d. belong to a real estate board, A licensee may receive compensation or commission from a. \end{array} Use of metatags that include the names of other brokerage companies is a reasonable way to divert traffic to a REALTOR's site. A real estate broker acting as the agent of the seller c. A particularly cold winter is expected to begin next month. \text {d.}& 8 & \text { Paper gift bags } & 3.89\\ Which of the following is a permitted discipline resulting from a violation of the Code of Ethics? To be entitled to collect a real estate commission, a North Carolina broker must meet all of the following criteria EXCEPT Reread "Another Perspective" on railroads. 0000010102 00000 n The obligation to cooperate does not include the obligation to share commissions, fees, or to otherwise compensate another broker. The supply curve in Figure 3P-2 shows the monthly market for sweaters at a local craft market. Which REALTORS are allowed to lay a claim to a "sold" property? b. 0000009300 00000 n Mosley Proctored National Test (Practice), Alexander Holmes, Barbara Illowsky, Susan Dean, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Unit 11: Client Representation Agreements. c. from another licensee representing the broker. REALTORS are required by the Code of Ethics to present all offers ______. b. A firm that represents both the buyer and the seller in the same transaction is The Law of Agency Webcompromise Brokers duties to Buyer. b. to all consumers prior to first substantial contact. TomatoPlantHeight(inches)20.449.246.4FertilizerAmount(ounces)1.95.03.1, a. c. personally pays for the advertisement. Why do you think that some Americans disliked this new means of transportation? B) when using an exclusive listing agreement, but not an open listing. The broker obtains a verbal offer to purchase the property from a prospective buyer. Promulgated to make public Designated agent Which entity has the responsibility of determining if there has indeed been a violation of the Code of Ethics? advise sellers of the amount of compensation and the amount that will be offered to cooperating brokers. c. is representing the condominium association. 7 0 obj <>/Subtype/Form/Length 46/Type/XObject>>stream Ocean therapy involves group discussion and ________. the two area of responsibility are ethics proceedings and arbitration proceedings. 0000004840 00000 n Before an agent can collect a commission when working with their buyers, the agent must ______. DateMay1025June525July5Aug. \hline 46.4 & 3.1 \\ b. the National Do Not Call Registry We weren't able to detect the audio language on your flashcards. c. any broker A broker lists a property for sale at $100,000 with a 5 percent commission. a. 0000280555 00000 n c. allocation of customers or price fixing House is rumored to be haunted 0000031948 00000 n 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. The broker must comply with the seller's wishes because he, In a typical agency relationship between a broker and client, the broker's commission is determined by. a. a trustee. end of each 6-month period for 4 years. D) managing broker. The real estate broker's fiduciary responsibility to keep the principal informed of all facts that could affect a transaction is the duty of, Opinion statements by an agent exaggerating the benefits of a property are called, A broker is permitted to represent both the seller and the buyer in the same transaction when, Unless some other written agreement has been made, the broker will usually receive the sales commission from the seller when, All of the following could legally be considered fraudulent EXCEPT, A real estate licensee who is an independent contractor with a real estate brokerage firm usually receives, As an agent for the seller, a real estate broker can. Goldman agrees to pay. a. the licensee was guilty of fraud You have created 2 folders. b. uses the employing broker's name or the firm name in the advertisement. b. only the employing client (b) Jacoby's barn is burned to the ground. When leaving a firm, under what conditions can a REALTOR induce a client to cancel an exclusive agreement? A) the use of electronic signatures. lump sum can be placed in an account that pays https://quizlet.com/380378818/ethics-and-brokerage-flash-cards d. file a civil suit against the developer for breach of contract. Article 3 closely resembles fiduciary law in New York State. Exclusive Buyer Brokerage Agreement - Keller Williams Realty x+T0t 40T0430Q(JUHSTPpuVpb c. personally pays for the advertisement You can explore additional available newsletters here. Just before delivery, the stone is discovered to be a diamond worth $1,000\$ 1,000$1,000. 0000007777 00000 n \end{array} c. $3,356.50 ethics complaints and arbitration requests. For a through g, indicate whether its amount (1) affects the bank or book side of a bank reconciliation, (2) is an addition or a subtraction in a bank reconciliation, and (3) requires an adjusting journal entry. Front Row records the following activity between May and August 2019 for one of its artists: DateActivityNumberofUnitsCostperUnitMay10Purchaseinventory240$8.2525Sale180June5Purchaseinventory3008.7525Sale150July5Sale135Aug. 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 Which of the following describes designated agency in North Carolina? d. building with synthetic stucco siding. c. the broker was employed to perform certain activities in the transaction. A California broker seeking to conduct business in Washington, Oregon, Nevada or Arizona has options, depending on how extensive their out-of-state practice is. 0000006356 00000 n b. the right to appeal to the state licensing authority. In this situation, the broker would be entitled to, A landowner subdivides his acreage and offers the lots for sale. 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. \hline 49.2 & 5.0 \\ In this situation, the broker would be entitled to d. unacceptable unless the seller has authorized the broker to share the information with potential buyers. A partnership or corporation under the RESA law may not be referred to as a real estate practitioner. 0000278368 00000 n 25&\text{Sale}&150\\ }& 4 & \text{Rechargeable batteries} & 24.98\\ a. a real estate assistant. Compute gross profit earned by the company for each of the four costing methods in part 3. In order for a broker to be paid on an open listing, the broker must. If the provisional broker receives 60 percent of any commission that he generates for the office, he is entitled to receive xref Designated agency does not eliminate dual agency. 0000003164 00000 n Interstate real estate brokerage b. The Articles of the Code of Ethics stress the REALTOR's obligation to _______. However, its worth keeping in mind that sharing commissions, as opposed to the a. pro forma c. the U.S. Department of Housing and Urban Development Having the seller cancel his current excusive listing prior to entering into an agency agreement with the seller. Voluntary Consent. a. had a valid real estate broker's license 2 at 27 Y Street. a. paying local, state, and federal income taxes. Webcompromise Brokersduties to Buyer. WebIn filing property with the multiple listing service, participants make blanket unilateral offers of compensation to the other MLS participants and shall therefore specify on each listing filed with the service the compensation being offered (Signed) Sadia." Mr. Salesperson committed two ethics violations. \text { Tomato Plant Height } \\ Yes. Ethics complaints are processed by the _______. A REALTOR has the obligation to make reasonable efforts to determine whether a prospect is subject to a current, valid exclusive agreement to provide the same type of real estate service. a. report the developer to the state real estate commission. A) Compensation the contractor would receive. A broker who is the agent of the buyer should Antitrust laws do NOT prohibit real estate Find out how you can intelligently organize your Flashcards. d. provide employee benefits. d. $4,363.45. A) in all cases. A licensee shall be investigated by the Commission: Upon a written and signed complaint sent to the Commission. For this transaction, W is entitled to receive, To be entitled to collect a real estate commission, a broker must be able to prove all of the following EXCEPT that he or she, 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 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. 0000031789 00000 n Local people consider the house to be haunted. C) fax transmissions. \end{array} To buy, sell or lease Washington real estate, a California broker may either: cooperate with a Washington broker; or; obtain a Washington broker license. proletariat Bolsheviks Lenin Rasputin provisional government soviet Communist Party Joseph Stalin. c. No, because state law does not allow an agent to give opinions 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. 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. 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. Based on these facts, the salesperson is considered a(n) 0000031549 00000 n Chapter 7 Quiz a. b. Underline the verb phrase in each of the following sentences. c. unacceptable unless there are multiple offers on the property. 0000005920 00000 n The cost of a hotel room night includes the following: CostperRoomNightHousekeepingservice$23Utilities7Amenities3Hoteldepreciation55Hotelstaff(excludinghousekeeping)42Total$130\begin{array}{lr} 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. A real estate broker was responsible for a chain of events that resulted in the sale of one of his client's properties. d. all the above. Broker d. Firm A provides excellent services to market their sellers properties, A buyer who is shown properties listed for rent by a broker is the brokers, A licensed sales person may receive a compensation or commission from, The listing and selling brokers agree to split a 7 percent commission fifty-fifty on a $95,900 sale. The seller indicates to the broker that the offer would be acceptable if submitted in writing. required? C) unless representing a buyer, when the listing broker offers a co-op. 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. Designated agency is optional, not mandatory. duties to clients and customers, duties to the public, and duties to REALTORS. c. the name and nationality of the purchaser. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. (VIII) Informing the parties that as seller and buyer or as landlord and tenant they shall not be vicariously liable for any acts of the transaction-broker; (c) To comply with all requirements of this article and any rules promulgated pursuant to this article; and. C) a licensed real estate broker. b. the buyer. 0000005507 00000 n Broker will Which of the following statements is TRUE about the North Carolina Working with Real Estate Agents brochure? 0000020872 00000 n a. mutual agreement of the parties. Disclosing the information could create a fiduciary relationship with the buyer and, thereby, create an unauthorized dual agency situation. A North Carolina provisional broker may accept compensation WebIn order for a broker to be paid on an open listing, the broker must A) be the procuring cause of the sale B) split the commission with any other broker that listed the fund that will provide $3000 for tuition at the The special weekend price is proposed for $120 per room night. In this transaction, the agent The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. 0000004454 00000 n d. Firm A provides excellent services to market their seller's properties, a. the sales of goods or services by phone, The amount of commission due to a salesperson is determined by, Which of the following may legally collect a commission from a seller on a sale of real estate in Illinois? Pursuant to Sections 858-351 through 858-363 of The Oklahoma Real Estate License Code, a broker shall not be an agent, subagent, or dual agent and an offer of subagency shall not be made to other brokers. In this situation, the broker would be entitled to, The Illinois Real Estate License Act is administered by the, b. (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) $193,746 B) $256,200 C) $387,492 D) $139,900, All of the following are pro hibited under the antitrust laws except A) real estate companies agreeing not to cooperate with a broker because of the fees that the broker charges B) competing brokers allocating markets based on the value of homes C) competing property management companies agreeing to standardized management fees D) a broker setting a company commission schedule, In order for a broker to be paid on an open listing, the broker must A) be the procuring cause of the sale B) split the commission with any other broker that listed the property C) put the property in MLS and offer other brokers a co-op D) notify all other listing brokers if they have an offer, Commissions are negotiable A) unless representing a buyer, when the listing broker offers co-op B) when using an exclusive listing agreement, but not an open listing C) in all causes D) unless the exclusive agency listing is used, because the seller can compete with the broker, Do-not-call registries and law s such as the Telephone Consumer Protection Act, Junk Fax Prevention Act, and rules of the Federal Communications Commission dictate A) how often a business person can contract a customer B) prohibited communications C) how many direct mail solicitations can e sent to a single address D) communications that are permitted, A licensed real estate salesperson has a written contract with his broker specifying that he will not be treated as an employee. A recent important change to real estate brokerage practice is c. The brochure's use is mandatory in all real estate transactions. A) how many direct mail solicitations can be sent to a single address. Code Comprehension: Article 16 Commissions Are Negotiable a. Whenever real estate agents sell a home they are required to. Discipline for a violation of the Code of Ethics may include _______. b. A real estate sales associate has a license personal assistant who usually must be disclose pertinent facts relevant to the transaction. Broker B may not assume the cooperation includes compensation. 309 96 Broker E tells the landowner that she can sell the lots. While Article 3 of the Code of Ethics requires that REALTORS cooperate with other brokers, there is an exception when cooperation is not in the client's best interest. The Hearing Panel may not issue what type of sanctions? Chapter #5 b. was a procuring cause WebArticle 3s duty requires that REALTORS shall cooperate with other brokers except when cooperation is not in the clients best interest. 0000025940 00000 n WebCOOPERATION WITH OTHER BROKERS. 0000040150 00000 n Disclose that he is the owner and that he is a licensee. 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 Broker: A broker is an individual or firm that charges a fee or commission for executing buy and sell orders submitted by an investor. 0000015081 00000 n 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. Administrative regulations that administer real estate license laws Since inception in 1913, the Code of Ethics has required that members deal with monetary disputes in what manner? In the MLS, John indicates that he will pay compensation to a buyer's agent, but not to a subagent. 0000014566 00000 n Before it can be put in writing, the buyer backs out and revokes the verbal offer. Why does Santiago talk to himself in '' The Old Man and the Sea? \text{Total}& \$130\\ The Preamble of the Code emphasizes what type of land use? \text{Utilities}& 7\\ For each of the following events, draw the new outcome. b. house plumbed with polybutylene pipes. 312 0 obj<>stream %PDF-1.5 % Which statement is TRUE? 0000013505 00000 n 0000278870 00000 n WebNo, because the broker does not allow an agent to give opinions b. An Alabama lumberyard has four jobs on order, as shown in the following table. d. the broker was an active member of the local Realtor board. And if your owner had two properties and you only managed one, another broker could provide property-management services for the home you dont have an exclusive agreement for. An independent contractor and a broker can agree upon which of the following? \hline \vdots & \vdots \\ The listing firm appointing an agent to represent the seller d. No, because the broker does not allow an agent to give opinions, b. 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. The amount of compensation due to a salesperson licensee from the brokerage firm is determined by the B) digital communication in all its forms. B) more regulations for smaller firms. b. The Code of Ethics is enforced through _______. 0000019650 00000 n A provisional broker sells another firm's listing for $150,000. a. Never. d. advise the buyer, if in the agent's opinion, the listing price of a listed property is unrealistic. d. $2,400. 0000016917 00000 n The licensee's entire income is from sales commissions rather than an hourly wage. \text {c.}& 3 & \text { Bottles of pain reliever } & 2.99\\ c. legal puffing. \text { (ounces) } \text{Hotel staff (excluding housekeeping) }&42\\ a. a. Thirty tomato plants grown in similar conditions were subjected to various amounts of fertilizer over a four-month period, and then their heights were measured. B) digital communication in all its forms. The listing broker gives the listing salesperson 30 percent of his commission and the selling broker gives the selling sales person 30 percent of his commission. \hline This may be up to half of the total fee but in all likelihood, the fee will range from 30% to 50% of the total. D) use of personal assistants. \text{f.}& 8 &\text{Videotapes} & 19.99\\ 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. d. do nothing, A real estate licensee who is an independent contractor receives put agreements in writing and keep them updated. $2,632.50. b. only a partial commission. 0000018812 00000 n B) employee. The Preamble of the Code of Ethics contains _______. Received from Bo $1,000 on account of $75,000 purchase price of Lot No. Which of the following situations could result in arbitration? In most monetary disputes, the main focus of the Hearing Panels is to identify what action? c. listing where a past owner died in the house. Sales associate A and sales associate B work for the same firm. What should As salesperson say to the owner to get the listing? to defend a REALTOR against an accusation of wrongful conduct. Can a REALTOR who follows the letter of the law find that he has violated the Code of Ethics? (b) Other Buyers. The relationship of a broker to a client is that of 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? 0000278100 00000 n The Standards of Practice may not _______. a. a monthly salary or hourly wage c. The imminent widening of the road in front of the property to four lanes d. an attorney or lending officer, While an agent was showing a house to a potential buyer, the agent said, "I don't think there's a better view in the city!" c. a company-provided automobile Brokerage 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 @@Wl;2 PBwY/F2}i']YrL" Offers (3) The following information shall not be disclosed by a transaction-broker without the informed consent of all parties: (a) That a buyer or tenant is willing to pay more than the purchase price or lease rate offered for the property; (b) That a seller or landlord is willing to accept less than the asking price or lease rate for the property; (c) What the motivating factors are for any party buying, selling, or leasing the property; (d) That a seller, buyer, landlord, or tenant will agree to financing terms other than those offered; (e) Any facts or suspicions regarding circumstances which may psychologically impact or stigmatize any real property pursuant to section 38-35.5-101, C.R.S. According to Article 3, REALTORS must disclose the existence of ________ to brokers seeking cooperation. 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. A provisional broker and a broker licensee from firms that are cooperating in a transaction (d) specific identification. When the Property is marketed for lease, Broker will allow other brokers to show the Property to prospective tenants. (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. b. A property manager usually acts as a special agent of the landlord. b. the broker is a subagent rather than the agent of the seller. 0000011270 00000 n Unit 9: Real Estate Brokerage Flashcards | Quizlet
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