Broker Jim introduces buyer Ken to a property and keeps in touch with him. A. call the MLS to alert them that REALTOR Linda is not sharing all of her listings. To settle this agreement, they can REALTOR Patty has an appointment to show REALTOR Katies listing. B. advise Holly that Linda will only take listing price; since he is Lindas agent, he has the right to do so. C. Buyer Travis is the owner of Big City Enterprises and High-Rise Corporation. B. disclosure An agent receives an offer. C. maintain the confidentiality of the information Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. stigmatized properties. Escrowing example, during working hours or on the principal's 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 __________. C) avoid conflicts of interest. Broker Roger has an open house on a property and has a register for attendees to sign. An open listing is an exclusive contract. Only information about material defects that the agent has personally observed C. REALTOR Clarence is the complainant. Broker Pauls efforts favor A key element of an agent's fiduciary responsibility of loyalty is to, The seller is the broker's client; the buyer is a customer. all lawful instructions of the owner. C. the name of the REALTORs firm. C) 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; Donna, representing the seller, holds firm and gets Dan to buy at asking price. Broker Paul introduces tenant Elizabeth to a property. the broker always acts as the agent of a client or customer. A) A. Sarah can take no action as Thomas is the principal broker at his agency; his title gives him seniority in this case. C. the principal B. A. ethical, because of the special rules for fraternity brothers. Which of the following is considered dual agency? a licensed personal assistant of a sales associate is the agent of the sales associate. C. both Broker Deb and Broker Steve. Which of the following choices addresses standards designed around duties to the client, not the public? Which of the following is NOT a critical factor in determining independent contractor status? even if unintentional. mandatory agency disclosure. 58. What is Barbaras duty? Sometimes principals request that agents run errands or conduct other acts on their behalf while the agent or employee is on personal business. A. B) B. something that would be understood by both REALTORS and does not need to be disclosed. D. notifying him of all known material facts. B. disclosing her relationship with Derek an agency. Lynn then tells the seller she could recommend a good REALTOR there. D. mutual collaboration. A. C. Ann does not have to cite her reasons for filing an ethics complaint against Marge. A. contact Sam and ask him the nature and terms of any agreement he has with the Byers In an arbitration dispute, the fact that Linda mentioned the property is considered Under the _____ test, if an agent commits an intentional tort within a work-related time or A key fact is C. only consider who made the initial introduction to the property. REALTOR Howard has an exclusive representation agreement with a buyer. Commingling and conversion New builds going fast! Broker Judy has been working actively with Buyer John for several months. the seller must disclose, but the broker has no obligation to disclose. REALTOR Brian has filed an ethics complaint against REALTOR Clarence. Dual agency occurs when an agent is representing both the buyer and the seller. Such disclosure is not prevented by the requirement for client confidentiality. The broker: a. is not entitled to a commission because of the open listing. The Minevik Group is a Swedish-based, high-technology engineering firm. The relationship between real estate broker and seller is generally what type of agency? 69. REALTOR Bill finds out about the contact and accuses Melanie of trying to steal his client. A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. 130. if there is no intention to deceive. No, the fact that his daughter was the buyer is inconsequential to the transaction. It does not require an agency agreement. D) Which of the following statements is TRUE? C) A) This way is more efficient. Which statement is true? REALTOR Barbara holds an open house on a rainy day and discovers the seal for the back door is leaking. D. A foundation crack is hidden behind the paneling in the basement. REALTOR Pete c. is 90 days after the listing agreement is signed. \textbf{Investment Center}&\textbf{Sales}&\textbf{Income}&\textbf{Average Invested Assets}\\[5pt] Broker Anne files an arbitration request against her client, Buyer Bill. Real Estate Course Chapter 4 Flashcards Preview - Brainscape B. have an arbitration hearing at Wallys association, if Jona agrees. D. set up an appointment with the title company. As a manager, what factor would be paramount in your mind in deciding whether to purchase the new equipment? a trustee. a subagent. A) the buyer and the seller are represented by the same company. 19. Which of the following statements is NOT true about dual agency ! can accept an offer on behalf of the seller. D. targeted sales. The agent, without informing the principal, purchases the land for personal use. D) Which of these statements is an ethical practice by a REALTOR? REALTOR Antonio has a buyer agency contract, which entitles him to collect a fee. d. has no specified term. D. REALTOR Clarence is the respondent. Grievance Committee disclosure of material facts that the agent knows. the codified law that is a legacy of French rule. Section 4 Authorized Relationships, Duties And Disclosures - Brainscape Select the statement that is considered practicing law and should be avoided. 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. demand that Sherry split the commission with Vinod. a criminal registry that is maintained by state real estate offices. 70. A. B) common law. 101. B. comfortable home near the community recreation center REALTOR Nan comes into the office and finds prospect Bob talking with her colleague, REALTOR Dana. A REALTOR may tell prospective clients not to list with REALTORS offering flat-rate commissions. "NAR May the Code Be With You" ? "The Code of Ethics in Action Real B. yes, because the nature and the terms of the contract were not made clear C) Katy could elect not to make any appointments. 93. This could be an example of 125. REALTOR Donna has a property exclusively listed and shows it to buyer Dan, who wants to make an offer. A. Lets not worry about that todaylets wait until we sell your house, then well figure it out. However, listings are currently thin in his market. 75. B. contact the sellers and write the contract. D. websites must maintain a minimum number of listings at all times so the site should never look skimpy. Broker Joann admits she was an exclusive buyer agent for her client and she knew the compensation offering before showing the house. B. a client during and following the termination of the professional relationship between the client and the REALTOR. C. only look at the MLS. Identify which of these practices a REALTOR is permitted to do. C. a violation of the Code, despite the fact that REALTOR Nelson did have permission from REALTOR Matthew. Later, Ben, who was seated at the same table with Linda, buys the house from Broker Andrew. B) Only choice (C) is not true, so it C. Professional Standards Committee C. No, Antonio is entitled to collect these fees as long as there was informed consent from both parties to the transaction. Nelson informs Matthew of the rejection, and Matthew believes Jennifer did not understand the details of the contract. B. extended an offer of cooperation to another broker, which is not a violation of the Code. C. REALTOR-ASSOCIATE. a. has no legal right to a commission. B) B) C) release of information regarding a transaction two years following closing. No, the fact that his daughter was the buyer is inconsequential to the transaction. 46. C) Loyalty I recently toured this home with REALTOR Jordan. 63. D) Subsequently, Vinod tells Tim that Wanda was his client and he is owed a commission. An agent must supply a written Agency Disclosure: b. to a seller before listing a property or to a buyer before writing an offer. C) unstable properties. 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. Being a REALTOR means being included in the ____________ association(s). B. may ask the local Association of REALTORS to arbitrate it. Identify which statement regarding this situation is TRUE. listing agreement. A) 4 Q . 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. question. Refer again to the data in (1) above. The buyer entered into a contract that stipulated that the broker had not been involved in the transaction. She negotiates the offer with buyer Dan, who offered less than asking price. C. only consider who made the initial introduction to the property. Chad is a customer of Marcys. D. use the comment in other places on his website to help drum up new business. Jennifer rejects the offer. D) the common law of agency in the state in which the property owner lives. 81. only Disney is liable on the contract if Disney ratified the contract. Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. C. mediation. judicial law. 149. Is this a violation of the Code? Do international differences in financial leverage exist? REALTOR Melanie has a listing, which REALTOR Bill sells. A) This is a violation of the duty of loyalty known as _________. They ask their buying agent, REALTOR Larry, about the racial composition of a neighborhood they are considering. 115. C. really none of REALTOR Janes or her clients business. To keep the websites from looking skimpy, Scott keeps several sold or expired listings on his site that appear to be available. being primarily responsible to the customer. D. Seller Dean was not free to sell the property on his own. D. tell the sellers to disclose the leaks, 31. The agent believes the seller will not accept any of the three offers. B. D. Yes, Tamika violated the Code because contacting the listing agent is never allowable. D. a violation of the Code; REALTOR Matthew did not have permission from REALTOR Nelson to contact Jennifer. D. do not have the option of arbitration through the local Association of REALTORS. He should D. honesty and integrity, 108. 2. a. 138. C. Owen is Howards fiduciary. C. induced Miriams client to cancel her agreement, which is a violation of the Code. D. ratifying the findings of the Professional Standards Hearing Panel and hearing appeals from either party. \end{array} a nonagency. No, because her client, Larry, has no interest in the property. REALTOR Dee files an arbitration request and is able to prove she is the procuring cause of the sale. A. Brianna A. 7. Subsequently, Dean lists the property with Broker Mike. Neither the offer nor the escrow instructions mentioned: (a) the broker as the agent, or (b) terms for payment of a commission. The broker is called. Todds actions are considered B. homeowners selling at a below market value because the demographics of the neighborhood is changing His boss is Bud, whose wife is Broker Nan. This introduction is D. what is required by the Code. No. What are the typical implications to an REIT investor of REITs being listed? "The size of the bedrooms makes them wonderfully cozy and perfect for your children." B. date the opinion of value was prepared D) the seller and the buyer are represented by different companies. C) B. Ann cannot file multiple complaints against Marge over this one event. A. local C. Price reductions just made on this beautiful Victorian. The broker was unethical, but the seller did get to sell the property. Deceitful or dishonest practices The two functions of the local REALTOR Associations Board of Directors, with respect to Code enforcement, are being primarily responsible to the customer. C) C. Providing an opinion about the structure is outside the scope of my expertise. D. include persons of several races in order to avoid exclusivity in advertising. C. You really need to consult with your attorney with questions of that nature. A. not practicing law A: This information may be withheld since the agent never saw any evidence of infestation or damage. D. putting contracts in writing. contact the city building inspector about the defect. You buy a new piece of equipment for $16,230\$16,230$16,230, and you receive a cash inflow of $2,500\$2,500$2,500 per year for 121212 years. The Catholic Church on the corner indicates that the area is predominately Italian-Catholic. How should Larry respond to the question? Which of the following is an INCORRECT statement regarding a fully disclosed agency? The local association of REALTORS must offer mediation to both parties before an arbitration hearing is held. C. are not allowed to litigate the matter. 36. REALTOR Kim has a listing on a property and REALTOR John, a sales associate for REALTOR Millie, makes an appointment to show it. only if intentional. care and skill in representing the principal equivalent to that of the average person. C. Yes, because Ted did not give his consent to talk to Brad. C. both Brenda and Jim. 76. D. talk Susan out of buying the house. A. exclude any human models to avoid any kind of unnecessary bias. D) C. both Jane and Paul. 134. 45. She mentions to all of them that she has just listed a home near the country club. Marty later writes a contract and a sale is made. A. has no business concerning himself with the other REALTORs contract; it is none of his business. 83. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. 25. 10/22 newly Acting for more than one party in a transaction is within the law c. Failure to disclose dual agency is a violation of the law d. A real estate license may be revoked or suspended for failure to disclose dual agency a. D. Yes. how an implied agency may occur. C. avoid the subject of the back door and if it comes up, lie Buyer John mentions at his place of employment that he is looking for a house with Broker Judy. Multiple Choice The dual agency is permissible so long as both parties are fully informed as to the dual role of the agent and consent. The agent should have disclosed this information, regardless of its accuracy. D. required by state law to be followed by all licensees. PRINCIPAL QUIZ 5: AGENCY RELATIONSHIPS Flashcards | Quizlet Each party must be informed he will not receive. 28. B. An exclusive listing must always be at least 30 days long., What are the three most common types of listings . Choices (A), C. strongly favor Paul. returns due to the use of appraisals? A) REALTOR Devon C) No, because permission was granted by Teds representing agent. A REALTOR can use guided statements to diminish another REALTORs integrity. 82. A. In a simple random sample of U.S. purchasing managers, 70 out of the 200 are females. Dual agency is legal in all other states and Washington, D.C., though regulations vary by state in three key areas: When during a transaction agents must disclose dual agency I would like to sell your business property but first, I would have to take classes. Because of this statement, Agents are prohibited from using general information, knowledge, or experience acquired during the course of an agency in later employment. Seller George paid for a home inspection on his house for a prospective buyer. D. made a referral without Miriams consent, which is a violation of the Code. unless it was considered puffing. D) 27. A) C. both Broker Joann and Broker Millie. What is Franks duty? REALTOR Jan calls Carlos to arrange for a showing. Unit 5: Agency Relationships Flashcards | Quizlet D. Owen is Howards principal. The rules established by tradition and court decisions are found in Id love to sign you but I cant say anything else until you are out of your contract. A nonagent (transactional broker, facilitator, coordinator, or contract broker) is not an agent of either party. C) It is one of the rules of society enacted by legislatures and other governing bodies. the common law. B) InvestmentCenterSalesIncomeAverageInvestedAssetsElectronics$40,000,000$2,880,000$16,000,000SportingGoods20,000,0002,040,00012,000,000\begin{array}{lccc}