Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. Every state has mandatory agency disclosure laws that stipulate Which of these actions violates the Code? A. ethical, because of the special rules for fraternity brothers. Show an Amount column, a Per Unit column, and a Percent column on each statement. A. Eddie suggests taking the matter to arbitration. D) 71. D. Nan worked with Bob first. 36. A) 21. B. contact the sellers and write the contract. No, Alonzo is required to post all listings in the MLS. She stipulates that her client, buyer Jack, will pay her fee. Unit 4 (complete) Flashcards | Chegg.com 77. At this point, what kind of relationship do Howard and Owen have? I recently toured this home with REALTOR Jordan. B. like the United States Constitution and Bill of Rights, fairly immutable. This fact favors D. statement that the opinion of value is not the same as an appraisal, 113. any relevant state laws. In most states, dual agency refers to a situation where the same REALTOR represents both the buyer and the seller in a real estate transaction. A) B. a client during and following the termination of the professional relationship between the client and the REALTOR. B) C. Mediation is not a method of dispute resolution preferred by the National Association of REALTORS. C. No, Antonio is entitled to collect these fees as long as there was informed consent from both parties to the transaction. The agent is 12. After the closing, Melanie visits the buyers in their home and asks if they have any questions or need any information about the community. Several months go by without contact between Paul and Rhonda, and then Broker Steve introduces the property to Rhonda again. REALTOR Jan calls Carlos to arrange for a showing. dual agency. keep all buyer requested information confidential during the engagement period. C) Subsequently, REALTOR Shelley claims that she represented Buyer Jack. question. Matthew calls Jennifer to explain the details. Broker Anne. B. a transactional brokerage. B) Seller Tim has offered an open listing on his property to a number of brokers in the area. Chapter 4_Brokerage Relationships and Ethics Quizzes - Chegg C. are not allowed to litigate the matter. Agency - National Association of Realtors An agent must supply a written Agency Disclosure: b. to a seller before listing a property or to a buyer before writing an offer. Prepare two contribution format income statements, one showing present operations and one showing how operations would appear if the new equipment is purchased. No, Tamika is permitted to call Alonzo to get the information she needs. A. proof of clear title on the property REALTOR Donna has a property exclusively listed and shows it to buyer Dan, who wants to make an offer. No, because the selling agent can change his mind. 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. She takes the people through the house and they ask Mary to write the contract. how an implied agency may occur. 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. A. Twenty years ago, a former occupant of the house committed suicide in the house. A REALTOR has the duty of loyalty to Did Pattys actions violate the Code? D) Dual agency can lead to a conflict of interest. As long as there was prior informed consent from both parties before the transaction was complete, this is not a violation. The couple wants to ensure their children are raised in a diverse area. Dual agency disclosure; A 2. . Howard walks through a home listed by Owens agency during an open house. D. showing his interest in the property personally. the concept of caveat emptor. Study with Quizlet and memorize flashcards containing terms like Which is TRUE about listings? The seller had made no mention of it. This could be an example of 68. Broker Steve files an arbitration request against Broker Deb. This particular fact favors Which of the following is correct? Oxford University Press | Online Resource Centre | Multiple choice D. neither Broker Joann nor Broker Millie. Being primarily responsible to the customer. An agent who represents both the buyer and the seller in a transaction is known as a: a. dual agency. C. the name of the REALTORs firm. Share your form with others Send it via email, link, or fax. C) contact the city building inspector about the defect. D. an intrusion by Broker Nan into an existing relationship. needs but spent about an hour at the property asking many questions about other homes for sale. If another brokerage wants to show the property, what is the listing brokers responsibility? 52. 8. 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", _____. A key element of an agent's fiduciary responsibility of loyalty is to A) reveal relevant information or material facts. What is the best action for Dennis to take? A. apparently limited to the open house and does not favor Roger. Under these circumstances the broker: B) 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. C. half of the commission REALTOR Nelson actually received from the seller, after he negotiated with the seller to reduce his commission. C. Providing an opinion about the structure is outside the scope of my expertise. 141. Patty prepares a CMA prior to the appointment, then shows the property to her prospect, buyer Larry. D. providing little to no information about known issues with a house. D) restrictions on disclosure of confidential information. B. once it has been reviewed by the Grievance committee B. REALTOR Brian is the mediator. C. providing disclosure and obtaining consent from both parties. 124. 139. Do international differences in financial leverage exist? C) avoid conflicts of interest. C. once it has been reviewed by the Ethics committee sales associates are agents of the licensing authority. B) 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. 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. Omitted statements of material facts. A) An exclusive listing must always be at least 30 days long., What are the three most common types of listings . Neither the offer nor the escrow instructions mentioned: (a) the broker as the agent, or (b) terms for payment of a commission. Asset-liability management Seller George paid for a home inspection on his house for a prospective buyer. Dual agency requires nothing less than written, informed consent from both parties. Minevik reported Cost of Sales for 2013 of SEK57,222 million. Dual agency limits the level of representation that can be offered by the licensee and also prohibits the licensee from acting exclusively for either party. The relationship between real estate broker and seller is generally what type of agency? A) Later, Ben, who was seated at the same table with Linda, buys the house from Broker Andrew. 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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. d. has no specified term. C. estrangement of John by Broker Nan. D. tell the Byers to call Sam to find out the nature and terms of any agreement they have with Sam. After the closing, Eddie calls Sacha to discuss the matter. Broker Mike had the property listed most recently. However, listings are currently thin in his market. B. Donna has violated the Code by not disclosing to the seller that she was representing buyer Dan. sales associates are agents of the broker. C. REALTOR Clarence is the complainant. D. Olivias client would have to request arbitration on her behalf; she may not request arbitration on her own. To get the answers she needs, Jane may C. tell prospective buyers Trisha must sell quickly because Ed must follow all instructions of the client A. not a violation of the Code as it is helpful courtesy offered to the seller. No, because the properties she found in the MLS have been on the market more than six months. A. A. REALTOR-ASSOCIATES C. prepare a CMA, which demonstrates the accuracy of the price. D) B) Browse over 1 million classes created by top students, professors, publishers, and experts. A. appraisal. an undisclosed dual agency. C) Properties that are considered undesirable because of events that occurred there or because a known sex offender lives in the area are considered Commingling and conversion It has been reported that 40%40 \%40% of U.S. workers employed as purchasing managers are females. 117. Broker Roger files arbitration against Broker Paul, claiming procuring cause because he introduced the property to the buyer. 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) A. gain consent to advertise Tricias property as having an anxious owner who wants an offer D. Loretta needs to say nothing about these businesses or services; it is obvious she owns them. D. local, state, and national. A. keep the comment posted; it only helps his business and, after all, he didnt write it. D) D. putting contracts in writing. DBA accounting. \text{Fixed expenses}&\underline{\text{\hspace{10pt}90,000}}\\ personally arrange for the repairs. Which of the following is an INCORRECT statement regarding a principal's liability for an independent contractor's torts and contracts? even if they are considered a "harmless white lie." Do you agree with the marketing managers proposal? She and Dean enter into an agreement of sale. "The size of the bedrooms makes them wonderfully cozy and perfect for your children." D. Owen is Howards principal. Identify which statement is true. Later, Ken meets Broker Brenda at a party and is persuaded to let her represent him in the purchase of the property. A. order the seller to disclose the leak A. (B), and (D) are true statements about dual C. Only those licensed as sales agents may become REALTORS. ! Which of the following is an INCORRECT statement regarding misuse of confidential information and the agent's duty of loyalty? Which of these is an example of panic selling? Buyer Holly contacts Sam indicating that she has seen the house Linda is selling and would like to make an offer. Loyalty how a customer is differentiated from a client. C) 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 these items is NOT required to be provided with the opinion of value? InvestmentCenterElectronicsSportingGoodsSales$40,000,00020,000,000Income$2,880,0002,040,000AverageInvestedAssets$16,000,00012,000,000. Trisha wants to sell her house quickly because her new job in another city begins next month. 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. the principal. B) C) A REALTOR may file both an ethics complaint and an arbitration request simultaneously over the same matter. A. disclose the existing accepted offer Recently, Erin was the buyers agent for Jones, who purchased a new home. A) buyer representation agreement. loyalty. However, Jordan rejects the offers and instead sells the house to a friend. 98.
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