0000036173 00000 n A licensee shall be investigated by the Commission: Upon a written and signed complaint sent to the Commission. d. must personally find a buyer for the unit in order for the firm to earn a commission. d. fraud only if the buyer purchased the house based on the statement. D) communications that are permitted. put agreements in writing and keep them updated. If the broker-in-charge (BIC) is to act as one of the designated agents on a North Carolina in-house transaction, which of the following may be appointed as a designated agent for the other party to the transaction? 0000024403 00000 n 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. 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. \text{Total}& \$130\\ \text{Hotel staff (excluding housekeeping) }&42\\ c. multiple-listing services may not establish commission rates D) subject to all federal requirements applicable to an employee. Under what circumstances may REALTORS reveal confidential client information? Buyerunderstands that Brokermay work with other prospective buyers who want to acquire the same property as Buyer. In order to advertise a property the broker MUST: All advertisements for the sale of real estate MUST contain the: All the following are true about advertising EXCEPT: Advertising by salespeople can be by phone number alone. A broker who is the agent of the buyer should What can REALTORS advertise their services or properties? (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. A recent important change to real estate brokerage practice is B) companies agreeing on fees charged to sellers. b. the broker was a procuring cause for the transaction. Article 16 states that REALTORS are prohibited from interfering with exclusive representation or exclusive brokerage relationship agreements of other REALTORS. It benefits consumers by imploring licensees to be truthful and honest in all communications and to always place the interests of the client above the licensee's own interests. b. was a procuring cause 0000020437 00000 n The relationship of a broker to a client is that of (6) A transaction-broker may do the following without breaching any obligation or responsibility: (a) Show alternative properties not owned by the seller or landlord to a prospective buyer or tenant; (b) List competing properties for sale or lease; (c) Show properties in which the buyer or tenant is interested to other prospective buyers or tenants; and. Managing Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. 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. (d) Serve as a single agent or transaction-broker for the same or for different parties in other real estate transactions. d. is an active member of the local real estate board. By signing below, the parties hereto confirm that no pressure or undue influence has been exerted No. 0000011505 00000 n a. report the landowner to the real estate licensing authorities The listed commission is 6.5 percent of the selling price. 0000029624 00000 n 1 0 obj <>/ProcSet [/PDF /Text /ImageB /ImageC /ImageI]>>/Subtype/Form/Length 94/Type/XObject>>stream b.A licensed broker within the firm who has no prior confidential knowledge of the party that the BIC will represent. 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. 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. Broker Cooperation is a Win Goldman agrees to pay. Which of the following describes designated agency in North Carolina? It sends a request to the Chairperson of the Professional Standards Committee. Upon discovering a latent defect in the property, the listing agent should discuss the problem with the seller and then fund that will provide $3000 for tuition at the a. mutual agreement of the parties. D) managing broker. 0000040150 00000 n 0000005715 00000 n b. only the employing client For this transaction, she is entitled to receive Chapter 23 - back of the Book Risk Management, Byron Almen, Dorothy Payne, Stefan Kostka, The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Eric Hinderaker, James A. Henretta, Rebecca Edwards, Robert O. Self. On a cooperative sale; all written offers should: Be presented to the owner by the listing agent On all sales; all written offers should be presented: Immediately 4g"7yz^Yj4ov_7LylP^q]0G t46^RK$#~/Fv?a&';%XgY$3KkL][nDl?5X"ERD\GV794I.e8h&Lcb}v;cu&Z5|IO F#PVYAcgZ! 0000000016 00000 n WebA broker who represents a seller under an exclusive listing receives two offers for the property at the same time, one from one of his salespeople and one from a salesperson For this transaction, W is entitle to receive The Preamble of the Code of Ethics contains _______. 0000273456 00000 n c. Use the estimated model to predict, after four months, the height of a tomato plant which received 3.0 ounces of fertilizer. D) a broker setting a company commission schedule. The Code of Ethics obligates REALTORS to ______. If you are offering property-management services, another broker can provide brokerage services to sell the same property without risking violating Article 16. a. not having an equal housing opportunity sign in her office window %PDF-1.5 % a. the Federal Trade Commission WebSample 1. B) unrelated to either the buyer or the seller. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest penny.). 0000031389 00000 n b. acceptable as long as the broker does not disclose any additional specific financial information concerning his client's credit history. Received from Bo $1,000 on account of $75,000 purchase price of Lot No. 8 0 obj <>/ProcSet [/PDF /Text /ImageB /ImageC /ImageI]>>/Subtype/Form/Length 187/Type/XObject>>stream The three categories of the Articles include _______. The person who performs licensed activities under the authority of a broker is frequently called a To be entitled to collect a real estate commission, a North Carolina broker must meet all of the following criteria EXCEPT c. any broker Nearby land is being considered for a landfill (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. ethics complaints and arbitration requests. (d) specific identification. 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. 0000012652 00000 n Assume all purchases and sales were for cash. 0000009300 00000 n A listing agent usually acts as a general agent of the seller. COOPERATION AND COMPENSATION WITH OTHER c. collect from the landowner for breach of contract a. However, its worth keeping in mind that sharing commissions, as opposed to the The Law of Agency B) unrelated to either the buyer or the seller. Front Row sells all of its DVDs for $15 each and uses a perpetual inventory system. A) hired by the sales associate independently and not under the employ of the brokerage. c. the name and nationality of the purchaser. put agreements in writing and keep them current with written extensions and amendments. b. file a lien against the landowner's remaining lots There is a spectacular house that a salesperson from Firm A has been trying to several weeks to list for sale. A sellers demand not to cooperate with a firm or agent is a legitimate instruction regarding the sale of her property, and could be viewed as meeting this d.A licensed broker who has prior confidential knowledge about the party that the BIC will represent. d. the public. b. Which of the following are enforced by the local association/board of REALTORS? c. legal puffing. A broker may cooperate with other brokers in a transaction. 0000004644 00000 n d. Polybutylene pipes that have never leaked. Assume that Front Row decides to use FIFO. @z@+vEb+@Sw9-ke)L\1QZ Z{E}/?D! What information must be disclosed in all forms of advertisement? Broker E tells the landowner that she can sell the lots. D) can be modified, if necessary, to insure compliance by large real estate firms. \text{Hotel depreciation}& 55\\ 25&\text{Sale}&150\\ WebArticle 3s duty requires that REALTORS shall cooperate with other brokers except when cooperation is not in the clients best interest. a. 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? 0000005507 00000 n WebThe correct answer is: the selling broker has exercised due care and loyalty to his principal All of the following are fiduciary duties owed to a client, EXCEPT: Select one: A. to use care in filling out contract forms B. to obey all client instructions C. to be loyal to the client D. to be accountable for documents and funds South Korea. Before an agent can collect a commission when working with their buyers, the agent must ______. The REALTOR may be considered to be _______. $3,217.50. The Articles of the Code of Ethics stress the REALTOR's obligation to _______. Broker E can d. sue the buyer for breach of contract. The Code of Ethics requires listing agents to ______. 0000280555 00000 n What are the two area of responsibility assigned to the Grievance Committee? To be entitled to receive compensation from a real estate sales transaction, an individual must be all of the following EXCEPT *)*T(8:+1 d. primarily representing the seller as they normally pay the commission. Yes, and it can be best described giving facts related to the property a. 0000028320 00000 n The owners have been interviewing sales people from different firms. An example of a stigmatized property is a commission splits for cooperating brokers. C) unless representing a buyer, when the listing broker offers a co-op. A sales person may buy property listed with his/her firm if he/she: Discloses to owner in writing that he/she is licensed with the listing firm. Yes. We weren't able to detect the audio language on your flashcards. Under the Sherman Antitrust Act, the penalty for a person found guilty of fixing prices or allocating markets is. If a North Carolina firm is to practice designated agency, which of the following is TRUE? 0000020872 00000 n Washington. b. determining daily and weekly work hours. Which statement is TRUE? 7 0 obj <>/Subtype/Form/Length 46/Type/XObject>>stream 0000023485 00000 n In order for a broker to be paid on an open listing, the broker must. b. local real estate board's minimum wage guarantee to agents. 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. If a A 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. 0000007854 00000 n In most monetary disputes, the main focus of the Hearing Panels is to identify what action? Use of metatags that include the names of other brokerage companies is a reasonable way to divert traffic to a REALTOR's site. Under what circumstances are REALTORS not obligated to cooperate with other brokers? 0000031549 00000 n 0000005261 00000 n REALTORS may display only professional designations that they are legitimately entitled to use and for which dues are paid current. proletariat Bolsheviks Lenin Rasputin provisional government soviet Communist Party Joseph Stalin. b. house plumbed with polybutylene pipes. b. The listing firm appointing an agent to represent the seller Please sign in to share these flashcards. A REALTOR acting as a buyer's agent would be in violation of the Code of Ethics if she ______. A listing agent has an obligation to disclose to the seller The obligation to cooperate does not include the obligation to share commissions, fees, or to otherwise compensate another broker. 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. (b) Jacoby's barn is burned to the ground. How much money would an individual agent receive for a 60 percent share of the 10 percent commission earned? Broker A and the salesperson agreed that she would receive 55 percent of any commission that she generated for their office. WebB. When a real estate agent is acting as an agent or in legally recognized nonagent capacities, such as transaction broker or facilitator. DateMay1025June525July5Aug. The cost of a hotel room night includes the following: CostperRoomNightHousekeepingservice$23Utilities7Amenities3Hoteldepreciation55Hotelstaff(excludinghousekeeping)42Total$130\begin{array}{lr} 0000009578 00000 n A) how many direct mail solicitations can be sent to a single address. A North Carolina broker verbally agrees to represent a prospective buyer even though the buyer declined to sign a buyer agency agreement. b. B) more regulations for smaller firms. C) paid by the sales associate's employing broker. a. had a valid real estate broker's license ; or. Articles are broad statements of ethical principles, and Standards of Practice interpret, support, and revise the Articles. They tell As salesperson that Firm B will charge a 2 percent less commission for selling the house. K d. The real estate agent must review the agency options in the brochure with the consumer. 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? Local people consider the house to be haunted. That he or she Code Comprehension: Article 16 Commissions Are Negotiable \end{array} & \begin{array}{c} (b) Other Buyers. A real estate firm practices all legal forms of agency allowed in North Carolina. Broker B may not assume the cooperation includes compensation. 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. That is so unless the listing is subject to an Find out how you can intelligently organize your Flashcards. v. Quinlan and Tyson, Inc. held that & \textbf{Item} & \textbf{Total Price} & \textbf{Price of One Unit}\\ b. One all sales; if the owner rejects the offer, the listing agent should: Have the seller sign it and mark it "Rejected" then return a copy to the buyer's agent, May be granted authority to reject offers but must still get sellers signatures. What is the difference between diminishing returns and diseconomies of scale? 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 Cram has partnered with the National Tutoring Association. What action does the Grievance Committee take when it determines the issue is suitable for arbitration? b. the sponsoring broker was guilty of fraud because he is responsible for the actions of the licensee Designated agency A specific type of duel agency where the broker-in-charge designates one sales person to represent the buyer and another agent to represent the seller. Quoting a price other than list price without the seller's permission. An owner tells a group of brokers, "I will pay a commission to whoever brings me a buyer." Do actions such as a general telephone canvass or general mailing violate this Article? b. Mr. Salesperson committed two ethics violations. Which of the following is NOT prohibited under the antitrust laws? 0000281991 00000 n a. Estoppel The listing and selling brokers agree to equally share a 7 percent commission on a $95,900 sale. Article 3 closely resembles fiduciary law in New York State. 0000006356 00000 n 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. 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. disclose the existence of other offers, with the seller's permission. The Hearing Panel may not issue what type of sanctions? Which of the following is a permitted discipline resulting from a violation of the Code of Ethics? The primary purpose of the ______ is to protect the public. }& 2 & \text{Battery charger} & \$ 79.99\\ An Alabama lumberyard has four jobs on order, as shown in the following table. c. only to buyers in a real estate transaction. 0000010578 00000 n The Code of Ethics prohibits REALTORS from providing services outside their area of expertise. c. disclose the agency options available and obtain written consent from both clients to act as dual agent. endstream For all of her extra efforts, she can legally demand a performance bonus from, Antitrust laws prohibit all of the following EXCEPT, d. a broker deciding whether to join a MLS. a.b.c.d.e.f.g.Qty.2438483ItemBatterychargerRechargeablebatteriesBottlesofpainrelieverPapergiftbagsBoxesofcoldtabletsVideotapesPrintercartridgesTotalPrice$79.9924.982.993.894.2919.9976.99PriceofOneUnit. D) dual agent. c. should present to the seller only the highest offer for the property. Designated agency does not eliminate dual agency. Interstate real estate brokerage d. destruction of the listed property. disclose pertinent facts relevant to the transaction. Disclose that he is the owner and that he is a licensee. WebDefine cooperating broker. An independent contractor and a broker can agree upon which of the following? 0000007501 00000 n b. agent has fiduciary obligations to the principal. Code of Ethics and Responsibilites Which law has a feature that commercial email messages must include a means by which the recipient can unsubscribe? 0000007317 00000 n b. a licensed broker or managing broker endobj b. is acting on behalf of the brokerage firm, the seller's agent. 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. d. both parties have been informed and agree to the dual representation. A licensed real estate salesperson has a written contract with his broker specifying that he will not be treated as an employee. Jenson, who also believes that the stone is quartz, contracts to purchase it for $10\$ 10$10. 312 0 obj<>stream A broker-in-charge assisting a buyer client in the purchase of a property that was listed by a provisional broker of the firm 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? The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. \end{array} endobj a. is now personally obligated as the seller's agent. (Signed) Sadia." \hline \begin{array}{c} The Code of Ethics is referred to as a living document because _______.
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