endstream A REALTOR caused a series of events, without interruption, abandonment or estrangement, that resulted in the sale of a property. c. $1,600 Articles of the Code of Ethics do not address _______. Which of the following is a Code of Ethics violation? Administrative regulations that administer real estate license laws Arbitrate monetary disputes rather than litigate. 0000004644 00000 n Estoppel There is a spectacular house that a salesperson from Firm A has been trying for several weeks to list for sale. d. proffered offer, The Illinois court decision in Chicago Bar Association et al. b. a. the seller. 0000013533 00000 n 0000025940 00000 n Please check official sources. Promulgated to make public Designated agent required? \end{array} \\ \end{array} & \begin{array}{c} D) subject to all federal requirements applicable to an employee. b. fraud on the part of the broker-in-charge because the employing broker is responsible for the actions of any agent representing the firm. Use of metatags that include the names of other brokerage companies is a reasonable way to divert traffic to a REALTOR's site. The matter cannot be subject to future litigation or arbitration. A) exclusive agent. "Due process" includes all the following except _______. In this situation, the broker would be entitled to, The Illinois Real Estate License Act is administered by the, b. A North Carolina provisional broker may advertise a property only if the broker 0000002264 00000 n Code Comprehension: Article 16 Commissions Are Negotiable 0000009300 00000 n A REALTOR claims that she has a right to another REALTOR'S commission. 12-61-807. Transaction-broker :: 2016 Colorado Revised WebBrokers office policy is to cooperate with all other 91* brokers except when not in Sellers best interest: and to offer compensation in the amount of % of the 92* purchase price 0000005052 00000 n Chapter 7 Quiz How much does the selling licensee earn from the sale? commission splits for cooperating brokers. Understanding Cooperative Compensation - Realtor Magazine $2,632.50. The listing firm appointing an agent to represent the seller \text { (inches) } 0000273456 00000 n b. must be reduced to writing prior to writing an offer to purchase on behalf of the buyer. d. The property was flooded during a hurricane. Which of the following would NOT be considered a stigmatized property in North Carolina? A sales person may buy property listed with his/her firm if he/she: Discloses to owner in writing that he/she is licensed with the listing firm. Oct. 2005. 0000283648 00000 n %PDF-1.4 Introducing Cram Folders! a. The licensee's entire income is from sales commissions rather than an hourly wage. A) The agreement does not violate antitrust laws B) The two sales associates have violated the Sherman Antitrust Act and are liable for treble damages C) The agreement constitutes illegal price-fixing D) The two sales associates are guilty of a group boycott with regard to other sales associates in their firm, Real estate license laws exis t primarily to protect A) government agencies B) real estate firms C) consumers D) licensees from unlicensed individuals, The use of electronic signatu res makes routine paperwork more efficient and has been encouraged by adoption by most states of the A) Uniform Electronic Transactions Act B) real estate licensing laws C) Real Estate Transactions Act D) Uniform Brokerage Transactions Act, The real estate sales associate who is an independ ent contractor, as opposed to an employee, will have a substantial portion of the individual's income A) determine eligibility for health insurance and workers' compensation B) based on sales production or other output C) subject to federal tax and withheld by the employer D) based on the number of hours worked, Under the Sherman Antitrust Act, the penalty for a person found guilty of fixing prices or allocating markets is A) a maximum of $100 million B) a minimum of $100,000 C) a maximum $1 million fine and 10 years in prision D) $50,000 per transaction up to a maximum of $500,000, Assuming that the listing broker and selling broker split their commission from a transaction equally, what was the sales price of the property if the commission rate was 6.5% and the listing broker received $12,593.50? It is determined by a specific set of rules. It is the duty of an agent to disclose to a buyer client all the facts and conditions pertaining to the transaction involving the client because the B) digital communication in all its forms. end of each 6-month period for 4 years. (5) A transaction-broker has no duty to conduct an independent investigation of the buyer's or tenant's financial condition or to verify the accuracy or completeness of any statement made by the buyer or tenant. Upon execution of this Lease by 25&\text{Sale}&150\\ TomatoPlantHeight(inches)20.449.246.4FertilizerAmount(ounces)1.95.03.1, a. \end{array} The three categories of the Articles include _______. In order to comply with North Carolina Real Estate Commission Rules, the agent must do all of the following EXCEPT COOPERATION WITH OTHER BROKERS. 0000031709 00000 n }& 2 & \text{Battery charger} & \$ 79.99\\ Articles are broad statements of ethical principles, and Standards of Practice interpret, support, and revise the Articles. Webcompromise Brokersduties to Buyer. D) employed by the buyer or the seller under a valid contract. d. dealing in unlicensed exchange services, c. allocation of customers or price fixing, Which of the following is NOT required of a broker in order for that broker to collect a commission on the sale of a property? A) antitrust laws. b. a company-provided health insurance a. inform the seller that the defect must be repaired. b. agent has fiduciary obligations to the principal. c. collect from the landowner for breach of contract The seller B) procuring cause. Do-not-call registries and laws such as the Telephone Consumer Protection Act, Junk Fax Prevention Act, and rules of the Federal communications Commission dictate A hotel room is priced at $180 per room night. Find out how you can intelligently organize your Flashcards. endstream A) the procuring cause of the sale. Using the data from Lap 1 only, conduct a hypothesis test to determine if the mean time for completing a lap in races is the same as it is in practices. Disclosing the information could create a fiduciary relationship with the buyer and, thereby, create an unauthorized dual agency situation. (4) A transaction-broker has no duty to conduct an independent inspection of the property for the benefit of the buyer or tenant and has no duty to independently verify the accuracy or completeness of statements made by the seller, landlord, or independent inspectors. advise sellers of the amount of compensation and the amount that will be offered to cooperating brokers. Unit 9: Real Estate Brokerage Flashcards | Chegg.com 25&\text{Sale}&180\\ Colorado may have more current or accurate information. Suspension or termination of MLS privileges. C) sales associate. No. A buyer-client has instructed the agent to show only properties where the seller is willing to pay the buyer agent's commission. There is a spectacular house that a salesperson from Firm A has been trying to several weeks to list for sale. Before an agent can collect a commission when working with their buyers, the agent must ______. a. four-bedroom house with only one bathroom. Out of this amount, 5 percent is payable to the referral network that referred the buyer, 35 percent goes to the listing broker, and 60 percent belongs to the cooperating broker. 2 at 27 Y Street. d. The real estate agent must review the agency options in the brochure with the consumer. c. the U.S. Department of Housing and Urban Development d. proffered offer. x+T0t 40T043 $1,678.25 x 0000018812 00000 n a. a commission of $5,000. If Brokersubmits offers by competing buyers, Brokerwill notify Buyerthat a competing offer has been made, but will not disclose any of the offers material terms or conditions. Broker A and the salesperson agreed that she would receive 55 percent of any commission that she generated for their office. c. $3,356.50 A) Compensation the contractor would receive. Assume all purchases and sales were for cash. Assuming that the listing broker and selling broker split their commission from a transaction equally, what was the sales price of the property if the commission rate was 6.5% and the listing broker received $12,593.50? a. Interpret the coefficient of Fertilizer. What should A's salesperson say to the owner to get the listing? D) salespersons within the same office agreeing on a standard commission rate. D) use of personal assistants. In order to advertise a property the broker MUST: All advertisements for the sale of real estate MUST contain the: All the following are true about advertising EXCEPT: Advertising by salespeople can be by phone number alone. d. A broker finding a buyer for a property the broker personally listed. The two types of complaints handled by the Grievance and Professional Standards Committees of the local board/association are _______. C) be the procuring cause of the sale. 0000280555 00000 n a. from his employing broker. 3 0 obj <>/ProcSet [/PDF /Text /ImageB /ImageC /ImageI]>>/Subtype/Form/Length 96/Type/XObject>>stream a. paying local, state, and federal income taxes. Of this amount, 5% is payable to the referral network that referred the buyer, 35% goes to the listing broker, and 60% belongs to the cooperating broker. The broker neglected to revisit the agency issue before showing the buyer a suitable property. a. a licensed managing broker only 0000011270 00000 n a. pro forma. c. Some agents in the same firm representing buyers exclusively and other agents in the same firm representing sellers exclusively They tell As salesperson that Firm B will charge a 2 percent less commission for selling the house. required by court order, or Of this amount, 55 percent goes to the listing broker, and the remaining 45 percent belongs to the cooperating broker. Chapter #5 The special weekend price is proposed for $120 per room night. \hline 49.2 & 5.0 \\ \end{array} A provisional broker and a broker licensee from firms that are cooperating in a transaction 8Purchaseinventory1909.2525Sale110\begin{array}{rlcc} Law of Agency Real Estate Ch 12 You already receive all suggested Justia Opinion Summary Newsletters. The seller told the listing agent that during the past 10 winters, the sellers have been unable to rid the house of rodents. d. do nothing, A real estate licensee who is an independent contractor receives What should As salesperson say to the owner to get the listing? What is the term given to HTML codes that enable a search engine to identify the site as relevant to certain search words or phrases? The Standards of Practice may not _______. Yes. Having the seller cancel his current excusive listing prior to entering into an agency agreement with the seller. 0000031308 00000 n D) communications that are permitted. d. $2,400. A North Carolina provisional broker may accept compensation 0000031631 00000 n a. \text{Aug. 8}&\text{Purchase inventory}&190&~~9.25\\ Ethics complaints are processed by the _______. Broker E tells the landowner that she can sell the lots. \text {d.}& 8 & \text { Paper gift bags } & 3.89\\ What is the judicial recourse, if the parties reach a written agreement in mediation? A real estate salesperson who is an independent contractor receives, Upon discovering a latent defect in the property, the licensee should discuss the problem with the seller and then, c. inform any prospective buyers of the defect, W is a salesperson working for Broker V. W sells a $150,000 home. Cityscape Hotels has 200 rooms available in a major metropolitan city. Department of Financial and Professional Regulation, Licensee N finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of property. d. the public. Assume that Front Row decides to use FIFO. b. The Code of Ethics prohibits REALTORS from providing services outside their area of expertise. Which of the following is NOT a material fact in North Carolina? While the commission will be split between your agent and the agent from the buyers side, the lawyer will take a separate payment per hour. b. real estate licenses may complete preprinted forms, but they may not draft legal documents Which of the following statements is TRUE? Designated agency is optional, not mandatory. a. report the landowner to the real estate licensing authorities "J>8n@Q3%n9?1 Broker Compute ending inventory and cost of goods sold using the FIFO, LIFO, and average cost K In order for a broker to be paid on an open listing, the broker must. In this situation, A broker was told by his seller-principal not to advertise her property in the newspaper, which was just across the state line. Which of the following statements is TRUE about types of agency? The salesperson's entire income is from sales commissions rather than an hourly wage. This is referred to as a, A sales person may advertise a property for sale only if he or she, b. uses the employing brokers name in the advertisement. Was this statement by the agent permissible? $2,632.50 A REALTOR must disclose that an accepted offer exists on a property that is continuing to be shown ______. 0000281991 00000 n c. death of the individual listing licensee. Add to folder %%EOF Restrictions on Broker Cooperation endobj c. allocation of customers or price fixing \text {c.}& 3 & \text { Bottles of pain reliever } & 2.99\\ 0000282931 00000 n The owners have been interviewing sales people from different firms. The listed commission is 6.5 percent of the selling price. d. Convicted sexual offender lives in the neighborhood. Which of the following statements regarding procuring cause is false? Does the yyy-intercept make practical sense? Yes, and it can be best described as puffing A licensee who is employed by a sponsoring broker told a prospective buyer that the house she was looking at is "the best house in the area." WebA Louisiana broker may cooperate with a broker from another state on sales within Louisiana if: One copy of the agreement between the brokers is sent to the Commission. WebWhen an offer from a qualified buyer has been submitted and accepted and both parties have received signed copies of the agreement The legal doctrine by which a person is prevented from asserting rights or facts that are inconsistent with a previous position or representation made by act, conductor silence is called? B) a maximum $1 million fine and 10 years in prison. Reread "Another Perspective" on railroads. Mr. Salesperson committed two ethics violations. endobj Which of the following is allowed under antitrust laws? d. setting individual business goals. After Broker E sells some of the lots, the landowner refuses to pay her a commission. For each of the following events, draw the new outcome. That is so unless the listing is subject to an REALTORS may act as a dual agent only when ______. (d) Serve as a single agent or transaction-broker for the same or for different parties in other real estate transactions. Ocean therapy involves group discussion and ________. 0000010860 00000 n What action does the Grievance Committee take when it determines the issue is suitable for arbitration? d. review the Working with Real Estate Agents brochure with the seller. Webcompromise Brokers duties to Buyer. c. the broker was employed to perform certain activities in the transaction. Thus, Cityscape plans to provide special weekend pricing to attract additional leisure customers. Broker: A broker is an individual or firm that charges a fee or commission for executing buy and sell orders submitted by an investor. Write your answers on a sheet of paper. Which of the following situations could result in arbitration? 0000007777 00000 n A broker member of the local trade association lists and sells several of the lots.
Bob Babich Obituary,
Sevier County, Tennessee Clerk Of Court Public Records,
How To Withdraw Money From Paxful Wallet To Bank Account,
Articles I