d. terms of the purchase contract require the agent to do so. A REALTOR acting as a buyer's agent would be in violation of the Code of Ethics if she ______. 0000010860 00000 n xref endobj \text{July 5}&\text{Sale}&135\\ b. The owners have been interviewing salespeople from different firms. D) dual agent. b. to all consumers prior to first substantial contact. c. a company-provided automobile d. proffered offer. This would be considered as "general" marketing. x+T0t 40T0430Q(JUHSTPpuVpb K Code Comprehension: Article 16 Commissions Are Negotiable b. real estate licenses may complete preprinted forms, but they may not draft legal documents b. is acting on behalf of the brokerage firm, the seller's agent. Which of the following is a permitted discipline resulting from a violation of the Code of Ethics? A horticulturist is studying the relationship between tomato plant height and fertilizer amount. The seller indicates to the broker that the offer would be acceptable if submitted in writing. A) A broker setting a company commission schedule B) Competing property management companies agreeing to standardize management fees C) Real estate companies agreeing not to cooperate with a broker because of the fees that the broker charges D) Competing brokers allocating markets based on the value of homes, Which law has a feature that comm ercial email messages must include a means by which the recipient can unsubscribe? Grievance Committee, Professional Standards Committee and Board of Directors. A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. c. in violation of license law and Commission Rules unless they have a comprehensive written agency policy. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and In regard to reciprocity; if a licensee from another state wants a non-resident license in Louisiana: The must have an active license in their home state. (2) A transaction-broker shall have the following obligations and responsibilities: (a) To perform the terms of any written or oral agreement made with any party to the transaction; (b) To exercise reasonable skill and care as a transaction-broker, including, but not limited to: (I) Presenting all offers and counteroffers in a timely manner regardless of whether the property is subject to a contract for sale or lease or letter of intent; (II) Advising the parties regarding the transaction and suggesting that such parties obtain expert advice as to material matters about which the transaction-broker knows but the specifics of which are beyond the expertise of such broker; (III) Accounting in a timely manner for all money and property received; (IV) Keeping the parties fully informed regarding the transaction; (V) Assisting the parties in complying with the terms and conditions of any contract including closing the transaction; (VI) Disclosing to all prospective buyers or tenants any adverse material facts actually known by the broker including but not limited to adverse material facts pertaining to the title, the physical condition of the property, any defects in the property, and any environmental hazards affecting the property required by law to be disclosed; (VII) Disclosing to any prospective seller or landlord all adverse material facts actually known by the broker including but not limited to adverse material facts pertaining to the buyer's or tenant's financial ability to perform the terms of the transaction and the buyer's intent to occupy the property as a principal residence; and. a.An actively licensed provisional broker within the firm, as long as disclosure is made to both clients. Because of this statement a. the licensee was guilty of fraud This site is protected by reCAPTCHA and the Google, There is a newer version of the Colorado Revised Statutes. a. not having an equal housing opportunity sign in her office window B) junior licensee. d. The property was flooded during a hurricane. Under what circumstances are REALTORS not obligated to cooperate with other brokers? endstream $2,632.50. A developer subdivides acreage and offers individual lots for sale. both parties receive full disclosure and provide written informed consent. A REALTOR must disclose that an accepted offer exists on a property that is continuing to be shown ______. 0000008042 00000 n For this transaction, W is entitle to receive b. procuring cause \text{f.}& 8 &\text{Videotapes} & 19.99\\ A real estate agent working for a brokerage firm lists a unit for sale in a condominium building. A listing agent is showing a house to a prospective buyer customer. Designated agents must be licensed as nonprovisional brokers. In a typical agency relationship between the broker and the client, the broker's commission is determined by, A broker lists a property for sale at $100,000 with a 5 percent commission, and he later obtains a verbal offer to purchase the property from a prospective buyer. A North Carolina broker verbally agrees to represent a prospective buyer even though the buyer declined to sign a buyer agency agreement. Compute cost of goods available for sale and the number of units available for sale. There is a spectacular house that a salesperson from Firm A has been trying to several weeks to list for sale. 0000007777 00000 n \end{array} \\ Which law has a feature that commercial email messages must include a means by which the recipient can unsubscribe? c. from another licensee representing the broker. The Code of Ethics is referred to as a living document because _______. 1 0 obj <>/ProcSet [/PDF /Text /ImageB /ImageC /ImageI]>>/Subtype/Form/Length 94/Type/XObject>>stream A comprehensive firm policy is required by Commission Rule. Which of the following would NOT be considered a stigmatized property in North Carolina? Broker E tells the landowner that she can sell the lots. D) can be modified, if necessary, to insure compliance by large real estate firms. D) a broker setting a company commission schedule. required by court order, or c. inform any prospective buyers of the defect. c. $3,412.50 B) notify all other listing brokers if they have an offer. 0000031471 00000 n Such an expert should have special knowledge and have a higher Use LEFT and RIGHT arrow keys to navigate between flashcards; Use UP and DOWN arrow keys to flip the card; audio not yet available for this language, The real estate brokers responsibility to keep the principal[al of all the facts that could affect a transaction is the duty of, The amount of commission due to a salesperson is determined by, A real estate broker was responsible for a chain of events that resulted in the sale of one of his clients properties. a. a licensed managing broker only Whenever real estate agents sell a home they are required to. disclose the existence of other offers, with the seller's permission. a. from his employing broker. A provisional broker sells another firm's listing for $150,000. The Preamble of the Code of Ethics contains _______. d. the licensee would be guilty of fraud only if the buyer purchased the house, W is a licensee working for Managing Broker V. W sells a $150,000 home. b. undisclosed dual agencies B) unrelated to either the buyer or the seller. 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 brokerage firm. 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. 0000020437 00000 n Offers of compensation are established by ______. d. the broker was an active member of the local Realtor board. Articles of the Code of Ethics do not address _______. 0000008836 00000 n 0000031709 00000 n b. arrange for the repairs himself or herself as required by the terms of a typical listing contract. d. A broker deciding whether to join a MLS. Didnt she accompany them on their expedition as an interpreter and guide? jA~+t1[IB ; 0000015197 00000 n B) digital communication in all its forms. c. Designated agents cannot have prior confidential knowledge of the other party to the transaction. Designated agency A specific type of duel agency where the broker-in-charge designates one sales person to represent the buyer and another agent to represent the seller. What can REALTORS advertise their services or properties? Refer to the information in the former exercise and assume the periodic inventory system is used. b. breach by either party. WebA. d. a broker may not pay a commission to another broker, b. real estate licenses may complete preprinted forms, but they may not draft legal documents, The CAN-SPAM Act of 2003 is enforced by c. The elderly owner died peacefully in her bedroom. In this situation, the broker would be entitled to, A landowner subdivides his acreage and offers the lots for sale. A) how many direct mail solicitations can be sent to a single address. b. acceptable as long as the broker does not disclose any additional specific financial information concerning his client's credit history. 825ActivityPurchaseinventorySalePurchaseinventorySaleSalePurchaseinventorySaleNumberofUnits240180300150135190110CostperUnit$8.258.759.25. Underline the verb phrase in each of the following sentences. a. licensees have no duty to search for undisclosed latent material defects in a property c. a fiduciary. The seller has hidden rodent damage by the strategic placement of a large sofa. c. listing where a past owner died in the house. The supply curve in Figure 3P-2 shows the monthly market for sweaters at a local craft market. 0000011655 00000 n (7) There shall be no imputation of knowledge or information between any party and the transaction-broker or among persons within an entity engaged as a transaction-broker. b. the broker is a subagent rather than the agent of the seller. a. must be non-exclusive and have no expiration date. d. unacceptable unless the seller has authorized the broker to share the information with potential buyers. Interpret the coefficient of Fertilizer. 0000031308 00000 n Discuss whether either of the following contracts will be unenforceable on the ground that voluntary consent is lacking: (a) Simmons finds a stone in his pasture that he believes to be quartz. Article 3 closely resembles fiduciary law in New York State. Which entity has the responsibility of determining if there has indeed been a violation of the Code of Ethics? Which REALTORS are allowed to lay a claim to a "sold" property? We weren't able to detect the audio language on your flashcards. Which of the following describes designated agency in North Carolina? when contacted by the client of another REALTOR discuss the terms of a listing agreement that is effective upon the expiration of the existing agreement. WebReal estate brokerage partnership Explanation: Under the RESA Law and its IRR Section 3 (g) 1-5, a real estate service practitioner should be a natural person, meaning the person must be an individual. Since the inception of the Code of Ethics, REALTORS have been required to _______. 0000023425 00000 n How does the Code of Ethics benefit the client? d. A buyer's agent usually acts as a universal agent for the buyer. Environmental Issues & the Real Estate Transa, Tennessee License Law Enforcement Overview, Operations Management: Sustainability and Supply Chain Management, The Cultural Landscape: An Introduction to Human Geography, AP Edition. The salesperson's entire income is from sales commissions rather than an hourly wage. b. 0000008320 00000 n d. contact the city building inspector about the defect. a. pro forma 0000029624 00000 n \end{array} endobj B) digital communication in all its forms. b. uses the employing broker's name in the advertisement A broker lists a property for sale at $100,000 with a 5 percent commission. \end{array} d. fraud only if the buyer purchased the house based on the statement. D) communications that are permitted. Which of the following situations is considered to be a material fact in North Carolina? d. all the above. 0000013618 00000 n C) based on sales production or other output. WebIn order for a broker to be paid on an open listing, the broker must A) put the property in MLS and offer other brokers a co-op. Cram has partnered with the National Tutoring Association. The buyer offers $85,000, and the seller accepts it. 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. }& 4 & \text{Rechargeable batteries} & 24.98\\ 0000273456 00000 n According to Article 1 of the Code of Ethics and Standards of Practice of the National Association of Real (2) Family members or other interest. What information must be disclosed in all forms of advertisement? a. is obligated to render faithful service to the principal. Of this amount, 55 percent goes to the listing broker, and the remaining 45 percent belongs to the cooperating broker. They can discuss the terms of a future agreements as long as they do not directly or indirectly initiate the conversation or encourage the client to break an existing contract. How much money would an individual agent receive for a 60 percent share of the 10 percent commission earned? Having the seller cancel his current excusive listing prior to entering into an agency agreement with the seller. The Articles of the Code of Ethics stress the REALTOR's obligation to _______. You have created 2 folders. HousekeepingserviceUtilitiesAmenitiesHoteldepreciationHotelstaff(excludinghousekeeping)TotalCostperRoomNight$23735542$130. a. acceptable since they may promote an offer from the buyer. This is referred to as a a. In the MLS, John indicates that he will pay compensation to a buyer's agent, but not to a subagent. A real estate sales associate has a license personal assistant who usually must be Ethics are typically defined as standards of conduct applied to a group or society. Qty.ItemTotalPricePriceofOneUnita.2Batterycharger$79.99b.4Rechargeablebatteries24.98c.3Bottlesofpainreliever2.99d.8Papergiftbags3.89e.4Boxesofcoldtablets4.29f.8Videotapes19.99g.3Printercartridges76.99\begin{array}{llll} Arbitrate monetary disputes rather than litigate. The person who performs licensed activities under the authority of a broker is frequently called a Changes in cooperative compensation are covered by Article 3 and Standard of Practice 3-2. The developer refuses to pay the promised commission. 0000007317 00000 n disciplines such as probation suspension and license revocation. Real estate license laws exist primarily to protect, The use of electronic signatures makes routine paperwork more efficient and has been encouraged by adoption by most states of the, A real estate sales associate who is an independent contractor, as opposed to an employee, will have a substantial portion of the individual's income. Ethics complaints are processed by the _______. b. the National Do Not Call Registry REALTORS should limit their business in all the following areas except _______. 0000281991 00000 n to defend a REALTOR against an accusation of wrongful conduct. & \textbf{Item} & \textbf{Total Price} & \textbf{Price of One Unit}\\ Compute the number of units in ending inventory. 0000011505 00000 n d.A licensed broker who has prior confidential knowledge about the party that the BIC will represent. d. can not include dual agency options. However, its worth keeping in mind that sharing commissions, as opposed to the d. The real estate agent must review the agency options in the brochure with the consumer. b. $3,217.50. Article 16 states that REALTORS are prohibited from interfering with exclusive representation or exclusive brokerage relationship agreements of other REALTORS. For all of her extra efforts, she can legally demand a performance bonus from, Antitrust laws prohibit all of the following EXCEPT, d. a broker deciding whether to join a MLS. In this case, the broker who is going to get paid must be the A) facilitator B) procuring cause C) dual agent D) exclusive agent, The real estate industry, includin g all licensed real estate brokers and sales associates, is subject to A) social security taxation B) antitrust laws C) more regulations for smaller firms D) fair competition laws, Administrative regulations that a dminister real estate license laws A) can only be changed by the legislature B) are optional for licensees, though their adherence is always recommended C) can be modified, if necessary, to insure compliance by large real estate firms D) have the same force and effect as statutory law, Antitrust laws do not prohibit real estate A) brokers allocating markets based on the value of homes B) salespersons within the same office agreeing on a standard commission rate C) companies agreeing on fees charged to sellers D) companies allocating markets based on the location of commercial buildings, Many states have modified the traditional terms broker and salesperson to stress that all licensees must be knowledgeable of and comply with the law. 0000272861 00000 n 0000283431 00000 n c. private offering. The seller told the listing agent that during the past 10 winters, the sellers have been unable to rid the house of rodents. Jenson, who also believes that the stone is quartz, contracts to purchase it for $10\$ 10$10. 0000006356 00000 n {u-07/89x{+a_-"ME\058|?L}m,1{4?jmUb08epE* c. a subagent. No. Which of the following would be dual agency? x A broker lists a property for sale at $100,000 with a 5 percent commission, and he later obtains a verbal offer to purchase the property from a prospective buyer. The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. Before it can be put in writing, the buyer backs out and revokes the verbal offer. A) antitrust laws. d. State license law and rules. 25&\text{Sale}&150\\ Concepts in the Preamble include all the following EXCEPT _______. The real estate industry, including all licensed real estate brokers and sales associates, is subject to A. The REALTOR may be considered to be _______. Use Excel to estimate the regression model: Height = 0+1\beta_0+\beta_10+1 Fertilizer ++\varepsilon+. b. a.b.c.d.e.f.g.Qty.2438483ItemBatterychargerRechargeablebatteriesBottlesofpainrelieverPapergiftbagsBoxesofcoldtabletsVideotapesPrintercartridgesTotalPrice$79.9924.982.993.894.2919.9976.99PriceofOneUnit. B. is allowed, but not required, to disclose the seller's minimum price. In addition to developing online fan communities, Cam and Anna believe that they could Front Row records the following activity between May and August 2019 for one of its artists: DateActivityNumberofUnitsCostperUnitMay10Purchaseinventory240$8.2525Sale180June5Purchaseinventory3008.7525Sale150July5Sale135Aug. Compute ending inventory and cost of goods sold using the FIFO, LIFO, and average cost 0000040150 00000 n d. A broker-in-charge appointing one agent to exclusively represent the seller as the client and appointing a different agent to exclusively represent the buyer as a client while the firm remains in dual agency. Just before delivery, the stone is discovered to be a diamond worth $1,000\$ 1,000$1,000. b. an employee. The Preamble of the Code emphasizes what type of land use? Using his best efforts to obtain the earned commission, the broker should b. B) how often a business person can contact a customer. b. the sponsoring broker was guilty of fraud because he is responsible for the actions of the licensee c. collect from the landowner for breach of contract \text {c.}& 3 & \text { Bottles of pain reliever } & 2.99\\ $2,181.73 Discipline for a violation of the Code of Ethics may include _______. 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." 0000031948 00000 n B) a maximum $1 million fine and 10 years in prison. *)*T(8:+1 a. (8) A transaction-broker may cooperate with other brokers but shall not engage or create any subagents. d. negotiated commissions on transactions, d. negotiated commissions on transactions, Mosley Proctored National Test (Practice), Unit 10: North Carolina Settlement Procedures, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Multiple Choice Study Guide for Chapter 16 Te. Washington. @@Wl;2 PBwY/F2}i']YrL" a. commission splits for cooperating brokers. d. Disclosing the information violates the agency duties with the seller. 0000009910 00000 n a. a designated agent. 6 0 obj <>/Subtype/Form/Length 46/Type/XObject>>stream a. mutual agreement of the parties. The Code of Ethics requires a REALTOR to do which of the following when selling his own unlisted property? A) the procuring cause of the sale. d. $4,363.45. On all sales; all written offers should be presented: On all sales; if the listing agent is aware of another possible offer arriving, the listing agent should; Bring the first offer to the seller as soon as possible. (d) Serve as a single agent or transaction-broker for the same or for different parties in other real estate transactions. What is the judicial recourse, if the parties reach a written agreement in mediation? d. advise the buyer, if in the agent's opinion, the listing price of a listed property is unrealistic. A listing agent has an obligation to disclose to the seller to prevent the client from committing a crime, or v. Quinlan and Tyson, Inc. held that c. A real estate licensee usually acts as a general agent of an affiliated firm. In this situation, the broker would be entitled to, The Illinois Real Estate License Act is administered by the, b. a. fraud on the part of the individual agent. ethics complaints and arbitration requests. a. The Code of Ethics is enforced through _______. a. a commission of $5,000. Yes, and it can be best described as puffing 0000017699 00000 n A tenant committed suicide in the basement. B) procuring cause. Which of the following is allowed under antitrust laws? Upon discovering a latent defect in the property, the listing agent should discuss the problem with the seller and then 0000005052 00000 n Mediation is a voluntary procedure in which a trained, neutral third party professional assists the parties in arriving at an agreement or resolution. C) facilitator. 0000031549 00000 n b. procuring cause. advise sellers of the amount of compensation and the amount that will be offered to cooperating brokers. proletariat Bolsheviks Lenin Rasputin provisional government soviet Communist Party Joseph Stalin. \text{a. \text{Housekeeping service}& \$ 23\\ endstream He accuses Goldman's son of arson and threatens to have the prosecutor bring a criminal action unless Goldman agrees to pay him $5,000\$ 5,000$5,000. WebA fair co-brokerage fee is one that gives a strong incentive to a co-broker to represent a buyer for a property. WebSample 1. The matter cannot be subject to future litigation or arbitration. In what sequence would the jobs be ranked according to the following decision rule - FCFS? until closing, unless the owner waives the right. b. disclose her agency status to the seller at initial contact. A seller has listed a home with a broker for $90,000, and the broker suggests to a prospective buyer-customer to submit a low offer because of the seller's urgent need to sell. A licensed real estate salesperson has a written contract with his broker specifying that he will not be treated as an employee. record the above transactions. On a cooperative sale; all written offers should: Be presented to the owner by the listing agent On all sales; all written offers should be presented: Immediately (b) Other Buyers. To minimize these risks, you need to contact a specialist in real estate for legal assistance. d. both parties have been informed and agree to the dual representation. A broker-in-charge assisting a buyer client in the purchase of a property that was listed by a provisional broker of the firm (1) A broker engaged as a transaction-broker is not an agent for either party. 0000278100 00000 n D) social security taxation. Which of the following statements is TRUE about types of agency? c. file a complaint with the local Realtor board. B) employee. B) more regulations for smaller firms. c. A particularly cold winter is expected to begin next month. Which of the following is NOT a material fact in North Carolina? b. Local people consider the house to be haunted. In order for a broker to be paid on an open listing, the broker must. 0000000016 00000 n This statement would be considered A broker may cooperate with other brokers in a transaction. Pursuant toSections 858-351 through 858-363 of The Oklahoma Real Estate License Code, abroker shall not be an agent, subagent, or dual agent and an offer of subagency shallnot be made to other brokers. At this price, it is anticipated that average occupancy for the weekend (Friday, Saturday, and Sunday) will increase from 30% to 50% of available rooms. It is determined by a specific set of rules. a. endstream Oct. 2005. c. present to the seller only the offer(s) containing a price and terms recommended by the agent. b. if the buyer intends to resell the property quickly for a profit. c. Use the estimated model to predict, after four months, the height of a tomato plant which received 3.0 ounces of fertilizer. Quoting a price other than list price without the seller's permission. 0000003468 00000 n REALTORS may act as a dual agent only when ______. Which of the following statements is false regarding the Code of Ethics? Broker John The Code of Ethics requires listing agents to ______. Please upgrade to Cram Premium to create hundreds of folders! A cracked heat exchange in the heating system startxref 0000020872 00000 n 0000011270 00000 n Why do you think that some Americans disliked this new means of transportation? When a real estate agent is acting as an agent or in legally recognized nonagent capacities, such as transaction broker or facilitator.