive buyer agent for her client and she knew the compensation offering before showing the house. General In MOST situations, the relationship between real estate broker and seller is what type of agency? Which of the following is TRUE regarding dual agency? At the request of a client, REALTOR Marguerite provided a written estimated value of the clients property. the common law. Show an Amount column, a Per Unit column, and a Percent column on each statement. B. C. Yes, Marty should have disclosed his relationship with all parties involved when an offer was made. Statutory law The agent should have disclosed this information, regardless of its accuracy. The first thing Sam should do is 136. B) Which of these items is a REALTOR required to discover and disclose, according to Article 2 of the Code of Ethics? Did Pattys actions violate the Code? D. Yes, because Ted did not initiate the conversation. What does the phrase the law of agency is a common law doctrine mean? Which of the following is considered dual agency? 2 Which of the following committees is most like a grand jury? Buyer Kathy contacts Seller Dean about buying his property. 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 she can help her buy the property. To get the answers she needs, Jane may C. No, but only if she doesnt solicit the listing at the same time. both parties consent in writing to the dual agency. 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. 5. Dual agency exists when a real estate broker represents both parties in a transaction in a fiduciary capacity. C. Grievance Committee. C) Call me in a week and Ill tell you my opinion of Bill and what your next steps should be. Care Seller George paid for a home inspection on his house for a prospective buyer. A. D. Yes, because REALTORS are prohibited from receiving compensation from more than one party. C. more compelling than any efforts made after the open house by Paul and it favors Roger. Compute profit margin and investment turnover for each department. The agent has not violated any agency responsibilities to the seller. REALTOR Frank holds an open house for a client on a rainy day and discovers a window leak. disclosure. This is Carlos tells Jan that the property is not available for showing today but will be available in a week. Common law, statutory law, and administrative law. Arbitration deals with monetary disputes only and could also be initiated by or made against a customer, client, or non-member broker. B. Olivia may ask her REALTOR principal to initiate litigation but she may not initiate litigation on her own. an attorney-in-fact. how an implied agency may occur. C) Buyer Holly contacts Sam indicating that she has seen the house Linda is selling and would like to make an offer. D. ratifying the findings of the Professional Standards Hearing Panel and hearing appeals from either party. A) All information about material defects that the agent knows or should know B) D. Paula is simply expressing her personal opinion, which she is entitled to do. At the closing table, Howard reveals to both REALTOR Jane and the sellers that he has an exclusive buyer agency agreement with his client. Click the card to flip Flashcards Created by This relationship is when, how, and to whom agents must reveal for whom they provide client-based services. Broker Deb. REALTOR Jack notices the following comment posted under one of his listings on his website. An agent must supply a written Agency Disclosure: b. to a seller before listing a property or to a buyer before writing an offer. all client information to be kept confidential forever. D. unprofessional behavior. REALTOR Bill finds out about the contact and accuses Melanie of trying to steal his client. 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. A) the buyer and the seller are represented by the same company. D. Olivias client would have to request arbitration on her behalf; she may not request arbitration on her own. a criminal registry that is maintained by state real estate offices. Generally, a principal is liable for the torts of its independent contractors. B) B. A. has no business concerning himself with the other REALTORs contract; it is none of his business. C. only consider who made the initial introduction to the property. A. C. panic selling. B. once it has been reviewed by the Grievance committee Absolutelythis is a community property state. D. REALTOR Clarence is the respondent. A. proof of clear title on the property being primarily responsible to the customer. 128. B. providing the standard professional service expected 38. REALTOR Kara posts an ad claiming the most you will be charged is a $5,000 commission. 1. Which of the following duties does Marcy NOT owe to Chad? When a REALTOR only has a contract with a buyer; he is only permitted to collect a fee from the buyer. No, because customers get special treatment over other REALTORS. Did Pattys actions violate the Code? A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. REALTOR Erin has been selling and listing residential properties for about a year. This is called a(n) stagnant properties. D) even if unintentional. B) D. Sarahs client would have to request arbitration on her behalf; Sarah may not request arbitration on her own. question. 55. D) A) B) What is the probability that fatality resulted from this cause? Pete learns that the buyers have an exclusive agreement that expires in two months with REALTOR Ryan, employed by a competitive brokerage. C. A REALTOR accepts an undisclosed fee from a buyer while serving as a listing agent for the seller. REALTOR Marys next step should be to A real estate broker hired by an owner to sell a parcel of real estate must comply with The agent tells a buyer the seller will accept up to $10,000 less than the list price. B. Olivia may ask her REALTOR principal to initiate litigation but she may not initiate litigation on her own. He needs to sell the commercial property and asked Erin if she would be the listing agent. The broker has violated the agency relationship with the seller. C) avoid conflicts of interest. depositing money in an interest-bearing trust account. D. neither Jane nor Paul. The individual who is authorized and consents to represent the interests of another person in dealings with a third person is Tom is not meeting her expectations, so she terminates the employment relationship. the seller must disclose, but the broker has no obligation to disclose. Which of the following duties does Marcy NOT owe to Chad? Choices (A), B. D. a violation of the Code; REALTOR Matthew did not have permission from REALTOR Nelson to contact Jennifer. REALTOR Crystal went door-to-door in a particular subdivision asking homeowners if they were interested in selling because the ethnic make-up of the neighborhood is changing. Smitty tells Brad to call Ted and present it himself. not required to disclose the information because the agent has no agency relationship with seller. What is the carrying value of Mineviks total inventory as of December 31, 2013? never. Disclosure When Todd finished his degree in marketing, he started a career as a REALTOR. B. extended an offer of cooperation to another broker, which is not a violation of the Code. Patty prepares a CMA prior to the appointment, and then shows the property to her prospect, buyer Larry. 80. 75. a. fraudulent 26. She negotiates the offer with buyer Dan, who offered less than asking price. As a general rule, dual agency is permissible. B. property profiling. Which is TRUE? a fiduciary. She then cross-references that list with the list of properties currently in the MLS, sending letters only to those sellers whose properties are listed for sale. REALTOR Paula reads the personal statistics posted on REALTOR Neils Internet blog and posts this comment on his blog: Well, Mr. Smarty-Pants, we could all have the same stats you do if we consistently underpriced every listing we sold. D) REALTOR Patty has an appointment to show REALTOR Katies listing. The buyer entered into a contract that stipulated that the broker had not been involved in the transaction. 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. REALTOR Dee shows a property listed by REALTOR Nelson. Article 3Cooperate with other REALTORS A principal is not free to revoke an agency relationship in all circumstances. c. agent. C) Which. A. not a violation of Code, because it targets listed properties. C. offer to pay a bonus commission to REALTOR Millie if REALTOR John sells the house. A person who authorizes another to act in his or her place in regard to relations with third persons is the: A) You are simply a bottom feeder! Identify which statement is true.
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