Which one of the following statements regarding the duties of an agent is NOT true? Disclosure of material facts that the agents knows. C. the principal REALTOR Ann is furious when she discovers that REALTOR Marge sold a listing to one of Anns clients. Chapter 7 Review Quiz Questions Flashcards | Chegg.com In an arbitration dispute, the fact that Linda mentioned the property is considered 102. A. contact Sam and ask him the nature and terms of any agreement he has with the Byers Which of the following is correct? must promote and safeguard the seller's best interests. A real estate broker acting as the agent of the seller Common law, statutory law, and administrative law. D. REALTOR Clarence is the respondent. An agency relationship may be terminated by all of the following, except: b. the principal's refusal of an offer to purchase that was presented in the name of a third party. A. REALTOR Barbara holds an open house on a rainy day and discovers the seal for the back door is leaking. C) B. recorded deed restrictions A sellers agent is expected to disclose information about material defects in the property to prospective buyers. D. Melanie should not solicit a buyer agreement with these buyers. local registries of residential information on sex offenders. 5. He should D. comparative financial analysis. D. notifying him of all known material facts. never. D. talk Susan out of buying the house. B. A. fiduciary duties. A broker helps a buyer and a seller with paperwork but does not represent either party. UNIT 3: National Brokerage: Listings Quiz Flashcards | Quizlet C. both Brenda and Jim. C. remove the comment immediately. A. exclude any human models to avoid any kind of unnecessary bias. Which of the following is correct? B. once it has been reviewed by the Grievance committee 37. If two licensees, who are not REALTORS, have a monetary dispute, they Another goal was to recognize and accommodate the growing practice of buyer agency, A. exclude any human models to avoid any kind of unnecessary bias. D. false advertising. B) D. mutual collaboration. His boss is Bud, whose wife is Broker Nan. Care a. Dual agency is a violation of real estate law b. A. an introduction and favors Andrews side. The structure does not seem sound and I would not purchase this house. B. state Neither the offer nor the escrow instructions mentioned: (a) the broker as the agent, or (b) terms for payment of a commission. REALTOR Nelson owes REALTOR Dee A. it is prohibited to target solicitations to first-time buyers because of their lack of experience. Loyalty a licensed personal assistant of a sales associate is the agent of the sales associate. B. Sarah may ask her REALTOR principal to initiate litigation but Sarah may not initiate litigation on her own. Only choice (C) is not true, so it is the correct answer to the question. Sacha does not want arbitration, and both agree to get lawyers and sue one another. Dual Agency and Transaction Brokerage Flashcards | Quizlet B. ethical, because this is considered a general announcement. All material facts known about the property from the seller, another agent, previous experience with the property, or researching public records. 134. C. arbitrating disputes Broker Joann. In dual agency, an agent's actual knowledge pertains to. Which is TRUE? C. call the sellers directly only if she has a buyer client who wishes to see the house. At the request of a client, REALTOR Marguerite provided a written estimated value of the clients property. the codified law that is a legacy of French rule. A) the buyer and the seller are represented by the same company. 70. A broker was hired to represent the seller, to market the seller's property, and to solicit offers to purchase. C. Melanie must confirm that the agency relationship between the buyers and REALTOR Bill has terminated. C. A REALTOR may not file an ethics complaint at the same time she files a request for arbitration. An agent works as a salesperson for a principal who owns an automotive parts business. being primarily responsible to the customer. 9. What does the phrase the law of agency is a common law doctrine mean? Lori subsequently meets broker Amy, whose son plays ball with Loris son. The notes to its financial statements state that 2013 Cost of Sales includes a SEK281 million write-down of Finished Goods inventory. C. ask REALTOR Craig to increase the commission. A. Sarah can take no action as Thomas is the principal broker at his agency; his title gives him seniority in this case. Board of Directors. 105. D. not call the sellers; REALTOR Linda has told her everything she needs to know. C) 76. Dual agency must be disclosed to both parties in a real estate sale Show Result A REALTOR may tell prospective clients not to list with REALTORS offering flat-rate commissions. REALTOR Dee files an arbitration request and is able to prove she is the procuring cause of the sale. 23. A) an implied agreement. Sara would be considered a Transaction broker A. instruct her seller to pay a bonus commission directly to REALTOR John. D. unethical behavior between two REALTORS. No, because the selling agent can change his mind. D. use the comment in other places on his website to help drum up new business. Dual agency occurs when an agent is representing both the buyer and the seller. REALTOR Marys next step should be to D. notifying him of all known material facts, 95. A) Article 1Be honest C. REALTOR Clarence is the complainant. C. The price that the sellers told the agent is their minimum selling price. 2 Which of the following committees is most like a grand jury? REALTOR Patty has an appointment to show a listing of REALTOR Katies. The agent's job is to sell the principal's automotive parts to auto repair shops and other purchasers. C) Common law, statutory law, and administrative law, Real estate agency relationships are governed by which kinds of law? C) C. remove the comment immediately. B) not required to disclose the information because the seller might reject the offer. D. providing little to no information about known issues with a house. 4. C. arbitration. the sales associate was guilty of fraud. A. allowable because the offer had already been presented and Matthew is just adding information. C. Loretta may not market these auxiliary services to buyers or sellers using her company. B. B. Broker Pauls efforts favor C) Did Nathan violate the Code? a disclosed dual agency. Real Estate Course Chapter 4 Flashcards Preview - Brainscape consideration. B. Nan has an exclusive, current, valid agreement with Bob. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. 10/22 newly D. urge the seller to update the disclosure form or have the back door repaired, 107. How would a histogram of US REIT returns over the last twenty years be described? 7. Rather than purchase new equipment, the marketing manager argues that the companys marketing strategy should be changed. Because the property is being sold "as is," REALTOR Nan comes into the office and finds prospect Bob talking with her colleague, REALTOR Dana. C. reasonable care the principal. D) 143. 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. C. Article 13Do not practice law D) report the status of all funds received from or on behalf of the principal. 118. Qaadir hires Zaafir, a lawyer and an independent contractor, to represent him in a court case. sales associates are agents of the broker. D) C. avoid the subject of the back door and if it comes up, lie Is this a violation of the Code? Call REALTOR Dan for a tour today! disclosure of all facts that the real estate professional knows or should reasonably be expected to know that materially affect the value or desirability of the property. obedience. The individual who is authorized and consents to represent the interests of another person in dealings with a third person is A. bait and switch. Disclosure was improper and possibly illegal, regardless of the agent's motive. Jean asks Mike his opinion about the structure of the property. Solved Which of the following statements about dual agency - Chegg question. c. is legally entitled to a commission. B. providing the standard professional service expected 72. release of information regarding a transaction two years following closing. B. B. maintain confidentiality since the seller didnt mention the leak A) I know Bill, and hes got a reputation for only working hard on his million-dollar listings. only if intentional. D. false advertising. REALTOR Dee shows a property listed by REALTOR Nelson. A. Given this information: What cause of fatality is least likely to occur? 138. REALTOR Brian has filed an ethics complaint against REALTOR Clarence. A) C) Pete tells them it is no problem and asks them to sign an exclusive buyer contract with his company and he will show them the listing. D. Donna has violated the Code by not making it clear to buyer Dan that she was representing the seller. D) C. Nan sold a house to Bob last year. Lets not worry about that todaylets wait until we sell your house, then well figure it out. A. REALTOR Brian is the respondent. Edit your form online Type text, add images, blackout confidential details, add comments, highlights and more. InvestmentCenterElectronicsSportingGoodsSales$40,000,00020,000,000Income$2,880,0002,040,000AverageInvestedAssets$16,000,00012,000,000. General Howard walks through a home listed by Owens agency during an open house. D. Sarahs client would have to request arbitration on her behalf; Sarah may not request arbitration on her own. 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. 02. C. are not allowed to litigate the matter. A nonagents job is simply to help both the buyer and the seller with the necessary paperwork and formalities involved in transferring ownership of real property. Matthew calls Jennifer to explain the details. needs but spent about an hour at the property asking many questions about other homes for sale. The agent has not violated any agency responsibilities to the seller. C. REALTOR principal and REALTOR-ASSOCIATES jointly 80. if the buyer's inspector finds a problem, the seller does not have to disclose. 141. When a REALTOR only has a contract with a buyer; he is only permitted to collect a fee from the buyer. B. Jack B. C) It is one of the rules of society enacted by legislatures and other governing bodies. C. tell the Byers they cannot talk to Sam 137. Misstatements about the property D) a designated agency. Broker Joann, a buyers agent, is seeking arbitration against Broker Millie, a sellers agent. Which of these items is NOT required to be provided with the opinion of value? A) No, because her client, Larry, has no interest in the property. B) B. property profiling. As a general rule, dual agency is permissible. B. arbitration complaints. The marketing manager claims this new approach would increase unit sales by 30% without any change in selling price; the companys new monthly fixed expenses would be $180,000; and its net operating income would increase by 20%. A. 34. To settle this agreement, they can Jean asks Mike his opinion about the structure of the property. 82. C. more compelling than any efforts made after the open house by Paul and it favors Roger. The couple wants to ensure their children are raised in a diverse area. B) Principals are generally liable if an agent's frolic and detour is substantial. Subsequently, he calls her several times a week, sends her e-mails, and mails a packet of additional information. D. neither Brenda nor Jim. 25. What is the internal rate of return? 132. Keeping both paper and digital copies of important documents is always a safe idea! Which item is considered outside the scope of a real estate license, according to Article 2? A. racial segregation. The broker has violated the agency relationship with the seller. when, how, and to whom agents must reveal for whom they provide client-based services. 46. C. Ann does not have to cite her reasons for filing an ethics complaint against Marge. Dylan is the _______, and Jordan is the ________. REALTOR Antonio has been asked by a listing client to prepare an opinion of value on his property. B. The structure looks good. It is Marys listing and she has the key; the sellers are not home, but told her to show it anytime. In a fully disclosed agency, the contract is between the agent and the third party. A. C. Paula is in violation of Article 15 for posting misleading statements. 3. C. No, Antonio is entitled to collect these fees as long as there was informed consent from both parties to the transaction. Sales(15,000unitsX$30perunit)VariableexpensesContributionmarginFixedexpensesNetoperatingincome$450,000315,000135,00090,000$45,000. REALTOR Jon has an open house, which buyer Halie attends. He sells Marys property and receives an additional fee for the sale. Which of these statements is an ethical practice by a REALTOR? D. putting contracts in writing. Being primarily responsible to the customer. A. no, because Nathan is not responsible for how the website functions Administrative law and canonical law A request for arbitration could stem from B) care and skill in performance. B. an introduction and favors her side. B) A real estate professional's acting for both the buyer and the seller in the same transaction. Unit 4 (complete) Flashcards | Chegg.com A special agent represents the principal for one certain transaction only. 150. C. not a true picture. B. call the sellers directly to confirm the nature and expiration date of any listing agreement they have. A. appeals complaints. Identify which statement regarding mediation is TRUE. Which of the following describes a typical equity REIT? C. strongly favor Paul. sales associates are agents of the licensing authority. D) A) D) D) B. administrative law. Which of the following is TRUE regarding dual agency? stagnant properties. an offer made on the property. No, Martys daughter and the seller were in mutual agreement with the stipulations of the sale. C) C. yes, because electronic contracts are not valid Which of the following is an INCORRECT statement regarding a fully disclosed agency? restrictions on disclosure of confidential information. An agreement that is specific in its terms and conditions is considered 86. The broker designates one sales associate to represent the seller and one sales associate to represent the buyer. the client. The local association of REALTORS must offer mediation to both parties before an arbitration hearing is held. The seller didnt mention this before the open house. D. statement that the opinion of value is not the same as an appraisal. REALTOR Sam represents seller Linda. B. disclosure REALTOR Matthew brings a complicated purchase contract to Nelson that requests partial owner financing. B. Melanie can seek the prospects future business. All of these will terminate an agency relationship EXCEPT Matthew calls Jennifer to explain the details. B) D) 116. No, because REALTOR Katie is obviously clueless about how to price a property. C. Providing an opinion about the structure is outside the scope of my expertise. A) At 6 p.m. the same day, the agent receives two more offers. Attend our First-Time Homebuyer Seminar and win a free TV! C) Eddie and Sacha 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. 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. all client information to be kept confidential forever. B) B. D) D. only if he initiated the contact with Mr. Johnson. is a process that accommodates an in-house sale in which two different sales associates of the same broker are involved. B) The agent tells a buyer the seller will accept up to $5,000 less than the list price. Unit 10: Client Representation Agreements, Art History Baroque, Neoclassical, Realism, R. Question: Which of the following statements Is true reqarding the practice of designated agency under North Carolina Real Estate Commission rules?O A Designated agency provides an optional method of practicing dual agency for real estate firms.O B.The designated agency concept may be utilized by a firm that does not practice dual agency. C. A) tell the seller that the defect must be repaired. Custom designers are available in person this Friday from noon until 4 PM! Broker Mike had the property listed most recently. A. She files a request for arbitration and an ethics complaint. B) REALTOR Jan calls Carlos to arrange for a showing. She leases it. c. accidental Who is liable? At the closing table, Howard reveals to both REALTORJane and the sellers that he has an exclusive buyer agency agreement with his client. Jane calls Linda to find out if the property is exclusively listed, and, if so, when it terminates. B) In a real estate transaction the customer is considered the: B) 03. A. Twenty years ago, a former occupant of the house committed suicide in the house. Broker REALTOR Miriam employs REALTOR Tom. which of the following statements is true regarding the situation? Disclosure was improper and possibly illegal, regardless of the agent's motive. The buyer brokerage receives compensation from the listing brokerage and from the buyer at close of escrow. D. unethical, because some of the people who get the e-mail may already be in an exclusive listing agreement. After Mikes listing contract expires, Dean sells the property to Kathy. The dual agent may not disclose confidential information from one party to the other. D. set up an appointment with the title company. REALTOR Brianna is a buyer agent and sells Randys house. 73. A broker performing as a property manager who deposits the rent into his operating account is an example of Dual D) required to disclose the information under the Fair Credit Registry Act. Scott is in violation of the Code because At this point, what kind of relationship do Howard and Owen have? There are two separate brokerages. C) Sacha does not want arbitration, and both agree to get lawyers and sue one another.

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