Elizabeth leases the property from Broker Jane. C. property taxes REALTORS Jona and Wally are from different states where their boards do not have an established inter-association arbitration agreement. Im certain I could sell your house., 89. Solved Which of the following statements about dual agency - Chegg In an exclusive listing, as a matter of law, a listing between the broker and seller: B) The buyer entered into a contract that stipulated that the broker had not been involved in the transaction. commingling. The broker is merely puffing. C. prepare a CMA, which demonstrates the accuracy of the price. D) D. 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 All material facts known about the property from the seller, another agent, previous experience with the property, or researching public records. sales associates are agents of the broker. A. once it has been filed C) The laws enacted by a legislature make up A. Howard is Owens client. 02. D. REALTOR Clarence is the respondent. C. REALTOR-ASSOCIATE. B. respond to the author of the comment and request the author remove the comment. Refer to the income statements in (1) above. C. both Brenda and Jim. B. pay both Sherry and Vinod a full commission. B. discrimination. D) The buyers agent is also the sellers agent, acting as a disclosed dual agent. REALTOR Jane notices a home in her market area listed with REALTOR Lindas name on it. C. Donna has violated the Code by not getting informed consent from both buyer and seller to be a dual agent. B. Nathan, as the listing broker. A) Oxford University Press | Online Resource Centre | Multiple choice DBA accounting. A. cannot arbitrate if he is a principal in the transaction. 70. D. Yes, Tamika violated the Code because contacting the listing agent is never allowable. Dual agency is legal in all 50 states. only Disney is liable on the contract if Disney ratified the contract. Administrative law and canonical law Lori subsequently meets Broker Amy, whose son plays ball with Loris son. A. C. arbitrating disputes Eddie and Sacha Article 11Provide the standard of professional service expected B. ethical, because this is considered a general announcement. of the following is not true regarding dual agency? \end{array} C) unless it was considered puffing. 6. A. state registries of residential information on sex offenders. D) B. REALTORS are not permitted to advertise on more than one site. What should Erin tell Jones? D. false advertising. statutory law. D. panic selling. Which of the following is correct? A) required to disclose the information because it is a material fact important to the seller. 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. B. maintain confidentiality since the seller didnt mention the leak Dual Agency: Learn The Rules In Your State - Clever Real Estate When preparing an opinion of value, REALTORS are required to A. no, because Nathan is not responsible for how the website functions What is Barbaras duty? C. remove the comment immediately. A. will have years of arbitration ahead of them. A. Brianna A) 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. a federal registry of residential information on sex offenders. D. neither Broker Joann nor Broker Millie. B. A REALTOR can recommend another REALTOR to a client who mentioned she is relocating out of state. an implied agreement. B. REALTOR Brian is the respondent. In a real estate transaction the customer is considered the: A. ask the buyers if they are exclusively represented by another REALTOR. D. neither Buyer Bill nor Broker Anne. D) This is an example of Because of this statement, C) C. once it has been reviewed by the Ethics committee Misstatements about the property 4. 01. REALTOR Antonio has been asked by a listing client to prepare an opinion of value on his property. D. a violation of the Code as Lynn must first have Terrys permission before making a referral. The agent gives the offer to the seller, who asks to consider it for 24 hours. A. favor either party. A. Neil is in violation of Article 15 for not blogging about REALTOR Paulas successes. C. other REALTORS. C. may not arbitrate as he does not belong to the local association. The individual who is authorized and consents to represent the interests of another person is, The relationship in which the agent is held in a position of special trust and confidence by the principal is, Buyers hire an agent to help them purchase a home and want seller financing because they filed for bankruptcy two years ago. Is Brad violating the Code if he calls Ted? B. care and skill in performance. 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," _____. Later, Ken meets Broker Brenda at a party and is persuaded to let her represent him in the purchase of the property. D. The seller initiates direct contact with the buyers agent. C. Yes, because REALTORS are not permitted to use county records for such purposes. 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. an agency. A) b. is three months. 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) B. include persons of only one race to show the demographics of that neighborhood. In an arbitration dispute, the fact that Linda mentioned the property is considered Mikes answer should be B. REALTOR Brian is the mediator. D) B) Howard walks through a home listed by Owens agency during an open house. B. REALTOR Scott has several websites, each directed at various niches, such as first-time buyers, seniors, etc. C. mediation. REALTOR Antonio has a buyer agency contract, which entitles him to collect a fee. Refer to the original data. C. only consider who made the initial introduction to the property. A REALTOR principal receives an offer on one of her listings. Broker Millie presents as evidence the listing in the MLS with no compensation offered to a buyers agent, only offered to sub-agents. the death of either party. B. Jack 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. 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. Chapter 7 Review Quiz Questions Flashcards | Chegg.com A real estate professional's duties to a customer do NOT include A. keep the comment posted; it only helps his business and, after all, he didnt write it. 27. D) A) The relationship between the agent and the seller ends automatically if the purchaser submits an offer. B) Yes, because she is targeting properties already listed and offering brokerage services. Asset-liability management There are two separate brokerages. REALTOR Jeffrey is preparing a new advertisement for the Sunday paper that will have pictures of people enjoying the neighborhood community pool. 5. What is the internal rate of return? Common law, statutory law, and administrative law. The first committee at the local level to review an ethics complaint or a request for arbitration is the A. Nelson informs Matthew of the rejection, and Matthew believes Jennifer did not understand the details of the contract. B) D) B. Disclosure Broker Pauls efforts favor This is an example of both parties consent in writing to the dual agency. C. panic selling. Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. C. The buyer refused to negotiate with the broker. Principals are generally liable if an agent's frolic and detour is substantial. Identify which statement regarding this situation is TRUE. \text{Contribution margin}&\text{135,000}\\ Who is liable? A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. Because the property is being sold "as is," 130. This relationship is B. providing the standard professional service expected 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. d. has no specified term. After the closing, Eddie calls Sacha to discuss the matter. What Is Dual Agency? When Agent Reps Both Buyer and Seller - Realtor.com Mikes answer should be If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold, agent," _____. B. sign the Byers to an exclusive buyer agency agreement A) While REALTOR Mary is putting a sign on a property, a couple pulls up in a car and asks if they can see the property. REALTOR Devon traveled to another state where he bought a property for himself. I have no experience selling commercial properties but I would be happy to take on the challenge. A) When, how and to whom agents must reveal for whom they provide client based services. C) Identify which statement is true. Which statement is TRUE of a real estate broker acting as the agent of the seller? C. really none of REALTOR Janes or her clients business. D. no, because the user had the choice to click or not to click. C. really none of REALTOR Janes or her clients business. 03. how a customer is differentiated from a client. Broker Steve. Share your form with others Send it via email, link, or fax. No, the fact that his daughter was the buyer is inconsequential to the transaction. A real estate professional's acting for both the buyer and the seller in the same transaction. C. estimated market evaluation. THIRD PARTY. A. beautiful home in an exclusive neighborhood only if intentional. If the two parties go to mediation and do not resolve the dispute, they are no longer entitled to arbitration. A. Melanie can only talk to these buyers if they contact her. a. must have a definite termination date. C. Kathy and Dean had previous dealings with each other. It is Marys listing and she has the key; the sellers are not home but told her to show it anytime. REALTOR Nathan has a website with extensive listing information. required to disclose the information under the Fair Credit Registry Act. Donna, representing the seller, holds firm and gets Dan to buy at asking price. Common law B. advise Susan of the commission differential and renegotiate his fee. the sales associate is guilty of fraud only if the buyer purchases the house. He sends letters only to those homeowners whose properties he has previously appraised. A broker helps a buyer and a seller with paperwork but does not represent either party. 36. Did Marty violate the Code? Identify which statement regarding complaint filing is TRUE. Lets not worry about that todaylets wait until we sell your house, then well figure it out. B. Care C) C. The price that the sellers told the agent is their minimum selling price. A) A broker acting for both parties in the same transaction, B) A broker representing more than one principal, C) A broker listing a property and then, after it is relisted with another broker, selling the same property, D) Two brokerage companies cooperating with each other, The laws enacted by a legislature make up, The relationship of broker to client in an agency relationship is that of. Broker Deb admits that she extended an offer of cooperation and compensation to Broker Steve. C) C. both Broker Joann and Broker Millie. B. an introduction and favors her side. Such being the case, dual agency was revoked in the . In an arbitration dispute, the fact that Jim initially introduced Ken to the property favors 14. A. confidentiality C) D) REALTORS Jona and Wally are from different states where their boards do not have an established inter-association arbitration agreement. D. tell a client that a contract is valid, void, or voidable, 41. D. Seller Dean was not free to sell the property on his own. REALTOR Ann is furious when she discovers that REALTOR Marge sold a listing to one of Anns clients. The broker expends considerable time and money advertising and showing the house and obtains several offers. A. find a third, impartial board to hold their hearing. Lynn then tells the seller she could recommend a good REALTOR there. The seller didnt mention this before the open house. Identify which statement regarding this situation is TRUE. D) REALTOR Kim can the seller must disclose, but the broker has no obligation to disclose. Being primarily responsible to the customer. The broker is guilty of intentional misrepresentation. not required to disclose the information because the seller might reject the offer. Broker Ken showed a property to buyer Lori. not required to disclose the information because the agent has no agency relationship with seller. InvestmentCenterSalesIncomeAverageInvestedAssetsElectronics$40,000,000$2,880,000$16,000,000SportingGoods20,000,0002,040,00012,000,000\begin{array}{lccc} 79. The broker can disclose confidential information about the seller to a buyer if it increases the likelihood of a sale. Board of Directors. C. Yes, Marty should have disclosed his relationship with all parties involved when an offer was made. A) It is part of a body of law established by tradition and court decisions. Some states allow two sales associates in the same brokerage to represent opposing sides to a transaction without creating a dual agency by using In the common law of agency, an agent owes the principal all of the following EXCEPT B) In a real estate brokerage, If two licensees, who are not REALTORS, have a monetary dispute, they She negotiates the offer with buyer Dan, who offered less than asking price. inform any prospective buyers of the defect. D. Article 14Arbitrate disputes. The party who employs an independent contractor is called a(n) _____. The principal is looking for vacant land to purchase to develop. Sign it in a few clicks Draw your signature, type it, upload its image, or use your mobile device as a signature pad. D. Randy, 84. C) Which of the following is not true regarding dual agency? C. the principal 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. Which of the following does NOT indicate a buyer trying to freeze out a broker? 118. B) Broker Joann. A. has no business concerning himself with the other REALTORs contract; it is none of his business. B. The best solution available to Tim is to C. explaining to a customer why a contract cant be enforced Compare our rates to others This ad is An accounting of all monies and property relating to the engagement. 138. The dual agent may reveal to the seller the maximum the buyer is willing to pay. B) B) A. a buying customer in a transaction. D. the same as if Roger had found the buyer independently and shown the property by appointment; it favors Roger. Broker Paul later brings a sales agreement on the property from one of the attendees of the open house. A. disclose the existing accepted offer D. half of the commission REALTOR Nelson actually received from the seller after he negotiated with the seller to reduce his commission. D. Melanie should not solicit a buyer agreement with these buyers. D. tell the Byers to call Sam to find out the nature and terms of any agreement they have with Sam. 80. Scott is in violation of the Code because Josie asks Betty her opinion. care and skill in representing the principal equivalent to that of the average person. C) contact the city building inspector about the defect. A) Chapter 30 Flashcards | Quizlet Arbitration deals with monetary disputes only and could also be initiated by or made against a customer, client, or non-member broker. Which of these items is a REALTOR required to discover and disclose, according to Article 2 of the Code of Ethics? D) B) both parties are represented by attorneys. Upon discovering a latent defect in a property, the real estate professional should discuss the problem with the seller and then D. Yes, because REALTORS are prohibited from receiving compensation from more than one party. B) 134. D. made a referral without Miriams consent, which is a violation of the Code. Dual agency is a situation to describe when a real estate agent works with both the buyer and the seller. A. D. the total commission paid to REALTOR Nelson by the seller. 82. D) A. it is prohibited to target solicitations to first-time buyers because of their lack of experience. A) Subsequently, REALTOR Shelley claims that she represented buyer Jack. A. Donna has not violated any Article or Standard; she just did her job and sold the house. In most states, a REALTOR is not required to have a license to sell real estate. D. include persons of several races in order to avoid exclusivity in advertising. Subsequently, he calls her several times a week, sends her e-mails, and mails a packet of additional information. This could be an example of Pete tells them it is no problem and asks them to sign an exclusive buyer contract with his company and he will show them the listing. the seller and the broker must both disclose this material fact. No, because permission was granted by Teds representing agent. a. broker. (Assume that enough funds are available to make the purchase.). Most state statutes require that material facts to a transaction, such as credit issues, be disclosed to a seller, even if the buyer is a client. Upon discovering a latent defect in a property, the real estate professional should discuss the problem with the seller and then. Broker Paul introduces tenant Rhonda to a property. C. Nan sold a house to Bob last year. Jona is requesting arbitration because he feels Wally unfairly went into contract with his client. Has Tamika violated the Code? loyalty to the principal's interests unless they conflict with the agent's interests. C. express an opinion about the quality of title on a property B. not consider how and when Amy entered the transaction. B) the buyer and the seller are related by blood or marriage. Chapter 4_Brokerage Relationships and Ethics Quizzes - Chegg a. fraudulent Which of these advertisements is an example of inducement? A. agree to be bound by arbitration and allow the local board of REALTORS to arbitrate the matter. B) A) Jack should Compare our rates to others This ad is 115. C) C. both Broker Deb and Broker Steve. must promote and safeguard the seller's best interests. A person who authorizes another to act in his or her place in regard to relations with third persons is the: REALTOR Eddie believes that REALTOR Sacha sold his client a house. 4. REALTOR Marty has a daughter who is interested in a property. A. fiduciary duties. A principal is not free to revoke an agency relationship in all circumstances. Chad is a customer of Marcys. 2. 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 Which of the following statements is NOT true about dual agency This is A. not timely disclosure per the requirements of the Code. 81. B) A. may ask the local Association of REALTORS to provide them with a free mediator. C. Jon is allowed to encourage Halie to break her contract with Grant if she is not satisfied with his performance. b. broker. REALTOR Bill finds out about the contact and accuses Melanie of trying to steal his client. C. websites must be maintained and updated frequently. D. telling him the lowest price Derek will take for the house, which Derek told her in confidence. Which of the following statements is NOT true about dual agency REALTOR Brian filed an ethics complaint against REALTOR Clarence. (?) 141. B. contact the sellers and write the contract. Advertisements on the Internet require fraudulent misrepresentation. Patty prepares a CMA prior to the appointment, then shows the property to her prospect, buyer Larry. Trisha wants to sell her house quickly because her new job in another city begins next month. 92. Absolutelythis is a community property state. Being a REALTOR means being included in the ____________ association(s). Broker Joann admits she was an exclusive buyer agent for her client and she knew the compensation offering before showing the house. The seller, Morgan, contacts Buyer Valerie independently and informs her that the property is for sale. D. an intrusion by Broker Nan into an existing relationship. After the closing, REALTOR Edward, who represented the seller in the transaction, claimed that Devon owed him a buyers agent fee, and sought arbitration. For the years ended December 31, 2013 and 2012. A. C) A) Broker Anne files an arbitration request against her client, Buyer Bill. B. may ask the local Association of REALTORS to arbitrate it. NAR May the Code Be With You ? 9. B. his client. Lets not worry about that todaylets wait until we sell your house, then well figure it out. A. REALTOR Brian is the mediator. The couple wants to ensure their children are raised in a diverse area. REALTOR Lisa, a property manager, researchs county records to determine the owners of multi-unit buildings. C. Donna has violated the Code by not getting informed consent from both buyer and seller to be a dual agent. D. use the comment in other places on his website to help drum up new business. B. REALTOR principal. Did Lisa violate the Code? First twenty people through the door receive a gift card to Chipotle! An agency relationship may be terminated by all of the following, except: b. the principal's refusal of an offer to purchase that was presented in the name of a third party. B) Implied Absolutelythis is a community property state. C. prepare a CMA which demonstrates the accuracy of the price. A. appraisal. A. complete a pre-printed contract Most people familiar with the housing market know that a buyer's agent . C. Price reductions just made on this beautiful Victorian. A key fact is 98. Solved Which of the following is true regarding a dual - Chegg 93. Buyer Travis does not own Big City Enterprises and High-Rise Corporation. C. No, I have no experience selling commercial properties so it is illegal for me to do it. a. third party. He should B. Loretta may not market these auxiliary services to buyers or sellers using her company. (B), and (D) are true statements about dual A buyer's agent, upon learning that the home being purchased is to house a dog-grooming business, didn't check zoning. B. unethical. A. advising customers or clients on how to get a house show ready Marty later writes a contract and a sale is made. Broker Joann admits she was an exclusive buyer agent for her client and knew the compensation offering before showing the house. Did Pattys actions violate the Code?
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