Please sign in to share these flashcards. 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." b. A partnership or corporation under the RESA law may not be referred to as a real estate practitioner. Broker E tells the landowner that she can sell the lots. The Hearing Panel may not issue what type of sanctions? A) in all cases. c. collect from the landowner for breach of contract Upon discovering a latent defect in the property, the listing agent should discuss the problem with the seller and then Get free summaries of new opinions delivered to your inbox! Ethical reasoning sometimes goes beyond the basic requirements of the law. a. pro forma. 0000273961 00000 n
c. The Code of Ethics prescribed by the local trade association v. Quinlan and Tyson, Inc. held that 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. a. Sign up for our free summaries and get the latest delivered directly to you. Designated agency is optional, not mandatory. 0000275995 00000 n
d. Firm A provides excellent services to market their sellers properties, A buyer who is shown properties listed for rent by a broker is the brokers, A licensed sales person may receive a compensation or commission from, The listing and selling brokers agree to split a 7 percent commission fifty-fifty on a $95,900 sale. An Alabama lumberyard has four jobs on order, as shown in the following table. If all terms regarding availability of the offered product or service are clearly disclosed at the same time. c.A broker-in-charge cannot be appointed as a designated agent. Promulgated to make public Designated agent b. Buyerunderstands that even if Brokeris compensated by a seller or a real estate licensee For this transaction, W is entitle to receive 0000005052 00000 n
d. A broker finding a buyer for a property the broker personally listed. b. A North Carolina provisional broker may advertise a property only if the broker a. pro forma Designated agency does not eliminate dual agency. c. is representing the condominium association. 25&\text{Sale}&110\\ 0000007005 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. Before it can be put in writing, the buyer backs out and revokes the verbal offer. B) how often a business person can contact a customer. duties to clients and customers, duties to the public, and duties to REALTORS. d. act as a facilitator rather than a fiduciary. Discipline for a violation of the Code of Ethics may include _______. (8) A transaction-broker may cooperate with other brokers but shall not engage or create any subagents. Which REALTORS are allowed to lay a claim to a "sold" property? C) be the procuring cause of the sale. 0000283648 00000 n
0000278100 00000 n
For each of the following events, draw the new outcome. $1,678.25 REALTORS are required by the Code of Ethics to present all offers ______. b. if the buyer intends to resell the property quickly for a profit. Find out how you can intelligently organize your Flashcards. Which of the following situations is considered to be a material fact in North Carolina? Quoting a price other than list price without the seller's permission. x+T0t 40T043 A licensed real estate salesperson has a written contract with his broker specifying that he will not be treated as an employee. a. only his sponsoring broker 0000011270 00000 n
\text{Aug. 8}&\text{Purchase inventory}&190&~~9.25\\ C) real estate assistant. K a. licensees have no duty to search for undisclosed latent material defects in a property increase Front Row Entertainments revenue by selling live-performance DVDs at the concert. 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. %PDF-1.5
%
b.A licensed broker within the firm who has no prior confidential knowledge of the party that the BIC will represent. They must, with the sellers' approval, disclose the existence of offers on the property. a. <<94fb29068c007945a27558184a912f5d>]>>
C) a licensed real estate broker. 0000009300 00000 n
All of the following are prohibited under the antitrust laws EXCEPT. endstream endstream A REALTOR must disclose that an accepted offer exists on a property that is continuing to be shown ______. The seller indicates to the broker that the offer would be acceptable if submitted in writing. 0000275728 00000 n
0000012652 00000 n
0000004292 00000 n
b. Webcompromise Brokers duties to Buyer. Which of the following would be a Code of Ethics violation? Sales associate A and sales associate B work for the same firm. Webcompromise Brokersduties to Buyer. B) junior licensee. 0000025940 00000 n
c. Designated agents must be members of the local real estate trade association. b. breach by either party. to defend a REALTOR against an accusation of wrongful conduct. (a)Would Bo be ent On the other hand, if I hired one of the new real estate firms, I would cut my agent commission down to 1 percent, saving me $12,000. The Code of Ethics is enforced through _______. b. a licensed broker or managing broker }& 2 & \text{Battery charger} & \$ 79.99\\ b. disclose her agency status to the seller at initial contact. b. the National Do Not Call Registry How much does the selling salesperson earn from the sale after deducting expenses of $35, {"cdnAssetsUrl":"","site_dot_caption":"Cram.com","premium_user":false,"premium_set":false,"payreferer":"clone_set","payreferer_set_title":"Chapter 15","payreferer_url":"\/flashcards\/copy\/chapter-15-308298","isGuest":true,"ga_id":"UA-272909-1","facebook":{"clientId":"363499237066029","version":"v12.0","language":"en_US"}}. b. the broker was a procuring cause for the transaction. (b) Other Buyers. WebIn 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 You can explore additional available newsletters here. In North Carolina, oral buyer agency d. Disclosing the information violates the agency duties with the seller. 0000031631 00000 n
A) how many direct mail solicitations can be sent to a single address. x1@@%p #SI r|yf:n/ 43CLA]zQcFSmidHj It is the duty of an agent to disclose to a buyer client all the facts and conditions pertaining to the transaction involving the client because the d. dealing in unlicensed exchange services, c. allocation of customers or price fixing, Which of the following is NOT required of a broker in order for that broker to collect a commission on the sale of a property? \hline \text{July 5}&\text{Sale}&135\\ If a firm's buyer-client is interested in buying property listed with the firm, the firm must c. convince the seller to list with her and authorize dual agency. 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 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. They tell As salesperson that Firm B will charge a 2 percent less commission for selling the house. Mediation can save time and money and is more informal than arbitration. Interpret the coefficient of Fertilizer. Based on these facts, the licensee will be treated by the IRS as startxref
TomatoPlantHeight(inches)20.449.246.4FertilizerAmount(ounces)1.95.03.1, a. c. multiple-listing services may not establish commission rates No. required? a. amount of commission may be adjusted based upon the agent's efforts. a. 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. 0000017699 00000 n
A) Compensation the contractor would receive. 0000005715 00000 n
A) the procuring cause of the sale. Of this amount, 55 percent goes to the listing broker, and the remaining 45 percent belongs to the cooperating broker. d. review the Working with Real Estate Agents brochure with the seller. b. c. inform any prospective buyers of the defect. 5 0 obj <>/Subtype/Form/Length 47/Type/XObject>>stream d. State license law and rules. Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. 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. D) salespersons within the same office agreeing on a standard commission rate. C) facilitator. (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. $2,632.50 Mr. Salesperson committed two ethics violations. In this situation, the broker would be entitled to, The Illinois Real Estate License Act is administered by the, b. lump sum can be placed in an account that pays If a North Carolina firm is to practice designated agency, which of the following is TRUE? B) more regulations for smaller firms. 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. A listing agent has an obligation to disclose to the seller Buyerunderstands that Brokermay work with other prospective buyers who want to acquire the same property as Buyer. a. mutual agreement of the parties. Using the data from Lap 1 only, conduct a hypothesis test to determine if the mean time for completing a lap in races is the same as it is in practices. How much money would an individual agent receive for a 60 percent share of the 10 percent commission earned? The amount of compensation due to a salesperson licensee from the brokerage firm is determined by the That he or she What are the two area of responsibility assigned to the Grievance Committee? The cost of a hotel room night includes the following: CostperRoomNightHousekeepingservice$23Utilities7Amenities3Hoteldepreciation55Hotelstaff(excludinghousekeeping)42Total$130\begin{array}{lr} c. from another licensee representing the broker. C) paid by the sales associate's employing broker. 0000031308 00000 n
Example 1. 309 0 obj<>
endobj
d. an attorney in fact. In addition to developing online fan communities, Cam and Anna believe that they could WebA. Code Comprehension: Article 16 Commissions Are Negotiable endobj An example of a stigmatized property is a Assume all purchases and sales were for cash. c. personally pays for the advertisement 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? The obligation to cooperate does not include the obligation to share commissions, fees, or to otherwise compensate another broker. 0000013505 00000 n
ethics complaints and arbitration requests. 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. a. state real estate regulator to ensure the public the most protection from incompetent licensees. B) unrelated to either the buyer or the seller. D) use of personal assistants. C) sales associate. &\text{Cost per Room Night}\\ What is the judicial recourse, if the parties reach a written agreement in mediation? The Articles of the Code of Ethics stress the REALTOR's obligation to _______. d. an attorney or lending officer, While an agent was showing a house to a potential buyer, the agent said, "I don't think there's a better view in the city!" 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. 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. c. $3,412.50 0000009112 00000 n
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? In this case, the broker who is going to get paid must be the A) facilitator B) procuring cause C) dual agent D) exclusive agent, The real estate industry, includin g all licensed real estate brokers and sales associates, is subject to A) social security taxation B) antitrust laws C) more regulations for smaller firms D) fair competition laws, Administrative regulations that a dminister real estate license laws A) can only be changed by the legislature B) are optional for licensees, though their adherence is always recommended C) can be modified, if necessary, to insure compliance by large real estate firms D) have the same force and effect as statutory law, Antitrust laws do not prohibit real estate A) brokers allocating markets based on the value of homes B) salespersons within the same office agreeing on a standard commission rate C) companies agreeing on fees charged to sellers D) companies allocating markets based on the location of commercial buildings, Many states have modified the traditional terms broker and salesperson to stress that all licensees must be knowledgeable of and comply with the law. 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. WebCooperative broker A broker from another company that is participating as an active agent in a transaction for the listing broker. B) digital communication in all its forms. c. $1,600 when contacted by the client of another REALTOR discuss the terms of a listing agreement that is effective upon the expiration of the existing agreement. xref
c. no commission. If a real estate licensee will be treated as an employee, the employing broker must do all the following EXCEPT b. Article 16 states that REALTORS are prohibited from interfering with exclusive representation or exclusive brokerage relationship agreements of other REALTORS. What must REALTORS do in response to inquiries from buyers or cooperating brokers? Broker E can, Salesperson N finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of property. Web* cooperate with real estate licensees working with the seller, if any, to effect a transaction. $640 c. A firm that represents buyers and sellers 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. The Preamble of the Code emphasizes what type of land use? In this transaction, the agent 3`#)Rqd*X*}. c. the broker was employed to perform certain activities in the transaction. 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. $4,363.45. 0000283431 00000 n
The developer refuses to pay the promised commission. As such, it requires brokers to cooperate, but not necessarily compensate other brokers, unless the seller approves. B. is allowed, but not required, to disclose the seller's minimum price. c. was employed to perform certain activities a. B) unrelated to either the buyer or the seller. \end{array} This statement would be considered \text{June 5}&\text{Purchase inventory}&300&~~8.75\\ They can reveal confidential information:
Marigay Mckee First Husband,
Advantages And Disadvantages Of Apec In Png,
Bright Health Rewards Check Balance,
Steve Martorano First Wife,
Articles I