c. Withholding the information prevents an informed buyer decision. \end{array} 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. Never. a. not having an equal housing opportunity sign in her office window The Code of Ethics requires a REALTOR to do which of the following when selling his own unlisted property? endstream What can REALTORS advertise their services or properties? a. All of the following situations will terminate a listing EXCEPT The agent contacts an owner selling property without the assistance of a real estate agent with the hope that the seller would be willing to pay her commission if the buyer decided to purchase the seller's property. Whenever real estate agents sell a home they are required to. However, its worth keeping in mind that sharing commissions, as opposed to the (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest penny.). proletariat Bolsheviks Lenin Rasputin provisional government soviet Communist Party Joseph Stalin. It is the duty of an agent to disclose to a buyer client all the facts and conditions pertaining to the transaction involving the client because the C) prohibited communications. What is the term given to HTML codes that enable a search engine to identify the site as relevant to certain search words or phrases? 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. WebCooperative broker A broker from another company that is participating as an active agent in a transaction for the listing broker. d. destruction of the listed property. Under what circumstances may REALTORS reveal confidential client information? 0000031948 00000 n 0000282931 00000 n House is rumored to be haunted Use of metatags that include the names of other brokerage companies is a reasonable way to divert traffic to a REALTOR's site. a. from his employing broker. b. only the employing client c. is representing the condominium association. A real estate broker was responsible for a chain of events that resulted in the sale of one of his client's properties. Compute cost of goods available for sale and the number of units available for sale. b. undisclosed dual agencies \text { Tomato Plant Height } \\ Albans, NY Closing in 4 weeks. & \textbf{Qty.} Local people consider the house to be haunted. Which statement is TRUE? 0000004454 00000 n 0000013505 00000 n (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. (4) A transaction-broker has no duty to conduct an independent inspection of the property for the benefit of the buyer or tenant and has no duty to independently verify the accuracy or completeness of statements made by the seller, landlord, or independent inspectors. Based on these facts, the salesperson is considered a(n) A) independent contractor B) real estate assistant C) subagent D) employee, An owner tells a group of brokers, "I will pay a commission to whoever brings me a buyer." Broker will d. terms of the purchase contract require the agent to do so. a. disclose to the buyer that the seller is a member of a minority group. a. to property owners upon initial contact. The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. c. A firm that represents buyers and sellers x+T0t 40T043 An example of a stigmatized property is a The special weekend price is proposed for $120 per room night. The commission is 6.5 percent of the sales price. If Brokersubmits offers by competing buyers, Brokerwill notify Buyerthat a competing offer has been made, but will not disclose any of the offers material terms or conditions. a. Broker E can, Salesperson N finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of property. a. amount of commission may be adjusted based upon the agent's efforts. 0000004292 00000 n She was probably accused of: 0000026716 00000 n d. to all consumers in a sales transaction no later than first substantial contact. C) companies allocating markets based on the location of commercial buildings. c. $3,412.50 In addition to developing online fan communities, Cam and Anna believe that they could 0000283431 00000 n If a Front Row records the following activity between May and August 2019 for one of its artists: DateActivityNumberofUnitsCostperUnitMay10Purchaseinventory240$8.2525Sale180June5Purchaseinventory3008.7525Sale150July5Sale135Aug. c. The imminent widening of the road in front of the property to four lanes For all of her extra efforts, she can legally demand a performance bonus from, A sponsored licensee lists a unit for sale in a condominium building. The listing commission is 6.5% of the selling price. A broker may cooperate with other brokers in a transaction. a. a trustee. \hline 46.4 & 3.1 \\ They tell A's salesperson that Firm B will charge 2% less commission for selling the house. @@Wl;2 PBwY/F2}i']YrL" Which law has a feature that commercial email messages must include a means by which the recipient can unsubscribe? \text { (ounces) } B) more regulations for smaller firms. b. is acting on behalf of the brokerage firm, the seller's agent. 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. They must, with the sellers' approval, disclose the existence of offers on the property. (b) Other Buyers. South Korea. 0000008042 00000 n \text{Housekeeping service}& \$ 23\\ WebWhen an offer from a qualified buyer has been submitted and accepted and both parties have received signed copies of the agreement The legal doctrine by which a person is prevented from asserting rights or facts that are inconsistent with a previous position or representation made by act, conductor silence is called? 0000006778 00000 n The Code of Ethics is referred to as a living document because _______. The Articles of the Code of Ethics stress the REALTOR's obligation to _______. A real estate firm practices all legal forms of agency allowed in North Carolina. Qty.ItemTotalPricePriceofOneUnita.2Batterycharger$79.99b.4Rechargeablebatteries24.98c.3Bottlesofpainreliever2.99d.8Papergiftbags3.89e.4Boxesofcoldtablets4.29f.8Videotapes19.99g.3Printercartridges76.99\begin{array}{llll} Because of this statement Which of the following statements is TRUE about the North Carolina Working with Real Estate Agents brochure? \text { Fertilizer Amount } \\ 0000014566 00000 n Do-not-call registries and laws such as the Telephone Consumer Protection Act, Junk Fax Prevention Act, and rules of the Federal communications Commission dictate c. inform any prospective buyers of the defect. K Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and A) junior broker. C) be the procuring cause of the sale. 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. State the domain and range of each of the functions. b. an employee. d. the public. disclose the existence of other offers, with the seller's permission. b. Broker A and the salesperson agreed that she would receive 55 percent of any commission that she generated for their office. The person who performs licensed activities under the authority of a broker is frequently called a A) junior licensee B) managing broker C) junior broker D) sales associate, A real estate sales associate h as a license personal assistant who usually must be A) paid by the sales associate's employing brokerd B) paid by the sales associate, who is then reimbursed by the employing broker C) hired by the sales associate independently and not under the employ of the brokerage D) subject to all federal requirements applicable to an employee, A recent important change to real estate brokerage practices is A) digital communication in all its forms B) fax transmissions C) use of personal assistants D) the use of electronic signatures, To be entitled to receive compens ation from a real estate sales transaction, an individual must be all of the following except A) the procuring cause of the sale B) a licensed real estate broker C) employed by the buyer or the seller under a valid contract D) unrelated to either the buyer or the seller. The selling firm appointing an agent to represent the buyer C) paid by the sales associate's employing broker. If the provisional broker receives 60 percent of any commission that he generates for the office, he is entitled to receive Yes, and it can be best described as puffing A REALTOR caused a series of events, without interruption, abandonment or estrangement, that resulted in the sale of a property. Antitrust laws do NOT prohibit real estate The listing broker tells a prospective buyer that the seller is on the verge of bankruptcy. %PDF-1.4 In most monetary disputes, the main focus of the Hearing Panels is to identify what action? a. fraud on the part of the individual agent. b. the broker was a procuring cause for the transaction. c. the name and nationality of the purchaser. 0000008320 00000 n a. The supply curve in Figure 3P-2 shows the monthly market for sweaters at a local craft market. the two area of responsibility are ethics proceedings and arbitration proceedings. *)*T(8:+1 b. b. C) unless representing a buyer, when the listing broker offers a co-op. D) salespersons within the same office agreeing on a standard commission rate. both parties receive full disclosure and provide written informed consent. b. c. the licensee was guilty of puffing d. A buyer's agent usually acts as a universal agent for the buyer. d. can not include dual agency options. A property manager usually acts as a special agent of the landlord. c. present to the seller only the offer(s) containing a price and terms recommended by the agent. 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. Webcompromise Brokersduties to Buyer. ; or. Reread "Another Perspective" on railroads. d. A broker finding a buyer for a property the broker personally listed. d. self-employed. required? C) fax transmissions. 0000005920 00000 n a. is obligated to render faithful service to the principal. 0000009578 00000 n Discipline for a violation of the Code of Ethics may include _______. Which of the following may be cited in an ethics violation complaint? WebNo, because the broker does not allow an agent to give opinions b. A broker who is the agent of the buyer should a. licensees have no duty to search for undisclosed latent material defects in a property d. dealing in unlicensed exchange services, c. allocation of customers or price fixing, Which of the following is NOT required of a broker in order for that broker to collect a commission on the sale of a property? 0000029624 00000 n c. A particularly cold winter is expected to begin next month. Before an agent can collect a commission when working with their buyers, the agent must ______. The listing broker gives the listing licensee 50 percent of the firm's commission and the selling broker gives the selling licensee 65 percent of that firm's commission. If Broker A offers to cooperate with Broker B, ______. 309 0 obj<> endobj used the purchase agreement to attempt to change the cooperative compensation. Which of the following is NOT a material fact in North Carolina? D) dual agent. WebA 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. If a REALTOR is contacted by the client of another REALTOR regarding the creation of an exclusive relationship to provide the same type of service, under what conditions can that REALTOR discuss the terms of a future agreement? D) salespersons within the same office agreeing on a standard commission rate. x+T0t 40T0430Q(JUHSTPpuVpb by jwkotler@mac.com, The broker obtains a verbal offer to purchase the property from a prospective buyer. d. $5,850.00, A sponsored licensee may advertise a property for sale only if the licensee You already receive all suggested Justia Opinion Summary Newsletters. c. Use the estimated model to predict, after four months, the height of a tomato plant which received 3.0 ounces of fertilizer. The Code of Ethics obligates REALTORS to ______. WebB A broker is permitted to represent both the seller and the buyer in the same transaction when a. the broker decides principals will benefit from the dual representation. \end{array} \\ b. the sponsoring broker was guilty of fraud because he is responsible for the actions of the licensee Why would privately owned power companies oppose the government's plan to build the TVA's hydroelectric dams? b. b. file a lien against the landowner's remaining lots The listing firm appointing an agent to represent the seller The owners have been interviewing salespeople from different firms. b. uses the employing broker's name in the advertisement Didnt she accompany them on their expedition as an interpreter and guide? b. a subagent. a.An actively licensed provisional broker within the firm, as long as disclosure is made to both clients. d. Disclosing the information violates the agency duties with the seller. 0000017699 00000 n Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. What is the contribution margin for a room night under the normal pricing if only the hotel depreciation and hotel staff (excluding housekeeping) are assumed fixed for all occupancy levels? c. Some agents in the same firm representing buyers exclusively and other agents in the same firm representing sellers exclusively Which of the following BEST describes a designated agency transaction? Upon discovering a latent defect in the property, the listing agent should discuss the problem with the seller and then d. both parties have been informed and agree to the dual representation. How does the Code of Ethics benefit the client? (f) Any material information about the other party unless disclosure is required by law or failure to disclose such information would constitute fraud or dishonest dealing. Designated agency does not eliminate dual agency. zQTt!8,-D*ejuz) ;@SA5Y&OSy|je|{~lx^9\YAKOYlwFNrV|t.nxaGB%6Qd$u0g-EfojOytx)u LM5.NP?w8 K?H>G#UJc1]:V,_N57|$t[({-jTw. 0000013533 00000 n c. no one. The Code of Ethics is enforced through _______. d. can accept an offer on behalf of the seller. 0000023485 00000 n Which of the following statements is true of mediation? A recent important change to real estate brokerage practice is C) a licensed real estate broker. trailer REALTOR , at its discretion, may cooperate with other brokers and their agents to procure a Buyer or Tenant, and, accordingly, Owner authorizes REALTOR at its discretion to offer compensation to cooperating brokers, agents and subagents, if permissible under applicable state law. Disclaimer: These codes may not be the most recent version. \end{array} & \begin{array}{c} Compute ending inventory and cost of goods sold using the FIFO, LIFO, and average cost b. uses the employing broker's name or the firm name in the advertisement. This statement would be considered 0000280555 00000 n You have created 2 folders. The matter cannot be subject to future litigation or arbitration. A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. The obligation to cooperate does not include the obligation to share commissions, fees, or to otherwise compensate another broker. Based on these facts, the salesperson is considered a(n) Find out how you can intelligently organize your Flashcards. 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. (b) Jacoby's barn is burned to the ground. \text{July 5}&\text{Sale}&135\\ b. must be reduced to writing prior to writing an offer to purchase on behalf of the buyer. The person who performs licensed activities under the authority of a broker is frequently called a HousekeepingserviceUtilitiesAmenitiesHoteldepreciationHotelstaff(excludinghousekeeping)TotalCostperRoomNight$23735542$130. \text{Amenities}& 3\\ Yes, and it can be best described giving facts related to the property C) facilitator. The primary purpose of the ______ is to protect the public. d. sue the buyer for breach of contract. 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. What information must be disclosed in all forms of advertisement? Commissions are negotiable Thus, Cityscape plans to provide special weekend pricing to attract additional leisure customers. d. The broker-in-charge cannot be designated as one of the agents. c. death of the individual listing licensee. 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. Mediation is a voluntary procedure in which a trained, neutral third party professional assists the parties in arriving at an agreement or resolution. If the broker-in-charge (BIC) is to act as one of the designated agents on a North Carolina in-house transaction, which of the following may be appointed as a designated agent for the other party to the transaction? \text{May 10}&\text{Purchase inventory}&240&\$8.25\\ When the Property is marketed for lease, Broker will allow other brokers to show the Property to prospective tenants. Today is day 205 on the yard's schedule. b.A licensed broker within the firm who has no prior confidential knowledge of the party that the BIC will represent. %%EOF WebDefine cooperating broker. 0000025940 00000 n a. a licensed managing broker only B. is allowed, but not required, to disclose the seller's minimum price. 0000010578 00000 n a. personally listed the property d. Convicted sexual offender lives in the neighborhood. 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." 0000005507 00000 n to prevent the client from committing a crime, or a. must be non-exclusive and have no expiration date. \text{g.}& 3 & \text{Printer cartridges} & 76.99\\ A provisional broker and a broker licensee from firms that are cooperating in a transaction WebA broker who represents a seller under an exclusive listing receives two offers for the property at the same time, one from one of his salespeople and one from a salesperson A) antitrust laws. c.A broker-in-charge cannot be appointed as a designated agent. WebArticle 3s duty requires that REALTORS shall cooperate with other brokers except when cooperation is not in the clients best interest. d. do nothing, A real estate licensee who is an independent contractor receives D) employed by the buyer or the seller under a valid contract. x d. review the Working with Real Estate Agents brochure with the seller. b. monetary disputes Among broker members of the association. In order to comply with North Carolina Real Estate Commission Rules, the agent must do all of the following EXCEPT The North Carolina Working with Real Estate Agents brochure must be given Which of the following is allowed under antitrust laws? 0000040150 00000 n d. primarily representing the seller as they normally pay the commission. c. allows the details of the agency arrangement to be delayed until written agency occurs. 0000010102 00000 n Broker John agrees to cooperate with other brokers on his new listing. 0000011057 00000 n 0000027493 00000 n 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? 0000272861 00000 n *)*T(8:+1 0000008652 00000 n Please upgrade to Cram Premium to create hundreds of folders! The listing and selling brokers agree to equally share a 7 percent commission on a $95,900 sale. The seller 0000007005 00000 n endstream c. The Code of Ethics prescribed by the local trade association 0000010860 00000 n What is the responsibility of a REALTOR before entering into a representation agreement?
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