only if intentional. REALTOR Pete 65. Lets not worry about that todaylets wait until we sell your house, then well figure it out. She stipulates that her client, Buyer Jack, will pay her fee. Refer again to the data in (1) above. Broker Steve files an arbitration request against Broker Deb. REALTOR Eddie believes that REALTOR Sacha sold his client a house. C. purposefully leaving sold houses on a website to make your website look more robust A) A. Twenty years ago, a former occupant of the house committed suicide in the house. B. Melanie can seek the prospects future business. C. Mediation is not a method of dispute resolution preferred by the National Association of REALTORS. d. principal. A third party who owns and wants to sell his vacant land tells an agent of the principal of the availability of the land. Conflict of interest is inherent in a dual agency arrangement. A REALTOR may file both an ethics complaint and an arbitration request simultaneously over the same matter. an express agreement. 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. 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",_____. B. telling him the lowest price Derek will take for the house, which Derek told her in confidence Which of these items is NOT required to be provided with the opinion of value? A. 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. C. not run the ad at all. The buyers agent and the sellers agent work for the same company as designated agents. D. The buyer sought another broker in order to get a lower price. being primarily responsible to the customer. C. more compelling than any efforts made after the open house by Paul and it favors Roger. Such being the case, dual agency was revoked in the . c. is 90 days after the listing agreement is signed. B) common law. C) The functions of a facilitator or intermediary are those of C. both Broker Joann and Broker Millie. B) C. is simply doing his job by selling the companys listings. NAR May the Code Be With You ? 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. Call me in a week and Ill tell you my opinion of Bill and what your next steps should be. Broker Ken showed a property to buyer Lori. 125. A. Olivia can take no action since Jon is the principal broker at his agency; his title gives him seniority in this situation. sales associates are agents of the broker. Past correlation of US REIT returns (over the last 20+ years) tends to indicate which D. include persons of several races in order to avoid exclusivity in advertising. 4. B. negate that the introduction strongly favors Paul. Which of these items is a REALTOR required to discover and disclose, according to Article 2 of the Code of Ethics? Linda refuses to answer Janes questions. D. talk Susan out of buying the house. 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. The broker is obligated to render loyalty to the seller. B. lie to prospective buyers regarding the windows condition A REALTOR may tell prospective clients not to list with REALTORS offering flat-rate commissions. Because of that, the listing broker, REALTOR Shelley, reduces the fee Randy owes her. both Saul and Disney are liable on the contract, Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. D. false advertising. A. If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold," _____. A. bait and switch. B) C. disclosing her relationship with Derek 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. member associations, individually. Identify which statement is true. C. Melanie must confirm that the agency relationship between the buyers and REALTOR Bill has terminated. 46. C. both Buyer Bill and Broker Anne. \text{Contribution margin}&\text{135,000}\\ InvestmentCenterElectronicsSportingGoodsSales$40,000,00020,000,000Income$2,880,0002,040,000AverageInvestedAssets$16,000,00012,000,000. If two licensees, who are not REALTORS, have a monetary dispute, they 102. C) C. unethical behavior between a REALTOR and a consumer. 76. A. Melanie can only talk to these buyers if they contact her. C. demand that Sherry split the commission with Vinod. D. panic selling. C. hearing Professional Standards cases and ratifying the results. 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. D) It is Marys listing and she has the key; the sellers are not home but told her to show it anytime. C. Yes, because REALTORS are not permitted to use county records for such purposes. Susan wants to make an offer. A. B. Sarah may ask her REALTOR principal to initiate litigation but Sarah may not initiate litigation on her own. 55. 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 __________. A) the principal. B. Jon did not represent his seller as required. B. maintaining several websites aimed towards different sets of clients REALTOR Lisa, a property manager, researchs county records to determine the owners of multi-unit buildings. Which. \textbf{Investment Center}&\textbf{Sales}&\textbf{Income}&\textbf{Average Invested Assets}\\[5pt] To settle this agreement, they can D) Later, a sales contract is entered into directly between Seller Keith and High-Rise Corporation. After the closing, REALTOR Edward, who represented the seller in the transaction, claimed that Devon owed him a buyers agent fee, and sought arbitration. implied agreement. the sales associate was practicing puffing. B. contact the sellers and write the contract. A. not consider how and when Amy entered the transaction. C) All of these At this point, what kind of relationship do Howard and Owen have? D) Yes, Antonio only has a contract with the buyer; therefore, he is only permitted to collect a fee from the buyer. A. D. an offer or inducement. 93. D. comparative financial analysis. Dual agency disclosure; A 2. . accounting. D. made a referral without Miriams consent, which is a violation of the Code. Which statement is true? must promote and safeguard the seller's best interests. Has Tamika violated the Code? being primarily responsible to the customer. Broker Mike introduced Kathy to the property. B. respond to the author of the comment and request the author remove the comment. The principal is looking for vacant land to purchase to develop. Which of the following is NOT a common type of breach of the agent's duty of loyalty to the principal? C) B. Lori subsequently meets Broker Amy, whose son plays ball with Loris son. Broker Joann. 130. It is part of a body of law established by tradition and court decisions. Sara, a licensee, is helping customer Mark find a house? Broker Millie presents as evidence the listing as it appeared in the MLS, with no compensation offered to a buyers agent, only to sub-agents. A. by establishing a new contract with Mr. Johnson before the previous one had expired. Broker Paul introduces tenant Elizabeth to a property. Broker Millie presents as evidence the listing in the MLS with no compensation offered to a buyers agent, only offered to sub-agents. Article 11Provide the standard of professional service expected Select the statement that is considered practicing law and should be avoided. C) D. zoning restrictions. The broker can disclose confidential information about the seller to a buyer if it increases the likelihood of a sale. 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 Standards is considered a duty to other REALTORS? It follows IFRS and reports its results in millions of Swedish kronor (SEK). This is a violation of the duty of loyalty known as ___________. D. half of the commission REALTOR Nelson actually received from the seller after he negotiated with the seller to reduce his commission. Broker Millie. A. Twenty years ago, a former occupant of the house committed suicide in the house. 61. D. offer to pay REALTOR John directly at the time of closing. B. It is illegal in all states. In a dual agency, one broker or agent represents both parties in a real estate sale. D. notifying him of all known material facts, 95. 142. Dylan is the _______, and Jordan is the ________. D. neither Buyer Bill nor Broker Anne. the administrative law created by real estate agencies as authorized by the legislature. Did Antonio violate the Code? The buyers agent is also the sellers agent, acting as a disclosed dual agent. C. Yes, because REALTORS have an agreement to cooperate. REALTOR Patty has an appointment to show a listing of REALTOR Katies. a nonagency. is a process that accommodates an in-house sale in which two different sales associates of the same broker are involved. 20. c. agent. D) A. confidentiality Deceitful or dishonest practices b. agent. dual-purpose mission; both the principal and the agent. B. include persons of only one race to show the demographics of that neighborhood. C. Jon is allowed to encourage Halie to break her contract with Grant if she is not satisfied with his performance. judicial law. REALTORS are entitled to collect some fees, which a non-member licensee is not. A. may ask the local Association of REALTORS to provide them with a free mediator. implied agency A nonagent (transactional broker, facilitator, coordinator, or contract broker) is not an agent of either party. What does the phrase the law of agency is a common law doctrine mean? C. Ann does not have to cite her reasons for filing an ethics complaint against Marge. The best solution available to Tim is to The broker: a. is not entitled to a commission because of the open listing. Sacha does not want arbitration, and both agree to get lawyers and sue one another. D) A broker engaged by a buyer has the responsibility to. Broker Anne. 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. Sometimes principals request that agents run errands or conduct other acts on their behalf while the agent or employee is on personal business. 6. The seller tells REALTOR Lynn that she is relocating to Hawaii. 24. "The size of the bedrooms makes them wonderfully cozy and perfect for your children." A. Katherine, as the selling broker B. Jack No, because REALTORS are entitled to collect some fees, which a non-member licensee is not. C. Sign a six-month contract with Tims Realty and if we sell your home, youll get a free GrillMate gas grill. A) required to disclose the information because it is a material fact important to the seller. Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. C) At the request of a client, REALTOR Marguerite provided a written estimated value of the clients property. REALTOR Jon has an open house, which buyer Halie attends. C. documentation of what the opinion is based on C) An accounting of all monies and property relating to the engagement. C. providing disclosure and obtaining consent from both parties. 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) C. made a great decision. 132. B. have an arbitration hearing at Wallys association, if Jona agrees. B. Nathan, as the listing broker. B. What is the internal rate of return? REALTOR Jack notices the following comment posted under one of his listings on his website. 10. In most states, a REALTOR is not required to have a license to sell real estate. A) REALTOR Marty has a daughter who is interested in a property. \text{Net operating income}&\underline{\underline{\text{\$\hspace{5pt}45,000}}}\\ After the closing, Eddie calls Sacha to discuss the matter. B. litigation. The agent tells a buyer the seller will accept up to $10,000 less than the list price. Broker Ken showed a property to Buyer Lori. A. ask the buyers if they are exclusively represented by another REALTOR. 131. His boss is Bud, whose wife is Broker Nan. 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 Another goal was to recognize and accommodate the growing practice of buyer agency, B) B) 17. The hearing panel will C. the principal Im certain I could sell your house., 89. D) 66. administrative law. Which of the following is an INCORRECT statement regarding a "frolic and detour?". can accept an offer on behalf of the seller. D) B. consider how and when Amy entered the transaction. A real estate professional's duties to a customer do NOT include Both information the seller has provided the agent, and material defects that the agent has personally observed Disclosure was improper and possibly illegal, regardless of the agent's motive. REALTOR Kevin, representing buyer Susan, shows one of REALTOR Craigs listings. Subsequently, Vinod tells Tim that Wanda was his client and he is owed a commission. an undisclosed dual agency. The National Association of REALTORS Code of Ethics is
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