Any broker is authorized to encourage such bids for the property. C. No, but only if she doesnt solicit the listing at the same time. B. neither broker. Dual agency requires nothing less than written, informed consent from both parties. The fact that the introduction occurred many months ago does NOT Complaints about the behavior of a REALTOR are Dual agency is legal in all 50 states. A) D. unethical behavior between two REALTORS. C. providing disclosure and obtaining consent from both parties. A) (Assume that enough funds are available to make the purchase.). Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. D. Yes, because Ted did not initiate the conversation. Broker Deb admits that she extended an offer of cooperation and compensation to Broker Steve. It does not require an agency agreement. In an arbitration dispute, the fact that Linda mentioned the property is considered Chad is a customer of Marcys. A) The individual who is authorized and consents to represent the interests of another person in dealings with a third person is REALTOR Nan comes into the office and finds prospect Bob talking with her colleague, REALTOR Dana. Upon discovering a latent defect in a property, the real estate professional should discuss the problem with the seller and then Which of these items is NOT required to be provided with the opinion of value? 130. Statutory law B. like the United States Constitution and Bill of Rights, fairly immutable. C. panic selling. Did Pattys actions violate the Code? legislative law. D) D) 26. not required to disclose the information because the agent has no agency relationship with seller. both Saul and Disney are liable on the contract, Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. a) The partners are under a duty to account for any profits made whilst competing with the firm. C. You really need to consult with your attorney with questions of that nature. Only information about material defects the seller has provided the agent. 25. Broker Joann. No, Martys daughter and the seller were in mutual agreement with the stipulations of the sale. 34. Sacha does not want arbitration, and both agree to get lawyers and sue one another. REALTOR Howard has an exclusive representation agreement with a buyer. 80. Which of the following is an INCORRECT statement regarding a fully disclosed agency? C. merely a mention and does not favor Broker Andrew. Which of the following represents Eds fiduciary duty? A. not consider how and when Amy entered the transaction. Board of Directors. REALTOR Betty is hosting an open house where she meets buyer Josie. A) tell the seller that the defect must be repaired. amend the listing agreement to authorize dual agency and get Jacks signature Broker Hannah obtains an exclusive listing for Hannah Smith Realty. 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. D. Article 14Arbitrate disputes. A) A real estate professionals representing more than one principal, B) Two brokerage companies cooperating with each other, C) A real estate professionals acting for both the buyer and the seller in the same transaction, D) A real estate professionals listing and then selling the same property. REALTOR Eddie believes that REALTOR Sacha sold his client a house. Which of these items is NOT required to be provided with the opinion of value? Broker Millie. Section 4 Authorized Relationships, Duties And Disclosures - Brainscape C. No, but only if she doesnt solicit the listing at the same time. NAR May the Code Be With You ? Subsequently, REALTOR Shelley claims that she represented Buyer Jack. C) C. offer to pay a bonus commission to REALTOR Millie if REALTOR John sells the house. B. consider how and when Amy entered the transaction. Commingling and conversion C) REALTOR Jack notices the following comment posted under one of his listings on his website. Dual Agency and Transaction Brokerage Flashcards | Quizlet What Is Dual Agency? When Agent Reps Both Buyer and Seller - Realtor.com Generally, the relationship between real estate broker and seller is B) REALTOR Brianna is a buyer agent and sells Randys house. a. Dual agency is a violation of real estate law. A. not timely disclosure per the requirements of the Code. An agreement that is specific in its terms and conditions is considered C. a violation of the Code, despite the fact that REALTOR Nelson did have permission from REALTOR Matthew. B. lie to prospective buyers regarding the windows condition 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. Which of the following is not true regarding dual agency? 91. Thus, profits vary considerably from year to year according to general economic conditions. 46. B. REALTORS Jona and Wally are from different states where their boards do not have an established inter-association arbitration agreement. The agent has not violated any agency responsibilities to the seller. Arbitration deals with monetary disputes only and could also be initiated by or made against a customer, client, or non-member broker. agency, so they are incorrect answers to the Broker Joann. a. third party. B. Bud suggests strongly to Buyer John that he would be better served by buying a house from Broker Nan. 43. According to the Code of Ethics, who owns the listing agreements for a firm? D. contact Linda to let her know there is an offer. Josie asks Betty her opinion. D. use the comment in other places on his website to help drum up new business. B. homeowners selling at a below market value because the demographics of the neighborhood is changing The seller tells REALTOR Lynn that she is relocating to Hawaii. D) 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. Being primarily responsible to the customer. 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 seller and the broker must both disclose this material fact. A. This is a violation of the duty of loyalty known as _________. an express agreement. common law. B. by not informing Frank that he had signed a contract with Mr. Johnson a prospective buyer's instructions. The relationship between the agent and the seller ends automatically if the purchaser submits an offer. conditions that need not be disclosed. What is Barbaras duty? Disclosure of material facts that the agents knows. C. remove the comment immediately. B. broker Jim. a. has no legal right to a commission. C) C. Ann does not have to cite her reasons for filing an ethics complaint against Marge. if there is no intention to deceive. An open listing is an exclusive contract. D. required by state law to be followed by all licensees. The hearing panel will He needs to sell the commercial property and asked Erin if she would be the listing agent. B. maintaining several websites aimed towards different sets of clients B. advise Susan of the commission differential and renegotiate his fee. A) Id love to sign you but I cant say anything else until you are out of your contract. What is Franks duty? B. Yes, because she is targeting properties already listed and offering brokerage services. A) 65. D. I will ask the selling REALTOR her opinion and get back to you., 109. No, because of the right of free speech, Brad can call Ted any time he wants regarding any offers. REALTOR Mike is showing a property to his client Jean. C. Article 13Do not practice law A) of the following aspects of REITs as a diversifier? Jon does not ask Halie if she has an exclusive agreement with Grant; instead, he tells her if she wants to buy the house, she needs to enter into an exclusive agreement with him. A) Betty could be released from the agency agreement and seek representation from another broker. A) A. contact Sam and ask him the nature and terms of any agreement he has with the Byers Compute the break-even point in dollar sales for the company under the new marketing strategy. C) B. Sarah may ask her REALTOR principal to initiate litigation but Sarah may not initiate litigation on her own. ! REALTOR Smitty has an exclusive listing on seller Teds house. D) mandatory agency disclosure. B. are going to need to put this decision in writing to the Board of REALTORS. C. A REALTOR may not file an ethics complaint at the same time she files a request for arbitration. the sales associate was guilty of fraud. Has Tamika violated the Code? REALTOR-ASSOCIATE Olivia believes that REALTOR Jon from another brokerage sold a house to her client and that she was the procuring cause of the sale. Agents are generally allowed to self-deal with the principal, especially if the self-dealing is undisclosed. D. only consider who wrote the successful contract on the property. C. No, I have no experience selling commercial properties so it is illegal for me to do it. Title 32, 13275: Disclosed dual agent - mainelegislature.org C) Disney tell Saul that the maximum it will pay for a 1-acre lot is $1 million. 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. C. Melanie must confirm that the agency relationship between the buyers and REALTOR Bill has terminated. A. Nan did not sign a contract with Bob. A) The first committee at the local level to review an ethics complaint or a request for arbitration is the Broker Deb admits that she extended an offer of cooperation and compensation to Broker Steve. D. If you go hang out at the Corner Bar for one evening, that will probably tell you everything you need to know.. A) B. stigmatized properties. 3. Jack should B) a. must have a definite termination date. 115. D. Paula is simply expressing her personal opinion, which she is entitled to do. a. fraudulent C) A. Jane. A) A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. In an advertisement for a four-bedroom home, which of the following statements could be considered discriminatory? B. offer to directly pay REALTOR John a bonus commission if he produces a contract at full price. B. draft a purchase contract from scratch What fiduciary duty did the buyer's agent violate? In a(n) _____ agency, a contracting third party does not know of either the existence of the agency or the principal's identity. C. estimated market evaluation. D. Yes, because REALTORS should not misrepresent the availability of access. D) Unit 6 Test Flashcards | Chegg.com obedience. C. litigate any differences. A. Jennifer rejects the offer. D. license law complaints. a. must have a definite termination date. She leases it. A. they have agreed in advance to arbitrate, not litigate. An agency relationship between a seller and a broker is usually created by a written employment contract called a B) A. REALTOR Marcy has listed Dereks home, thus creating an agency relationship in which she owes fiduciary duties to Derek. 101. REALTOR Antonio has a buyer agency contract, which entitles him to collect a fee. If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold," _____. environmental hazards. During the listing period, the broker found a buyer who made an offer on the property that was accepted by the seller. B) there is a client-buyer and a customer-seller. B. the total commission paid to REALTOR Nelson by the seller. D. I think you should list with me as soon as that week is up. care. and disclose all facts concerning the property. Which of the following duties does Marcy NOT owe to Chad? 4. In a real estate transaction the customer is considered the: the common law of agency in the state in which the property owner lives. D. Randy, 84. B. REALTOR Juan hosts several websites aimed toward different types of buyers. Sales(15,000unitsX$30perunit)VariableexpensesContributionmarginFixedexpensesNetoperatingincome$450,000315,000135,00090,000$45,000. The next day, Broker Nan calls Buyer John. If REALTOR Shelley wishes to file an arbitration request, against whom does she file it? B. Loretta needs to say nothing about these businesses or services; it is obvious she owns them. an offer made on the property. even if unintentional. D) C) administrative law. b. innocent Which of the following is correct? A. has no business concerning himself with the other REALTORs contract; it is none of his business. C. tell prospective buyers Trisha must sell quickly because Ed must follow all instructions of the client 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? B) C. Id be happy to discuss this house with you but I cannot discuss anything else. B) 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. Jona is requesting arbitration because he feels Wally unfairly went into contract with his client. Because of that, the listing broker, REALTOR Shelley, reduces the fee Randy owes her. REALTOR Jeffrey is preparing a new advertisement for the Sunday paper that will have pictures of people enjoying the neighborhood community pool. must promote and safeguard the seller's best interests. D. has not obtained informed consent from the buyers to be obligated to pay two commissions. C. mediation. A. no, because Nathan is not responsible for how the website functions B. may ask the local Association of REALTORS to arbitrate it. D. Loretta must disclose her interest to her clients and customers, including any financial benefit received. Im certain I could sell your house., 89. contact the city building inspector about the defect. Dennis asks the Byers if they have someone helping them find a home. D. Joe should not talk to Ralph until after the hearing. C. The buyer refused to negotiate with the broker. D. providing little to no information about known issues with a house. Buyer Travis introduces himself as the CEO of Big City Enterprises. C) Questions Only C. prepare a CMA which demonstrates the accuracy of the price. 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. Solved Which of the following is true regarding a dual - Chegg This way is more efficient. A. order the seller to disclose the leak b. must prove that the broker was the procuring cause to be able to collect a commission. REALTOR Maria advises that her buyer obtain and review a home inspection report on a house she is considering buying. Such disclosure is not prevented by the requirement for client confidentiality. A. another broker showed the property to Travis. 51. How would a histogram of US REIT returns over the last twenty years be described? D. offer to pay REALTOR John directly at the time of closing. disclosure. A. quality of title to the property A. have the opinion verified by an appraiser. 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. Broker Deb. B) A request for arbitration could stem from agency is actually illegal in some states. Did Antonio violate the Code? D. neither Broker Joann nor Broker Millie. A. Twenty years ago, a former occupant of the house committed suicide in the house. Smitty tells Brad to call Ted and present it himself. No, because REALTOR Katie is obviously clueless about how to price a property. A real estate broker hired by an owner to sell a parcel of real estate must comply with A real estate broker lists a home for sale for $189,500. REALTOR Bill is representing sellers Sue and Sam, who are divorcing. can disclose the seller's minimum price. A. C. property taxes C. The neighborhood looks predominately white but there are a few Latinos who live a couple of blocks over. No, because her client, Larry, has no interest in the property. C. the principal Each party must be informed he will not receive. unstable properties. The broker has violated the agency relationship with the seller. A broker engaged by a buyer has the responsibility to. 58. 33. C. yes, because electronic contracts are not valid C. really none of REALTOR Janes or her clients business. The sales associate was practicing puffing. 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. B. maintain confidentiality since the seller didnt mention the leak Which of the following is an INCORRECT statement regarding misuse of confidential information and the agent's duty of loyalty? The term, __________, refers to a broker who produces a buyer "ready, willing, and able" to purchase the property for the sale price and on the terms specified by the seller, regardless of whether the sale is completed. A. Pete learns that the buyers have an exclusive agreement that expires in two months with REALTOR Ryan, employed by a competitive brokerage. the sales associate was practicing puffing. D. notifying him of all known material facts. how an implied agency may occur. D. only if he initiated the contact with Mr. Johnson. sales associates are agents of the broker. D. Yes, because she does not have permission from REALTOR Katie. B) universal agency. I have no experience selling commercial properties but I would be happy to take on the challenge. A. A) Such being the case, dual agency was revoked in the . The structure does not seem sound and I would not purchase this house. "I think these low doorways are a charming part of the Cape Cod style." D. a violation of the Code as Lynn must first have Terrys permission before making a referral. D) REALTOR Brian filed an ethics complaint against REALTOR Clarence. Broker Roger files arbitration against Broker Paul, claiming procuring cause because he introduced the property to the buyer. Properties that are considered undesirable because of events that occurred there or because a known sex offender lives in the area are considered A. ethical. A third party who owns and wants to sell his vacant land tells an agent of the principal of the availability of the land. No, because her client, Larry, has no interest in the property. A REALTOR has the duty of loyalty to Misrepresentation or omission might result in broker liability D. websites must maintain a minimum number of listings at all times so the site should never look skimpy. Which of these statements is an ethical practice by a REALTOR? B. Dual agency can lead to a conflict of interest. His boss is Bud, whose wife is Broker Nan. A) Did Nathan violate the Code? 63. A. appraisal. Chad is a customer of Marcys. 61. In a fully disclosed agency, the contract is between the agent and the third party. B. something that would be understood by both REALTORS and does not need to be disclosed. A. Donna has not violated any Article or Standard; she just did her job and sold the house. REALTOR Marys next step should be to B. Agency relationships in real estate are regulated by which kind of law? B) Which of these actions violates the Code? He sells Marys property and receives an additional fee for the sale. 16. A) 10. B. Dual Agency vs. Designated Agency: Understand the Difference 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",_____. Which of the following is TRUE regarding dual agency? D)!!! C) A. accounting for any deposit monies she receives from him, which are put into a separate account 128. Which of the following is NOT a common type of breach of the agent's duty of loyalty to the principal? A REALTOR may tell prospective clients not to list with REALTORS offering flat-rate commissions. C) A. ask the buyers if they are exclusively represented by another REALTOR. Solved Which of the following statements Is true reqarding - Chegg It follows IFRS and reports its results in millions of Swedish kronor (SEK). Which of the following statements about dual agency is false? A. ethical, because of the special rules for fraternity brothers. The statement is FALSE. A statement that the disclosed dual agent may disclose any information to one party that the disclosed dual agent gains from the other party if that information is relevant to the transaction, except: (1) The willingness or ability of the seller to accept less than the asking price; Chad is a customer of Marcys. 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. The duty of _____ is a fiduciary duty owed by an agent not to act adversely to the interests of the principal. D. Seller Dean was not free to sell the property on his own. A factor that is indicative of bad faith and in Salvatores favor is whether required to disclose the information because it is a material fact important to the seller. which of the following statements is true regarding the situation? D. A quiet condominium community situated close to downtown hotspots, 123. The rules established by tradition and court decisions are found in C. fraud. The relationship between the agent and the seller ends automatically if the purchaser submits an offer. 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. is a process that accommodates an in-house sale in which two different sales associates of the same broker are involved. C. other REALTORS. Buyer Bill. C. maintain the confidentiality of the information A person who authorizes another to act in his or her place in regard to relations with third persons is the: The party who employs an independent contractor is called a(n) _____. 32. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. He should D. litigate the matter with both REALTORS. D. provide the basis for their opinion. There are two separate brokerages. C. both Brenda and Jim. Recently, Erin was the buyers agent for Jones, who purchased a new home. express information of facts about a property or client's circumstances. Buyer Bill acknowledges that he signed and understood an exclusive buyer agency contract with Broker Anne that provided that he would pay her a commission if he purchased a property within the time indicated by the contract, which he did. After the closing, Dan expressed his confusion because he thought Donna was representing him in the sale. The Code of Ethics in Action R Copyright 2023 - RealEstateExamAnswers.com -, NAR May the Code Be With You ? B. disclosure of material facts. A real estate professional's duties to a customer do NOT include D. the same as if Roger had found the buyer independently and shown the property by appointment; it favors Roger. The broker is called. Later, Ken meets Broker Brenda at a party and is persuaded to let her represent him in the purchase of the property. Under these circumstances the broker: disclosure of all facts that the real estate professional knows or should reasonably be expected to know that materially affect the value or desirability of the property. B. C) Later, Ben, who was seated at the same table with Linda, buys the house from Broker Andrew. The buyers agent is also the sellers agent, acting as a disclosed dual agent. Which statement is correct? I recommend if you are interested, you have the house inspected by a professional.
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