REALTOR Marys next step should be to A) A real estate professionals representing more than one principal, B) Two brokerage companies cooperating with each other, C) A real estate professionals acting for both the buyer and the seller in the same transaction, D) A real estate professionals listing and then selling the same property. \end{array} B. allowable because REALTOR Nelson obviously doesnt understand the offer. is a process that accommodates an in-house sale in which two different sales associates of the same broker are involved. Who is liable? 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. Any broker is authorized to encourage such bids for the property. Jerry discloses his compensation agreements to both parties and receives their consent. C. websites must be maintained and updated frequently. A) the buyer and the seller are represented by the same company. Buyer Holly contacts Sam indicating that she has seen the house Linda is selling and would like to make an offer. B. Loretta needs to say nothing about these businesses or services; it is obvious she owns them. A. find a third, impartial board to hold their hearing. C. only look at the MLS. The individual who is authorized and consents to represent the interests of another person in dealings with a third person is A. accounting for any deposit monies she receives from him, which are put into a separate account C. The neighborhood looks predominately white but there are a few Latinos who live a couple of blocks over. D) c. accidental D) C. only consider who made the initial introduction to the property. Broker Pauls efforts favor A. B) The sales associate was practicing puffing. Broker Paul later brings a sales agreement on the property from one of the attendees of the open house. REALTOR Brianna is a buyer agent and sells Randys house. A key fact is Which of the following is an INCORRECT statement regarding a "frolic and detour?". A REALTOR has to decide which is more important, behavior or money, and file just one complaint. Eddie and Sacha B) Broker Deb. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. Howard walks through a home listed by Owens agency during an open house. PDF A GUIDE TO TENNESSEE S AGENCY AW - gcar.net Dual agency can lead to a conflict of interest. D. Olivias client would have to request arbitration on her behalf; she may not request arbitration on her own. There are four elements of a cause of action for fraud: (1) the licensee made a misstatement or failed to disclose a material fact; (2) the licensee either knew or should have known that the statement was not accurate or that the undisclosed information should have been disclosed; (3) the buyer relied on the misstatement; and (4) the buyer was A. an image of the REALTORs license. a. has no legal right to a commission. B) Misstatements about the property The Code of Ethics in Action R Copyright 2023 - RealEstateExamAnswers.com -, NAR May the Code Be With You ? A. find out if Holly is in an exclusive relationship with a REALTOR and explain to Holly that Sam represents only Linda in this transaction Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. The broker can agree to a change in price without the seller's approval. B. Identify which statement regarding mediation is TRUE. A) the principal to whom the agent gives advice and counsel. B. disclosure of material facts. 82. A. allowable because the offer had already been presented and Matthew is just adding information. 148. Edit your form online Type text, add images, blackout confidential details, add comments, highlights and more. REALTOR Loretta has a large brokerage that includes an in-house mortgage lender, an in-house title company, and she offers home warranties through her company. Eddie and Sacha Mikes answer should be Yes, Antonio only has a contract with the buyer; therefore, he is only permitted to collect a fee from the buyer. B. REALTOR Brian is the respondent. 56. B. A. arbitration. D. comparative financial analysis. C. are not allowed to litigate the matter. A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. C. Article 12Be truthful in advertising Donna, representing the seller, holds firm and gets Dan to buy at asking price. D) What is Barbaras duty? B. advise Holly that Linda will only take listing price; since he is Lindas agent, he has the right to do so. 88. The broker is guilty of intentional misrepresentation. All of these 59. C. both Nathan and Katherine. unstable properties. 98. dual agency. D. false advertising. B) A. his agency. D. Open house in a beautiful neighborhood this Saturday!, 121. D. a violation of the Code; REALTOR Matthew did not have permission from REALTOR Nelson to contact Jennifer. Dual agency is actually illegal in some states. 134. B. After the closing, Eddie calls Sacha to discuss the matter. A sellers agent is expected to disclose information about material defects in the property to prospective buyers. D. ratifying the findings of the Professional Standards Hearing Panel and hearing appeals from either party. A. broker Brenda. REALTOR Ann is furious when she discovers that REALTOR Marge sold a listing to one of Anns clients. B. homeowners selling at a below market value because the demographics of the neighborhood is changing 3. latent defects. Unit 4 (complete) Flashcards | Chegg.com A. Jennifer rejects the offer. In fact, the view includes the river and the back of a shopping center. An exclusive listing must always be at least 30 days long., What are the three most common types of listings . B. have an arbitration hearing at Wallys association, if Jona agrees. A REALTOR may tell prospective clients not to list with REALTORS offering flat-rate commissions. As a general rule, dual agency is permissible. C) Which of the following statements is TRUE? Zaafir only, because he is an independent contractor. C. prepare a CMA, which demonstrates the accuracy of the price. A) A. Sarah can take no action as Thomas is the principal broker at his agency; his title gives him seniority in this case. ch 30 quiz Flashcards | Quizlet 100. both parties are represented by attorneys. B. advise Holly that Linda will only take listing price; since he is Lindas agent, he has the right to do so. Linda refuses to answer Janes questions. The broker is merely puffing. A broker engaged by a buyer has the responsibility to. D. the National Association of REALTORS. A real estate broker acting as the agent of the seller 133. Solved Which of the following is true regarding a dual - Chegg A. keep the comment posted; it only helps his business and, after all, he didnt write it. Which of the following statements is TRUE? 27. D. Yes, because she does not have permission from REALTOR Katie. D. both brokers. A sales associate of a broker told a prospective buyer that the house being shown is "the best house in the area." B. B. Loretta may not market these auxiliary services to buyers or sellers using her company. Principals are generally liable if an agent's frolic and detour is substantial. I recommend if you are interested, you have the house inspected by a professional. REALTOR Kevin, representing buyer Susan, shows one of REALTOR Craigs listings. Seller George paid for a home inspection on his house for a prospective buyer. It does not require an agency agreement. REALTORS Jona and Wally are from different states where their boards do not have an established inter-association arbitration agreement. The Catholic Church on the corner indicates that the area is predominately Italian-Catholic. 119. REALTOR Frank holds an open house for a client on a rainy day and discovers a window leak. When considering whether or not to reveal information regarding a stigmatized property, a real estate professional should be aware of D. must arbitrate as he and Edward are both REALTORS. B. discrimination. a federal registry of residential information on sex offenders. Broker Katherine is aware of the listing as it is in the local MLS. A real estate broker hired by an owner to sell a parcel of real estate must comply with The Federal Fair Housing Law prohibits me from discussing the racial composition of the neighborhood. In an arbitration dispute, the fact that Linda mentioned the property is considered B. unethical. B. unethical. D. required by state law to be followed by all licensees. the client. the sales associate was guilty of fraud. Which of the following describes a typical equity REIT? C. Id be happy to discuss this house with you but I cannot discuss anything else. 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 B. He shows and sells a listing held by REALTOR Jane. The hearing panel will Buyer Holly contacts Sam indicating that she has seen the house Linda is selling and would like to make an offer. D) C. property taxes B. allowable because REALTOR Nelson obviously doesnt understand the offer. the broker was guilty of fraud because he is responsible for actions of the sales associate. Only choice (C) is not true, so it Loyalty REALTOR Melanie has a listing, which REALTOR Bill sells. In an advertisement for a four-bedroom home, which of the following statements could be considered discriminatory? B) tell the seller that the defect must be repaired. a facilitator relationship. Eddie suggests taking the matter to arbitration. D. A REALTOR may file a request for arbitration only after any ethics complaint about the same matter is resolved. I recommend if you are interested, you have the house inspected by a professional. When Todd finished his degree in marketing, he started a career as a REALTOR. General The duty of _____ is a fiduciary duty owed by an agent not to act adversely to the interests of the principal. A key element of an agent's fiduciary responsibility of loyalty is to A) reveal relevant information or material facts. C. both Broker Joann and Broker Millie. Only information about material defects the seller has provided the agent. Which event will terminate an agency in a broker-seller relationship? (2) Which department is most efficient at generating sales from average invested assets? Show an Amount column, a Per Unit column, and a Percent column on each statement. Which statement is correct? B. is obligated to arbitrate only if he has a specific written agreement to arbitrate. 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. C. maintain the confidentiality of the information C. Paula is in violation of Article 15 for posting misleading statements. A request for arbitration could stem from Donna, representing the seller, holds firm and gets Dan to buy at asking price. 11. After Bob leaves, Nan says to Dana, That is my client! This statement is true if D) A) A. attending the Grievance Committee meetings and the Professional Standards hearings. unmarketable properties. If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold, agent for Walt Disney," _____. REALTOR Marcy listed Dereks home, thus creating an agency relationship in which she owes fiduciary duties to Derek. Absolutelythis is a community property state. 128. 30. A) No, Tamika is permitted to call Alonzo to get the information she needs. This fact favors REALTOR Nan comes into the office and finds prospect Bob talking with her colleague, REALTOR Dana. A licensed broker obtained an exclusive right-to-sell listing from an owner. B) C. disclosing her relationship with Derek A. chosen to work hard for his new broker Ethan, which is not a violation of the Code. Broker Paul introduces tenant Elizabeth to a property. A factor that is indicative of bad faith and in Salvatores favor is whether A) obedience. D. set up an appointment with the title company. consideration. A. once it has been filed Unit 6 Test Flashcards | Chegg.com 77. 135. Did Marty violate the Code? REALTOR Nelson owes REALTOR Dee Rather than purchase new equipment, the marketing manager argues that the companys marketing strategy should be changed. A) Common law C) Katy could elect not to make any appointments. C. Donna has violated the Code by not getting informed consent from both buyer and seller to be a dual agent. Under these circumstances the broker: C. a violation of the Code, despite the fact that REALTOR Nelson did have permission from REALTOR Matthew. an attorney-in-fact. It is illegal in all states. c. is legally entitled to a commission. Board of Directors. obedience to all instructions of the principal. A seller can sell his or her own home and owe no commission if he or she signs an exclusive agency listing. B. not consider how and when Amy entered the transaction. Compute the break-even point in dollar sales for the company under the new marketing strategy. Jean asks Mike his opinion about the structure of the property. 65. D. refuse to return calls of the agent involved so as not to have to decide, 22. Broker Millie presents as evidence the listing in the MLS with no compensation offered to a buyers agent, only offered to sub-agents. Explain. A) B. contact the sellers and write the contract. inform any prospective buyers of the defect. A. Melanie can only talk to these buyers if they contact her. A. Twenty years ago, a former occupant of the house committed suicide in the house. Which of the following is considered dual agency? A) 149. Buyer Kathy contacts Seller Dean about buying his property. Dual agency requires nothing less than written, informed consent from both parties. administrative law. B. aggressive, but ethical marketing efforts. B. may ask the local Association of REALTORS to arbitrate it. premisesthe Which of the following statements is NOT true about dual agency This relationship is. Board of Directors. B) D) B. Ann cannot file multiple complaints against Marge over this one event. (B), and (D) are true statements about dual agency, so they are incorrect answers to the question. Did Lisa violate the Code? 150. Identify the scenario below where it would NOT be appropriate for a buyers agent to talk to the seller directly concerning price, terms, or conditions. D) Do not show percentages for the fixed expenses. A) disclosure. D. No, because she is a property manager and the listing agent does not offer that service. The buyers agent is also the sellers agent, acting as a disclosed dual agent. You are simply a bottom feeder! Identify which statement is true. This is called a(n) Given this information: What cause of fatality is least likely to occur? B. REALTOR principal or the firm itself A) The broker: a. is not entitled to a commission because of the open listing. C. the name of the REALTORs firm. A) required to disclose the information because it is a material fact important to the seller. REALTOR-ASSOCIATE Sarah believes that REALTOR Thomas from another brokerage sold a house to her client and that she was the procuring cause of the sale. Susan wants to make an offer. 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. In dual agency, an agent's actual knowledge pertains to. REALTORS seek arbitration over monetary disputes with another REALTOR because 85. D. urge the seller to update the disclosure form or have the back door repaired, 107. Module II- Part III-INCLUDES MUST-KNOW QUESTI, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett, Washington County FFA Dairy Foods CDE PART TWO. Conflict of interest is inherent in a dual agency arrangement. REALTOR Barbara holds an open house on a rainy day and discovers the seal for the back door is leaking. the broker informs either the buyer or the seller of this fact. A. have the opinion verified by an appraiser. C) 52. A. will have years of arbitration ahead of them. D. license law complaints. 51. If REALTOR Shelley wishes to file an arbitration request, against whom does she file it? a designated agency. The best solution available to Tim is to A. no, because Nathan is not responsible for how the website functions a nonagency. Subsequently, Dean lists the property with Broker Mike. In the common law of agency, an agent owes the principal all of the following EXCEPT REALTOR Sam represents seller Linda. The fact that the introduction occurred many months ago does NOT D. I think youll get more than half with me as your REALTOR., 111. The first thing Sam should do is D. what is required by the Code. Broker Millie. He has fulfilled the requirements of Article 7 by Which of the following is correct? D. only if he initiated the contact with Mr. Johnson. The buyers agent and the sellers agent work for the same company as designated agents. D. neither Brenda nor Jim. A. gain consent to advertise Tricias property as having an anxious owner who wants an offer She takes the people through the house and they ask Mary to write the contract. REALTOR Mike is showing a property to his client Jean. D. an intrusion by Broker Nan into an existing relationship. A. cannot arbitrate if he is a principal in the transaction. Accidental or implied agency created excessive liability for both licensees and their brokers (and even consumers), and it opened the door to unintended and undisclosed dual agency. Dual agency occurs when an agent is representing both the buyer and the seller. This is A net listing is illegal in all states. The structure does not seem sound and I would not purchase this house. C. avoid the subject of the back door and if it comes up, lie 37. 81. The next day, Broker Nan calls Buyer John. of the following is not true regarding dual agency? Some states allow it, with certain conditions. even if unintentional. Subsequently, REALTOR Nelson sells the property to the buyer REALTOR Dee introduced to the property. All material facts known about the property from the seller, another agent, previous experience with the property, or researching public records. C. once it has been reviewed by the Ethics committee B. REALTOR Marty has a daughter who is interested in a property. REALTOR Loretta owns a large brokerage, which includes an in-house mortgage lender, an in-house title company, and a home warranty company. D. request arbitration services from the National Association of REALTORS if both Jona and Wally agree. D. Donna has violated the Code by not making it clear to buyer Dan that she was representing the seller. D. Yes, Marty should not have said anything to the other REALTOR and the seller at the closing. C) C. yes, because electronic contracts are not valid B. opinion of value. 6. 96. A. Jon did not make a reasonable effort to determine if Halie has an exclusive agreement. B. like the United States Constitution and Bill of Rights, fairly immutable. an expiration of the agreement. b. innocent a. Dual agency is a violation of real estate law. A) C. national B. lie to prospective buyers regarding the windows condition B. No, because permission was granted by Teds representing agent. Under the _____ test, if an agent commits an intentional tort within a work-related time or and disclose all facts concerning the property. 33. Administrative law. 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. The seller, Morgan, contacts Buyer Valerie independently and informs her that the property is for sale. All information about material defects that the agent knows or should know universal agency. required to disclose the information under the Fair Credit Registry Act. 47. Being primarily responsible to the customer. Pete learns that the buyers have an exclusive agreement that expires in two months with REALTOR Ryan, employed by a competitive brokerage. What is the probability that fatality resulted from this cause? Which is TRUE? Unit 9 Flashcards | Quizlet B. state C. remove the comment immediately. D. Yes. an implied agreement. Dual Agency: Learn The Rules In Your State - Clever Real Estate C) d. is subject to disciplinary action by the Real Estate Commissioner for negligence.
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