Designated agency is optional, not mandatory. 0000023425 00000 n 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. The listing broker gives the listing salesperson 30 percent of his commission and the selling broker gives the selling sales person 30 percent of his commission. The Preamble of the Code emphasizes what type of land use? Code Comprehension: Article 16 Commissions Are Negotiable B) procuring cause. c. present to the seller only the offer(s) containing a price and terms recommended by the agent. b. Reread "Another Perspective" on railroads. $2,632.50. 0000036173 00000 n c. private offering Why would privately owned power companies oppose the government's plan to build the TVA's hydroelectric dams? What can REALTORS advertise their services or properties? Never. A broker lists a property for sale at $100,000 with a 5 percent commission. Which of the following is a Code of Ethics violation? b. The consumer must sign the acknowledgment panel before a licensee can begin to provide brokerage services. Which statement is TRUE? After Broker E sells some of the lots, the landowner refuses to pay her a commission. Article 16 states that REALTORS are prohibited from interfering with exclusive representation or exclusive brokerage relationship agreements of other REALTORS. d. destruction of the listed property. Code of Ethics and Responsibilites Ocean therapy involves group discussion and ________. d. negotiated commissions on transactions, d. negotiated commissions on transactions, Mosley Proctored National Test (Practice), Unit 10: North Carolina Settlement Procedures, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Multiple Choice Study Guide for Chapter 16 Te. By signing below, the parties hereto confirm that no pressure or undue influence has been exerted \text{Hotel depreciation}& 55\\ Compute the number of units in ending inventory. 0000016851 00000 n a. only his sponsoring broker c. only to buyers in a real estate transaction. C) facilitator. Chapter 15 Flashcards - Cram.com 2 at 27 Y Street. 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. disclose to the buyer that the seller is a member of a minority group. Exclusive Buyer Brokerage Agreement - Keller Williams Realty b. require both clients to sign agency agreements prior to the close of the transaction. The licensee in this transaction, b. acts on behalf of the sponsoring broker, Unless some other written agreement has been made, the broker will usually receive the sales commission when. In what sequence would the jobs be ranked according to the following decision rule - FCFS? 0000002264 00000 n d. any client, A landowner subdivides his acreage and offers the lots for sale. (b) Other Buyers. c. commission is paid by the seller. WebA broker wishing to act as an intermediary in a transaction would NOT be required to File notice of intermediary status with the local association of REALTORS. Which of the following may be cited in an ethics violation complaint? methods. In this situation, A broker was told by his seller-principal not to advertise her property in the newspaper, which was just across the state line. \text{Housekeeping service}& \$ 23\\ How much does the selling licensee earn from the sale? Offers of compensation are established by ______. As such, it requires brokers to cooperate, but not necessarily compensate other brokers, unless the seller approves. b.A licensed broker within the firm who has no prior confidential knowledge of the party that the BIC will represent. a. the seller. 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. We weren't able to detect the audio language on your flashcards. \end{array} A California broker seeking to conduct business in Washington, Oregon, Nevada or Arizona has options, depending on how extensive their out-of-state practice is. A hotel room is priced at $180 per room night. It is determined by a specific set of rules. 0000008652 00000 n Administrative regulations that administer real estate license laws Which of the following BEST defines the common law of agency? Of this amount, 55 percent goes to the listing broker, and the remaining 45 percent belongs to the cooperating broker. Upon discovering a latent defect in the property, the listing agent should discuss the problem with the seller and then c. was employed to perform certain activities Discuss the advantages and disadvantages of each method. WebCOOPERATION WITH OTHER BROKERS. If a real estate licensee will be treated as an employee, the employing broker must do all the following EXCEPT 0000013505 00000 n d. unacceptable unless the seller has authorized the broker to share the information with potential buyers. Confidential information does NOT include ______. 0000010102 00000 n Jenson, who also believes that the stone is quartz, contracts to purchase it for $10\$ 10$10. when cooperation is not in the best interest of the clients. b. file a lien against the landowner's remaining lots Colorado may have more current or accurate information. 0000009300 00000 n A North Carolina broker verbally agrees to represent a prospective buyer even though the buyer declined to sign a buyer agency agreement. Broker John There are five major corporate real estate firms in the immediate DC industry; JLL, Cushman & Wakefield, Newmark, Savills Studley and Cresa (At a Glance). "J>8n@Q3%n9?1 a. only offers that meet the seller's specifications. a. amount of commission may be adjusted based upon the agent's efforts. d. Firm A provides excellent services to market their seller's properties, a. the sales of goods or services by phone, The amount of commission due to a salesperson is determined by, Which of the following may legally collect a commission from a seller on a sale of real estate in Illinois? The seller has hidden rodent damage by the strategic placement of a large sofa. D) salespersons within the same office agreeing on a standard commission rate. A North Carolina provisional broker may accept compensation A listing agent is showing a house to a prospective buyer customer. (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. d. the broker was an active member of the local Realtor board. 0000003847 00000 n A real estate broker was responsible for a chain of events that resulted in the sale of one of his client's properties. a. to property owners upon initial contact. b. disclose to the seller the maximum price the buyer is willing to pay. Chapter 7 Quiz They tell As salesperson that Firm B will charge a 2 percent less commission for selling the house. Quoting a price other than list price without the seller's permission. 0000021825 00000 n b. A) exclusive agent. Why does Santiago talk to himself in '' The Old Man and the Sea? The Standards of Practice may not _______. c. A particularly cold winter is expected to begin next month. Underline the verb phrase in each of the following sentences. What is the judicial recourse, if the parties reach a written agreement in mediation? The hotel is able to attract business customers during the weekdays and leisure customers during the weekend. 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. 0000004292 00000 n endobj WebIn filing property with the multiple listing service, participants make blanket unilateral offers of compensation to the other MLS participants and shall therefore specify on each listing filed with the service the compensation being offered There is a spectacular house that a salesperson from Firm A has been trying for several weeks to list for sale. 0000010382 00000 n \text{a. 2003-2023 Chegg Inc. All rights reserved. d. $2,400. Compute gross profit earned by the company for each of the four costing methods in part 3. b. directly from his consumer-principal. c. inform any prospective buyers of the defect. Unit 9: Real Estate Brokerage Flashcards | Quizlet This is referred to as a b. determining daily and weekly work hours. c. a fiduciary. C) companies allocating markets based on the location of commercial buildings. (1) A broker engaged as a transaction-broker is not an agent for either party. 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 brokerage firm. 0000007501 00000 n x+T0t 40T043 b. d. No, because the broker does not allow an agent to give opinions, b. A developer subdivides acreage and offers individual lots for sale. Which entity has the responsibility of determining if there has indeed been a violation of the Code of Ethics? 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. a. is now personally obligated as the seller's agent. c. Withholding the information prevents an informed buyer decision. State the domain and range of each of the functions. She was probably accused of: \end{array} A listing agent usually acts as a general agent of the seller. Professional Standards Articles of the Code of Ethics do not address _______. B) paid by the sales associate, who is then reimbursed by the employing broker. A tenant committed suicide in the basement. The Code of Ethics obligates REALTORS to ______. The supply curve in Figure 3P-2 shows the monthly market for sweaters at a local craft market. Offers When leaving a firm, REALTORS are prohibited from inducing clients of their current firm to cancel exclusive agreements with the firm. 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." b. 0000003164 00000 n 309 0 obj<> endobj A) $193,746 B) $256,200 C) $387,492 D) $139,900, All of the following are pro hibited under the antitrust laws except A) real estate companies agreeing not to cooperate with a broker because of the fees that the broker charges B) competing brokers allocating markets based on the value of homes C) competing property management companies agreeing to standardized management fees D) a broker setting a company commission schedule, In order for a broker to be paid on an open listing, the broker must A) be the procuring cause of the sale B) split the commission with any other broker that listed the property C) put the property in MLS and offer other brokers a co-op D) notify all other listing brokers if they have an offer, Commissions are negotiable A) unless representing a buyer, when the listing broker offers co-op B) when using an exclusive listing agreement, but not an open listing C) in all causes D) unless the exclusive agency listing is used, because the seller can compete with the broker, Do-not-call registries and law s such as the Telephone Consumer Protection Act, Junk Fax Prevention Act, and rules of the Federal Communications Commission dictate A) how often a business person can contract a customer B) prohibited communications C) how many direct mail solicitations can e sent to a single address D) communications that are permitted, A licensed real estate salesperson has a written contract with his broker specifying that he will not be treated as an employee. <<94fb29068c007945a27558184a912f5d>]>> Ethics are typically defined as standards of conduct applied to a group or society. Complaints enforced by the local association/board of REALTORS are _______. 0000023485 00000 n (Round all amounts to cents.). REALTOR , at its discretion, may cooperate with other brokers and their agents to procure a Buyer or Tenant, and, accordingly, Owner authorizes REALTOR at its discretion to offer compensation to cooperating brokers, agents and subagents, if permissible under applicable state law. Compensation Which of the following statements is false regarding the Code of Ethics? (b) Other Buyers. d. must personally find a buyer for the unit in order for the firm to earn a commission. c. file a complaint with the local Realtor board. b. uses the employing broker's name in the advertisement This information may be withheld since the agent never saw any evidence of infestation or damage. Designated agents must be licensed as nonprovisional brokers. C) be the procuring cause of the sale. b. the broker was a procuring cause for the transaction. %%EOF a. the two area of responsibility are ethics proceedings and arbitration proceedings. A broker may cooperate with other brokers in a transaction. COOPERATION WITH OTHER BROKERS Sample Clauses b. the broker is a subagent rather than the agent of the seller. REALTORS may act as a dual agent only when ______. 0000275728 00000 n In addition to developing online fan communities, Cam and Anna believe that they could Broker John agrees to cooperate with other brokers on his new listing. (3) The following information shall not be disclosed by a transaction-broker without the informed consent of all parties: (a) That a buyer or tenant is willing to pay more than the purchase price or lease rate offered for the property; (b) That a seller or landlord is willing to accept less than the asking price or lease rate for the property; (c) What the motivating factors are for any party buying, selling, or leasing the property; (d) That a seller, buyer, landlord, or tenant will agree to financing terms other than those offered; (e) Any facts or suspicions regarding circumstances which may psychologically impact or stigmatize any real property pursuant to section 38-35.5-101, C.R.S. Licensees will be automatically investigated if accused of violating: Louisiana Real Estate Salesperson Prelicensing, Unit 2 Quiz Louisiana Real Estate Express, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Arthur Getis, Daniel Montello, Mark Bjelland, Fundamentals of Financial Management, Concise Edition. d. the public. c. in violation of license law and Commission Rules unless they have a comprehensive written agency policy. The developer refuses to pay the promised commission. The listing firm appointing an agent to represent the seller Understanding Cooperative Compensation - Realtor Magazine He accuses Goldman's son of arson and threatens to have the prosecutor bring a criminal action unless Goldman agrees to pay him $5,000\$ 5,000$5,000. b. 0000004454 00000 n K What type of disputes fall under arbitration? Introducing Cram Folders! endobj d. listing agreement. Please check official sources. If a REALTOR is contacted by the client of another REALTOR regarding the creation of an exclusive relationship to provide the same type of service, under what conditions can that REALTOR discuss the terms of a future agreement? A real estate broker acting as the agent of the seller b. the buyer. 0000024213 00000 n c. The imminent widening of the road in front of the property to four lanes 0000011057 00000 n Which of the following statements is true of mediation? You already receive all suggested Justia Opinion Summary Newsletters. Mr. Salesperson committed two ethics violations. Many states have modified the traditional terms broker and salesperson to stress that all licensees must be knowledgeable of and comply with the law. An example of a stigmatized property is a b. procuring cause. Yes. The broker must comply with the seller's wishes because he, In a typical agency relationship between a broker and client, the broker's commission is determined by. \end{array} This may be up to half of the total fee but in all likelihood, the fee will range from 30% to 50% of the total. it is routinely being reviewed and revised based on changes in the industry. 0000020872 00000 n The person who performs licensed activities under the authority of a broker is frequently called a A) junior licensee B) managing broker C) junior broker D) sales associate, A real estate sales associate h as a license personal assistant who usually must be A) paid by the sales associate's employing brokerd B) paid by the sales associate, who is then reimbursed by the employing broker C) hired by the sales associate independently and not under the employ of the brokerage D) subject to all federal requirements applicable to an employee, A recent important change to real estate brokerage practices is A) digital communication in all its forms B) fax transmissions C) use of personal assistants D) the use of electronic signatures, To be entitled to receive compens ation from a real estate sales transaction, an individual must be all of the following except A) the procuring cause of the sale B) a licensed real estate broker C) employed by the buyer or the seller under a valid contract D) unrelated to either the buyer or the seller. Compute cost of goods available for sale and the number of units available for sale. The listing and selling brokers agree to equally share a 7 percent commission on a $95,900 sale. 5 0 obj <>/Subtype/Form/Length 47/Type/XObject>>stream x Webthe listing broker is hereby directed not to cooperate with any other broker. d. self-employed. c. A real estate licensee usually acts as a general agent of an affiliated firm. \end{array} 1 0 obj <>/ProcSet [/PDF /Text /ImageB /ImageC /ImageI]>>/Subtype/Form/Length 94/Type/XObject>>stream Do actions such as a general telephone canvass or general mailing violate this Article? A REALTOR caused a series of events, without interruption, abandonment or estrangement, that resulted in the sale of a property. A REALTOR acting as a buyer's agent would be in violation of the Code of Ethics if she ______. a. the Federal Trade Commission A real estate sales associate has a license personal assistant who usually must be In this situation, the broker would be entitled to 0000006161 00000 n d. is an active member of the local real estate board. 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. b. the sponsoring broker was guilty of fraud because he is responsible for the actions of the licensee Which of the following would NOT be considered a stigmatized property in North Carolina? Add to folder \text{Aug. 8}&\text{Purchase inventory}&190&~~9.25\\ b. uses the employing broker's name or the firm name in the advertisement. A salesperson could lose their license for: Paying a "finder's fee" to a friend for referring information about a possible listing. 0000010578 00000 n A) the procuring cause of the sale. a. paying local, state, and federal income taxes. disclose pertinent facts relevant to the transaction. Broker E tells the landowner that she can sell the lots. \text{b. 0000281991 00000 n 8Purchaseinventory1909.2525Sale110\begin{array}{rlcc} 0000280555 00000 n A provisional broker sells another firm's listing for $150,000. Article 3 closely resembles fiduciary law in New York State. Why do you think that some Americans disliked this new means of transportation? b. withhold appropriate local, state, and federal employment taxes. d. to all consumers in a sales transaction no later than first substantial contact. Voluntary Consent. (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. Interpret the coefficient of Fertilizer. A) hired by the sales associate independently and not under the employ of the brokerage. c. $3,356.50 \text {c.}& 3 & \text { Bottles of pain reliever } & 2.99\\ A) The agreement does not violate antitrust laws B) The two sales associates have violated the Sherman Antitrust Act and are liable for treble damages C) The agreement constitutes illegal price-fixing D) The two sales associates are guilty of a group boycott with regard to other sales associates in their firm, Real estate license laws exis t primarily to protect A) government agencies B) real estate firms C) consumers D) licensees from unlicensed individuals, The use of electronic signatu res makes routine paperwork more efficient and has been encouraged by adoption by most states of the A) Uniform Electronic Transactions Act B) real estate licensing laws C) Real Estate Transactions Act D) Uniform Brokerage Transactions Act, The real estate sales associate who is an independ ent contractor, as opposed to an employee, will have a substantial portion of the individual's income A) determine eligibility for health insurance and workers' compensation B) based on sales production or other output C) subject to federal tax and withheld by the employer D) based on the number of hours worked, Under the Sherman Antitrust Act, the penalty for a person found guilty of fixing prices or allocating markets is A) a maximum of $100 million B) a minimum of $100,000 C) a maximum $1 million fine and 10 years in prision D) $50,000 per transaction up to a maximum of $500,000, 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? Worth noting is that for HGMLS purposes, the duty of Participant Brokers is to cooperate and compensate as well. REALTORS should limit their business in all the following areas except _______. d. The property was flooded during a hurricane. Real Estate 101 Unit 9 C) paid by the sales associate's employing broker. 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. d. belong to a real estate board, A licensee may receive compensation or commission from b. What information must be disclosed in all forms of advertisement?
6 Million Naira In Dollars, Substitute For Suze Liqueur, Joanne Ferentz Wedding, Hazel Park High School Teacher Dies, Articles I