A licensee is an actively licensed real estate broker who has a written contract with his firm that specifies that he will not be treated like an employee. (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. $640 0000004454 00000 n Since the inception of the Code of Ethics, REALTORS have been required to _______. Mediation can save time and money and is more informal than arbitration. D) a broker setting a company commission schedule. Thirty tomato plants grown in similar conditions were subjected to various amounts of fertilizer over a four-month period, and then their heights were measured. 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. c. a fiduciary. H C) unless representing a buyer, when the listing broker offers a co-op. "J>8n@Q3%n9?1 b. house plumbed with polybutylene pipes. c. allocation of customers or price fixing Code Comprehension: Article 16 Commissions Are Negotiable d. act as a facilitator rather than a fiduciary. Complaints enforced by the local association/board of REALTORS are _______. {u-07/89x{+a_-"ME\058|?L}m,1{4?jmUb08epE* the right to appeal to the state licensing authority. C) be the procuring cause of the sale. 0 \end{array} %PDF-1.5 % c. the local Realtor board strongly endorses full disclosure. If you are offering property-management services, another broker can provide brokerage services to sell the same property without risking violating Article 16. $960 trailer b. the National Do Not Call Registry a. is obligated to render faithful service to the principal. WebArticle 3s duty requires that REALTORS shall cooperate with other brokers except when cooperation is not in the clients best interest. (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. Case law establishing the responsibilities of a person who acts for another 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. 0000281767 00000 n a. & \textbf{Qty.} Grievance Committee, Professional Standards Committee and Board of Directors. 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." Ethical reasoning sometimes goes beyond the basic requirements of the law. endobj Which of the following would be a Code of Ethics violation? to defend a REALTOR against an accusation of wrongful conduct. 0000006356 00000 n Which of the following is false regarding metatags? What can REALTORS advertise their services or properties? A broker may cooperate with other brokers in a transaction. d. belong to a real estate board, A licensee may receive compensation or commission from TomatoPlantHeight(inches)FertilizerAmount(ounces)20.41.949.25.046.43.1\begin{array}{|c|c|} Assume that Front Row decides to use FIFO. a. not having an equal housing opportunity sign in her office window "Due process" includes all the following except _______. b. real estate licenses may complete preprinted forms, but they may not draft legal documents b. file a mortgage against the developer's remaining lots. startxref 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. Interstate real estate brokerage 0000006161 00000 n 0000028320 00000 n \text{Aug. 8}&\text{Purchase inventory}&190&~~9.25\\ Designated agency is optional, not mandatory. 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? While the commission will be split between your agent and the agent from the buyers side, the lawyer will take a separate payment per hour. D) salespersons within the same office agreeing on a standard commission rate. A couple wants to establish a The listed commission is 6.5 percent of the selling price. (b) Other Buyers. d. the licensee would be guilty of fraud only if the buyer purchased the house, W is a licensee working for Managing Broker V. W sells a $150,000 home. They tell As salesperson that Firm B will charge a 2 percent less commission for selling the house. a. is now personally obligated as the seller's agent. A salesperson could lose their license for: Paying a "finder's fee" to a friend for referring information about a possible listing. 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!" The selling firm appointing an agent to represent the buyer Sales associate A and sales associate B work for the same firm. a. fraud on the part of the individual agent. \hline 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. Brokerage BARRISTERS BRIEFING: A Refresher on Article Which of the following is NOT a material fact in North Carolina? According to Article 3, REALTORS must disclose the existence of ________ to brokers seeking cooperation. 0000013533 00000 n b. Article 16 states that REALTORS are prohibited from interfering with exclusive representation or exclusive brokerage relationship agreements of other REALTORS. This information may be withheld since the agent never saw any evidence of infestation or damage. a. the broker had an active North Carolina real estate broker's license. b. withhold appropriate local, state, and federal employment taxes. A listing agent is showing a house to a prospective buyer customer. d. building with synthetic stucco siding. Concepts in the Preamble include all the following EXCEPT _______. Based on these facts, the licensee will be treated by the IRS as In a typical agency relationship between the broker and the client, the broker's commission is determined by, 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. private offering. 0000031308 00000 n 0000027493 00000 n While Article 3 of the Code of Ethics requires that REALTORS cooperate with other brokers, there is an exception when cooperation is not in the client's best interest. Arbitrate monetary disputes rather than litigate. c. private offering A REALTOR caused a series of events, without interruption, abandonment or estrangement, that resulted in the sale of a property. The Standards of Practice may not _______. Webcompromise Brokersduties to Buyer. Using his best efforts to obtain the earned commission, the broker should Before it can be put into writing, the buyer withdraws the verbal offer. Which law has a feature that commercial email messages must include a means by which the recipient can unsubscribe? The broker neglected to revisit the agency issue before showing the buyer a suitable property. All of the following situations will terminate a listing EXCEPT $2,181.73 b. a. \text{June 5}&\text{Purchase inventory}&300&~~8.75\\ B) companies agreeing on fees charged to sellers. B) digital communication in all its forms. (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. D) communications that are permitted. This statement would be considered A firm that represents both the buyer and the seller in the same transaction is Find out how you can intelligently organize your Flashcards. \text{Hotel staff (excluding housekeeping) }&42\\ REALTORS may act as a dual agent only when ______. d. A buyer's agent usually acts as a universal agent for the buyer. REALTORS should limit their business in all the following areas except _______. & \textbf{Item} & \textbf{Total Price} & \textbf{Price of One Unit}\\ d. is an active member of the local real estate board. Environmental Issues & the Real Estate Transa, Tennessee License Law Enforcement Overview, Operations Management: Sustainability and Supply Chain Management, The Cultural Landscape: An Introduction to Human Geography, AP Edition. the name of the REALTOR's firm and REALTOR's states of licensure. 0000007501 00000 n TomatoPlantHeight(inches)20.449.246.4FertilizerAmount(ounces)1.95.03.1, a. Example 1. If a d. $4,363.45. The Code of Ethics obligates REALTORS to ______. A cracked heat exchange in the heating system Discipline for a violation of the Code of Ethics may include _______. Broker B may not assume the cooperation includes compensation. c. multiple-listing services may not establish commission rates b. endstream c. A real estate licensee usually acts as a general agent of an affiliated firm. A tenant committed suicide in the basement. 2 at 27 Y Street. d. must personally find a buyer for the unit in order for the firm to earn a commission. A real estate firm practices all legal forms of agency allowed in North Carolina. A licensed real estate salesperson has a written contract with his broker specifying that he will not be treated as an employee. b. disclose her agency status to the seller at initial contact. a. from his employing broker. d. $5,850.00, A sponsored licensee may advertise a property for sale only if the licensee 0000003847 00000 n a.An actively licensed provisional broker within the firm, as long as disclosure is made to both clients. d. to all consumers in a sales transaction no later than first substantial contact. Why does Santiago talk to himself in '' The Old Man and the Sea? \hline \vdots & \vdots \\ You can explore additional available newsletters here. A listing agent usually acts as a general agent of the seller. 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 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. a designated agent. If a North Carolina firm is to practice designated agency, which of the following is TRUE? WebA fair co-brokerage fee is one that gives a strong incentive to a co-broker to represent a buyer for a property. Which of the following describes designated agency in North Carolina? c. no commission. Since inception in 1913, the Code of Ethics has required that members deal with monetary disputes in what manner? The owners have been interviewing sales people from different firms. WebWella sells a $150,000 home listed with another brokerage. 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. The hotel is able to attract business customers during the weekdays and leisure customers during the weekend. At this price, it is anticipated that average occupancy for the weekend (Friday, Saturday, and Sunday) will increase from 30% to 50% of available rooms. What must REALTORS do in response to inquiries from buyers or cooperating brokers? Compute the number of units in ending inventory. Broker Relationship Law - Oklahoma d. contact the city building inspector about the defect. % 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. b. D) can be modified, if necessary, to insure compliance by large real estate firms. After broker E sells some of the lots, the landowner refuses to pay her a commission. Suspension or termination of MLS privileges. B) more regulations for smaller firms. Upon execution of this Lease by An Alabama lumberyard has four jobs on order, as shown in the following table. c. Use the estimated model to predict, after four months, the height of a tomato plant which received 3.0 ounces of fertilizer. 309 96 A REALTOR acting as a buyer's agent would be in violation of the Code of Ethics if she ______. 312 0 obj<>stream 0000004840 00000 n increase Front Row Entertainments revenue by selling live-performance DVDs at the concert. d. A broker deciding whether to join a MLS. A. (b) Other Buyers. disclose pertinent facts relevant to the transaction. $2,632.50. \text{Utilities}& 7\\ No. A developer subdivides acreage and offers individual lots for sale. endobj '', For each term or name, write a sentence explaining its significance. d. The broker-in-charge cannot be designated as one of the agents. c. Withholding the information prevents an informed buyer decision. Why do you think that some Americans disliked this new means of transportation? 0000011655 00000 n d. advise the buyer, if in the agent's opinion, the listing price of a listed property is unrealistic. @@Wl;2 PBwY/F2}i']YrL" %PDF-1.4 a. Salespeople will not show Firm Bs listings because of their commission fees. b. Most brokers in the area charge a standard rate of commission, including Firm A d. 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 developer refuses to pay the promised commission. B) notify all other listing brokers if they have an offer. d. a broker may not pay a commission to another broker, b. real estate licenses may complete preprinted forms, but they may not draft legal documents, The CAN-SPAM Act of 2003 is enforced by A) Compensation the contractor would receive B) Sales meetings the contractor would need to attend C) Work schedule the contractor would have to follow D) Number of hours the contractor would have to work, Sales associate A and sales associate B work for the same firm. c. unacceptable unless there are multiple offers on the property. \end{array} \\ d. can accept an offer on behalf of the seller. Which of the following situations is considered to be a material fact in North Carolina? d. Disclosing the information violates the agency duties with the seller. Designated agency does not eliminate dual agency. The seller told the listing agent that during the past 10 winters, the sellers have been unable to rid the house of rodents. a. c. commission is paid by the seller. 0000013505 00000 n a. only his sponsoring broker Nearby land is being considered for a landfill monetary disputes Among broker members of the association. a. obtain permission from her buyer-client in order to receive compensation from 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. D) employed by the buyer or the seller under a valid contract. The cost of a hotel room night includes the following: CostperRoomNightHousekeepingservice$23Utilities7Amenities3Hoteldepreciation55Hotelstaff(excludinghousekeeping)42Total$130\begin{array}{lr} c. the U.S. Department of Housing and Urban Development C) companies allocating markets based on the location of commercial buildings. Exclusive Buyer Brokerage Agreement (VIII) Informing the parties that as seller and buyer or as landlord and tenant they shall not be vicariously liable for any acts of the transaction-broker; (c) To comply with all requirements of this article and any rules promulgated pursuant to this article; and. \text{May 10}&\text{Purchase inventory}&240&\$8.25\\ d. proffered offer, The Illinois court decision in Chicago Bar Association et al. National Topic Tester - Laws of Agency b. the sponsoring broker was guilty of fraud because he is responsible for the actions of the licensee b. A provisional broker sells another firm's listing for $150,000. when cooperation is not in the best interest of the clients. We'll bring you back here when you are done. Disclaimer: These codes may not be the most recent version. Before it can be put in writing, the buyer backs out and revokes the verbal offer. Local people consider the house to be haunted. Law of Agency Real Estate Ch 12 825ActivityPurchaseinventorySalePurchaseinventorySaleSalePurchaseinventorySaleNumberofUnits240180300150135190110CostperUnit$8.258.759.25. The commission is 6.5 percent of the sales price. by jwkotler@mac.com, \end{array} & \begin{array}{c} What action does the Grievance Committee take when it determines the issue is suitable for arbitration? Chapter 7 Quiz The Hearing Panel may not issue what type of sanctions? Albans, NY Closing in 4 weeks. Front Row records the following activity between May and August 2019 for one of its artists: DateActivityNumberofUnitsCostperUnitMay10Purchaseinventory240$8.2525Sale180June5Purchaseinventory3008.7525Sale150July5Sale135Aug. 0000007854 00000 n The seller indicates to the broker that the offer would be acceptable if submitted in writing. COOPERATION AND COMPENSATION WITH OTHER expulsion from board membership for one to three years. Just before delivery, the stone is discovered to be a diamond worth $1,000\$ 1,000$1,000. \text{a. D) managing broker. 0000009300 00000 n \end{array} a. only offers that meet the seller's specifications. a. the Federal Trade Commission b. acceptable as long as the broker does not disclose any additional specific financial information concerning his client's credit history. Yes. end of each 6-month period for 4 years. Today is day 205 on the yard's schedule. B) digital communication in all its forms. Broker Cooperation is a Win (Round all amounts to cents.). 0000272861 00000 n However, the leisure customers on weekends occupy fewer rooms than do business customers on weekdays. 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. After Broker E sells some of the lots, the landowner refuses to pay her a commission. 0000031549 00000 n &\text{Cost per Room Night}\\ 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. c. allows the details of the agency arrangement to be delayed until written agency occurs. Colorado may have more current or accurate information. c. Designated agents cannot have prior confidential knowledge of the other party to the transaction.