The agents fiduciary relationship of trust and confidence with the principal means that the broker owes the principal certain specific duties. 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. Article 1Be honest Agents are prohibited from using general information, knowledge, or experience acquired during the course of an agency in later employment. Licensees in both brokerages are REALTORS. C) D) D. Yes, Marty should not have said anything to the other REALTOR and the seller at the closing. Subsequently, REALTOR Shelley claims that she represented Buyer Jack. C) D. do not have the option of arbitration through the local Association of REALTORS. 93. REALTOR Jack notices the following comment posted under one of his listings on his website. Buyer Halie refers to other houses she has looked at with REALTOR Grant. B. not consider how and when Amy entered the transaction. A. the co-operating commission originally offered by Nelson. The agent tells a buyer the seller will accept up to $5,000 less than the list price. 81. REALTOR Dee files an arbitration request and is able to prove she is the procuring cause of the sale. B) C) \text{Sporting Goods}&\text{\hspace{5pt}20,000,000}&\text{\hspace{5pt}2,040,000}&\text{\hspace{6pt}12,000,000}\\ If another brokerage wants to show the property, what is the listing brokers responsibility? 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",_____. In fact, the view includes the river and the back of a shopping center. A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. He sells Marys property and receives an additional fee for the sale. A. a. broker. A. ask the buyers if they are exclusively represented by another REALTOR. returns due to the use of appraisals? A. may ask the local Association of REALTORS to provide them with a free mediator. As a manager, what factor would be paramount in your mind in deciding whether to purchase the new equipment? When a REALTOR only has a contract with a buyer; he is only permitted to collect a fee from the buyer. Questions Only She takes the people through the house and they ask Mary to write the contract. D. both brokers. B. It is part of a body of law established by tradition and court decisions. REALTOR Paula reads the personal statistics posted on REALTOR Neils Internet blog and posts this comment on his blog: Well, Mr. Smarty-Pants, we could all have the same stats you do if we consistently underpriced every listing we sold. care and skill in performance. Broker Deb admits that she extended an offer of cooperation and compensation to Broker Steve. The agent has not violated any agency responsibilities to the seller. A. allowable because the offer had already been presented and Matthew is just adding information. Which of the following Standards is NOT considered a duty to the public? B. Jack C. the principal In an exclusive listing, as a matter of law, a listing between the broker and seller: C) A) After the closing, Dan expressed his confusion because he thought Donna was representing him in the sale. B. not a violation of Code, even if some of the recipients have their homes listed for sale. C. Sarah may ask her REALTOR principal to request arbitration but Sarah may not request arbitration on her own. The broker acted properly to obtain a quick offer on the property. B. advise Susan of the commission differential and renegotiate his fee. A key element of an agent's fiduciary responsibility of loyalty is to A) reveal relevant information or material facts. B. opinion of value. accounting. D. undivided loyalty. According to the Code of Ethics, a REALTOR owes the duty of confidentiality to C) Subsequently, Dean lists the property with Broker Mike. C. Id be happy to discuss this house with you but I cannot discuss anything else. B. B) 28. Jennifer rejects the offer. No, the fact that his daughter was the buyer is inconsequential to the transaction. When, how and to whom agents must reveal for whom they provide client based services. 133. an agent. prohibited in all states because a broker must always represent one party. loyalty to the principal's interests unless they conflict with the agent's interests. 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? D. Yes, Marty should not have said anything to the other REALTOR and the seller at the closing. Because of that, the listing broker REALTOR Shelley reduces the fee Randy owes her. C. No, but only if she doesnt solicit the listing at the same time. C. avoid the subject of the back door and if it comes up, lie Disclosure was improper and possibly illegal, regardless of the agent's motive. Todds actions are considered A) Kevin must In an arbitration dispute, the fact that Linda mentioned the property is considered The dual agent may reveal to the seller the maximum the buyer is willing to pay. Which one of the following statements regarding the duties of an agent is NOT true? D. The seller initiates direct contact with the buyers agent. 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. In a fully disclosed agency, the contract is between the agent and the third party. a designated agency. Did Marty violate the Code? This is a violation of the duty of loyalty known as _________. Did Lisa violate the Code? Buyers hire an agent to help them purchase a home and want seller financing because they filed for bankruptcy two years ago. A) REALTOR Lynn is very well connected to REALTORS all over the country. 103. Which of the following is a way to create an agency relationship? B. Broker Roger has an open house on a property and has a register for attendees to sign. Later, Ken meets Broker Brenda at a party and is persuaded to let her represent him in the purchase of the property. D. telling him the lowest price Derek will take for the house, which Derek told her in confidence. D) What is the probability that fatality resulted from this cause? B. each state association of REALTORS. Marty makes arrangements with the listing agent, REALTOR Caroline, to show the property. b. is three months. \text{Contribution margin}&\text{135,000}\\ Identify which statement is true. A. local It may not be superseded by statutory law. A young couple is looking for a new house. A. an image of the REALTORs license. D. Loretta must disclose her interest to her clients and customers, including any financial benefit received. D. Professional Standards Committee. A. D. I will ask the selling REALTOR her opinion and get back to you., 109. D. showing his interest in the property personally. Identify which statement regarding this situation is TRUE. After the closing, Eddie calls Sacha to discuss the matter. Administrative law and canonical law A. InvestmentCenterSalesIncomeAverageInvestedAssetsElectronics$40,000,000$2,880,000$16,000,000SportingGoods20,000,0002,040,00012,000,000\begin{array}{lccc} After the closing, Melanie visits the buyers in their home and asks if they have any questions or need any information about the community. 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? 78. A) amend the listing agreement to authorize dual agency and get Jacks signature Broker Hannah obtains an exclusive listing for Hannah Smith Realty. implied agreement. D) an undisclosed dual agency. Which item is considered outside the scope of a real estate license, according to Article 2? D. a violation of Code, because some of those properties might be listed for sale. REALTOR Brian filed an ethics complaint against REALTOR Clarence. A. accounting for any deposit monies she receives from him, which are put into a separate account 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. B. 131. environmental hazards. B. 18. B. opinion of value. the seller and the broker must both disclose this material fact. D. expressing an opinion about a property, 42. The agent is Elizabeth leases the property from Broker Jane. B. 60. A. Sherry produces an agreement of sale, which is acceptable to Tim who sells the property to Wanda. The term, however, can have different meanings. D. Seller Dean was not free to sell the property on his own. Obedience. D. contact Linda to let her know there is an offer. Susan wants to make an offer. 36. C. call the sellers directly only if she has a buyer client who wishes to see the house. judicial law. D. litigate the matter with both REALTORS. D) B. yes, because the nature and the terms of the contract were not made clear The broker is obligated to render loyalty to the seller. Which. D. all parties to a transaction. D) REALTORS are prohibited from receiving compensation from more than one party in a transaction. C. The price that the sellers told the agent is their minimum selling price. 3. In an arbitration dispute, the fact that Jim initially introduced Ken to the property favors A. his agency. 74. A. will have years of arbitration ahead of them. Refer again to the data in (1) above. C) D. half of the commission REALTOR Nelson actually received from the seller after he negotiated with the seller to reduce his commission. 94. How should Larry respond to the question? C. only consider who made the initial introduction to the property. B. B. consider how and when Amy entered the transaction. Another goal was to recognize and accommodate the growing practice of buyer agency, D. the total commission paid to REALTOR Nelson by the seller. Such being the case, dual agency was revoked in the . A. proof of clear title on the property Her letter offers both her property management services and her brokerage services. REALTOR Jeffrey is preparing a new advertisement for the Sunday paper that will have pictures of people enjoying the neighborhood community pool. B. ethical, because this is considered a general announcement. \text{Sales (15,000 units X \$30 per unit)}&\text{\$450,000}\\ B. recorded deed restrictions 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. Joe tells Ralph that if he shows up at the hearing, hell wish he hadnt! A. 96. A. completely unlike state licensing laws. obedience. 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%. Which of the following is not true regarding dual agency? However, Jordan rejects the offers and instead sells the house to a friend. A) A) Betty could be released from the agency agreement and seek representation from another broker. When preparing an opinion of value, REALTORS are required to A real estate broker hired by an owner to sell a parcel of real estate must comply with Youve come to the right person.. The agent tells a buyer the seller will accept up to $10,000 less than the list price. B) I know Bill, and hes got a reputation for only working hard on his million-dollar listings. When Kathy applies for a mortgage, the lender turns her down because she doesnt have a sufficient down payment. B. contact the sellers and write the contract. A. Neil is in violation of Article 15 for not blogging about REALTOR Paulas successes. Call me in a week and Ill tell you my opinion of Bill and what your next steps should be. Jaybird was required to make a no brokerage disclosure before letting the buyer enter the open house; D. Yes, because REALTORS are prohibited from receiving compensation from more than one party. A. a monetary dispute between two licensees. D. are not allowed to sue each other because they are both REALTORS. How would a histogram of US REIT returns over the last twenty years be described? Broker Millie. At the request of a client, REALTOR Marguerite provided a written estimated value of the clients property. A) An open listing is an exclusive contract. a. D. Yes, because Ted did not initiate the conversation. c. is legally entitled to a commission. REALTOR Kim has a listing on a property and REALTOR John, a sales associate for REALTOR Millie, makes an appointment to show it. B. telling him the lowest price Derek will take for the house, which Derek told her in confidence Broker Millie. A. contact Sam and ask him the nature and terms of any agreement he has with the Byers 132. Bettys answer should be 26. 88. Megamart, a retailer of consumer goods, provides the following information on two of its departments (each considered an investment center). A. A. by establishing a new contract with Mr. Johnson before the previous one had expired. a nonagent. C. Olivia may ask her REALTOR principal to request arbitration but she may not request arbitration on her own. Howard walks through a home listed by Owens agency during an open house. D. Sarahs client would have to request arbitration on her behalf; Sarah may not request arbitration on her own. A. abandonment of John by Broker Judy. A) D. comparative financial analysis. a fiduciary. What is Barbaras duty? casual statement - a licensee might unwittingly become a consumer's agent. B. a client during and following the termination of the professional relationship between the client and the REALTOR. 4. an attorney-in-fact. A REALTOR principal receives an offer on one of her listings. The principal is looking for vacant land to purchase to develop. REALTOR Dee shows a property listed by REALTOR Nelson. REALTOR Sam represents seller Linda. D. merely a mention and does not favor Broker Linda. Chad is a customer of Marcys. D) What is the best action for Dennis to take? B. Melanie can seek the prospects future business. A REALTOR may tell prospective clients not to list with REALTORS offering flat-rate commissions. a disclosed dual agency. D) Howard and Owen chat about the features of the house and Howard seems to be interested. 65. A. fraudulent misrepresentation. 76. Ethics Committee. 135. 54. The first committee at the local level to review an ethics complaint or a request for arbitration is the D. only if he initiated the contact with Mr. Johnson. B. When Todd finished his degree in marketing, he started a career as a REALTOR. C) B. C. A REALTOR can use guided statements to diminish another REALTORs integrity. D. comparative financial analysis. C. reasonable care REALTOR Devon traveled to another state where he bought a property for himself. both parties consent in writing to the dual agency. A) Dual agency requires nothing less than written, informed consent from both parties. D) 61. 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. She negotiates the offer with buyer Dan, who offered less than asking price. Which is TRUE? D)!!! question. D) A) A) This way is more efficient. C. A REALTOR accepts an undisclosed fee from a buyer while serving as a listing agent for the seller. C) B. have his friend offer to buy the house at a lower price since Trisha must sell the house quickly B) Seller George paid for a home inspection on his house for a prospective buyer. C) Broker Paul introduces tenant Elizabeth to a property. A. Ann cannot file both an ethics complaint and an arbitration request at the same time. C. documentation of what the opinion is based on A. Olivia can take no action since Jon is the principal broker at his agency; his title gives him seniority in this situation. stagnant properties. C) 63. A. The official interpretation of the NAR Code of Ethics is made by The federal legislation known as Megan's Law has promoted the establishment of REALTOR Jack notices the following comment posted under one of his listings on his website. A. Brianna D. request arbitration services from the National Association of REALTORS if both Jona and Wally agree. Which of the following statements is TRUE regarding dual agency? A. In dual agency, an agent's actual knowledge pertains to. B. something that would be understood by both REALTORS and does not need to be disclosed. 37. D. targeted sales. While doing so, the agent also works as a salesperson for a competing seller of automotive parts. REALTOR Brianna is a buyer agent and sells Randys house. B) C. REALTOR principal and REALTOR-ASSOCIATES jointly REALTOR Kara posts an ad claiming the most you will be charged is a $5,000 commission. Agents are generally allowed to self-deal with the principal, especially if the self-dealing is undisclosed. a. has no legal right to a commission. C. The buyer refused to negotiate with the broker. D) state registries of residential information on sex offenders. Identify which statement regarding REALTORS is TRUE. B. property profiling. \text{Electronics}&\text{\$\hspace{1pt}40,000,000}&\text{\$\hspace{1pt}2,880,000}&\text{\$\hspace{1pt}16,000,000}\\ Josie tells Betty she isnt happy with the small number of showings Bills had on her house and she is thinking of finding a new REALTOR.
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Can You Use Fungicide And Fertilizer At The Same Time, September Brand Reputation Rankings For Individual Girl Group Members, Turgeon Brothers Restaurants Buffalo, Ny, Laura Smith Obituary 2021, The Eagle Newspaper Obituaries, Articles W