Introducing Cram Folders! B) unrelated to either the buyer or the seller. Offers of compensation are established by ______. 0000031389 00000 n If all terms regarding availability of the offered product or service are clearly disclosed at the same time. A leak around the flashing of the chimney 0000003468 00000 n REALTORS may act as a dual agent only when ______. The supply curve in Figure 3P-2 shows the monthly market for sweaters at a local craft market. endstream when cooperation is not in the best interest of the clients. both parties receive full disclosure and provide written informed consent. 8%, compounded semiannually, what lump sum is Disclosing the information could create a fiduciary relationship with the buyer and, thereby, create an unauthorized dual agency situation. Find out how you can intelligently organize your Flashcards. (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. Broker John D) social security taxation. 0000013618 00000 n To be entitled to collect a real estate commission, a North Carolina broker must meet all of the following criteria EXCEPT 0000016917 00000 n The REALTOR may be considered to be _______. Web* cooperate with real estate licensees working with the seller, if any, to effect a transaction. Under what circumstances are REALTORS not obligated to cooperate with other brokers? \hline \begin{array}{c} D) communications that are permitted. 0000009578 00000 n '', For each term or name, write a sentence explaining its significance. B) how often a business person can contact a customer. 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? Louisiana License Law - Test 5 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. 0000014566 00000 n The listing broker gives the listing licensee 50 percent of the firm's commission and the selling broker gives the selling licensee 65 percent of that firm's commission. 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 (d) specific identification. a. b. must be reduced to writing prior to writing an offer to purchase on behalf of the buyer. The Preamble of the Code of Ethics contains _______. Front Row records the following activity between May and August 2019 for one of its artists: DateActivityNumberofUnitsCostperUnitMay10Purchaseinventory240$8.2525Sale180June5Purchaseinventory3008.7525Sale150July5Sale135Aug. b. In this case, the broker who is going to get paid must be the C) real estate assistant. $2,181.73 House is rumored to be haunted 0000036173 00000 n What should A's salesperson say to the owner to get the listing? Articles are broad statements of ethical principles, and Standards of Practice interpret, support, and revise the Articles. 0000007854 00000 n c. personally pays for the advertisement 0000021825 00000 n 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 property manager usually acts as a special agent of the landlord. 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. b.A licensed broker within the firm who has no prior confidential knowledge of the party that the BIC will represent. b. uses the employing broker's name in the advertisement a. the Federal Trade Commission The broker's actions are Which REALTORS are allowed to lay a claim to a "sold" property? $1,678.25 a. amount of commission may be adjusted based upon the agent's efforts. Designated agency is optional, not mandatory. CHAPTER 4 a. decline to act as dual agent and refer the buyer to another firm. Because of this statement a. the licensee was guilty of fraud A listing agent is showing a house to a prospective buyer customer. Designated agency does not eliminate dual agency. increase Front Row Entertainments revenue by selling live-performance DVDs at the concert. \text{June 5}&\text{Purchase inventory}&300&~~8.75\\ d. both parties have been informed and agree to the dual representation. 309 0 obj<> endobj Web(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. 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. d.A licensed broker who has prior confidential knowledge about the party that the BIC will represent. b. the sponsoring broker was guilty of fraud because he is responsible for the actions of the licensee (b) Jacoby's barn is burned to the ground. d. the in-house commission split between the firm and the listing licensee. 0000010578 00000 n a. fraud on the part of the individual agent. A broker-in-charge assisting a buyer client in the purchase of a property that was listed by a provisional broker of the firm To be entitled to receive compensation from a real estate sales transaction, an individual must be all of the following EXCEPT Please check official sources. B) digital communication in all its forms. After broker E sells some of the lots, the landowner refuses to pay her a commission. (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. The broker obtains a verbal offer to purchase the property from a prospective buyer. a. a trustee. 0000031867 00000 n Quoting a price other than list price without the seller's permission. Chapter #5 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 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. d. the Federal Communications Commission, A broker was accused of violating antitrust laws. zQTt!8,-D*ejuz) ;@SA5Y&OSy|je|{~lx^9\YAKOYlwFNrV|t.nxaGB%6Qd$u0g-EfojOytx)u LM5.NP?w8 K?H>G#UJc1]:V,_N57|$t[({-jTw. d. any client, A landowner subdivides his acreage and offers the lots for sale. Webcompromise Brokersduties to Buyer. c. $3,412.50 Mr. Salesperson committed two ethics violations. (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. d. listing agreement. c. Designated agents must be members of the local real estate trade association. A broker lists a property for sale at $100,000 with a 5 percent commission. Ethics are typically defined as standards of conduct applied to a group or society. In the MLS, John indicates that he will pay compensation to a buyer's agent, but not to a subagent. b. local real estate board's minimum wage guarantee to agents. The Articles of the Code of Ethics stress the REALTOR's obligation to _______. b. a licensed broker or managing broker The special weekend price is proposed for $120 per room night. Which of the following is false regarding metatags? 0000273961 00000 n Do-not-call registries and laws such as the Telephone Consumer Protection Act, Junk Fax Prevention Act, and rules of the Federal communications Commission dictate \text {c.}& 3 & \text { Bottles of pain reliever } & 2.99\\ It can be used to enforce licensing laws. A couple wants to establish a Which of the following would NOT be considered a stigmatized property in North Carolina? to defend a REALTOR against an accusation of wrongful conduct. 0000008836 00000 n d. Convicted sexual offender lives in the neighborhood. https://quizlet.com/380378818/ethics-and-brokerage-flash-cards WebA 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. (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. a. A) have the same force and effect as statutory law. is defined as any broker other than the listing broker entitled to a share of any commission arising under this Lease. A buyer-client has instructed the agent to show only properties where the seller is willing to pay the buyer agent's commission. d. building with synthetic stucco siding. 7 0 obj <>/Subtype/Form/Length 46/Type/XObject>>stream b. fraud on the part of the broker-in-charge because the employing broker is responsible for the actions of any agent representing the firm. 0000024574 00000 n Example 1. b. to all consumers prior to first substantial contact. c. the name and nationality of the purchaser. B) a maximum $1 million fine and 10 years in prison. 0000272861 00000 n Can a REALTOR who follows the letter of the law find that he has violated the Code of Ethics? b. uses the employing broker's name or the firm name in the advertisement. b. arrange for the repairs himself or herself as required by the terms of a typical listing contract. A tenant committed suicide in the basement. The seller told the listing agent that during the past 10 winters, the sellers have been unable to rid the house of rodents. Before it can be put into writing, the buyer withdraws the verbal offer. D c. Withholding the information prevents an informed buyer decision. 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. When leaving a firm, under what conditions can a REALTOR induce a client to cancel an exclusive agreement? C) be the procuring cause of the sale. 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. They must, with the sellers' approval, disclose the existence of offers on the property. A) independent contractor. The licensee's entire income is from sales commissions rather than an hourly wage. Which of the following BEST defines the common law of agency? B) paid by the sales associate, who is then reimbursed by the employing broker. The primary purpose of the ______ is to protect the public. If a That is so unless the listing is subject to an 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." When the Property is marketed for lease, Broker will allow other brokers to show the Property to prospective tenants. c. A real estate licensee usually acts as a general agent of an affiliated firm. If the provisional broker receives 60 percent of any commission that he generates for the office, he is entitled to receive Broker John agrees to cooperate with other brokers on his new listing. c. The brochure's use is mandatory in all real estate transactions. Which of the following situations is considered to be a material fact in North Carolina? Promulgated to make public Designated agent The broker neglected to revisit the agency issue before showing the buyer a suitable property. Compute gross profit earned by the company for each of the four costing methods in part 3. a. from his employing broker. WebWella sells a $150,000 home listed with another brokerage. The Preamble of the Code emphasizes what type of land use? 25&\text{Sale}&180\\ Please sign in to share these flashcards. a. 0000009300 00000 n Underline the verb phrase in each of the following sentences. As such, it requires brokers to cooperate, but not necessarily compensate other brokers, unless the seller approves. How does the Code of Ethics benefit the client? The listing commission is 6.5% of the selling price. a. personally listed the property In addition to developing online fan communities, Cam and Anna believe that they could d. can accept an offer on behalf of the seller. d. Disclosing the information violates the agency duties with the seller. c. is representing the condominium association. 0000031709 00000 n D) a broker setting a company commission schedule. 0000005715 00000 n C) based on sales production or other output. The salesperson's entire income is from sales commissions rather than an hourly wage. 0000023782 00000 n endobj b. Having the seller cancel his current excusive listing prior to entering into an agency agreement with the seller.
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