This could be an example of No, because REALTOR Katie is obviously clueless about how to price a property. D. An arbitration hearing is required before parties may attempt mediation. A real estate broker hired by an owner to sell a parcel of real estate must comply with Her letter offers both her property management services and her brokerage services. A) Dual Solved Which of the following statements Is true reqarding - Chegg REALTOR Mike is showing a property to his client Jean. The seller accepts the offer. even if unintentional. Which statement is correct? For the years ended December 31, 2013 and 2012. REALTOR Marcy listed Dereks home, thus creating an agency relationship in which she owes fiduciary duties to Derek. fraudulent misrepresentation. A. A. In a real estate brokerage, Subsequently, Vinod tells Tim that Wanda was his client and he is owed a commission. a. must have a definite termination date. B) D. all parties in a transaction, whether they are clients or customers. 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. Multiple Choice The dual agency is permissible so long as both parties are fully informed as to the dual role of the agent and consent. If REALTOR Shelley wishes to file an arbitration request, against whom does she file it? Identify which of these practices a REALTOR is permitted to do. At the closing table, Marty tells Caroline and the seller that the buyer is actually his daughter. D. I will ask the selling REALTOR her opinion and get back to you., 109. A) A. offering an inducement to get someone through the door unmarketable properties. D. refuse to return calls of the agent involved so as not to have to decide, 22. 120. d. principal. B. She takes the people through the house and they ask Mary to write the contract. 44. The agent has not violated any agency responsibilities to the seller. Dual agency can lead to a conflict of interest. The Byers reply that REALTOR Sam has taken them to several homes, but they arent sure if they have an exclusive agreement with Sam. 104. What is the probability that fatality resulted from this cause? a latent defect. She negotiates the offer with buyer Dan, who offered less than asking price. Share your form with others Send it via email, link, or fax. Call me in a week and Ill tell you my opinion of Bill and what your next steps should be. Common law, statutory law, and administrative law, Real estate agency relationships are governed by which kinds of law? C. obedience to the inspector. mandatory agency disclosure. A. REALTOR Brian is the mediator. Nice and sturdy basement and everything appears dry. Implied A. another broker showed the property to Travis. C. fraud. 70. Unit 10: Client Representation Agreements, Art History Baroque, Neoclassical, Realism, R. C. neither broker. spacefor No. A broker helps a buyer and a seller with paperwork but does not represent either party. a fiduciary. Scott is in violation of the Code because The duty of _____ is a fiduciary duty owed by an agent not to act adversely to the interests of the principal. REALTOR Dee shows a property listed by REALTOR Nelson. the administrative law created by real estate agencies as authorized by the legislature. which of the following statements is true regarding the situation? B) A. find a third, impartial board to hold their hearing. A. Buyer John mentions at his place of employment that he is looking for a house with Broker Judy. C. disclosing her relationship with Derek C. notifying him of all known material facts To settle this agreement, they can B. is obligated to arbitrate only if he has a specific written agreement to arbitrate. Qaadir hires Zaafir, a lawyer and an independent contractor, to represent him in a court case. D. telling him the lowest price Derek will take for the house, which Derek told her in confidence. It is one of the rules enacted by legislatures and other governing bodies. No, Alonzo is required to post all listings in the MLS. of the following aspects of REITs as a diversifier? B) D) A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. B. may ask the local Association of REALTORS to arbitrate it. B) B. 133. D. I think youll get more than half with me as your REALTOR., 111. C. The price that the sellers told the agent is their minimum selling price. A) negligent misrepresentation. If two licensees, who are not REALTORS, have a monetary dispute, they A. Olivia can take no action since Jon is the principal broker at his agency; his title gives him seniority in this situation. Each party must be informed he will not receive. loyalty. a designated agency. B. REALTOR principal. Has Tamika violated the Code? C. Donna has violated the Code by not getting informed consent from both buyer and seller to be a dual agent. C. Melanie must confirm that the agency relationship between the buyers and REALTOR Bill has terminated. Maria tells her agent in confidence that she must sell fast and may accept less than the list price. In a dual agency, one broker or agent represents both parties in a real estate sale. Under the _____ test, if the agent's motivation for committing an intentional tort is to promote the _____ business, the principal is liable for any injury caused by the tort. A) D. Yes, because she does not have permission from REALTOR Katie. D. contact Linda to let her know there is an offer. Broker Joann, buyers agent, is seeking arbitration against Broker Millie, sellers agent. C) D. notifying him of all known material facts. A beautiful home on 1.5 acres with trees and a small pond A. exclude any human models to avoid any kind of unnecessary bias. 9. B. telling him the lowest price Derek will take for the house, which Derek told her in confidence Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. The relationship between real estate broker and seller is generally what type of agency? 127. A) B. C. Article 13Do not practice law unnecessary disclosure. Chapter 7 Online & Book Quiz Flashcards | Chegg.com 38. 26. A. racial segregation. A. Sarah can take no action as Thomas is the principal broker at his agency; his title gives him seniority in this case. Which of the following is not a listing agreement typically used in California? REALTOR Devon traveled to another state where he bought a property for himself. D. REALTOR who is the procuring cause of the sale, 40. A nonagent (transactional broker, facilitator, coordinator, or contract broker) is not an agent of either party. A REALTOR can use guided statements to diminish another REALTORs integrity. Did Pattys actions violate the Code? A. may ask the local Association of REALTORS to provide them with a free mediator. B. drafting advertisements for general mailing D. provide the basis for their opinion. C. state law requires it. Conflict of interest is inherent in a dual agency arrangement. B. REALTOR Brian is the mediator. He sells Marys property and receives an additional fee for the sale. In an arbitration dispute, the fact that Jim initially introduced Ken to the property favors B) Which of the following statements is NOT true about dual agency B) Identify which statement regarding mediation is TRUE. B. Which of the following scenarios MOST accurately describes the typical income tax Which of the following is NOT a critical factor in determining independent contractor status? I recently toured this home with REALTOR Jordan. Chad is a customer of Marcys. D. panic selling. C. a violation of Code, because it is not a general announcement. C. property taxes D. notifying him of all known material facts, 95. Broker Anne. He shows and sells a listing held by REALTOR Jane. A) C. REALTOR Clarence is the complainant. C. ask REALTOR Craig to increase the commission. D. targeted sales. keep all buyer requested information confidential during the engagement period. A seller can sell his or her own home and owe no commission if he or she signs an exclusive agency listing. What is Barbaras duty? 69. C. draw up the paperwork on Hollys offer. Board of Directors. D. Yes, because REALTORS should not misrepresent the availability of access. Sometimes principals request that agents run errands or conduct other acts on their behalf while the agent or employee is on personal business. D. Melanie should not solicit a buyer agreement with these buyers. C. No, but only if she doesnt solicit the listing at the same time. An open listing is an exclusive contract. B. date the opinion of value was prepared D. honesty and integrity, 108. D. Loretta must disclose her interest to her clients and customers, including any financial benefit received. C. ethics complaints. d. negligent. principal is liable for any injuries caused by the agent's intentional torts. Unit 9 Flashcards | Quizlet Which of these actions violates the Code? D. contact Linda to let her know there is an offer. This offer is accepted, contingent upon the buyer obtaining financing and a satisfactory home inspection. A REALTOR can recommend another REALTOR to a client who mentioned she is relocating out of state. D. urge the seller to update the disclosure form or have the back door repaired, 106. C. REALTOR-ASSOCIATE. Which of these statements is an ethical practice by a REALTOR? C. A REALTOR may not file an ethics complaint at the same time she files a request for arbitration. disclosure of material facts that the agent knows. REALTOR Bill is representing sellers Sue and Sam, who are divorcing. 14. PDF A GUIDE TO TENNESSEE S AGENCY AW - gcar.net REALTOR Brian has filed an ethics complaint against REALTOR Clarence. C. the name of the REALTORs firm. The broker designates one sales associate to represent the seller and one sales associate to represent the buyer. D. Donna has violated the Code by not making it clear to buyer Dan that she was representing the seller. What are the typical implications to an REIT investor of REITs being listed? Broker Steve. B. state A) A real estate broker lists a home for sale for $189,500. A broker was hired to represent the seller, to market the seller's property, and to solicit offers to purchase. A. appeals complaints. It is Marys listing and she has the key; the sellers are not home, but told her to show it anytime. required to disclose the information because it is a material fact important to the seller. D. Yes, because REALTORS are prohibited from receiving compensation from more than one party. REALTOR Nelson has an exclusive listing contract with seller Jennifer. 4. 134. A real estate professional's duties to a customer do NOT include A sellers agent is expected to disclose information about material defects in the property to prospective buyers. 83. stigmatized properties. D. Yes, I have tons of experience selling all types of properties! Compare our rates to others This ad is 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. Agency relationships in real estate are regulated by which kind of law? 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 D. No, because she is a property manager and the listing agent does not offer that service. c. It allows a broker to complete general tasks. Deceitful or dishonest practices REALTOR Dee shows a property listed by REALTOR Nelson. 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. A REALTOR has the duty of loyalty to All of these ch 30 quiz Flashcards | Quizlet C. litigate any differences. D. REALTOR Clarence is the respondent. A) 67. stigmatized properties. 63. Kevin must 130. REALTOR Carlos has a listing. The National Association of REALTORS Code of Ethics is D. A REALTOR accepts an undisclosed fee from a buyer while serving as a listing agent for the seller. Commingling and conversion A broker performing as a property manager who deposits the rent into his operating account is an example of statutory law. The broker: a. is not entitled to a commission because of the open listing. Chapter 7 Flashcards | Quizlet A) Identify which statement regarding complaint filing is TRUE. Under the _____ rule, a principal is generally _____ for injuries caused by its agents and employees while they are on their way to or from work. D. Loretta needs to say nothing about these businesses or services; it is obvious she owns them. D. Article 14Arbitrate disputes. Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. B. 10. C) REALTOR Jack notices the following comment posted under one of his listings on his website. In fact, the view includes the river and the back of a shopping center. How is the NCREIF Property Index calculated? Linda refuses to answer Janes questions. 21. 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. This is called a(n) Obedience. d. is subject to disciplinary action by the Real Estate Commissioner for negligence. Which of the following duties does Marcy NOT owe to Chad? C. remove the comment immediately. B. have two brokers sign off on it. Which of the following is correct? Which of the following is NOT a common type of breach of the agent's duty of loyalty to the principal? If the two parties go to mediation and do not resolve the dispute, they are no longer entitled to arbitration. A) Board of Directors D. set up an appointment with the title company. C) Which of the following is an INCORRECT statement regarding dual agency? D) A. local Sara would be considered a Transaction broker C) 88. Seller Tim has offered an open listing on his property to a number of brokers in the area. 140. D. Marge does not have to provide any information about the matter to the Grievance Committee. REALTOR Patty has an appointment to show REALTOR Katies listing. an offer made on the property. A) Jennifer rejects the offer. A) A. favor either party. REALTOR Howard has an exclusive representation agreement with a buyer. Disney tell Saul that the maximum it will pay for a 1-acre lot is $1 million. B: Disclosing the information could create a fiduciary relationship with the buyer and, thereby, create an unauthorized dual agency situation. 98. Zaafir only, because he is an independent contractor. Rather than pay sales commissions, which are currently included in variable expenses, the company would pay salespersons fixed salaries and would invest heavily in advertising. D. neither Buyer Bill nor Broker Anne. Which of the following is not true regarding dual agency? The structure does not seem sound and I would not purchase this house. Did Pattys actions violate the Code? an express agreement. The real estate broker's fiduciary responsibility to keep the principal informed of all facts, including property condition and issues that affect a seller's willingness to sell and a buyer's willingness to buy, is the duty of: A. skill, care and diligence B. disclosure C. obedience D. accounting disclosure D. Joe should not talk to Ralph until after the hearing. A licensed broker obtained an exclusive right-to-sell listing from an owner. Broker Nathan has a property listed for sale. D. Brianna. Identify which of the following inducements is prohibited. Questions Only This way is more efficient. No, because REALTORS are entitled to collect some fees, which a non-member licensee is not. of the following is not true regarding dual agency? 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. Misrepresentation or omission might result in broker liability Administrative law. D) REALTORS are prohibited from receiving compensation from more than one party in a transaction. B. Advertisements on the Internet require She takes the people through the house, and they ask Mary to write the contract. 60. According to the Code of Ethics, who owns the listing agreements for a firm? B. Loretta may not market these auxiliary services to buyers or sellers using her company. REALTOR Marcy listed Dereks home, thus creating an agency relationship in which she owes fiduciary duties to Derek. A) tell the seller that the defect must be repaired. legislative law. D) C. No, but only if she doesnt solicit the listing at the same time. 103. 02. B. B. date the opinion of value was prepared "The uneven floors just mean that the building dates to colonial times." agency is actually illegal in some states. even if they are considered a "harmless white lie." B. A REALTOR principal receives an offer on one of her listings. C. induced Miriams client to cancel her agreement, which is a violation of the Code. D) A) the buyer and the seller are represented by the same company. Nelson informs Matthew of the rejection, and Matthew believes Jennifer did not understand the details of the contract. C. strongly favor Paul. Misstatements about the property A. advising customers or clients on how to get a house show ready Lori subsequently meets broker Amy, whose son plays ball with Loris son. The structure looks good. The buyers agent and the sellers agent work for the same company as designated agents. REALTOR Jan calls Carlos to arrange for a showing. REALTOR Barbara holds an open house on a rainy day and discovers the seal for the back door is leaking. sales associates are agents of the broker. The party who employs an independent contractor is called a(n) _____. D) prohibited in all states because a broker must always represent one party. D. only consider who wrote the successful contract on the property. B. C. REALTOR Clarence is the complainant. B. not a violation of the Code as REALTOR Terry doesnt know any agents in Hawaii. the common law. D) C. No, Antonio is entitled to collect these fees as long as there was informed consent from both parties to the transaction. A) B) D. talk Susan out of buying the house. C. Owen is Howards fiduciary. After the closing, Eddie calls Sacha to discuss the matter. A REALTOR may tell prospective clients not to list with REALTORS offering flat-rate commissions. A. an introduction and favors Andrews side. D. once it has been reviewed by the Board of Directors. C. Professional Standards Committee 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. Bettys answer should be B) Absolutelythis is a community property state. A) D) Broker Deb. B. maintain confidentiality since the seller didnt mention the leak Which of the following statements is LEAST accurate regarding UPREITs and downREITs? D) REALTOR Dennis is running an open house when prospects Bob and Betty Byers arrive. Because the property is being sold "as is," 150. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. D. weigh into consideration; Paul introduced the property and is the procuring cause. C. offer to pay a bonus commission to REALTOR Millie if REALTOR John sells the house. A. An agent receives an offer. Which of the following choices addresses standards designed around duties to the client, not the public? D. websites must maintain a minimum number of listings at all times so the site should never look skimpy. C. Donna has violated the Code by not getting informed consent from both buyer and seller to be a dual agent. c. is legally entitled to a commission. 47. C. Yes, because REALTORS have an agreement to cooperate. B. 13. REALTOR Melanie has a listing, which REALTOR Bill sells.
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