This information may be withheld since the agent never saw any evidence of infestation or damage. To buy, sell or lease Washington real estate, a California broker may either: cooperate with a Washington broker; or; obtain a Washington broker license. (Signed) Sadia." C) are optional for licensees, though their adherence is always recommended. Article 3 closely resembles fiduciary law in New York State. c. convince the seller to list with her and authorize dual agency. COOPERATION WITH OTHER BROKERS. TomatoPlantHeight(inches)20.449.246.4FertilizerAmount(ounces)1.95.03.1, a. C) facilitator. Prepare the journal entries necessary to All of the following are prohibited under the antitrust laws EXCEPT. Webif Broker is compensated by a seller or a real estate licensee who is working with a seller, such compensation does not compromise Brokers duties to Buyer. 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. (2) A transaction-broker shall have the following obligations and responsibilities: (a) To perform the terms of any written or oral agreement made with any party to the transaction; (b) To exercise reasonable skill and care as a transaction-broker, including, but not limited to: (I) Presenting all offers and counteroffers in a timely manner regardless of whether the property is subject to a contract for sale or lease or letter of intent; (II) Advising the parties regarding the transaction and suggesting that such parties obtain expert advice as to material matters about which the transaction-broker knows but the specifics of which are beyond the expertise of such broker; (III) Accounting in a timely manner for all money and property received; (IV) Keeping the parties fully informed regarding the transaction; (V) Assisting the parties in complying with the terms and conditions of any contract including closing the transaction; (VI) Disclosing to all prospective buyers or tenants any adverse material facts actually known by the broker including but not limited to adverse material facts pertaining to the title, the physical condition of the property, any defects in the property, and any environmental hazards affecting the property required by law to be disclosed; (VII) Disclosing to any prospective seller or landlord all adverse material facts actually known by the broker including but not limited to adverse material facts pertaining to the buyer's or tenant's financial ability to perform the terms of the transaction and the buyer's intent to occupy the property as a principal residence; and. When the Property is marketed for lease, Broker will allow other brokers to show the Property to prospective tenants. 0000011057 00000 n After broker E sells some of the lots, the landowner refuses to pay her a commission. (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. For this transaction, she is entitled to receive d. $4,363.45. b. an employee. Received from Bo $1,000 on account of $75,000 purchase price of Lot No. a. not having an equal housing opportunity sign in her office window b. fraud on the part of the broker-in-charge because the employing broker is responsible for the actions of any agent representing the firm. WebB. c. The elderly owner died peacefully in her bedroom. Do actions such as a general telephone canvass or general mailing violate this Article? They must, with the sellers' approval, disclose the existence of offers on the property. b. disclose to the seller the maximum price the buyer is willing to pay. A) hired by the sales associate independently and not under the employ of the brokerage. 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. She was probably accused of: 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. The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. Just before delivery, the stone is discovered to be a diamond worth $1,000\$ 1,000$1,000. 0000003847 00000 n 0000283648 00000 n b. to all consumers prior to first substantial contact. \end{array} 0000276505 00000 n 0000036173 00000 n Which statement is TRUE? d. belong to a real estate board, A licensee may receive compensation or commission from endobj 0000007005 00000 n The three categories of the Articles include _______. State the domain and range of each of the functions. (b) Other Buyers. d. is a member of the local real estate board, b. uses the employing broker's name in the advertisement, A real estate broker was responsible for a chain of events that resulted in the sale of one of his client's properties. 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? Concepts in the Preamble include all the following EXCEPT _______. The North Carolina Working with Real Estate Agents brochure must be given d. is an active member of the local real estate board. 825ActivityPurchaseinventorySalePurchaseinventorySaleSalePurchaseinventorySaleNumberofUnits240180300150135190110CostperUnit$8.258.759.25. c. The brochure's use is mandatory in all real estate transactions. \text{Aug. 8}&\text{Purchase inventory}&190&~~9.25\\ Promulgated to make public Designated agent C) unless representing a buyer, when the listing broker offers a co-op. d. to all consumers in a sales transaction no later than first substantial contact. The name of that REALTOR firm in an apparent manner. 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? 0000281991 00000 n \text { (inches) } (1) A broker engaged as a transaction-broker is not an agent for either party. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. xref C) fair competition laws. A REALTOR acting as a buyer's agent would be in violation of the Code of Ethics if she ______. (b) Other Buyers. 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. A broker lists a property for sale at $100,000 with a 5 percent commission. WebIn order for a broker to be paid on an open listing, the broker must A) split the commission with any other broker that listed the property. Reread "Another Perspective" on railroads. Confidential information does NOT include ______. b. procuring cause. What are the two area of responsibility assigned to the Grievance Committee? A) exclusive agent. The matter cannot be subject to future litigation or arbitration. K \text {d.}& 8 & \text { Paper gift bags } & 3.89\\ c. the name and nationality of the purchaser. c. in-house employment contract. 0000273961 00000 n This is referred to as a For this transaction, W is entitled to receive, To be entitled to collect a real estate commission, a broker must be able to prove all of the following EXCEPT that he or she, 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. 0000009112 00000 n 0000282931 00000 n b. file a lien against the landowner's remaining lots b. arrange for the repairs himself or herself as required by the terms of a typical listing contract. Ethics complaints are processed by the _______. A seller has listed a home with a broker for $90,000, and the broker suggests to a prospective buyer-customer to submit a low offer because of the seller's urgent need to sell. Ethics are typically defined as standards of conduct applied to a group or society. A) have the same force and effect as statutory law. endstream 4g"7yz^Yj4ov_7LylP^q]0G t46^RK$#~/Fv?a&';%XgY$3KkL][nDl?5X"ERD\GV794I.e8h&Lcb}v;cu&Z5|IO F#PVYAcgZ! In most monetary disputes, the main focus of the Hearing Panels is to identify what action? In order for a broker to be paid on an open listing, the broker must. b. only the employing client 0000004840 00000 n Because of this statement A horticulturist is studying the relationship between tomato plant height and fertilizer amount. The listed commission is 6.5 percent of the selling price. Compute cost of goods available for sale and the number of units available for sale. On a cooperative sale; all written offers should: Be presented to the owner by the listing agent On all sales; all written offers should be presented: Immediately @@Wl;2 PBwY/F2}i']YrL" B) procuring cause. b. the buyer. 0000280302 00000 n 25&\text{Sale}&110\\ A) FFC Act B) CAN-SPAM Act C) TCPA D) COPPA, An independent contractor and a broker can agree upon which of the following? Can a REALTOR who follows the letter of the law find that he has violated the Code of Ethics? Which of the following situations could result in arbitration? '', For each term or name, write a sentence explaining its significance. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and D) unless the exclusive agency listing is used, because the seller can compete with the broker. d. fraud only if the buyer purchased the house based on the statement. c. the licensee was guilty of puffing 0000281057 00000 n d. advise the buyer, if in the agent's opinion, the listing price of a listed property is unrealistic. Broker John The seller has hidden rodent damage by the strategic placement of a large sofa. 0000275728 00000 n c. disclose the agency options available and obtain written consent from both clients to act as dual agent. C) prohibited communications. The salesperson's entire income is from sales commissions rather than an hourly wage. You can explore additional available newsletters here. According to Article 3, REALTORS must disclose the existence of ________ to brokers seeking cooperation. b.A licensed broker within the firm who has no prior confidential knowledge of the party that the BIC will represent. The hotel is able to attract business customers during the weekdays and leisure customers during the weekend. They can discuss the terms of a future agreements as long as they do not directly or indirectly initiate the conversation or encourage the client to break an existing contract. 0000024213 00000 n In this case, the broker who is going to get paid must be the 0000006356 00000 n a. disclose to the buyer that the seller is a member of a minority group. 8%, compounded semiannually, what lump sum is a. the licensee was guilty of fraud A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. If a firm's buyer-client is interested in buying property listed with the firm, the firm must c. The Code of Ethics prescribed by the local trade association (5) A transaction-broker has no duty to conduct an independent investigation of the buyer's or tenant's financial condition or to verify the accuracy or completeness of any statement made by the buyer or tenant. There are five major corporate real estate firms in the immediate DC industry; JLL, Cushman & Wakefield, Newmark, Savills Studley and Cresa (At a Glance). WebWella sells a $150,000 home listed with another brokerage. b. local real estate board's minimum wage guarantee to agents. 0000009578 00000 n C) based on sales production or other output. Designated agency is optional, not mandatory. In this situation, the broker would be entitled to a. report the developer to the state real estate commission. 7 0 obj <>/Subtype/Form/Length 46/Type/XObject>>stream Which of the following is allowed under antitrust laws? endobj (7) There shall be no imputation of knowledge or information between any party and the transaction-broker or among persons within an entity engaged as a transaction-broker. a. the broker had an active North Carolina real estate broker's license. According to Article 1 of the Code of Ethics and Standards of Practice of the National Association of Real (2) Family members or other interest. On all sales; all written offers should be presented: On all sales; if the listing agent is aware of another possible offer arriving, the listing agent should; Bring the first offer to the seller as soon as possible. Department of Financial and Professional Regulation, Licensee N finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of property. Disclosing the information could create a fiduciary relationship with the buyer and, thereby, create an unauthorized dual agency situation. b. b. a. from his employing broker. Please select the correct language below. Which entity has the responsibility of determining if there has indeed been a violation of the Code of Ethics? Oct. 2005. 0000010382 00000 n a. a licensed managing broker only The supply curve in Figure 3P-2 shows the monthly market for sweaters at a local craft market. An agent employed by a listing broker told a prospective buyer customer that the listed house was "the best house in the area." They agree to divide their region into an eastern half and a western half; sales associate A will handle listings in the east, and sales associate B will handle listings in the west. put agreements in writing and keep them updated. When a real estate agent is acting as an agent or in legally recognized nonagent capacities, such as transaction broker or facilitator. WebOf this amount, 5 percent is payable to the referral network that referred the buyer, 35 percent goes to the listing broker, and 60 percent belongs to the cooperating broker. We weren't able to detect the audio language on your flashcards. d. The property was flooded during a hurricane. Why do you think that some Americans disliked this new means of transportation? Managing Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. Which of the following is false regarding metatags? Example 1. Before it can be put into writing, the buyer withdraws the verbal offer. A) independent contractor. Pursuant to Sections 858-351 through 858-363 of The Oklahoma Real Estate License Code, a broker shall not be b. a licensed broker or managing broker d. Disclosing the information violates the agency duties with the seller. increase Front Row Entertainments revenue by selling live-performance DVDs at the concert. b. How much money would an individual agent receive for a 60 percent share of the 10 percent commission earned? c. A firm that represents buyers and sellers c. multiple-listing services may not establish commission rates 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. 0000011270 00000 n $2,632.50 d. terms of the purchase contract require the agent to do so. b. a company-provided health insurance D) employed by the buyer or the seller under a valid contract. WebA Louisiana broker may cooperate with a broker from another state on sales within Louisiana if: One copy of the agreement between the brokers is sent to the Commission. (d) specific identification. Which of the following statements is true of mediation? REALTORS may display only professional designations that they are legitimately entitled to use and for which dues are paid current. Such an expert should have special knowledge and have a higher Use LEFT and RIGHT arrow keys to navigate between flashcards; Use UP and DOWN arrow keys to flip the card; audio not yet available for this language, The real estate brokers responsibility to keep the principal[al of all the facts that could affect a transaction is the duty of, The amount of commission due to a salesperson is determined by, A real estate broker was responsible for a chain of events that resulted in the sale of one of his clients properties. c. violations of state licensing law. a. acceptable since they may promote an offer from the buyer. a. obtain permission from her buyer-client in order to receive compensation from the seller. d. listing agreement. \end{array} For this transaction, W is entitle to receive Which of the following BEST describes a designated agency transaction? 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." a. must be non-exclusive and have no expiration date. b. breach by either party. b. @z@+vEb+@Sw9-ke)L\1QZ Z{E}/?D! A) how many direct mail solicitations can be sent to a single address. Broker John agrees to cooperate with other brokers on his new listing. The consumer must sign the acknowledgment panel before a licensee can begin to provide brokerage services. To be entitled to collect a real estate commission, a North Carolina broker must meet all of the following criteria EXCEPT B) unrelated to either the buyer or the seller. \text{Total}& \$130\\ d. Polybutylene pipes that have never leaked. WebB. In the MLS, John indicates that he will pay compensation to a buyer's agent, but not to a subagent. b. disclose her agency status to the seller at initial contact. b. directly from his consumer-principal. You already receive all suggested Justia Opinion Summary Newsletters. Nearby land is being considered for a landfill This is referred to as a, A sales person may advertise a property for sale only if he or she, b. uses the employing brokers name in the advertisement. d. the in-house commission split between the firm and the listing licensee. trailer 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." c. specify work hours and task requirements. What type of disputes fall under arbitration? 0000273456 00000 n Ethical reasoning sometimes goes beyond the basic requirements of the law. B) digital communication in all its forms. d. State license law and rules. b. procuring cause Which of the following BEST defines the common law of agency? 0000006552 00000 n 0000031471 00000 n a.b.c.d.e.f.g.Qty.2438483ItemBatterychargerRechargeablebatteriesBottlesofpainrelieverPapergiftbagsBoxesofcoldtabletsVideotapesPrintercartridgesTotalPrice$79.9924.982.993.894.2919.9976.99PriceofOneUnit. WebCOOPERATION WITH OTHER BROKERS. d. A broker-in-charge appointing one agent to exclusively represent the seller as the client and appointing a different agent to exclusively represent the buyer as a client while the firm remains in dual agency. d. unacceptable unless the seller has authorized the broker to share the information with potential buyers. The relationship of a broker to a client is that of WebNo, because the broker does not allow an agent to give opinions b. d. proffered offer. It is determined by a specific set of rules. \text {c.}& 3 & \text { Bottles of pain reliever } & 2.99\\ \text { (ounces) } duties to clients and customers, duties to the public, and duties to REALTORS. A) The agreement does not violate antitrust laws. d. A broker finding a buyer for a property the broker personally listed. }& 2 & \text{Battery charger} & \$ 79.99\\ If a c. any broker 0000009300 00000 n 0000031709 00000 n What information must be disclosed in all forms of advertisement? 0000020872 00000 n Arbitrate monetary disputes rather than litigate. D) split the commission with any other broker that listed the property. The Louisiana Purchase wascompleted\underline{\text{was completed}}wascompleted by President Thomas Jefferson. a. personally listed the property. Case law establishing the responsibilities of a person who acts for another *)*T(8:+1 \hline \vdots & \vdots \\ $3,217.50. a. fraud on the part of the individual agent. %PDF-1.4 A broker member of the local trade association lists and sells several of the lots. zQTt!8,-D*ejuz) ;@SA5Y&OSy|je|{~lx^9\YAKOYlwFNrV|t.nxaGB%6Qd$u0g-EfojOytx)u LM5.NP?w8 K?H>G#UJc1]:V,_N57|$t[({-jTw. d. the broker was an active member of the local Realtor board. This would be considered as "general" marketing. c. present to the seller only the offer(s) containing a price and terms recommended by the agent. \hline \begin{array}{c} (b) Other Buyers. A) have the same force and effect as statutory law. A hotel room is priced at $180 per room night. d. self-employed. a. Of this amount, 5% is payable to the referral network that referred the buyer, 35% goes to the listing broker, and 60% belongs to the cooperating broker. Having the seller cancel his current excusive listing prior to entering into an agency agreement with the seller. d. A buyer's agent usually acts as a universal agent for the buyer. 0000014566 00000 n 0000023485 00000 n 6 0 obj <>/Subtype/Form/Length 46/Type/XObject>>stream In order to comply with North Carolina Real Estate Commission Rules, the agent must do all of the following EXCEPT d. $5,850.00, A sponsored licensee may advertise a property for sale only if the licensee A buyer-client has instructed the agent to show only properties where the seller is willing to pay the buyer agent's commission. c. inform any prospective buyers of the defect. You have created 2 folders. The Code of Ethics is enforced through _______. $1,678.25 endstream d. review the Working with Real Estate Agents brochure with the seller. Which of the following statements is TRUE about the North Carolina Working with Real Estate Agents brochure? 25&\text{Sale}&180\\ Articles of the Code of Ethics do not address _______. WebCooperative broker A broker from another company that is participating as an active agent in a transaction for the listing broker. & \textbf{Qty.} d. $2,400. $960 b. A) the procuring cause of the sale. D endstream Which statement is TRUE? C) a licensed real estate broker. After Broker E sells some of the lots, the landowner refuses to pay her a commission. Broker E tells the landowner that she can sell the lots. B. is allowed, but not required, to disclose the seller's minimum price. c. only to buyers in a real estate transaction. Administrative regulations that administer real estate license laws d. do nothing, A real estate licensee who is an independent contractor receives DateMay1025June525July5Aug. a. Under the Sherman Antitrust Act, the penalty for a person found guilty of fixing prices or allocating markets is. Discount brokers are able to execute any type of trade on behalf of a client, for which they charge a reduced commission in the range of $5 to $15 per trade. Their low fee structured is based on volume and lower costs. They dont offer investment advice and brokers are usually paid on salary rather than commission. c. Withholding the information prevents an informed buyer decision. 0000011655 00000 n by jwkotler@mac.com, The person who performs licensed activities under the authority of a broker is frequently called a Article 16 states that REALTORS are prohibited from interfering with exclusive representation or exclusive brokerage relationship agreements of other REALTORS. There is a spectacular house that a salesperson from Firm A has been trying for several weeks to list for sale. Out of this amount, 5 percent is payable to the referral network that referred the buyer, 35 percent goes to the listing broker, and 60 percent belongs to the cooperating broker. a. An independent contractor and a broker can agree upon which of the following? 309 0 obj<> endobj \text{e.}& 4 & \text{Boxes of cold tablets} & 4.29\\ https://quizlet.com/380378818/ethics-and-brokerage-flash-cards As such, it requires brokers to cooperate, but not necessarily compensate other brokers, unless the seller approves. Yes. Broker E tells the landowner that she can sell the lots. & \textbf{Item} & \textbf{Total Price} & \textbf{Price of One Unit}\\ b. uses the employing broker's name or the firm name in the advertisement. a. inform the seller that the defect must be repaired. d. sue the buyer for breach of contract. Assuming that the listing broker and selling broker split their commission from a transaction equally, what was the sales price of the property if the commission rate was 6.5% and the listing broker received $12,593.50? both parties receive full disclosure and provide written informed consent. record the above transactions. B) a maximum $1 million fine and 10 years in prison. a. The Preamble of the Code of Ethics contains _______. K To be entitled to receive compensation from a real estate sales transaction, an individual must be all of the following EXCEPT c. $4,387.50. Which of the following describes designated agency in North Carolina? The listing commission is 6.5% of the selling price. 0000007317 00000 n Ocean therapy involves group discussion and ________. Please upgrade to Cram Premium to create hundreds of folders! Because of this statement a. the licensee was guilty of fraud 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. A licensee shall be investigated by the Commission: Upon a written and signed complaint sent to the Commission. 0000017699 00000 n d. must personally find a buyer for the unit in order for the firm to earn a commission. (8) A transaction-broker may cooperate with other brokers but shall not engage or create any subagents. lump sum can be placed in an account that pays \text{May 10}&\text{Purchase inventory}&240&\$8.25\\ b. a dual agent. c. Designated agents must be members of the local real estate trade association. Broker E can Find out how you can intelligently organize your Flashcards. 0000028320 00000 n The real estate broker's fiduciary responsibility to keep the principal informed of all facts that could affect a transaction is the duty of, Opinion statements by an agent exaggerating the benefits of a property are called, A broker is permitted to represent both the seller and the buyer in the same transaction when, Unless some other written agreement has been made, the broker will usually receive the sales commission from the seller when, All of the following could legally be considered fraudulent EXCEPT, A real estate licensee who is an independent contractor with a real estate brokerage firm usually receives, As an agent for the seller, a real estate broker can. WebA fair co-brokerage fee is one that gives a strong incentive to a co-broker to represent a buyer for a property. d. an attorney in fact. 2003-2023 Chegg Inc. All rights reserved. How does the Code of Ethics benefit the client? Disclose that he is the owner and that he is a licensee. Real estate license laws exist primarily to protect, The use of electronic signatures makes routine paperwork more efficient and has been encouraged by adoption by most states of the, A real estate sales associate who is an independent contractor, as opposed to an employee, will have a substantial portion of the individual's income.
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