which statement is not true regarding dual agency?

Another goal was to recognize and accommodate the growing practice of buyer agency, A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. Broker Pauls efforts favor B) A. not a violation of the Code as it is helpful courtesy offered to the seller. A. is a process that accommodates an in-house sale in which two different sales associates of the same broker are involved. B. are going to need to put this decision in writing to the Board of REALTORS. Eddie and Sacha A) D. targeted sales. b. is three months. D. a violation of the Code; REALTOR Matthew did not have permission from REALTOR Nelson to contact Jennifer. A. fiduciary duties. Because of that, the listing broker, REALTOR Shelley, reduces the fee Randy owes her. This fact favors Which of the following is an INCORRECT statement regarding a "frolic and detour?". 26. 86. Identify which statement is true. A. The broker in charge of an office, by ownership or designation as the managing broker, is called a(n) 12. Jane calls Linda to find out if the property is exclusively listed, and, if so, when it terminates. A. The company has a large amount of unused capacity and is studying ways of improving profits. Compare our rates to others This ad is REALTOR Marcy listed Dereks home, thus creating an agency relationship in which she owes fiduciary duties to Derek. 48. B. B. Donna has violated the Code by not disclosing to the seller that she was representing buyer Dan. Did Antonio violate the Code? A. find out if Holly is in an exclusive relationship with a REALTOR and explain to Holly that Sam represents only Linda in this transaction D. REALTOR. ! (B), and (D) are true statements about dual C. yes, because electronic contracts are not valid C. only consider who made the initial introduction to the property. Being a REALTOR means being included in the ____________ association(s). No, because permission was granted by Teds representing agent. Marty makes arrangements with the listing agent, REALTOR Caroline, to show the property. B. Which of the following is considered dual agency? B. allowable because REALTOR Nelson obviously doesnt understand the offer. Which of the following statements is TRUE? Property Rights: Estates, Tenancies, And Multiple Ownership Interests, Real Estate Investment Analysis And Business Opportunity Brokerage. Which of the following is not a listing agreement typically used in California? Yes, Antonio only has a contract with the buyer; therefore, he is only permitted to collect a fee from the buyer. 119. Susan wants to make an offer. C) not required to disclose the information because the agent has no agency relationship with seller. True or false: Any family relationship of the parties or whether they have legal representation does not change this rule. D) REALTOR Dennis is running an open house when prospects Bob and Betty Byers arrive. What is the best action for Dennis to take? Patty prepares a CMA prior to the appointment, then shows the property to her prospect, buyer Larry. D. neither Broker Deb nor Broker Steve. D. Donna has violated the Code by not making it clear to buyer Dan that she was representing the seller. Jaybird was required to make a no brokerage disclosure before letting the buyer enter the open house; B. B. disclose the existing offer only if the seller gives permission D. Marge does not have to provide any information about the matter to the Grievance Committee. REALTOR Jeffrey is preparing a new advertisement for the Sunday paper that will have pictures of people enjoying the neighborhood community pool. She stipulates that her client, Buyer Jack, will pay her fee. of the following aspects of REITs as a diversifier? C. Professional Standards Committee It is illegal in all states. C. member associations, individually. D. comparative financial analysis. care. A request for arbitration could stem from Broker Mike had the property listed most recently. This is 118. Zaafir only, because he is an independent contractor. D) 127. The buyers agent and the sellers agent work for the same company as designated agents. Which of the following represents Eds fiduciary duty? D. set up an appointment with the title company. 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. REALTOR-ASSOCIATE Sarah believes that REALTOR Thomas from another brokerage sold a house to her client and that she was the procuring cause of the sale. 90. a. Dual agency is a violation of real estate law b. What should Erin tell Jones? A: This information may be withheld since the agent never saw any evidence of infestation or damage. Did Pattys actions violate the Code? B. Loretta needs to say nothing about these businesses or services; it is obvious she owns them. obedience. 124. The broker can agree to a change in price without the seller's approval. The seller, Morgan, contacts Buyer Valerie independently and informs her that the property is for sale. 45. 35. The basic framework of the agency law that governs the legal responsibilities of real estate brokers to the people they represent is known as, Designated agency is MOST likely to occur when. 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) This particular fact favors The first committee at the local level to review an ethics complaint or a request for arbitration is the To settle this agreement, they can C. draw up the paperwork on Hollys offer. C) Contract law, common law, and business law C. The price that the sellers told the agent is their minimum selling price. 96. After Mikes listing contract expires, Dean sells the property to Kathy. Dual agency is legal in all 50 states. 30. C. The buyer refused to negotiate with the broker. D. The buyer sought another broker in order to get a lower price. A. ethical, because of the special rules for fraternity brothers. C. property taxes C) B) B) listing agreement. All information about material defects that the agent knows or should know, What is a seller's agent required to disclose to prospective buyers about material defects in the property? REALTOR-ASSOCIATE Olivia believes that REALTOR Jon from another brokerage sold a house to her client and that she was the procuring cause of the sale. agency, so they are incorrect answers to the A. call the MLS to alert them that REALTOR Linda is not sharing all of her listings. D. license law complaints. an offer made on the property. B. advise Susan of the commission differential and renegotiate his fee. care and skill in performance. Broker Paul files arbitration against Steve, claiming he introduced the property to Rhonda. A. his agency. B. REALTOR principal. environmental hazards. C. reasonable care Dylan is the _______, and Jordan is the ________. D. required by state law to be followed by all licensees. B. In a dual agency situation, if it is permitted by state law, a broker may represent both the seller and the buyer in the same transaction provided The agent, without informing the principal, purchases the land for personal use. the sales associate was practicing puffing. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. To get the answers she needs, Jane may Only choice (C) is not true, so it Broker Ken showed a property to Buyer Lori. 11. Universal D. once it has been reviewed by the Board of Directors. C. Article 12Be truthful in advertising C. a violation of Code as Lynn cannot attempt to obtain future business with Terrys client at this point. state registries of residential information on sex offenders. B. Ralph should not talk to Joe until after the hearing. A. Neil is in violation of Article 15 for not blogging about REALTOR Paulas successes. B. C. Yes, Marty should have disclosed his relationship with all parties involved when an offer was made. For the years ended December 31, 2013 and 2012. Regarding such duties, which ONE of the following statements is NOT true? Which of the following is true of a listing agreement? A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. A statement that the disclosed dual agent may disclose any information to one party that the disclosed dual agent gains from the other party if that information is relevant to the transaction, except: (1) The willingness or ability of the seller to accept less than the asking price; Eddie suggests taking the matter to arbitration. B) A) Identify which statement regarding REALTORS is TRUE. A. an introduction and favors Andrews side. Broker Amy discovers that buyer Lori has looked at a property with Ken and tells Lori that she is also in the real estate business and can help her buy the property. 139. A. ask the buyers if they are exclusively represented by another REALTOR. both parties are represented by attorneys. REALTOR Jan calls Carlos to arrange for a showing. A. REALTOR-ASSOCIATES Which of the following does NOT indicate a buyer trying to freeze out a broker? Which of the following results is NOT an implication of the smoothing of real estate A broker was hired to represent the seller, to market the seller's property, and to solicit offers to purchase. A. the co-operating commission originally offered by Nelson. The structure looks good. B. Howard is Owens customer. D) Sacha does not want arbitration, and both agree to get lawyers and sue one another. C. not run the ad at all. Disclosure 142. Broker Paul later brings a sales agreement on the property from one of the attendees of the open house. Exaggerated statements about the property D. Yes, because REALTORS are prohibited from receiving compensation from more than one party. D. I think you should list with me as soon as that week is up. D) An agent can personally usurp an opportunity that belongs to the principal. Licensees in both brokerages are REALTORS. D. Yes, because she does not have permission to talk to the seller from REALTOR Katie. Marty later writes a contract and a sale is made. C. Article 13Do not practice law Any broker is authorized to encourage such bids for the property. Subsequently, REALTOR Shelley claims that she represented buyer Jack. Only information about material defects that the agent has personally observed REALTOR Patty has an appointment to show REALTOR Katies listing. D) What is NOT a major method of unsmoothing a real estate index. A. consider how and when Amy entered the transaction. Buyer Halie refers to other houses she has looked at with REALTOR Grant. 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. Did Pattys actions violate the Code? C. unethical, because solicitation by any type of electronic transmission is a violation of the Code. B. maintain confidentiality since the seller didnt mention the leak REALTOR Scott has several websites, each directed at various niches, such as first-time buyers, seniors, etc. Which of these statements is an ethical practice by a REALTOR? an express agreement. C) It is one of the rules of society enacted by legislatures and other governing bodies. REALTOR Lisa, a property manager, researchs county records to determine the owners of multi-unit buildings. D. request arbitration services from the National Association of REALTORS if both Jona and Wally agree. A) 135. C) D. notifying him of all known material facts, 95. 102. D. A REALTOR may file a request for arbitration only after any ethics complaint about the same matter is resolved. 53. Sign it in a few clicks Draw your signature, type it, upload its image, or use your mobile device as a signature pad. D. honesty and integrity, 108. of the following is not true regarding dual agency? b) An agent cannot accept commission from both parties to a transaction without his principals' consent. 76. In real estate transactions, agency is often formed without the signature of the client, so it is up to the real estate professional to keep track of your disclosure. Study with Quizlet and memorize flashcards containing terms like Which is TRUE about listings? B. something that would be understood by both REALTORS and does not need to be disclosed. C. REALTOR-ASSOCIATE. Which of the following is not true regarding dual agency? He needs to sell the commercial property and asked Erin if she would be the listing agent. A) This could be an example of B. once it has been reviewed by the Grievance committee At the closing table, Marty tells Caroline and the seller that the buyer is actually his daughter. B. a latent defect. the concept of caveat emptor. It is part of a body of law established by tradition and court decisions. D) REALTOR Dee shows a property listed by REALTOR Nelson. The buyer offered $175,000 and the seller accepted. C. Buyer Travis is the owner of Big City Enterprises and High-Rise Corporation. What is Barbaras duty? Buyer Bill acknowledges that he signed and understood an exclusive buyer agency contract with Broker Anne that provided that he would pay her a commission if he purchased a property within the time indicated by the contract, which he did. if they are only part of puffing. needs but spent about an hour at the property asking many questions about other homes for sale. 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. If in a week, you are still thinking about a new agent, Id be happy to talk to you about how I would go about selling your house. Seller Tim has offered an open listing on his property to a number of brokers in the area. Under the _____ test, if an agent commits an intentional tort within a work-related time or A. a buying customer in a transaction. She mentions to all of them that she has just listed a home near the country club. legislative law. This is an example of Broker Jim introduces buyer Ken to a property and keeps in touch with him. an implied agreement. the customer. Dual Which is TRUE? 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. No, because of the right of free speech, Brad can call Ted any time he wants regarding any offers. Board of Directors. being primarily responsible to the customer. When, how and to whom agents must reveal for whom they provide client based services. NAR May the Code Be With You / The Code of Ethics in Action Real-Life Applications Class C. Sign a six-month contract with Tims Realty and if we sell your home, youll get a free GrillMate gas grill. C. both Broker Joann and Broker Millie. 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 A key element of an agent's fiduciary responsibility of loyalty is to A) reveal relevant information or material facts. The seller accepts the offer. Which of these actions violates the Code? 5. According to the Code of Ethics, a REALTOR owes the duty of confidentiality to \text{Variable expenses}&\underline{\text{\hspace{5pt}315,000}}\\ Call me in a week and Ill tell you my opinion of Bill and what your next steps should be. C) C) a. a. must have a definite termination date. all lawful instructions of the owner. D. Yes. a. must have a definite termination date. No, because REALTORS are entitled to collect some fees, which a non-member licensee is not. D. Yes, because REALTORS should not misrepresent the availability of access. B. Donna has violated the Code by not disclosing to the seller that she was representing buyer Dan. Custom designers are available in person this Friday from noon until 4 PM! A. by establishing a new contract with Mr. Johnson before the previous one had expired. B) Broker Joann, buyers agent, is seeking arbitration against Broker Millie, sellers agent. A) the buyer and the seller are represented by the same company. Such disclosure is not prevented by the requirement for client confidentiality. C) B. his client. If two licensees, who are not REALTORS, have a monetary dispute, they This is D) The statement is FALSE. C. Great location, four blocks away from the Park and Ride B. Olivia may ask her REALTOR principal to initiate litigation but she may not initiate litigation on her own. Elizabeth leases the property from Broker Jane. The Minevik Group is a Swedish-based, high-technology engineering firm. D. mediation is not available. B. D. Loretta must disclose her interest to her clients and customers, including any financial benefit received. Administrative law and canonical law B. state C. Owen is Howards fiduciary. Board of Directors. He shows and sells a listing held by REALTOR Jane. He sells Marys property and receives an additional fee for the sale. a fiduciary. C. maintain the confidentiality of the information D. what is required by the Code. Agents are generally allowed to self-deal with the principal, especially if the self-dealing is undisclosed. (ANSWERS will be revealed with subscription). 8. consideration. C. REALTOR Lyla listed her clients property for less than they had wanted to sell it for because she knew it had a better chance of selling at that price. D) 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," _____. C. No, but only if she doesnt solicit the listing at the same time. B. obedience. Module II- Part III-INCLUDES MUST-KNOW QUESTI, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett, Washington County FFA Dairy Foods CDE PART TWO. D. only consider who wrote the successful contract on the property. He shows and sells a listing held by REALTOR Jane. In a simple random sample of U.S. purchasing managers, 70 out of the 200 are females. B. not accepting a commission or rebate without the clients knowledge and consent. D. request arbitration services from the National Association of REALTORS if both Jona and Wally agree. A. not a violation of Code, because it targets listed properties. It is Marys listing and she has the key; the sellers are not home, but told her to show it anytime. 33. The broker has committed fraud. Select the statement that is considered practicing law and should be avoided. B) Which of the following duties does Marcy NOT owe to Chad? At the closing table, Howard reveals to both REALTORJane and the sellers that he has an exclusive buyer agency agreement with his client. Call REALTOR Dan for a tour today! The broker: a. is not entitled to a commission because of the open listing. local registries of residential information on sex offenders. Subsequently, he calls her several times a week, sends her e-mails, and mails a packet of additional information. This is a violation of the duty of loyalty known as _________. the common law of agency in the state in which the property owner lives. REALTOR Marcy listed Dereks home, thus creating an agency relationship in which she owes fiduciary duties to Derek. D. refuse to return calls of the agent involved so as not to have to decide, 22. Misrepresentation or omission might result in broker liability, In a dual agency situation, a broker may represent both the seller and the buyer in the same transaction if. C) In fact, the view includes the river and the back of a shopping center. A. "The simple design is uncluttered and offers many possibilities for decorating.". A. instruct her seller to pay a bonus commission directly to REALTOR John. D) Article 3Cooperate with other REALTORS

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