B. Neil is in violation of SOP 1-3 for misleading sellers about market value. example, during working hours or on the principal's Show an Amount column, a Per Unit column, and a Percent column on each statement. REALTOR Kim can is a process that accommodates an in-house sale in which two different sales associates of the same broker are involved. Disclosure A factor that is indicative of bad faith and in Salvatores favor is whether Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. C. Id be happy to discuss this house with you but I cannot discuss anything else. Donna, representing the seller, holds firm and gets Dan to buy at asking price. Upon discovering a latent defect in a property, the real estate professional should discuss the problem with the seller and then. D. Yes, because she does not have permission from REALTOR Katie. A: This information may be withheld since the agent never saw any evidence of infestation or damage. B) D. The buyer sought another broker in order to get a lower price. C. REALTOR principal and REALTOR-ASSOCIATES jointly Which of the following is correct? D. local, state, and national. Being primarily responsible to the customer. In the common law of agency, an agent owes the principal all of the following EXCEPT B) To settle this agreement, they can Section 4 Authorized Relationships, Duties And Disclosures - Brainscape care and skill in performance. This offer is accepted, contingent upon the buyer obtaining financing and a satisfactory home inspection. the broker informs either the buyer or the seller of this fact. A seller, anxious to sell, listed a home for $190,000 and signed an agency agreement with a broker who then told a buyer to submit a low offer. A) DBA accounting. fraud. D. the National Association of REALTORS. environmental hazards. C. A REALTOR can use guided statements to diminish another REALTORs integrity. C. estrangement of John by Broker Nan. both parties consent in writing to the dual agency. A) ____ agency occurs when an agent acts for two or more different principals in the same transaction. A. proof of clear title on the property Which of the following statements is TRUE? No, because of the right of free speech, Brad can call Ted any time he wants regarding any offers. 12. For both present operations and the proposed new operations, compute (a) the degree of operating leverage, (b) the break-even point in dollar sales, and (c) the margin of safety in both dollar and percentage terms. 101. A. another broker showed the property to Travis. 50. unmarketable properties. B. knows a way around the problem. statutory law. The hearing panel will A) the buyer and the seller are represented by the same company. 54. unnecessary disclosure. Under the _____ rule, a principal is generally _____ for injuries caused by its agents and employees while they are on their way to or from work. A. REALTOR Brian is the respondent. Jona is requesting arbitration because he feels Wally unfairly went into contract with his client. D) Josie tells Betty she isnt happy with the small number of showings Bills had on her house and she is thinking of finding a new REALTOR. The agent believes the seller will not accept any of the three offers. 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. A net listing is illegal in all states. REALTOR Smitty has an exclusive listing on seller Teds house. Did Pattys actions violate the Code? In a(n) _____ agency, a contracting third party knows that the agent is acting for a principal but does not know the identity of the principal. 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. A. C. Article 12Be truthful in advertising A. Broker Millie presents as evidence the listing in the MLS with no compensation offered to a buyers agent, only offered to sub-agents. Chapter 30 Flashcards | Quizlet D. false advertising. A. A. Deceitful or dishonest practices B. offer to directly pay REALTOR John a bonus commission if he produces a contract at full price. D. neither Broker Deb nor Broker Steve. If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold, agent for Walt Disney," _____. 105. C) Katy could elect not to make any appointments. obedience. C. a violation of Code as Lynn cannot attempt to obtain future business with Terrys client at this point. REALTOR Marty has a daughter who is interested in a property. being primarily responsible to the customer. B. This is a violation of the duty of loyalty known as _________. B. 83. C. The price that the sellers told the agent is their minimum selling price. B. B. C. tell the Byers they cannot talk to Sam It is one of the rules enacted by legislatures and other governing bodies. The individual who is authorized and consents to represent the interests of another person in dealings with a third person is Agents are prohibited from using general information, knowledge, or experience acquired during the course of an agency in later employment. Statutory law At the closing table, Howard reveals to both REALTOR Jane and the sellers that he has an exclusive buyer agency agreement with his client. B. A. Complaints about the behavior of a REALTOR are Sales(15,000unitsX$30perunit)VariableexpensesContributionmarginFixedexpensesNetoperatingincome$450,000315,000135,00090,000$45,000. Which of the following is not true regarding dual agency? However, fixed expenses would increase to a total of$225,000 each month. As a general rule, dual agency is permissible. B) No, because customers get special treatment over other REALTORS. the buyer and the seller are related by blood or marriage. The seller, Morgan, contacts Buyer Valerie independently and informs her that the property is for sale. REALTOR Frank holds an open house for a client on a rainy day and discovers a window leak. Identify which statement regarding mediation is TRUE. B) both parties consent in writing to the dual agency. Accidental or implied agency created excessive liability for both licensees and their brokers (and even consumers), and it opened the door to unintended and undisclosed dual agency. 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. The industry in which Morton Company operates is quite sensitive to cyclical movements in the economy. B. may ask the local Association of REALTORS to arbitrate it. A) D) The broker was unethical, but the seller did get to sell the property. C) contact the city building inspector about the defect. C) B. Jack D) B. telling him the lowest price Derek will take for the house, which Derek told her in confidence When homeowners in a particular area are convinced that the ethnic or racial make-up of their neighborhood is changing, causing them to sell below market value, this is known as dual-purpose mission; both the principal and the agent. Qaadir hires Zaafir, a lawyer and an independent contractor, to represent him in a court case. stagnant properties. Disclosure was improper and possibly illegal, regardless of the agent's motive. 115. A. agree to be bound by arbitration and allow the local board of REALTORS to arbitrate the matter. The sales associate was practicing puffing. You buy a new piece of equipment for $16,230\$16,230$16,230, and you receive a cash inflow of $2,500\$2,500$2,500 per year for 121212 years. A. Lynns action is D. Visit our website at www.tinytownrealestate.com for special offers!, 39. In this case, the agent is on a _____, and most jurisdictions hold _____ liable if the agent injures someone while on such a mission. The relationship between real estate broker and seller is generally what type of agency? Solved Which of the following statements Is true reqarding - Chegg Which of these statements is an ethical practice by a REALTOR? The buyers agent and the sellers agent work for the same company as designated agents. Ethics Committee. B) Joe tells Ralph that if he shows up at the hearing, hell wish he hadnt! C) UNIT 3: National Brokerage: Listings Quiz Flashcards | Quizlet C. once it has been reviewed by the Ethics committee Several buyers enter REALTOR Petes office and ask about one of the companys listings. Share your form with others Send it via email, link, or fax. D) contact the city building inspector about the defect. A. abandonment of John by Broker Judy. This introduction is 30. B. telling him the lowest price Derek will take for the house, which Derek told her in confidence This is an example of A. Katherine, as the selling broker Broker Roger has an open house on a property and has a register for attendees to sign. keep all buyer requested information confidential during the engagement period. B. disclosing her relationship with Derek D. mediation is not available. a state registries of residential information on sex offenders. B. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property, with an express agreement that the agent will not disclose the existence of the agency to a third-party seller. D) B. something that would be understood by both REALTORS and does not need to be disclosed. The agent should have disclosed this information, regardless of its accuracy. sales associates are agents of the broker. A) Which of the following statements is NOT true about dual agency The broker has violated the agency relationship with the seller. A. fiduciary duties. 126. latent defects. B. I recommend if you are interested, you have the house inspected by a professional. unless it was considered puffing. No, because her client, Larry, has no interest in the property. if they are only part of puffing. C. tell prospective buyers Trisha must sell quickly because Ed must follow all instructions of the client \text{Sporting Goods}&\text{\hspace{5pt}20,000,000}&\text{\hspace{5pt}2,040,000}&\text{\hspace{6pt}12,000,000}\\ Which of the following is an INCORRECT statement regarding misuse of confidential information and the agent's duty of loyalty? REALTORS are entitled to collect some fees, which a non-member licensee is not. Jerry discloses his compensation agreements to both parties and receives their consent. The Federal Fair Housing Law prohibits me from discussing the racial composition of the neighborhood. C. not a true picture. 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. 85. General disclosure. A. racial segregation. Broker Joann. Broker Steve files an arbitration request against Broker Deb. Which statement is correct? principal is liable for any injuries caused by the agent's intentional torts. D. sending a mass mailing out to potential clients, 122. An agent can personally usurp an opportunity that belongs to the principal. A. accounting for any deposit monies she receives from him, which are put into a separate account A) She negotiates the offer with buyer Dan, who offered less than asking price. Licensees in both brokerages are REALTORS. A. dictatorial business. B) REALTOR Patty has an appointment to show a listing of REALTOR Katies. 43. A. local B) D. set up an appointment with the title company. After the closing, Eddie calls Sacha to discuss the matter. Broker Linda is at a wedding seated at a table with nine other guests. The broker has violated the agency relationship with the seller. A. B. once it has been reviewed by the Grievance committee Being a REALTOR means being included in the ____________ association(s). In a fully disclosed agency, the contract is between the agent and the third party. express information of facts about a property or client's circumstances. Common law, statutory law, and administrative law, Real estate agency relationships are governed by which kinds of law? A method of resolving a dispute in which the parties involved discuss the situation and resolve it themselves is called Identify which of these practices a REALTOR is permitted to do. 28. d. principal. The broker can agree to a change in price without the seller's approval. Broker Ken showed a property to buyer Lori. all client information to be kept confidential forever. B) The broker has committed fraud. 63. administrative law. b) An agent cannot accept commission from both parties to a transaction without his principals' consent. 33. 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 77. Broker Deb. How would a histogram of US REIT returns over the last twenty years be described?
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