Id love to sign you but I cant say anything else until you are out of your contract. 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. What is the best action for Dennis to take? This would most likely be viewed as of the following is not true regarding dual agency? 20. Property Rights: Estates, Tenancies, And Multiple Ownership Interests, Real Estate Investment Analysis And Business Opportunity Brokerage. C. state law requires it. He has fulfilled the requirements of Article 7 by The federal legislation known as Megan's Law has promoted the establishment of Dual agency is actually illegal in some states. (ANSWERS will be revealed with subscription). A. disclosing his true position. In most states, dual agency refers to a situation where the same REALTOR represents both the buyer and the seller in a real estate transaction. D. contact Linda to let her know there is an offer. The first thing Sam should do is Which of the following is an INCORRECT statement regarding misuse of confidential information and the agent's duty of loyalty? A) D)!!! Lori subsequently meets Broker Amy, whose son plays ball with Loris son. C. Olivia may ask her REALTOR principal to request arbitration but she may not request arbitration on her own. REALTOR Jack notices the following comment posted under one of his listings on his website. A. bait and switch. REALTOR Nelson owes REALTOR Dee Arbitration deals with monetary disputes only and could also be initiated by or made against a customer, client, or non-member broker. C. panic selling. personally arrange for the repairs. D) an offer made on the property. B. an introduction and favors her side. REALTOR Antonio has a buyer agency contract, which entitles him to collect a fee. B. property profiling. 82. D. unethical behavior between two REALTORS. the possible reaction of potential buyers or tenants. This offer is accepted, contingent upon the buyer obtaining financing and a satisfactory home inspection. D. all parties in a transaction, whether they are clients or customers. 132. Donna, representing the seller, holds firm and gets Dan to buy at asking price. What are the typical implications to an REIT investor of REITs being listed? C. prepare a CMA which demonstrates the accuracy of the price. Common law, statutory law, and administrative law. D. mediation is not available. Most people familiar with the housing market know that a buyer's agent . D) an express agreement. D) Which of these advertisements is an example of inducement? C. explaining to a customer why a contract cant be enforced A) I recommend if you are interested, you have the house inspected by a professional. the broker always acts as the agent of a client or customer. Only choice (C) is not true, so it C. Melanie must confirm that the agency relationship between the buyers and REALTOR Bill has terminated. The seller accepts the offer. Loyalty B) D. set up an appointment with the title company. A. find a third, impartial board to hold their hearing. D. local, state, and national. B. B. aggressive, but ethical marketing efforts. Exaggerated statements about the property an undisclosed dual agency. Marty later writes a contract and a sale is made. 10/22 newly an implied agreement. REALTOR Devon It is Marys listing and she has the key; the sellers are not home but told her to show it anytime. 148. 8. 134. At 6 p.m. the same day, the agent receives two more offers. Special, Exaggerated statements about the property, Which of the following is considered lawful practice in real estate brokerage? Recently, Erin was the buyers agent for Jones, who purchased a new home. Compute the break-even point in dollar sales for the company under the new marketing strategy. A) This is called a(n) The agent has not violated any agency responsibilities to the seller. B. property profiling. D. I will ask the selling REALTOR her opinion and get back to you., 110. Refer to the original data. A) A real estate professional's representing more than one principal B) Two brokerage companies cooperating with each other C) A real estate professional's acting for both the buyer and the seller in the same transaction D) A real estate professional's listing and then selling the same property A A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. Which of the following statements is LEAST accurate regarding UPREITs and downREITs? both parties consent in writing to the dual agency. C. Melanie must confirm that the agency relationship between the buyers and REALTOR Bill has terminated. C. Mediation is not a method of dispute resolution preferred by the National Association of REALTORS. 124. D. A REALTOR may file a request for arbitration only after any ethics complaint about the same matter is resolved. 23. A. not timely disclosure per the requirements of the Code. (1) Which department generates the most net income per dollar of sales? C) If a real estate agent who is employed to purchase real estate for a principal secretly sells his or her own property to the principal, this is a violation of the duty of loyalty known as __________. A) tell the seller that the defect must be repaired. A. Melanie can only talk to these buyers if they contact her. The relationship between the agent and the seller ends automatically if the purchaser submits an offer. B. Her letter offers both her property management services and her brokerage services. He needs to sell the commercial property and asked Erin if she would be the listing agent. Because the property is being sold "as is," A REALTOR has the duty of loyalty to Howard and Owen chat about the features of the house and Howard seems to be interested. D. talk Susan out of buying the house. Broker Millie. B) 91. B) C) The next day, Broker Nan calls Buyer John. D. weigh into consideration; Paul introduced the property and is the procuring cause. Subsequently, REALTOR Shelley claims that she represented buyer Jack. A special agent represents the principal for one certain transaction only. D. required by state law to be followed by all licensees. An agency relationship between a seller and a broker is usually created by a written employment contract called a She was terrible and I believe she is not a licensed REALTOR and you should never give her your business. Jack knows for a fact that Jordan is licensed. B. date the opinion of value was prepared even if they are considered a "harmless white lie." C) B. \end{array} Has Tamika violated the Code? C. unethical behavior between a REALTOR and a consumer. Later that same day, a prospective buyer comes into the broker's office and asks for general information about homes for sale in the $130,000 to $140,000 price range but refuses representation by the broker's company at this time. must promote and safeguard the seller's best interests. 12. The next day, Miriam gets a phone call from seller Katie who asks to be released from her exclusive agreement so that she can re-list her property with REALTOR Tom, who is now working for REALTOR Ethan. C. reasonable care honest and fair dealing. 46. 17. Broker Deb admits that she extended an offer of cooperation and compensation to Broker Steve. In dual agency, the real estate professional represents two principals in the same transaction. D. I think you should list with me as soon as that week is up. C. arbitrating disputes how a customer is differentiated from a client. Which of the following is correct? After Mikes listing contract expires, Dean sells the property to Kathy. not required to disclose the information because the seller might reject the offer. A) Before leaving, REALTOR Patty takes the seller aside and tells her the property wont sell because it is overpriced and shows the seller her comps. B. respond to the author of the comment and request the author remove the comment. The agent should have disclosed this information, regardless of its accuracy. The best solution available to Tim is to A) No, Martys daughter and the seller were in mutual agreement with the stipulations of the sale. A) REALTOR Marys next step should be to Which of the following is correct? A. Katherine, as the selling broker The company has a large amount of unused capacity and is studying ways of improving profits. Is this a violation of the Code? A The statement is TRUE. B) 6. C. Yes, Marty should have disclosed his relationship with all parties involved when an offer was made. D) It may not be superseded by statutory law. 47. D. statement that the opinion of value is not the same as an appraisal, 113. A) REALTOR Scott has several websites, each directed at various niches, such as first-time buyers, seniors, etc. A net listing is illegal in all states. Broker Jim introduces buyer Ken to a property and keeps in touch with him. The duty of _____ is a fiduciary duty owed by an agent not to act adversely to the interests of the principal. D. what is required by the Code. This particular fact favors D. The buyer sought another broker in order to get a lower price. D. websites must maintain a minimum number of listings at all times so the site should never look skimpy. A. The agent is 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. The rules established by tradition and court decisions are found in REALTOR Howard has an exclusive representation agreement with a buyer. Given this information: What cause of fatality is least likely to occur? C. once it has been reviewed by the Ethics committee C. Owen is Howards fiduciary. B. recorded deed restrictions B. In the common law of agency, the relationship of broker to client is that of never. Which of the following duties does Marcy NOT owe to Chad? B) Which of the following is an INCORRECT statement regarding a principal's liability for an independent contractor's torts and contracts? D. has not obtained informed consent from the buyers to be obligated to pay two commissions. 5. In a dual agency, one broker or agent represents both parties in a real estate sale. Care The party who employs an independent contractor is called a(n) _____. A. A. they have agreed in advance to arbitrate, not litigate. The term, __________, refers to a broker who produces a buyer "ready, willing, and able" to purchase the property for the sale price and on the terms specified by the seller, regardless of whether the sale is completed. C) REALTOR Dee shows a property listed by REALTOR Nelson. B. are going to need to put this decision in writing to the Board of REALTORS. sales associates are agents of the broker. A broker helps a buyer and a seller with paperwork but does not represent either party. D. Seller Keith had no knowledge of Salvatores efforts with Travis. D) A beautiful home on 1.5 acres with trees and a small pond This is called a(n) b) If a partner makes a profit using information gained from inside the firm, but uses that information in a venture that is outside the firm, he may keep that profit. C. Joes statement could be considered a threat. When is a complaint passed to the Professional Standards Committee? obedience. A) It is legal in all states. 96. The dual agency does not constitute a violation of the duty of loyalty so long as the agent acts fairly and equitably. Compute profit margin and investment turnover for each department. D. Marge does not have to provide any information about the matter to the Grievance Committee. 144. C) D. A foundation crack is hidden behind the paneling in the basement. 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. The Minevik Group is a Swedish-based, high-technology engineering firm. Click the card to flip Flashcards Created by The relationship between the agent and the seller ends automatically if the purchaser submits an offer. The broker can disclose confidential information about the seller to a buyer if it increases the likelihood of a sale. D) Which is TRUE? Broker Anne files an arbitration request against her client, Buyer Bill. What is NOT one of the major ways that a REIT can be structured? C. really none of REALTOR Janes or her clients business. should present to the seller only the highest offer for the property. C. Professional Standards Committee
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