Which of the following is an INCORRECT statement regarding a "frolic and detour?". D. what is required by the Code. 50. Which of the following is considered dual agency? D) Broker Anne files an arbitration request against her client, Buyer Bill. B. C. disclosing her relationship with Derek both parties are represented by attorneys. A. REALTOR-ASSOCIATES Most state statutes require that material facts to a transaction, such as credit issues, be disclosed to a seller, even if the buyer is a client. REALTOR-ASSOCIATE Olivia believes that REALTOR Jon from another brokerage sold a house to her client and that she was the procuring cause of the sale. A. confidentiality Mikes answer should be 128. He has fulfilled the requirements of Article 7 by a. 60. 92. REALTOR Nelson owes REALTOR Dee 19. Disclosure Board of Directors. A. Sarah can take no action as Thomas is the principal broker at his agency; his title gives him seniority in this case. C. both Buyer Bill and Broker Anne. C) At the closing table, Marty tells Caroline and the seller that the buyer is actually his daughter. Which of the following is an INCORRECT statement regarding usurping an opportunity and the agent's duty of loyalty? At the closing table, Howard reveals to both REALTOR Jane and the sellers that he has an exclusive buyer agency agreement with his client. The broker can accept a commission from the buyer without the seller's approval. A. Neil is in violation of Article 15 for not blogging about REALTOR Paulas successes. No, Martys daughter and the seller were in mutual agreement with the stipulations of the sale. The relationship between the property owner and the associated brokers at Hannah Smith Realty could best be described as (buyer subagency, designated agency, dual agency, seller subagency) 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. C. demand that Sherry split the commission with Vinod. D. Article 14Arbitrate disputes. Sherry produces an agreement of sale, which is acceptable to Tim who sells the property to Wanda. After the closing, Melanie visits the buyers in their home and asks if they have any questions or need any information about the community. Loyalty C. merely a mention and does not favor Broker Andrew. B. are going to need to put this decision in writing to the Board of REALTORS. C) a federal registry of residential information on sex offenders. As a general rule, dual agency is permissible. Im certain I could sell your house., 89. I know Bill, and hes got a reputation for only working hard on his million-dollar listings. C. The dual agent must have the written consent of both parties. REALTOR Donna has a property exclusively listed and shows it to buyer Dan, who wants to make an offer. \text{Net operating income}&\underline{\underline{\text{\$\hspace{5pt}45,000}}}\\ Refer to the original data. Recently, Erin was the buyers agent for Jones, who purchased a new home. 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Class Questions with Answers, NAR May the Code Be With You / The Code of Ethics in Action Real-Life Applications Class Questions with Answers, Navigating a Hot Sellers Market Class Questions and Answers, Real Estate Investing Beyond the Basics Class Questions with Answers, Real Property Appraisals Class Questions with Answers, Short Sales and Foreclosures / Advocating for Short Sale Clients Class Questions with Answers, All CE (Continuing Education) Classes Study Guide that we have on 1 page ( included CE classes -Core Law, Ethics and ALL Other CE elective classes Guides that we have)- Questions with Answers. REALTOR Brad shows the listing, writes up an offer, and then calls Smitty to ask him when he would like to present the offer to his client. A. Olivia can take no action since Jon is the principal broker at his agency; his title gives him seniority in this situation. B) REALTOR Crystal went door-to-door in a particular subdivision asking homeowners if they were interested in selling because the ethnic make-up of the neighborhood is changing. A. Melanie can only talk to these buyers if they contact her. 49. REALTORS Jona and Wally are from different states where their boards do not have an established inter-association arbitration agreement. Morton Companys contribution format income statement for last month is given below: Sales(15,000unitsX$30perunit)$450,000Variableexpenses315,000Contributionmargin135,000Fixedexpenses90,000Netoperatingincome$45,000\begin{array}{lrr} A. will have years of arbitration ahead of them. A. D) report the status of all funds received from or on behalf of the principal. REALTOR Dee shows a property listed by REALTOR Nelson. A. Dual agency must be disclosed to both parties in a real estate sale Show Result 129. A. complete a pre-printed contract D) the seller and the buyer are represented by different companies. A) A. ethical. C. Olivia may ask her REALTOR principal to request arbitration but she may not request arbitration on her own. C) B. only if intentional. the desire of a potential buyer or tenant to know the information. must promote and safeguard the seller's best interests. Any broker is authorized to encourage such bids for the property. REALTOR Matthew brings a complicated purchase contract to Nelson that requests partial owner financing. Which of the following is NOT a critical factor in determining independent contractor status? The functions of a facilitator or intermediary are those of B) The first thing Sam should do is D. A REALTOR accepts an undisclosed fee from a buyer while serving as a listing agent for the seller. C. notifying him of all known material facts if the buyer's inspector finds a problem, the seller does not have to disclose. Marty later writes a contract and a sale is made. B. Lori subsequently meets Broker Amy, whose son plays ball with Loris son. A. racial segregation. D. A REALTOR may file a request for arbitration only after any ethics complaint about the same matter is resolved. D. set up an appointment with the title company. The individual who is authorized and consents to represent the interests of another person in dealings with a third person is care and skill in performance. C) In a real estate brokerage, b. broker. This is an example of 4 Q . After the closing, REALTOR Edward, who represented the seller in the transaction, claimed that Devon owed him a buyers agent fee, and sought arbitration. B. Olivia may ask her REALTOR principal to initiate litigation but she may not initiate litigation on her own. A. The agent should have disclosed this information, regardless of its accuracy. D) A) the buyer and the seller are represented by the same company. In MOST situations, the relationship between real estate broker and seller is what type of agency? B. the total commission paid to REALTOR Nelson by the seller. b. is three months. D. the total commission paid to REALTOR Nelson by the seller. REALTOR Jon has an open house, which buyer Halie attends. A. disclosing his true position. 114. C. half of the commission REALTOR Nelson actually received from the seller, after he negotiated with the seller to reduce his commission. A. Under these circumstances the broker: A) D. mutual collaboration. 35. Which of the following Standards is considered a duty to other REALTORS? B. Subsequently, REALTOR Nelson sells the property to the buyer that REALTOR Dee introduced to the property. A) Required to disclose the information because it is a material fact important to the seller. The buyer entered into a contract that stipulated that the broker had not been involved in the transaction. Jane could not find the property listed in the MLS. Disclosure was improper and possibly illegal, regardless of the agent's motive. The agent has not violated any agency responsibilities to the seller. 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C. Grievance Committee. Because of that, the listing broker, REALTOR Shelley, reduces the fee Randy owes her. REALTOR Marcy listed Dereks home, thus creating an agency relationship in which she owes fiduciary duties to Derek. C. You really need to consult with your attorney with questions of that nature. REALTOR Dee files an arbitration request and is able to prove she is the procuring cause of the sale. C. not run the ad at all. Past correlation of US REIT returns (over the last 20+ years) tends to indicate which 7. A. chosen to work hard for his new broker Ethan, which is not a violation of the Code. A. the customer. C) The broker has committed fraud. A. completely unlike state licensing laws. Broker Pauls efforts favor REALTOR Devon not required to disclose the information because the agent has no agency relationship with seller. B. disclosing her relationship with Derek A. D. the National Association of REALTORS. Do not show percentages for the fixed expenses. It follows IFRS and reports its results in millions of Swedish kronor (SEK). A. exclude any human models to avoid any kind of unnecessary bias. C. Providing an opinion about the structure is outside the scope of my expertise. A real estate broker acting as the agent of the seller An accounting of all monies and property relating to the engagement. B. allowable because REALTOR Nelson obviously doesnt understand the offer. B. Sarah may ask her REALTOR principal to initiate litigation but Sarah may not initiate litigation on her own. D. Sarahs client would have to request arbitration on her behalf; Sarah may not request arbitration on her own. 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",_____. A. has no business concerning himself with the other REALTORs contract; it is none of his business. B. A) It is part of a body of law established by tradition and court decisions. (B), and (D) are true statements about dual REALTOR Scott has several websites, each directed at various niches, such as first-time buyers, seniors, etc. Based on these facts, which statement is TRUE? A) Is Brad violating the Code if he calls Ted? "The uneven floors just mean that the building dates to colonial times. a fiduciary. REALTOR Sam represents seller Linda. C. prepare a CMA which demonstrates the accuracy of the price. During the listing period, the broker found a buyer who made an offer on the property that was accepted by the seller. I recently toured this home with REALTOR Jordan. B. Neil is in violation of SOP 1-3 for misleading sellers about market value. REALTOR Marcy listed Dereks home, thus creating an agency relationship in which she owes fiduciary duties to Derek. D) 87. B) It is a legal doctrine that is not unusual. A person who may be affected by the terms of an agreement, but who is not a party to the agreement is known as the: A. The seller accepts the offer. C. only consider who made the initial introduction to the property. A) B. Lori subsequently meets broker Amy, whose son plays ball with Loris son. ", Which of these statements could be negligent misrepresentation? B) A. Twenty years ago, a former occupant of the house committed suicide in the house. C) B. Ralph should not talk to Joe until after the hearing. D) After the closing, Eddie calls Sacha to discuss the matter. prohibited in all states because a broker must always represent one party. It is one of the rules enacted by legislatures and other governing bodies. REALTOR Kara posts an ad claiming the most you will be charged is a $5,000 commission. Jean asks Mike his opinion about the structure of the property. C) both the buyer and the seller are customers. D. honesty and integrity, 108. A beautiful home on 1.5 acres with trees and a small pond In fact, the view includes the river and the back of a shopping center. Youve come to the right person.. restrictions on disclosure of confidential information. D) Broker Steve files an arbitration request against Broker Deb. B. broker Jim. Being primarily responsible to the customer. No, because the selling agent can change his mind. Identify which of these practices a REALTOR is permitted to do. 12. 29. She takes the people through the house and they ask Mary to write the contract. Minevik reported Cost of Sales for 2013 of SEK57,222 million. a principal. Which statement is TRUE of a real estate broker acting as the agent of the seller? Kevin must REALTORS Sherry and Vinod both show his property. 142. disclosure agreement. C. both Nathan and Katherine. Which of the following represents Eds fiduciary duty? A. not consider how and when Amy entered the transaction. B. In an arbitration dispute, the fact that Linda mentioned the property is considered At this point, what kind of relationship do Howard and Owen have? REALTOR Brianna is a buyer agent and sells Randys house. REALTOR Brian has filed an ethics complaint against REALTOR Clarence. C. Article 12Be truthful in advertising C. documentation of what the opinion is based on implications of REIT dividends for pension funds? A. Donna has not violated any Article or Standard; she just did her job and sold the house. D) D. expressing an opinion about a property, 42. The buyer brokerage receives compensation from the listing brokerage and from the buyer at close of escrow. REALTOR Betty is hosting an open house where she meets buyer Josie. depositing money in an interest-bearing trust account. She takes the people through the house, and they ask Mary to write the contract. B) What fiduciary duty did the buyer's agent violate? B. contact the sellers and write the contract. Board of Directors. C) No, because her client, Larry, has no interest in the property. c. accidental D. undivided loyalty. Did Pattys actions violate the Code? According to the Code of Ethics, who owns the listing agreements for a firm? All material facts known about the property from the seller, another agent, previous experience with the property, or researching public records. 17. Broker Deb admits that she extended an offer of cooperation and compensation to Broker Steve. Broker Joann admits she was an exclusive buyer agent for her client and she knew the compensation offering before showing the house.
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