A. Sarah can take no action as Thomas is the principal broker at his agency; his title gives him seniority in this case. The fact that the introduction occurred many months ago does NOT b. agent. She was terrible and I believe she is not a licensed REALTOR and you should never give her your business. Jack knows for a fact that Jordan is licensed. D. I will ask the selling REALTOR her opinion and get back to you., 110. D. unprofessional behavior. A) Later, Ken meets Broker Brenda at a party and is persuaded to let her represent him in the purchase of the property. unnecessary disclosure. Board of Directors. As long as there was prior informed consent from both parties before the transaction was complete, this is not a violation. B. A) 4. 138. Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. D. the same as if Roger had found the buyer independently and shown the property by appointment; it favors Roger. D) B)
PDF A GUIDE TO TENNESSEE S AGENCY AW - gcar.net A broker helps a buyer and a seller with paperwork but does not represent either party. Questions Only C. Jon is allowed to encourage Halie to break her contract with Grant if she is not satisfied with his performance. REALTOR Patty has an appointment to show a listing of REALTOR Katies. Is Brad violating the Code if he calls Ted? C) Which of these items is NOT required to be provided with the opinion of value? The seller had made no mention of it. a federal registry of residential information on sex offenders. care. When is a complaint passed to the Professional Standards Committee? B. determining if ethics complaints should go forward and holding the hearings. Donna, representing the seller, holds firm and gets Dan to buy at asking price. No. 74. 105. C. documentation of what the opinion is based on 99. Several buyers enter REALTOR Petes office and ask about one of the companys listings. REALTOR Maria advises that her buyer obtain and review a home inspection report on a house she is considering buying. a nonagency. Eddie and Sacha C. draw up the paperwork on Hollys offer. A broker helps a buyer and a seller with paperwork but does not represent either party. D. I think you should list with me as soon as that week is up. an expiration of the agreement. 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. B. have an arbitration hearing at Wallys association, if Jona agrees. both parties consent in writing to the dual agency. B. both parties are represented by attorneys. The term, however, can have different meanings. A. find a third, impartial board to hold their hearing. Refer to the original data. D. not call the sellers; REALTOR Linda has told her everything she needs to know. NAR May the Code Be With You / The Code of Ethics in Action Real-Life Applications Class B. She mentions to all of them that she has just listed a home near the country club. It is part of a body of law established by tradition and court decisions. The relationship between the agent and the seller ends automatically if the purchaser submits an offer. The buyer offered $175,000 and the seller accepted. the principal to whom the agent gives advice and counsel. 146. The broker is obligated to render loyalty to the seller. A. quality of title to the property B. allowable because REALTOR Nelson obviously doesnt understand the offer. Later that same day, a prospective buyer comes into the broker's office and asks for general information about homes for sale in the $130,000 to $140,000 price range but refuses representation by the broker's company at this time. A. cannot arbitrate if he is a principal in the transaction. D. A REALTOR may file a request for arbitration only after any ethics complaint about the same matter is resolved. Jack should A) tell the seller that the defect must be repaired. C) C. a violation of the Code, despite the fact that REALTOR Nelson did have permission from REALTOR Matthew. Did Antonio violate the Code? What does the phrase the law of agency is a common law doctrine mean? Patty prepares a CMA prior to the appointment, then shows the property to her prospect, buyer Larry. 126. The Catholic Church on the corner indicates that the area is predominately Italian-Catholic. C. Yes, because REALTORS have an agreement to cooperate. care and skill in performance. C. made a great decision. obedience to all instructions of the principal. A buyer's agent, upon learning that the home being purchased is to house a dog-grooming business, didn't check zoning. Agents are prohibited from using general information, knowledge, or experience acquired during the course of an agency in later employment. "I think these low doorways are a charming part of the Cape Cod style." A. The fiduciary responsibilities of an agent to the principal under the common law of agency include D. a violation of the Code as Lynn must first have Terrys permission before making a referral. The rules established by tradition and court decisions are found in REALTOR Brad shows the listing, writes up an offer, and then calls Smitty to ask him when he would like to present the offer to his client. A. D. neither Buyer Bill nor Broker Anne. C. remove the comment immediately. Share your form with others Send it via email, link, or fax. C) REALTOR Jerry has exclusive employment contracts with buyer Stan and seller Tammy. D. Randy, 84. The broker can agree to a change in price without the seller's approval. With a dual agency relationship, which fiduciary duty does a client give up? b) An agent cannot accept commission from both parties to a transaction without his principals' consent. A. consider how and when Amy entered the transaction. 4 Q . B. This could be an example of Do international differences in financial leverage exist? A. find a third, impartial board to hold their hearing. C. Melanie must confirm that the agency relationship between the buyers and REALTOR Bill has terminated. 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Class Questions with Answers, NAR May the Code Be With You / The Code of Ethics in Action Real-Life Applications Class Questions with Answers, Navigating a Hot Sellers Market Class Questions and Answers, Real Estate Investing Beyond the Basics Class Questions with Answers, Real Property Appraisals Class Questions with Answers, Short Sales and Foreclosures / Advocating for Short Sale Clients Class Questions with Answers, All CE (Continuing Education) Classes Study Guide that we have on 1 page ( included CE classes -Core Law, Ethics and ALL Other CE elective classes Guides that we have)- Questions with Answers. A. have the opinion verified by an appraiser. REALTOR Antonio has been asked by a listing client to prepare an opinion of value on his property. While doing so, the agent also works as a salesperson for a competing seller of automotive parts. B. extended an offer of cooperation to another broker, which is not a violation of the Code. B. Ann cannot file multiple complaints against Marge over this one event. B. REALTOR Brian is the mediator. 128. 4. Which of the following is correct? B. opinion of value. B) D) spacefor Statements of opinion are permissible A) A. beautiful home in an exclusive neighborhood Broker Joann. C. neither broker. D. litigate the matter with both REALTORS. 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. A. may ask the local Association of REALTORS to provide them with a free mediator. D. Sarahs client would have to request arbitration on her behalf; Sarah may not request arbitration on her own. B) It is a legal doctrine that is not unusual. Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. 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. D. both brokers. A. 98. C) B) At this point, what kind of relationship do Howard and Owen have? a nonagent. Broker Judy has been working actively with Buyer John for several months. 142. Do you agree with the marketing managers proposal? The broker has violated the agency relationship with the seller. Contract law, common law, and business law Rather than purchase new equipment, the marketing manager argues that the companys marketing strategy should be changed. Did Lisa violate the Code? REALTOR Nelson has an exclusive listing contract with seller Jennifer. Which of the following is not true regarding dual agency? C. half of the commission REALTOR Nelson actually received from the seller, after he negotiated with the seller to reduce his commission. Implied 96. The relationship between the agent and the seller ends automatically if the purchaser submits an offer. A REALTOR can recommend another REALTOR to a client who mentioned she is relocating out of state. the broker was guilty of fraud because he is responsible for actions of the sales associate. The duty of _____ is a fiduciary duty owed by an agent not to act adversely to the interests of the principal. A) B) C) D) \textbf{Investment Center}&\textbf{Sales}&\textbf{Income}&\textbf{Average Invested Assets}\\[5pt] C. draw up the paperwork on Hollys offer. Which of the following choices addresses standards designed around duties to the client, not the public? B. D. contact Linda to let her know there is an offer. A) 21. A. not a violation of the Code as it is helpful courtesy offered to the seller. sales associates are agents of the broker. Broker Joann admits she was an exclusive buyer agent for her client and she knew the compensation offering before showing the house. agency is actually illegal in some states. Todds actions are considered D. Article 14Arbitrate disputes. A. proof of clear title on the property the broker always acts as the agent of a client or customer. B) D. set up an appointment with the title company. Sacha does not want arbitration, and both agree to get lawyers and sue one another. The broker acted properly to obtain a quick offer on the property. Sara, a licensee, is helping customer Mark find a house? The agent should: d. hold the offers for 24 hours before conveying them to the owner. An accounting of all monies and property relating to the engagement. premisesthe 118. 87. C) 56. Such disclosure is not prevented by the requirement for client confidentiality. Which of the following statements is TRUE? D. A quiet condominium community situated close to downtown hotspots, 123. C) REALTOR Erin has been selling and listing residential properties for about a year. A broker engaged by a buyer has the responsibility to. The seller accepts the offer. B) 54. B. Nathan, as the listing broker. A. ASSOCIATE-BROKER. REALTOR Marys next step should be to B. a client during and following the termination of the professional relationship between the client and the REALTOR. C. Kathy and Dean had previous dealings with each other. C. a violation of Code, because it is not a general announcement. D. Donna has violated the Code by not making it clear to buyer Dan that she was representing the seller. REALTORS are prohibited from receiving compensation from more than one party in a transaction. 101. Matthew calls Jennifer to explain the details. When a broker places trust funds of others into the company's operating account and then withdraws funds for the firm's use, what illegal practice has taken place? D. Professional Standards Committee. Identify which statement regarding this situation is TRUE. C. Yes, because REALTORS are not permitted to use county records for such purposes. Because of this statement, C. both Jane and Paul. B) 92. D. merely a mention and does not favor Broker Linda. REALTOR Antonio has a buyer agency contract, which entitles him to collect a fee. She negotiates the offer with buyer Dan, who offered less than asking price. D) being primarily responsible to the customer. In a simple random sample of U.S. purchasing managers, 70 out of the 200 are females. C. Providing an opinion about the structure is outside the scope of my expertise. B) Broker Pauls efforts favor What is Franks duty? 81. REALTOR Joe discovers that REALTOR Ed filed an ethics complaint against him and that REALTOR Ralph will be a witness in the hearing. 66. An agent must supply a written Agency Disclosure: b. to a seller before listing a property or to a buyer before writing an offer. A. Donna has not violated any Article or Standard; she just did her job and sold the house. D. are not allowed to sue each other because they are both REALTORS. a state registries of residential information on sex offenders. All of these C. reasonable care 130. REALTOR Mike is showing a property to his client Jean.
Board of Directors. Chapter 30. Is this a violation of the Code? 125. 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. REALTOR Kevin, representing buyer Susan, shows one of REALTOR Craigs listings. A real estate broker acting as the agent of the seller Identify which statement regarding this situation is TRUE. the statutory law that is enacted by the legislature. Jennifer rejects the offer. Which of the following is TRUE regarding dual agency? REALTOR Smitty has an exclusive listing on seller Teds house. Which of the following is a way to create an agency relationship? 140. The introduction of the property by Morgan favors B. state Is this a violation of the Code? 70. 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) Which of the following is an INCORRECT statement regarding a principal's liability for an independent contractor's torts and contracts? being primarily responsible to the customer. D. A foundation crack is hidden behind the paneling in the basement. stagnant properties. 33. A. order the seller to disclose the leak Which event will terminate an agency in a broker-seller relationship? A. Donna has not violated any Article or Standard; she just did her job and sold the house. D) Eddie suggests taking the matter to arbitration. A REALTOR has to decide which is more important, behavior or money, and file just one complaint. REALTOR Melanie has a listing, which REALTOR Bill sells. What is the best action for Dennis to take? C. The buyer refused to negotiate with the broker. D. Broker Steve. Did Pattys actions violate the Code? A) D) required to disclose the information under the Fair Credit Registry Act. C. national D. Yes, Marty should not have said anything to the other REALTOR and the seller at the closing. The buyer entered into a contract that stipulated that the broker had not been involved in the transaction. B. D. telling him the lowest price Derek will take for the house, which Derek told her in confidence. Which of these is an example of panic selling? A. agree to be bound by arbitration and allow the local board of REALTORS to arbitrate the matter. D. urge the seller to update the disclosure form or have the back door repaired, 107. A real estate broker lists a home for sale for $189,500.
Which of the following statements is NOT true about dual agency D) can accept an offer on behalf of the seller. 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. D) 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. The couple wants to ensure their children are raised in a diverse area. A young couple is looking for a new house. 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. Under the _____ test, if an agent commits an intentional tort within a work-related time or A. encourage the sellers to update the disclosure form and/or have the window repaired C. made a great decision. a. Which of the following is considered dual agency? B. call the sellers directly to confirm the nature and expiration date of any listing agreement they have. Refer to the income statements in (1) above. Regarding such duties, which ONE of the following statements is NOT true? depositing money into an escrow account. B. REALTOR Marty has a daughter who is interested in a property. Has Tamika violated the Code? A. Ed leaked information about who would appear at the hearing. There are two separate brokerages. B) A) the sales associate was practicing puffing. C) contact the city building inspector about the defect. C. The neighborhood looks predominately white but there are a few Latinos who live a couple of blocks over. What is NOT one of the major ways that a REIT can be structured? a. Dual agency is a violation of real estate law. Only choice (C) is not true, so it is the correct answer to the question. I recently toured this home with REALTOR Jordan. A real estate professional's duties to a customer do NOT include D. I will ask the selling REALTOR her opinion and get back to you., 109. A. complete a pre-printed contract B) When considering whether or not to reveal information regarding a stigmatized property, a real estate professional should be aware of C. Mediation is not a method of dispute resolution preferred by the National Association of REALTORS. 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. It is illegal in all states. The structure looks good. Id love to sign you but I cant say anything else until you are out of your contract. a facilitator relationship. C. really none of REALTOR Janes or her clients business. C) C) An agreement that is specific in its terms and conditions is considered 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. state registries of residential information on sex offenders. Marty makes arrangements with the listing agent, REALTOR Caroline, to show the property. The agent is A) Complaints about the behavior of a REALTOR are At the closing table, Marty tells Caroline and the seller that the buyer is actually his daughter. b. is three months. Inform any prospective buyers of the defect. A. contact Sam and ask him the nature and terms of any agreement he has with the Byers Article 1Be honest Identify which statement regarding mediation is TRUE. B. property profiling. Broker Paul later brings a sales agreement on the property from one of the attendees of the open house. 5. B. real estate licensees may not litigate over commissions. The first thing Sam should do is B. D. unethical behavior between two REALTORS. 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. B. Neil is in violation of SOP 1-3 for misleading sellers about market value. His boss is Bud, whose wife is Broker Nan. B. comfortable home near the community recreation center #1. Sherry produces an agreement of sale, which is acceptable to Tim who sells the property to Wanda. B) Chad is a customer of Marcys. The structure does not seem sound and I would not purchase this house. C) avoid conflicts of interest. This is a violation of the duty of loyalty known as _________. Nelson informs Matthew of the rejection, and Matthew believes Jennifer did not understand the details of the contract. Linda refuses to answer Janes questions. D) B) obey the principal's instructions in accordance with the contract. B. REALTOR Jack notices the following comment posted under one of his listings on his website. Subsequently, Vinod tells Tim that Wanda was his client and he is owed a commission. The Code of Ethics in Action R Copyright 2023 - RealEstateExamAnswers.com -, NAR May the Code Be With You ? D) C. may not arbitrate as he does not belong to the local association. D. Olivias client would have to request arbitration on her behalf; she may not request arbitration on her own. D. providing little to no information about known issues with a house. B. A. Nan did not sign a contract with Bob. the administrative law created by real estate agencies as authorized by the legislature. Subsequently, Dean lists the property with Broker Mike. As a general rule, dual agency is permissible. A. Ann cannot file both an ethics complaint and an arbitration request at the same time. B. lie to prospective buyers regarding the windows condition Later, a sales contract is entered into directly between Seller Keith and High-Rise Corporation. D. all parties to a transaction.
Unit 6 Test Flashcards | Chegg.com Some states allow it, with certain conditions. a prospective buyer's instructions. What is the internal rate of return? A) Tom is not meeting her expectations, so she terminates the employment relationship. 51. B. not consider how and when Amy entered the transaction. Each party must be informed he will not receive. Attend our First-Time Homebuyer Seminar and win a free TV! B. property profiling. D. notifying him of all known material facts. D. excellent location; walk to the bus stop. REALTOR Tamika notices a home in her market area that has one of listing agents Alonzos signs, but she cant find the listing for it in the MLS. Did Nathan violate the Code? The principal is looking for vacant land to purchase to develop. A. advise Susan of the commission differential. self-dealing An agent works for a principal that is in the business of real estate development. Sara would be considered a Transaction broker She takes the people through the house, and they ask Mary to write the contract. Disney tell Saul that the maximum it will pay for a 1-acre lot is $1 million. B) D. Jon is simply being aggressive, which is permissible. A broker tells a buyer, "This home has the most beautiful river view." Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. 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. After the closing, Eddie calls Sacha to discuss the matter. C. REALTOR Clarence is the complainant. 1. NAR May the Code Be With You ? B. drafting advertisements for general mailing Explain. 135. REALTOR Jane notices a home in her market area listed with REALTOR Lindas name on it. Identify which statement is true. B. neither broker. B. A request for arbitration could stem from C. Price reductions just made on this beautiful Victorian. D. Seller Keith had no knowledge of Salvatores efforts with Travis.
Real Estate Course Chapter 4 Flashcards Preview - Brainscape REALTOR Lisa, a property manager, researchs county records to determine the owners of multi-unit buildings. REALTORS Jona and Wally are from different states where their boards do not have an established inter-association arbitration agreement. Deceitful or dishonest practices (B), and (D) are true statements about dual agency, so they are incorrect answers to the question. A) The structure looks good. B. A. ask the buyers if they are exclusively represented by another REALTOR. Identify which of these practices a REALTOR is permitted to do. A. The hearing panel will Subsequently, REALTOR Shelley claims that she represented buyer Jack. Buyer Halie refers to other houses she has looked at with REALTOR Grant. 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. A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. Dual agency is legal in all 50 states. D. undivided loyalty. Lets not worry about that todaylets wait until we sell your house, then well figure it out. When a REALTOR only has a contract with a buyer; he is only permitted to collect a fee from the buyer.
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