an implied agreement. D) No, Alonzo is required to post all listings in the MLS. Broker Linda is at a wedding seated at a table with nine other guests. What is the carrying value of Mineviks total inventory as of December 31, 2013? D. Joe should not talk to Ralph until after the hearing. The seller didnt mention this before the open house. A key fact is REALTOR Antonio has been asked by a listing client to prepare an opinion of value on his property. A) After the closing, Melanie visits the buyers in their home and asks if they have any questions or need any information about the community. Broker Joann, a buyers agent, is seeking arbitration against Broker Millie, a sellers agent. A. disclose the existing accepted offer B. A real estate broker acting as the agent of the seller C. You really need to consult with your attorney with questions of that nature. D. Loretta must disclose her interest to her clients and customers, including any financial benefit received. D. A foundation crack is hidden behind the paneling in the basement. A. Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. This relationship is. The broker in charge of an office, by ownership or designation as the managing broker, is called a(n) Which of the following is not a listing agreement typically used in California? B. the total commission paid to REALTOR Nelson by the seller. A) the customer. Broker Paul introduces tenant Rhonda to a property. While doing so, the agent also works as a salesperson for a competing seller of automotive parts. A. REALTOR Brian is the respondent. D. unethical behavior between two REALTORS. a. broker. When preparing an opinion of value, REALTORS are required to Joe tells Ralph that if he shows up at the hearing, hell wish he hadnt! Universal Article 9Put contracts in writing D) the seller and the buyer are represented by different companies. Statements not known to be false at the time they are made are called _____ misrepresentations. \text{Sales (15,000 units X \$30 per unit)}&\text{\$450,000}\\ After the closing, Dan expressed his confusion because he thought Donna was representing him in the sale. C. No, I have no experience selling commercial properties so it is illegal for me to do it. It is Marys listing and she has the key; the sellers are not home but told her to show it anytime. At the closing table, Howard reveals to both REALTORJane and the sellers that he has an exclusive buyer agency agreement with his client. 13. C. the principal REALTOR Matthew brings a complicated purchase contract to Nelson that requests partial owner financing. REALTOR Howard has an exclusive representation agreement with a buyer. 124. An agent works for a principal that is in the business of real estate development. prohibited in all states because a broker must always represent one party. D. Yes, because Ted did not initiate the conversation. 4 Q . A. consider how and when Amy entered the transaction. A) C. Melanie must confirm that the agency relationship between the buyers and REALTOR Bill has terminated. A principal is not free to revoke an agency relationship in all circumstances. the seller and the broker must both disclose this material fact. REALTOR-ASSOCIATE Olivia believes that REALTOR Jon from another agency sold a house to her client and that she was the procuring cause of the sale. 54. A. A) The structure looks good. At the closing table, Marty tells Caroline and the seller that the buyer is actually his daughter. REALTOR Bill finds out about the contact and accuses Melanie of trying to steal his client. REALTOR Nelson owes REALTOR Dee A. encourage the sellers to update the disclosure form and/or have the window repaired B. C. remove the comment immediately. A) disclosure. an expiration of the agreement. C. No, but only if she doesnt solicit the listing at the same time. B. draft a purchase contract from scratch Which of the following scenarios MOST accurately describes the typical income tax C. a client only during the professional relationship between the client and the REALTOR. Which of the following is not true regarding dual agency? Unit 9 Flashcards | Quizlet The agent should have disclosed this information, regardless of its accuracy. 1. It is Marys listing and she has the key; the sellers are not home but told her to show it anytime. A. gain consent to advertise Tricias property as having an anxious owner who wants an offer A. express information of facts about a property or client's circumstances. The structure does not seem sound and I would not purchase this house. Which of the following is not true regarding dual agency? Common law, statutory law, and administrative law. D. tell the sellers to disclose the leaks, 31. C) required to disclose the information under the Fair Credit Registry Act. premisesthe Broker Deb. What Is Dual Agency? When Agent Reps Both Buyer and Seller - Realtor.com C. member associations, individually. The broker is guilty of negligent misrepresentation. D) A. will have years of arbitration ahead of them. 101. Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. C) C) The seller accepts the offer. Later that same day, a prospective buyer comes into the broker's office and asks for general information about homes for sale in the $130,000 to $140,000 price range but refuses representation by the broker's company at this time. Disney tell Saul that the maximum it will pay for a 1-acre lot is $1 million. special agency If another brokerage wants to show the property, what is the listing brokers responsibility? 65. C. A REALTOR may not file an ethics complaint at the same time she files a request for arbitration. A. REALTOR Nathan has a website with extensive listing information. D. REALTOR who is the procuring cause of the sale, 40. B. extended an offer of cooperation to another broker, which is not a violation of the Code. B) B. telling him the lowest price Derek will take for the house, which Derek told her in confidence Yes, because she is targeting properties already listed and offering brokerage services. obedience. Broker Joann. loyalty. A REALTOR can recommend another REALTOR to a client who mentioned she is relocating out of state. c. It allows a broker to complete general tasks. A) It is part of a body of law established by tradition and court decisions. When, how and to whom agents must reveal for whom they provide client based services. D) report the status of all funds received from or on behalf of the principal. C. only look at the MLS. B. the co-operating commission originally offered by Nelson. B. Loretta needs to say nothing about these businesses or services; it is obvious she owns them. This is a violation of the duty of loyalty known as _________. C. notifying him of all known material facts C) contact the city building inspector about the defect. After the closing, Melanie visits the buyers in their home and asks if they have any questions or need any information about the community. Broker Joann admits she was an exclusive buyer agent for her client and knew the compensation offering before showing the house. implications of REIT dividends for pension funds? B. pay both Sherry and Vinod a full commission. required to disclose the information because it is a material fact important to the seller. B) This fact favors A. they have agreed in advance to arbitrate, not litigate. B. disclosure of material facts. B. unethical. Which of the following is an INCORRECT statement regarding a fully disclosed agency? Subsequently, REALTOR Shelley claims that she represented buyer Jack. PRINCIPAL QUIZ 5: AGENCY RELATIONSHIPS Flashcards | Quizlet C. yes, because electronic contracts are not valid a. Under these circumstances the broker: It has been reported that 40%40 \%40% of U.S. workers employed as purchasing managers are females. B. recorded deed restrictions B. Olivia may ask her REALTOR principal to initiate litigation but she may not initiate litigation on her own. B) The agent is Cancel your current listing contract and sign up with A-1 Realty for an all-expense paid weekend in Las Vegas! dual-purpose mission; both the principal and the agent. a. must have a definite termination date. D) d. is subject to disciplinary action by the Real Estate Commissioner for negligence. A. chosen to work hard for his new broker Ethan, which is not a violation of the Code. Sacha does not want arbitration, and both agree to get lawyers and sue one another. Seller Tim has offered an open listing on his property to a number of brokers in the area. As a general rule, dual agency is permissible. Which of the following is NOT a critical factor in determining independent contractor status? 14. a. Dual agency is a violation of real estate law. of the following aspects of REITs as a diversifier? The agent believes the seller will not accept any of the three offers. A) A) Which of these is an example of panic selling? At the request of a client, REALTOR Marguerite provided a written estimated value of the clients property. He shows and sells a listing held by REALTOR Jane. REALTOR Howard has an exclusive representation agreement with a buyer. 2 Which of the following committees is most like a grand jury? Buyer Travis does not own Big City Enterprises and High-Rise Corporation. A. racial segregation. Identify which statement regarding this situation is TRUE. Oxford University Press | Online Resource Centre | Multiple choice The Code of Ethics in Action Real-Life Applications Class Questions Only FREE, End of Pre-License Course Exam Questions (ANSWERS), All Pre-License Questions & Answers and Summary Notes on a single page for Easy Searching for Answers while taking a test, Post-License Chapter 1 Quiz Questions Only, Post-License Chapter 2 Quiz Questions Only, Post-License Chapter 3 Quiz Questions Only, Post-License Chapter 4 Quiz Questions Only, Post-License Chapter 5 Quiz Questions Only, Post-License Chapter 6 Quiz Questions Only, Post-License Chapter 7 Quiz Questions Only, Post-License Chapter 8 Quiz Questions Only, Post-License Chapter 9 Quiz Questions Only, Post-License Chapter 10 Quiz Questions Only, Post-License Chapter 11 Quiz Questions Only, Post-License Chapter 12 Quiz Questions Only, Post-License Chapter 13 Quiz Questions Only, Post-License Chapter 14 Quiz Questions Only, Post-License Chapter 15 Quiz Questions Only, Post-License Chapter 16 Quiz Questions Only, Post-License Class Review Quiz Questions Only, Post-License Chapter 10 Quiz with ANSWERS, Post-License Chapter 11 Quiz with ANSWERS, Post-License Chapter 12 Quiz with ANSWERS, Post-License Chapter 13 Quiz with ANSWERS, Post-License Chapter 14 Quiz with ANSWERS, Post-License Chapter 15 Quiz with ANSWERS, Post-License Chapter 16 Quiz with ANSWERS, Post-License Class Review Quiz with ANSWERS, All Post-License Questions & Answers and Summary Notes on a single page for Easy Searching for Answers while taking a test, Real Estate Law / Core Law Class Questions Only FREE, Ethics and Business Practices / Age of Disruption / Ethics at Work Class Questions Only FREE, Educating Homebuyers / First Time Homebuyers A Niche To Grow On Class Questions Only FREE, Educating Sellers Class Questions Only FREE, Fair Housing Class Questions Only FREE, Millennials Are Changing Real Estate: Are You Ready? Class Questions Only FREE, Navigating a Hot Sellers Market Class Questions Only FREE, Real Estate Investing Beyond the Basics Class Questions Only FREE, Real Property Appraisals Class Questions Only FREE, Short Sales and Foreclosures / Advocating for Short Sale Clients Class Questions Only FREE, Real Estate Law / Core Law Class Questions with Answers, Ethics and Business Practices / Age of Disruption / Ethics at Work Class Questions with Answers, Educating Homebuyers / First Time Homebuyers A Niche To Grow On Class Questions with Answers, Educating Sellers? Class Questions with Answers, Fair Housing Class Questions with Answers, Millennials Are Changing Real Estate: Are You Ready? Class Questions with Answers, NAR May the Code Be With You / The Code of Ethics in Action Real-Life Applications Class Questions with Answers, Navigating a Hot Sellers Market Class Questions and Answers, Real Estate Investing Beyond the Basics Class Questions with Answers, Real Property Appraisals Class Questions with Answers, Short Sales and Foreclosures / Advocating for Short Sale Clients Class Questions with Answers, All CE (Continuing Education) Classes Study Guide that we have on 1 page ( included CE classes -Core Law, Ethics and ALL Other CE elective classes Guides that we have)- Questions with Answers. Broker Joann, buyers agent, is seeking arbitration against Broker Millie, sellers agent. 7. A REALTOR can use guided statements to diminish another REALTORs integrity. C. prepare a CMA which demonstrates the accuracy of the price. 116. REALTOR Erin has been selling and listing residential properties for about a year. A special agent represents the principal for one certain transaction only. What is Franks duty? A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. What is NOT one of the major ways that a REIT can be structured? Which of these actions violates the Code? D) C) B. He identified himself as a REALTOR but he acted solely as a principal in the transaction. Broker Steve files an arbitration request against Broker Deb. This way is more efficient. Common law, statutory law, and administrative law, Real estate agency relationships are governed by which kinds of law? Under the _____ test, if the agent's motivation for committing an intentional tort is to promote the _____ business, the principal is liable for any injury caused by the tort. D. mediation is not available. B) D. Seller Keith had no knowledge of Salvatores efforts with Travis. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. Dual agency is a situation to describe when a real estate agent works with both the buyer and the seller. C. No, but only if she doesnt solicit the listing at the same time. Which of the following is an INCORRECT statement regarding a "frolic and detour?". REALTOR Jeffrey is preparing a new advertisement for the Sunday paper that will have pictures of people enjoying the neighborhood community pool. 49. unless unintentional. How is the NCREIF Property Index calculated? 23. negligent misrepresentation. Which of the following is an INCORRECT statement regarding dual agency? This offer is accepted, contingent upon the buyer obtaining financing and a satisfactory home inspection. C. Sarah may ask her REALTOR principal to request arbitration but Sarah may not request arbitration on her own. B) A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. 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. A. completely unlike state licensing laws. Property Rights: Estates, Tenancies, And Multiple Ownership Interests, Real Estate Investment Analysis And Business Opportunity Brokerage. B. not accepting a commission or rebate without the clients knowledge and consent. C. providing disclosure and obtaining consent from both parties. B) A) A) A real estate professional's representing more than one principal B) Two brokerage companies cooperating with each other C) A real estate professional's acting for both the buyer and the seller in the same transaction D) A real estate professional's listing and then selling the same property A listing agreement. REALTOR Patty has an appointment to show REALTOR Katies listing. It is part of a body of law established by tradition and court decisions. C) B. REALTOR principal or the firm itself D. State Licensing Board of Directors. Which of the following is correct? 91. In most states, dual agency refers to a situation where the same REALTOR represents both the buyer and the seller in a real estate transaction. Donna, representing the seller, holds firm and gets Dan to buy at asking price. b. must prove that the broker was the procuring cause to be able to collect a commission. D) An agent works as a salesperson for a principal who owns an automotive parts business. 144. In a real estate transaction the agent is the: Seller Jordan signs a memorandum for an open listing with a broker authorizing the sale of her house for $65,000. Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. In an advertisement for a four-bedroom home, which of the following statements could be considered discriminatory? B. neither broker. Dual agency is actually illegal in some states. A REALTOR may file both an ethics complaint and an arbitration request simultaneously over the same matter. A real estate broker hired by an owner to sell a parcel of real estate must comply with a fiduciary. A. arbitration. C. a violation of the Code, despite the fact that REALTOR Nelson did have permission from REALTOR Matthew.
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