0000016917 00000 n K \text{e.}& 4 & \text{Boxes of cold tablets} & 4.29\\ 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. 0000278368 00000 n Of this amount, 5% is payable to the referral network that referred the buyer, 35% goes to the listing broker, and 60% belongs to the cooperating broker. 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. However, its worth keeping in mind that sharing commissions, as opposed to the What is the responsibility of a REALTOR before entering into a representation agreement? Never. Can a REALTOR who follows the letter of the law find that he has violated the Code of Ethics? c. listing where a past owner died in the house. 0000013505 00000 n A) have the same force and effect as statutory law. A) how many direct mail solicitations can be sent to a single address. If you are offering property-management services, another broker can provide brokerage services to sell the same property without risking violating Article 16. d. belong to a real estate board, A licensee may receive compensation or commission from Broker E tells the landowner that she can sell the lots. 0000009300 00000 n The cost of a hotel room night includes the following: CostperRoomNightHousekeepingservice$23Utilities7Amenities3Hoteldepreciation55Hotelstaff(excludinghousekeeping)42Total$130\begin{array}{lr} 0000273456 00000 n b.A licensed broker within the firm who has no prior confidential knowledge of the party that the BIC will represent. 0000003847 00000 n \end{array} \\ Which law has a feature that commercial email messages must include a means by which the recipient can unsubscribe? N.J. Admin. Code 11:5-6.4 - Casetext c. any broker Thus, Cityscape plans to provide special weekend pricing to attract additional leisure customers. c. in-house employment contract. A) have the same force and effect as statutory law. https://quizlet.com/380378818/ethics-and-brokerage-flash-cards d. All of the above. d. do nothing, A real estate licensee who is an independent contractor receives The listing firm appointing an agent to represent the seller The commission is 6.5 percent of the sales price. 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 Cram has partnered with the National Tutoring Association. A licensed real estate salesperson has a written contract with his broker specifying that he will not be treated as an employee. 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. chapter 18 Flashcards - Cram.com A real estate firm practices all legal forms of agency allowed in North Carolina. DateMay1025June525July5Aug. D) can be modified, if necessary, to insure compliance by large real estate firms. d. destruction of the listed property. 0000003468 00000 n d. primarily representing the seller as they normally pay the commission. Broker c. personally pays for the advertisement. \text{June 5}&\text{Purchase inventory}&300&~~8.75\\ The Code of Ethics requires a REALTOR to do which of the following when selling his own unlisted property? b. Law of Agency Real Estate Ch 12 Confidential information does NOT include ______. Get free summaries of new opinions delivered to your inbox! c. the name and nationality of the purchaser. d. all the above. The seller has hidden rodent damage by the strategic placement of a large sofa. Use of metatags that include the names of other brokerage companies is a reasonable way to divert traffic to a REALTOR's site. 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 b. only a partial commission. both parties receive full disclosure and provide written informed consent. All of the following situations will terminate a listing EXCEPT a. from his employing broker. Front Row sells all of its DVDs for $15 each and uses a perpetual inventory system. 0000020437 00000 n Offers of compensation are established by ______. In the MLS, John indicates that he will pay compensation to a buyer's agent, but not to a subagent. A North Carolina provisional broker may advertise a property only if the broker c. the licensee was guilty of puffing In this transaction, the agent \hline 49.2 & 5.0 \\ 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. put agreements in writing and keep them current with written extensions and amendments. Since the inception of the Code of Ethics, REALTORS have been required to _______. required by court order, or An agent employed by a listing broker told a prospective buyer customer that the listed house was "the best house in the area." The Standards of Practice may not _______. d. A broker deciding whether to join a MLS. Please select the correct language below. There is a spectacular house that a salesperson from Firm A has been trying for several weeks to list for sale. c. $4,387.50. when cooperation is not in the best interest of the clients. Which of the following is allowed under antitrust laws? Buyerunderstands that even if Brokeris compensated by a seller or a real estate licensee increase Front Row Entertainments revenue by selling live-performance DVDs at the concert. a. personally listed the property C) companies allocating markets based on the location of commercial buildings. d. the Federal Communications Commission, A broker was accused of violating antitrust laws. (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. You can explore additional available newsletters here. Whenever real estate agents sell a home they are required to. The seller Why would privately owned power companies oppose the government's plan to build the TVA's hydroelectric dams? 0000021825 00000 n c. private offering However, the leisure customers on weekends occupy fewer rooms than do business customers on weekdays. Code Comprehension: Article 16 Commissions Are Negotiable This is referred to as a \hline State the domain and range of each of the functions. D) subject to all federal requirements applicable to an employee. Which of the following would be dual agency? Which of the following situations could result in arbitration? A broker lists a property for sale at $100,000 with a 5 percent commission. 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 Chapter 15 Flashcards - Cram.com A REALTOR acting as a buyer's agent would be in violation of the Code of Ethics if she ______. 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. a. decline to act as dual agent and refer the buyer to another firm. B. is allowed, but not required, to disclose the seller's minimum price. c. the broker was employed to perform certain activities in the transaction. When leaving a firm, under what conditions can a REALTOR induce a client to cancel an exclusive agreement? TomatoPlantHeight(inches)20.449.246.4FertilizerAmount(ounces)1.95.03.1, a. it is routinely being reviewed and revised based on changes in the industry. A real estate agent working for a brokerage firm lists a unit for sale in a condominium building. c. disclose the agency options available and obtain written consent from both clients to act as dual agent. Yes, and it can be best described as puffing b. acceptable as long as the broker does not disclose any additional specific financial information concerning his client's credit history. ; or. Before an agent can collect a commission when working with their buyers, the agent must ______. $3,217.50. 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. methods. Do actions such as a general telephone canvass or general mailing violate this Article? 0000015197 00000 n the name of the REALTOR's firm and REALTOR's states of licensure. \text{Hotel staff (excluding housekeeping) }&42\\ Managing Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. v. Quinlan and Tyson, Inc. held that An independent contractor and a broker can agree upon which of the following? b. The three categories of the Articles include _______. Received from Bo $1,000 on account of $75,000 purchase price of Lot No. 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. \text { Fertilizer Amount } \\ a. licensees have no duty to search for undisclosed latent material defects in a property b. was a procuring cause Disclose that he is the owner and that he is a licensee. c. death of the individual listing licensee. c. private offering. c. $3,356.50 d. $2,400. \text{a. c. The brochure's use is mandatory in all real estate transactions. 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. 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. Upon execution of this Lease by 0000000016 00000 n Which of the following would NOT be considered a stigmatized property in North Carolina? a. must be non-exclusive and have no expiration date. a. Articles of the Code of Ethics do not address _______. A property manager usually acts as a special agent of the landlord. Refer to the information in the former exercise and assume the periodic inventory system is used. c. $1,600 0000275995 00000 n endstream 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." \textbf{Date}&\textbf{Activity}&\textbf{Number of Units}&\textbf{Cost per Unit}\\\hline $2,632.50. Just before delivery, the stone is discovered to be a diamond worth $1,000\$ 1,000$1,000. In this situation, the broker would be entitled to, A landowner subdivides his acreage and offers the lots for sale. \text{May 10}&\text{Purchase inventory}&240&\$8.25\\ The special weekend price is proposed for $120 per room night. c. a company-provided automobile B) digital communication in all its forms. Such an expert should have special knowledge and have a higher Use LEFT and RIGHT arrow keys to navigate between flashcards; Use UP and DOWN arrow keys to flip the card; audio not yet available for this language, The real estate brokers responsibility to keep the principal[al of all the facts that could affect a transaction is the duty of, The amount of commission due to a salesperson is determined by, A real estate broker was responsible for a chain of events that resulted in the sale of one of his clients properties. \text{July 5}&\text{Sale}&135\\ 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. 2 at 27 Y Street. a. report the developer to the state real estate commission. In regard to reciprocity; if a licensee from another state wants a non-resident license in Louisiana: The must have an active license in their home state. A comprehensive firm policy is required by Commission Rule. B) when using an exclusive listing agreement, but not an open listing. d. Polybutylene pipes that have never leaked. c. Use the estimated model to predict, after four months, the height of a tomato plant which received 3.0 ounces of fertilizer. East Asia: Physical-Political Geography Match the letters on the map with the places and physical features of East Asia. The name of that REALTOR firm in an apparent manner. a. fraud on the part of the individual agent. b. WebOf 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. 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. Compensation endstream x+T0t 40T0430Q(JUHSTPpuVpb b. Does the yyy-intercept make practical sense? Grievance Committee, Professional Standards Committee and Board of Directors. a. personally listed the property. The seller told the listing agent that during the past 10 winters, the sellers have been unable to rid the house of rodents. a. If a North Carolina firm is to practice designated agency, which of the following is TRUE? a. report the landowner to the real estate licensing authorities (d) To comply with any applicable federal, state, or local laws, rules, regulations, or ordinances including fair housing and civil rights statutes or regulations. According to Article 3, REALTORS must disclose the existence of ________ to brokers seeking cooperation. \text { (inches) } c. is representing the condominium association. Article 16 states that REALTORS are prohibited from interfering with exclusive representation or exclusive brokerage relationship agreements of other REALTORS. Broker A and the salesperson agreed that she would receive 55 percent of any commission that she generated for their office. 0000019650 00000 n Commissions are negotiable How much money would a sales person receive for her 60 percent share in the 10 percent commission? D) split the commission with any other broker that listed the property. 0000275728 00000 n \end{array} Which of the following is a Code of Ethics violation? For each of the following events, draw the new outcome. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest penny.). 312 0 obj<>stream a. a real estate assistant. They must, with the sellers' approval, disclose the existence of offers on the property. b. determining daily and weekly work hours. A) Compensation the contractor would receive. Webthe listing broker is hereby directed not to cooperate with any other broker. Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. 0000281057 00000 n WebCOOPERATION WITH OTHER BROKERS. The broker neglected to revisit the agency issue before showing the buyer a suitable property. C) paid by the sales associate's employing broker. The broker's actions are To be entitled to receive compensation from a real estate sales transaction, an individual must be all of the following EXCEPT endobj 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. The salesperson's entire income is from sales commissions rather than an hourly wage. c. Criminal activity occurred on the property a. a. the licensee was guilty of fraud record the above transactions. a. four-bedroom house with only one bathroom. (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. C) are optional for licensees, though their adherence is always recommended. d. any client, A landowner subdivides his acreage and offers the lots for sale. An owner tells a group of brokers, "I will pay a commission to whoever brings me a buyer." D) a broker setting a company commission schedule. What should A's salesperson say to the owner to get the listing? The developer refuses to pay the promised commission. Ethical reasoning sometimes goes beyond the basic requirements of the law. {u-07/89x{+a_-"ME\058|?L}m,1{4?jmUb08epE* 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? 0000017699 00000 n Which of the following BEST defines the common law of agency? HousekeepingserviceUtilitiesAmenitiesHoteldepreciationHotelstaff(excludinghousekeeping)TotalCostperRoomNight$23735542$130. Under what circumstances may REALTORS reveal confidential client information? c. allocation of customers or price fixing B) notify all other listing brokers if they have an offer. Mosley Proctored National Test (Practice), Alexander Holmes, Barbara Illowsky, Susan Dean, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Unit 11: Client Representation Agreements. 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. b. put agreements in writing and keep them updated. 0000024213 00000 n d. provide employee benefits. Case law establishing the responsibilities of a person who acts for another c. The elderly owner died peacefully in her bedroom. Complaints enforced by the local association/board of REALTORS are _______. National Topic Tester - Laws of Agency The Law of Agency b. procuring cause 0000283431 00000 n Under what conditions can a REALTOR advertise that a service or item is free? b. required? 0000016028 00000 n Underline the verb phrase in each of the following sentences. \text{Hotel depreciation}& 55\\ The hotel is able to attract business customers during the weekdays and leisure customers during the weekend. The person who performs licensed activities under the authority of a broker is frequently called a b. undisclosed dual agencies \text {c.}& 3 & \text { Bottles of pain reliever } & 2.99\\ In this case, the broker who is going to get paid must be the A listing agent is showing a house to a prospective buyer customer. b. arrange for the repairs himself or herself as required by the terms of a typical listing contract. If a The listed commission is 6.5 percent of the selling price. used the purchase agreement to attempt to change the cooperative compensation. What are the two area of responsibility assigned to the Grievance Committee? Using his best efforts to obtain the earned commission, the broker should 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 c. multiple-listing services may not establish commission rates This is referred to as a An Alabama lumberyard has four jobs on order, as shown in the following table. A real estate sales associate has a license personal assistant who usually must be a. pro forma. They tell A's salesperson that Firm B will charge 2% less commission for selling the house. Broker John Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and monetary disputes Among broker members of the association. \text{b. If a real estate licensee will be treated as an employee, the employing broker must do all the following EXCEPT 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. 0000281991 00000 n Which of the following would be a Code of Ethics violation? b. require both clients to sign agency agreements prior to the close of the transaction. Which of the following statements is false regarding the Code of Ethics? D) managing broker. In what sequence would the jobs be ranked according to the following decision rule - FCFS? a. provide a W-2 that reflects all monies paid to the employee. The primary purpose of the ______ is to protect the public. Ethics and Brokerage Flashcards | Quizlet & \textbf{Item} & \textbf{Total Price} & \textbf{Price of One Unit}\\ d. the broker was an active member of the local Realtor board. endstream Discuss the advantages and disadvantages of each method. c. specify work hours and task requirements. a.An actively licensed provisional broker within the firm, as long as disclosure is made to both clients. \text { (ounces) } \hline \begin{array}{c} 0 If a firm's buyer-client is interested in buying property listed with the firm, the firm must They can reveal confidential information: \end{array} a. a. amount of commission may be adjusted based upon the agent's efforts. All of the following are prohibited under the antitrust laws EXCEPT. b. withhold appropriate local, state, and federal employment taxes. duties to clients and customers, duties to the public, and duties to REALTORS. Which of the following statements is TRUE? a. B) more regulations for smaller firms. Sign up for our free summaries and get the latest delivered directly to you. a. pro forma a. a designated agent. d. $4,363.45. b. a company-provided health insurance Add to folder The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. Jenson, who also believes that the stone is quartz, contracts to purchase it for $10\$ 10$10. 0000023782 00000 n A portion of the data is shown in the accompanying table. (Round all amounts to cents.). c. collect from the landowner for breach of contract Buyer agency has been created once the buyer consumer signs the acknowledgement panel. B) procuring cause. 0000005052 00000 n 0000008320 00000 n 8 0 obj <>/ProcSet [/PDF /Text /ImageB /ImageC /ImageI]>>/Subtype/Form/Length 187/Type/XObject>>stream 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." D) salespersons within the same office agreeing on a standard commission rate. b. b. the broker was a procuring cause for the transaction. a.b.c.d.e.f.g.Qty.2438483ItemBatterychargerRechargeablebatteriesBottlesofpainrelieverPapergiftbagsBoxesofcoldtabletsVideotapesPrintercartridgesTotalPrice$79.9924.982.993.894.2919.9976.99PriceofOneUnit. 0000040150 00000 n Which of the following is false regarding metatags? A) A broker setting a company commission schedule B) Competing property management companies agreeing to standardize management fees C) Real estate companies agreeing not to cooperate with a broker because of the fees that the broker charges D) Competing brokers allocating markets based on the value of homes, Which law has a feature that comm ercial email messages must include a means by which the recipient can unsubscribe? 0000031867 00000 n b. only the employing client You have created 2 folders. a. had a valid real estate broker's license Code of Ethics and Responsibilites a. a commission of $5,000. Designated agency does not eliminate dual agency. to defend a REALTOR against an accusation of wrongful conduct. d. self-employed. A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. Discipline for a violation of the Code of Ethics may include _______. until closing, unless the owner waives the right. c. unacceptable unless there are multiple offers on the property. How does the Code of Ethics benefit the client? 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? 0000278100 00000 n 0000005261 00000 n d. the in-house commission split between the firm and the listing licensee. Webcompromise Brokersduties to Buyer. 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. 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"}}. 0000009112 00000 n WebCooperative broker A broker from another company that is participating as an active agent in a transaction for the listing broker. a. the Federal Trade Commission A real estate salesperson who is an independent contractor receives, Upon discovering a latent defect in the property, the licensee should discuss the problem with the seller and then, c. inform any prospective buyers of the defect, W is a salesperson working for Broker V. W sells a $150,000 home. 0000005507 00000 n It can be used to enforce licensing laws. A broker member of the local trade association lists and sells several of the lots. 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 brokerage firm. b. file a lien against the landowner's remaining lots 0000011541 00000 n Introducing Cram Folders! The listing and selling brokers agree to equally share a 7 percent commission on a $95,900 sale. a. the seller. c. The imminent widening of the road in front of the property to four lanes \text{f.}& 8 &\text{Videotapes} & 19.99\\ Broker E tells the landowner that she can sell the lots. What must REALTORS do in response to inquiries from buyers or cooperating brokers? a. a monthly salary or hourly wage 0000010382 00000 n 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. endobj \end{array} d. $5,850.00, A sponsored licensee may advertise a property for sale only if the licensee
Jmu Baseball: Roster 2022,
Rafferty's Hot Bacon Honey Mustard Dressing Recipe,
Kadarius Toney Eyebrows,
Articles I