A. dictatorial business. Which of the following is considered dual agency? Upon discovering a latent defect in a property, the real estate professional should discuss the problem with the seller and then. Nice and sturdy basement and everything appears dry. C. draw up the paperwork on Hollys offer. C. Id be happy to discuss this house with you but I cannot discuss anything else. Broker Steve. C. The price that the sellers told the agent is their minimum selling price. B) Attend our First-Time Homebuyer Seminar and win a free TV! No, Martys daughter and the seller were in mutual agreement with the stipulations of the sale. A. ask the buyers if they are exclusively represented by another REALTOR. 3 The last group at the local level to review an ethics complaint is the C. the principal 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. REALTOR Dee shows a property listed by REALTOR Nelson. A. REALTOR Bill is representing sellers Sue and Sam, who are divorcing. A. allowable because the offer had already been presented and Matthew is just adding information. In an arbitration dispute, the fact that Linda mentioned the property is considered After the closing, Eddie calls Sacha to discuss the matter. all real estate licensees to be real estate brokers. A. Neil is in violation of Article 15 for not blogging about REALTOR Paulas successes. Dylan is the _______, and Jordan is the ________. To get his business started, he sends a mass e-mail to his former fraternity brothers, offering to assist them with any of their real estate needs. #1. universal agency. B. neither broker. 8. D. REALTOR. C. call the sellers directly only if she has a buyer client who wishes to see the house. InvestmentCenterSalesIncomeAverageInvestedAssetsElectronics$40,000,000$2,880,000$16,000,000SportingGoods20,000,0002,040,00012,000,000\begin{array}{lccc} the common law of agency in the state in which the property owner lives. A real estate professional's acting for both the buyer and the seller in the same transaction. Unit quiz 10 Flashcards by Ron Jeremy | Brainscape D. Yes, Tamika violated the Code because contacting the listing agent is never allowable. C. are not allowed to litigate the matter. consideration. B. opinion of value. No, because her client, Larry, has no interest in the property. A broker engaged by a buyer has the responsibility to. C) No, because her client, Larry, has no interest in the property. Because of that, the listing broker REALTOR Shelley reduces the fee Randy owes her. Broker Anne files an arbitration request against her client, Buyer Bill. REALTOR Loretta owns a large brokerage, which includes an in-house mortgage lender, an in-house title company, and a home warranty company. Call REALTOR Dan for a tour today! B. Nathan, as the listing broker. D. use the comment in other places on his website to help drum up new business. a) If an agent appoints a sub-agent, that sub-agent is not normally regarded as an agent of the principal. Both information the seller has provided the agent, and material defects that the agent has personally observed B. advise Holly that Linda will only take listing price; since he is Lindas agent, he has the right to do so. B. DUAL AGENCY CONSENT AGREEMENT: Fill out & sign online | DocHub Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. B. arbitration complaints. Sometimes principals request that agents run errands or conduct other acts on their behalf while the agent or employee is on personal business. 118. 135. B. a minimum number of listings. a. fraudulent 4 Q . Intentional torts include all but which of the following? Universal 132. This fact favors C. documentation of what the opinion is based on A) REALTOR John, who is also an appraiser, periodically sends letters to past clients asking if they need a current valuation of their property. Is Brad violating the Code if he calls Ted? C. unethical behavior between a REALTOR and a consumer. D. Broker Steve. 82. At the request of a client, REALTOR Marguerite provided a written estimated value of the clients property. B) Seller Tim has offered an open listing on his property to a number of brokers in the area. She files a request for arbitration and an ethics complaint. All material facts known about the property from the seller, another agent, previous experience with the property, or researching public records. D. Loretta must disclose her interest to her clients and customers, including any financial benefit received. This is D. A REALTOR may file a request for arbitration only after any ethics complaint about the same matter is resolved. C. documentation of what the opinion is based on \text{Net operating income}&\underline{\underline{\text{\$\hspace{5pt}45,000}}}\\ REALTOR Bill finds out about the contact and accuses Melanie of trying to steal his client. C. Kathy and Dean had previous dealings with each other. 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. A REALTOR can recommend another REALTOR to a client who mentioned she is relocating out of state. A) tell the seller that the defect must be repaired. A. C. large, four-bedroom on a quiet cul-de-sac lot Broker Deb. She negotiates the offer with buyer Dan, who offered less than asking price. It is legal in all states. The duty of _____ is a fiduciary duty owed by an agent not to act adversely to the interests of the principal. You are simply a bottom feeder! Identify which statement is true. A. REALTOR Brian is the mediator. A. ASSOCIATE-BROKER. implied agency REALTOR Pete The best solution available to Tim is to B) 30. Identify which statement regarding this situation is TRUE. Which of the following is an INCORRECT statement regarding usurping an opportunity and the agent's duty of loyalty? 71. Mikes answer should be A. an image of the REALTORs license. The agents fiduciary relationship of trust and confidence with the principal means that the broker owes the principal certain specific duties. What fiduciary duty did the buyer's agent violate? A. Donna has not violated any Article or Standard; she just did her job and sold the house. a trustee. D. Yes, Marty should not have said anything to the other REALTOR and the seller at the closing. D. I think youll get more than half with me as your REALTOR., 111. A. attending the Grievance Committee meetings and the Professional Standards hearings. A. Olivia can take no action since Jon is the principal broker at his agency; his title gives him seniority in this situation. Unit 9 Flashcards | Quizlet No, the fact that his daughter was the buyer is inconsequential to the transaction. REALTORS are entitled to collect some fees, which a non-member licensee is not. Disclosure 47. C. estimated market evaluation. a) The partners are under a duty to account for any profits made whilst competing with the firm. Accounting Cycle and Classifying Accounts, Adjusting Accounts for Financial Statements, Asset Demand and Supply under Uncertainty, Business Analytics & Technology Management Chapter 2, Business Analytics & Technology Management Chapter 3, Business Analytics & Technology Management Chapter 4, Business Analytics & Technology Management Chapter 5, Business Analytics & Technology Management Chapter 6, Capital Budgeting and Managerial Decisions, Derivative Instruments and Hedging Activities, External Financial Statements and Revenue Recognition, Financial Intermediaries and Financial Markets, Financial Markets and Securities Offerings, Financial Statements and Accounting Transactions, Integrated Marketing Communications and Direct Marketing, Interactive Marketing and Electronic Commerce, Interpersonal and Organizational Communication, Introduction to Human Resource Management, Introduction to Human Resources Assessment, Managerial Accounting Concepts and Principles, Market Segmentation Targeting and Positioning, Organization and Operation of Corporations, Organizational Markets and Buyer Behaviour, Profitability Analysis and Analytical Issues, Profitability Analysis and Decentralization, Reporting and Analyzing Long Lived Assets, Responsibility Accounting and Performance Measures, Understanding Interest Rates Determinants. C. Mediation is not a method of dispute resolution preferred by the National Association of REALTORS. Dual agency occurs when an agent is representing both the buyer and the seller. ! In this case, the agent is on a _____, and most jurisdictions hold _____ liable if the agent injures someone while on such a mission. B. not consider how and when Amy entered the transaction. D. comparative financial analysis. Lynns action is 16. sales associates are agents of the licensing authority. There are four elements of a cause of action for fraud: (1) the licensee made a misstatement or failed to disclose a material fact; (2) the licensee either knew or should have known that the statement was not accurate or that the undisclosed information should have been disclosed; (3) the buyer relied on the misstatement; and (4) the buyer was D. an intrusion by Broker Nan into an existing relationship. Which one of the following statements regarding the duties of an agent is NOT true? C. a living document that is revised annually. B. have his friend offer to buy the house at a lower price since Trisha must sell the house quickly Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. D) A net listing is illegal in all states. D. notifying him of all known material facts. b. innocent Later, Ken meets Broker Brenda at a party and is persuaded to let her represent him in the purchase of the property. As long as there was prior informed consent from both parties before the transaction was complete, this is not a violation. Broker Joann. It does not require an agency agreement. D. set up an appointment with the title company. 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. Which of the following is NOT a common type of breach of the agent's duty of loyalty to the principal? d. principal. "I think these low doorways are a charming part of the Cape Cod style." Did Lisa violate the Code? They ask their buying agent, REALTOR Larry, about the racial composition of a neighborhood they are considering. Licensees in both brokerages are REALTORS. B. conditions that need not be disclosed. The relationship between the agent and the seller ends automatically if the purchaser submits an offer. A) B) Identify which statement regarding this situation is TRUE. B. 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%. C. is simply doing his job by selling the companys listings. Sara would be considered a Transaction broker Which event will terminate an agency in a broker-seller relationship? A REALTOR may tell prospective clients not to list with REALTORS offering flat-rate commissions. D) 73. When is a complaint passed to the Professional Standards Committee? REALTOR Kim can Accidental or implied agency created excessive liability for both licensees and their brokers (and even consumers), and it opened the door to unintended and undisclosed dual agency. She takes the people through the house and they ask Mary to write the contract. 82. C. unethical, because solicitation by any type of electronic transmission is a violation of the Code. B. lie to prospective buyers regarding the windows condition REALTOR Marty has a daughter who is interested in a property. 60. A) D) B) B) The buyers agent and the sellers agent work for the same company as designated agents. B. Loretta may not market these auxiliary services to buyers or sellers using her company. C. prepare a CMA which demonstrates the accuracy of the price. B. Paul. B. homeowners selling at a below market value because the demographics of the neighborhood is changing This relationship is. A real estate broker acting as the agent of the seller B. the total commission paid to REALTOR Nelson by the seller. C. remove the comment immediately. an attorney-in-fact. Lori subsequently meets broker Amy, whose son plays ball with Loris son. D) report the status of all funds received from or on behalf of the principal. B. state B) A. the co-operating commission originally offered by Nelson. A. consider how and when Amy entered the transaction. Her letter offers both her property management services and her brokerage services. C. tell prospective buyers Trisha must sell quickly because Ed must follow all instructions of the client b. is three months. B. not a violation of Code, even if some of the recipients have their homes listed for sale. He should The broker designates one sales associate to represent the seller and one sales associate to represent the buyer. (B), and (D) are true statements about dual Donna, representing the seller, holds firm and gets Dan to buy at asking price. A real estate professional's duties to a customer do NOT include Is this a violation of the Code? an offer made on the property. B) D. an offer or inducement. It is part of a body of law established by tradition and court decisions. Pete learns that the buyers have an exclusive agreement that expires in two months with REALTOR Ryan, employed by a competitive brokerage. REALTOR Carlos has a listing. At the closing table, Howard reveals to both REALTOR Jane and the sellers that he has an exclusive buyer agency agreement with his client. 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. A. disclosing his true position. B) there is a client-buyer and a customer-seller. B. an introduction and favors her side. She stipulates that her client, Buyer Jack, will pay her fee. Stan enters into an agreement with Tammy. Thus, profits vary considerably from year to year according to general economic conditions. D. include persons of several races in order to avoid exclusivity in advertising. Patty prepares a CMA prior to the appointment, then shows the property to her prospect, buyer Larry. Has Tamika violated the Code? Under the _____ rule, a principal is generally _____ for injuries caused by its agents and employees while they are on their way to or from work. He sells Marys property and receives an additional fee for the sale. REALTOR Jon has an open house, which buyer Halie attends. D. An arbitration hearing is required before parties may attempt mediation. disclosure agreement. A. Unit 6 Test Flashcards | Chegg.com C) Marty makes arrangements with the listing agent, REALTOR Caroline, to show the property. C. maintain the confidentiality of the information since the seller is his client Which of the following is true of a listing agreement? New equipment has come onto the market that would allow Morton Company to automate a portion of its operations. Jack should the sales associate was practicing puffing. A. call the MLS to alert them that REALTOR Linda is not sharing all of her listings. C. Donna has violated the Code by not getting informed consent from both buyer and seller to be a dual agent. 01. Zaafir only, because he is an independent contractor. D) After the closing, Eddie calls Sacha to discuss the matter. A. C) Broker Ken showed a property to Buyer Lori. D. only if he initiated the contact with Mr. Johnson. Broker Anne. The Code of Ethics in Action Real-Life Applications Class Questions Only FREE, End of Pre-License Course Exam Questions (ANSWERS), All Pre-License Questions & Answers and Summary Notes on a single page for Easy Searching for Answers while taking a test, Post-License Chapter 1 Quiz Questions Only, Post-License Chapter 2 Quiz Questions Only, Post-License Chapter 3 Quiz Questions Only, Post-License Chapter 4 Quiz Questions Only, Post-License Chapter 5 Quiz Questions Only, Post-License Chapter 6 Quiz Questions Only, Post-License Chapter 7 Quiz Questions Only, Post-License Chapter 8 Quiz Questions Only, Post-License Chapter 9 Quiz Questions Only, Post-License Chapter 10 Quiz Questions Only, Post-License Chapter 11 Quiz Questions Only, Post-License Chapter 12 Quiz Questions Only, Post-License Chapter 13 Quiz Questions Only, Post-License Chapter 14 Quiz Questions Only, Post-License Chapter 15 Quiz Questions Only, Post-License Chapter 16 Quiz Questions Only, Post-License Class Review Quiz Questions Only, Post-License Chapter 10 Quiz with ANSWERS, Post-License Chapter 11 Quiz with ANSWERS, Post-License Chapter 12 Quiz with ANSWERS, Post-License Chapter 13 Quiz with ANSWERS, Post-License Chapter 14 Quiz with ANSWERS, Post-License Chapter 15 Quiz with ANSWERS, Post-License Chapter 16 Quiz with ANSWERS, Post-License Class Review Quiz with ANSWERS, All Post-License Questions & Answers and Summary Notes on a single page for Easy Searching for Answers while taking a test, Real Estate Law / Core Law Class Questions Only FREE, Ethics and Business Practices / Age of Disruption / Ethics at Work Class Questions Only FREE, Educating Homebuyers / First Time Homebuyers A Niche To Grow On Class Questions Only FREE, Educating Sellers Class Questions Only FREE, Fair Housing Class Questions Only FREE, Millennials Are Changing Real Estate: Are You Ready? 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