What are the typical implications to an REIT investor of REITs being listed? REALTOR Scott has several websites, each directed at various niches, such as first-time buyers, seniors, etc. Such being the case, dual agency was revoked in the . Did Pattys actions violate the Code? D) What fiduciary duty did the buyer's agent violate? B. unethical. REALTOR Melanie has a listing, which REALTOR Bill sells. Broker Katherine is aware of the listing as it is in the local MLS. Broker Steve. care and skill in performance. B. unethical. C. explaining to a customer why a contract cant be enforced C) Generally, a principal is liable for the torts of its independent contractors. B. C. Yes, because REALTORS have an agreement to cooperate. Elizabeth leases the property from Broker Jane. A. complete a pre-printed contract The buyer brokerage receives compensation from the listing brokerage and from the buyer at close of escrow. Broker Ken showed a property to Buyer Lori. D) D. Yes, I have tons of experience selling all types of properties! Identify which of these practices a REALTOR is permitted to do. As long as there was prior informed consent from both parties before the transaction was complete, this is not a violation. According to the Code of Ethics, who owns the listing agreements for a firm? C. a living document that is revised annually. B) 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. C. the principal B) Implied C. avoid the subject of the back door and if it comes up, lie Jane calls Linda to find out if the property is exclusively listed, and, if so, when it terminates. He sells Marys property and receives an additional fee for the sale. REALTOR Jack notices the following comment posted under one of his listings on his website. DUAL AGENCY CONSENT AGREEMENT: Fill out & sign online | DocHub C. both Broker Joann and Broker Millie. a fiduciary. An agency relationship between a seller and a broker is usually created by a written employment contract called a D. I will ask the selling REALTOR her opinion and get back to you., 110. C) I have no experience selling commercial properties but I would be happy to take on the challenge. She stipulates that her client, buyer Jack, will pay her fee. C. merely a mention and does not favor Broker Andrew. Inform any prospective buyers of the defect. Which of these is an example of panic selling? In dual agency, an agent's actual knowledge pertains to. With a dual agency relationship, which fiduciary duty does a client give up? a. must have a definite termination date. A. C. not run the ad at all. 59. B. The Code of Ethics in Action R Copyright 2023 - RealEstateExamAnswers.com -, NAR May the Code Be With You ? 24. d. principal. The individual who is authorized and consents to represent the interests of another person in dealings with a third person is C. both Jane and Paul. 141. This is called a(n) B) A. 17. D. set up an appointment with the title company. REALTOR Brian has filed an ethics complaint against REALTOR Clarence. REALTOR Bill is representing sellers Sue and Sam, who are divorcing. He should C. notifying him of all known material facts care and skill in performance. C) Chapter 7 Review Quiz Questions Flashcards | Chegg.com D. neither Brenda nor Jim. 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. The seller initiates direct contact with the buyers agent. Nice and sturdy basement and everything appears dry. No, because of the right of free speech, Brad can call Ted any time he wants regarding any offers. Solved Which of the following is true regarding a dual - Chegg REALTOR Dee files an arbitration request and is able to prove she is the procuring cause of the sale. The term, however, can have different meanings. A) C. The buyer refused to negotiate with the broker. a latent defect. A. D. Visit our website at www.tinytownrealestate.com for special offers!, 39. B. A. proof of clear title on the property Misrepresentation or omission might result in broker liability, In a dual agency situation, a broker may represent both the seller and the buyer in the same transaction if. keep all buyer requested information confidential during the engagement period. 140. B) all lawful instructions of the owner. C) C) Chad is a customer of Marcys. After the closing, Melanie visits the buyers in their home and asks if they have any questions or need any information about the community. Article 1Be honest "I think these low doorways are a charming part of the Cape Cod style." C) According to the Code of Ethics, a REALTOR owes the duty of confidentiality to A) Broker Paul files arbitration against Steve, claiming he introduced the property to Rhonda. 127. Did Pattys actions violate the Code? C. both Buyer Bill and Broker Anne. 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. REALTOR Brian is the respondent. Which of these statements is an ethical practice by a REALTOR? A. A. dictatorial business. Complaints about the behavior of a REALTOR are 53. D) After the closing, Eddie calls Sacha to discuss the matter. 62. The rules established by tradition and court decisions are found in B. REALTOR Juan hosts several websites aimed toward different types of buyers. Jack should Several buyers enter REALTOR Petes office and ask about one of the companys listings. A. it is prohibited to target solicitations to first-time buyers because of their lack of experience. B. ethical, because this is considered a general announcement. A real estate broker lists a home for sale for $189,500. Broker Mike introduced Kathy to the property. A) A. C. documentation of what the opinion is based on D) D) Subsequently, Dean lists the property with Broker Mike. contact the city building inspector about the defect. B. Jack B. once it has been reviewed by the Grievance committee Broker Roger files arbitration against Broker Paul, claiming procuring cause because he introduced the property to the buyer. C. The dual agent must have the written consent of both parties. B. include persons of only one race to show the demographics of that neighborhood. Which of these statements is an ethical practice by a REALTOR? B) 58. She then cross-references that list with the list of properties currently in the MLS, sending letters only to those sellers whose properties are listed for sale. Which of the following is an INCORRECT statement regarding misuse of confidential information and the agent's duty of loyalty? No, because her client, Larry, has no interest in the property. D. Yes. D. statement that the opinion of value is not the same as an appraisal. A. C) Unit 6 Test Flashcards | Chegg.com If two licensees, who are not REALTORS, have a monetary dispute, they honest and fair dealing. A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. The broker is obligated to render loyalty to the seller. This would most likely be viewed as A. Olivia can take no action since Jon is the principal broker at his agency; his title gives him seniority in this situation. B. sign the Byers to an exclusive buyer agency agreement Because of that, the listing broker, REALTOR Shelley, reduces the fee Randy owes her. Sometimes principals request that agents run errands or conduct other acts on their behalf while the agent or employee is on personal business. D) B) A. Subsequently, REALTOR Nelson sells the property to the buyer REALTOR Dee introduced to the property. Broker Amy discovers that buyer Lori has looked at a property with Ken and tells Lori that she is also in the real estate business and can help her buy the property. The relationship between the agent and the seller ends automatically if the purchaser submits an offer. C. only consider who made the initial introduction to the property. B. Howard is Owens customer. B. Jack Seller Sue says to REALTOR Bill one day, I will get half the money when we sell this house, wont I? Which response is correct? 4. A) C. Loretta must disclose her interest to her clients and customers, including any financial benefit received. C) B) C) A REALTOR has the duty of loyalty to Accounting Cycle and Classifying Accounts, Adjusting Accounts for Financial Statements, Asset Demand and Supply under Uncertainty, Business Analytics & Technology Management Chapter 2, Business Analytics & Technology Management Chapter 3, Business Analytics & Technology Management Chapter 4, Business Analytics & Technology Management Chapter 5, Business Analytics & Technology Management Chapter 6, Capital Budgeting and Managerial Decisions, Derivative Instruments and Hedging Activities, External Financial Statements and Revenue Recognition, Financial Intermediaries and Financial Markets, Financial Markets and Securities Offerings, Financial Statements and Accounting Transactions, Integrated Marketing Communications and Direct Marketing, Interactive Marketing and Electronic Commerce, Interpersonal and Organizational Communication, Introduction to Human Resource Management, Introduction to Human Resources Assessment, Managerial Accounting Concepts and Principles, Market Segmentation Targeting and Positioning, Organization and Operation of Corporations, Organizational Markets and Buyer Behaviour, Profitability Analysis and Analytical Issues, Profitability Analysis and Decentralization, Reporting and Analyzing Long Lived Assets, Responsibility Accounting and Performance Measures, Understanding Interest Rates Determinants. 134. D. Seller Dean was not free to sell the property on his own. unmarketable properties. Dual agency is legal in all other states and Washington, D.C., though regulations vary by state in three key areas: When during a transaction agents must disclose dual agency While REALTOR Mary is putting a sign on a property, a couple pulls up in a car and asks if they can see the property. Common law and representative law The broker acted properly to obtain a quick offer on the property. New equipment has come onto the market that would allow Morton Company to automate a portion of its operations.