In an arbitration dispute, the fact that Jim initially introduced Ken to the property favors Jane could not find the property listed in the MLS. the buyer and the seller are related by blood or marriage. The broker is obligated to render loyalty to the seller. Click the card to flip Flashcards Created by This is B) A. Is this a violation of the Code? The broker is obligated to render loyalty to the seller. Broker Judy has been working actively with Buyer John for several months. REALTOR Howard has an exclusive representation agreement with a buyer. Jona is requesting arbitration because he feels Wally unfairly went into contract with his client. A. Ed leaked information about who would appear at the hearing. A. Olivia can take no action since Jon is the principal broker at his agency; his title gives him seniority in this situation. B. Melanie can seek the prospects future business. At the closing table, Howard reveals to both REALTORJane and the sellers that he has an exclusive buyer agency agreement with his client. d. is subject to disciplinary action by the Real Estate Commissioner for negligence. B. Donna has violated the Code by not disclosing to the seller that she was representing buyer Dan. No, because the properties she found in the MLS have been on the market more than six months. B) A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. D. set up an appointment with the title company. A seller tells his agent in confidence that he must sell fast and may accept less than the list price. In a real estate transaction the agent is the: Seller Jordan signs a memorandum for an open listing with a broker authorizing the sale of her house for $65,000. B. like the United States Constitution and Bill of Rights, fairly immutable. D. panic selling. Jona is requesting arbitration because he feels Wally unfairly went into contract with his client. Nice and sturdy basement and everything appears dry. B) No, Tamika is permitted to call Alonzo to get the information she needs. REALTOR Jan calls Carlos to arrange for a showing. (?) A. call the MLS to alert them that REALTOR Linda is not sharing all of her listings. D. request arbitration services from the National Association of REALTORS if both Jona and Wally agree. (C). He shows and sells a listing held by REALTOR Jane. Such disclosure is not prevented by the requirement for client confidentiality. All information about material defects that the agent knows or should know, What is a seller's agent required to disclose to prospective buyers about material defects in the property? C) Only choice (C) is not true, so it What is NOT one of the major ways that a REIT can be structured? D) Jean asks Mike his opinion about the structure of the property. B) C) 82. REALTORS seek arbitration over monetary disputes with another REALTOR because 58. D) REALTOR Joe discovers that REALTOR Ed filed an ethics complaint against him and that REALTOR Ralph will be a witness in the hearing. 79. The structure does not seem sound and I would not purchase this house. The broker was unethical, but the seller did get to sell the property. A. Which of these statements is an ethical practice by a REALTOR? D. zoning restrictions. Nelson informs Matthew of the rejection, and Matthew believes Jennifer did not understand the details of the contract. C) avoid conflicts of interest. C) A. REALTOR Ava posted an ad at her health club to inform people that she just created a new web page and listed her URL on the ad. D. Donna has violated the Code by not making it clear to buyer Dan that she was representing the seller. C. a client only during the professional relationship between the client and the REALTOR. Which of the following is not true regarding dual agency? C. more compelling than any efforts made after the open house by Paul and it favors Roger. REALTOR Kim has a listing on a property and REALTOR John, a sales associate for REALTOR Millie, makes an appointment to show it. Todds actions are considered 61. C. made a great decision. C. are not allowed to litigate the matter. 78. 02. 81. A) C. state law requires it. Broker Mike introduced Kathy to the property. C) both the buyer and the seller are customers. A. ask the buyers if they are exclusively represented by another REALTOR. B. The federal legislation known as Megan's Law has promoted the establishment of B. unmarketable properties. 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 D. neither Jane nor Paul. both parties are represented by attorneys. REALTOR Sam represents seller Linda. The agent tells a buyer the seller will accept up to $5,000 less than the list price. Because the property is being sold "as is," In an advertisement for a four-bedroom home, which of the following statements could be considered discriminatory? REALTOR Donna has a property exclusively listed and shows it to buyer Dan, who wants to make an offer. REALTOR Marcy listed Dereks home, thus creating an agency relationship in which she owes fiduciary duties to Derek. Disclosure of material facts that the agents knows. C) Being a REALTOR means being included in the ____________ association(s). B. the total commission paid to REALTOR Nelson by the seller. D. notifying him of all known material facts, 95. Which of these actions violates the Code? REALTOR Marcy listed Dereks home, thus creating an agency relationship in which she owes fiduciary duties to Derek. a. of the following aspects of REITs as a diversifier? 96. REALTOR Eddie believes that REALTOR Sacha sold his client a house. Patty prepares a CMA prior to the appointment, and then shows the property to her prospect, buyer Larry. C. Article 13Do not practice law This offer is accepted, contingent upon the buyer obtaining financing and a satisfactory home inspection. Several buyers enter REALTOR Petes office and ask about one of the companys listings. A. appraisal. 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 can help her buy the property. Compute profit margin and investment turnover for each department. Marty makes arrangements with the listing agent, REALTOR Caroline, to show the property. Lynn then tells the seller she could recommend a good REALTOR there. In a(n) _____ agency, a contracting third party does not know of either the existence of the agency or the principal's identity. D) the administrative law created by real estate agencies as authorized by the legislature. An agreement that is specific in its terms and conditions is considered C) REALTORS Jona and Wally are from different states where their boards do not have an established inter-association arbitration agreement. REALTOR Dennis is running an open house when prospects Bob and Betty Byers arrive. The relationship between the agent and the seller ends automatically if the purchaser submits an offer. C. national The agent believes the seller will not accept any of the three offers. D) D) B. disclosing her relationship with Derek D. Loretta must disclose her interest to her clients and customers, including any financial benefit received. 105. A. C. draw up the paperwork on Hollys offer. However, fixed expenses would increase to a total of$225,000 each month. She negotiates the offer with buyer Dan, who offered less than asking price. B) It is a legal doctrine that is not unusual. A nonagent (transactional broker, facilitator, coordinator, or contract broker) is not an agent of either party. B. include persons of only one race to show the demographics of that neighborhood. C. Buyer Travis is the owner of Big City Enterprises and High-Rise Corporation. This is NAR May the Code Be With You ? \text{Net operating income}&\underline{\underline{\text{\$\hspace{5pt}45,000}}}\\ 71. D. include persons of several races in order to avoid exclusivity in advertising. D. a violation of the Code; REALTOR Matthew did not have permission from REALTOR Nelson to contact Jennifer. disclosure agreement. 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. B) C. not a true picture. REALTOR Bill finds out about the contact and accuses Melanie of trying to steal his client. A. attending the Grievance Committee meetings and the Professional Standards hearings. C. a violation of Code, because it is not a general announcement. No, because REALTORS are entitled to collect some fees, which a non-member licensee is not. A. Sign it in a few clicks Draw your signature, type it, upload its image, or use your mobile device as a signature pad. 24. REALTOR Marty has a daughter who is interested in a property. 38. Several months go by without contact between Paul and Rhonda, and then Broker Steve introduces the property to Rhonda again. Broker Steve has brought arbitration against Broker Deb. C. Id be happy to discuss this house with you but I cannot discuss anything else. Lynns action is A net listing is illegal in all states. D. A foundation crack is hidden behind the paneling in the basement. A broker helps a buyer and a seller with paperwork but does not represent either party. A broker engaged by a buyer has the responsibility to. C) Variable expenses would be reduced by $9 per unit. C. The price that the sellers told the agent is their minimum selling price. Which of the following is correct? Ethics Committee. a nonagency. A. arbitration. 133. Which of the following does NOT indicate a buyer trying to freeze out a broker? C. avoid the subject of the back door and if it comes up, lie REALTOR Kevin, representing buyer Susan, shows one of REALTOR Craigs listings. C. REALTOR Lyla listed her clients property for less than they had wanted to sell it for because she knew it had a better chance of selling at that price. an implied agreement. The principal is looking for vacant land to purchase to develop. 94. C. The price that the sellers told the agent is their minimum selling price. 20. B) D. Yes, because Ted did not initiate the conversation. D. Yes, because REALTORS are prohibited from receiving compensation from more than one party. REALTOR Loretta owns a large brokerage, which includes an in-house mortgage lender, an in-house title company, and a home warranty company. 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. A. Which of the following statements is TRUE regarding dual agency? Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. D. tell a client that a contract is valid, void, or voidable, 41. A) implied agreement. A. consider how and when Amy entered the transaction. D. Donna has violated the Code by not making it clear to buyer Dan that she was representing the seller. Broker Jim introduces buyer Ken to a property and keeps in touch with him. A. disclosing his true position. B. Neil is in violation of SOP 1-3 for misleading sellers about market value. Did Nathan violate the Code? A buyer's agent, upon learning that the home being purchased is to house a dog-grooming business, didn't check zoning. B. REALTOR principal or the firm itself D) prohibited in all states because a broker must always represent one party. In an arbitration dispute, the fact that Linda mentioned the property is considered Broker Paul later brings a sales agreement on the property from one of the attendees of the open house. A. D. Jon is simply being aggressive, which is permissible. the common law. D. Open house in a beautiful neighborhood this Saturday!, 121. 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 __________. C. notifying him of all known material facts Marty later writes a contract and a sale is made. B. draft a purchase contract from scratch A. Intentional torts include all but which of the following? consideration. C. No, Antonio is entitled to collect these fees as long as there was informed consent from both parties to the transaction.
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