REALTOR Barbara holds an open house on a rainy day and discovers the seal for the back door is leaking. 56. If Jackie Knox, who owns property in Chicago, agrees to sell the needed land for $1.5 million and the agent signs his name "Saul Arnold, agent for Walt Disney", _____. which of the following statements is true regarding the situation? No, Martys daughter and the seller were in mutual agreement with the stipulations of the sale. Im certain I could sell your house., 89. A) Explain. REALTOR Crystal went door-to-door in a particular subdivision asking homeowners if they were interested in selling because the ethnic make-up of the neighborhood is changing. Do not show percentages for the fixed expenses. Identify which statement regarding this situation is TRUE. C) Minevik reported Cost of Sales for 2013 of SEK57,222 million. Has Tamika violated the Code? 91. 6. the seller and the broker must both disclose this material fact. Commingling and conversion The buyers agent is also the sellers agent, acting as a disclosed dual agent. REALTOR Jim violated the code 18. Yes, Antonio only has a contract with the buyer; therefore, he is only permitted to collect a fee from the buyer. a disclosed dual agency. D) negligent misrepresentation. A. REALTOR Mike is showing a property to his client Jean. B. date the opinion of value was prepared This is 140. B) C. Yes, Marty should have disclosed his relationship with all parties involved when an offer was made. A. order the seller to disclose the leak Qaadir hires Zaafir, a lawyer and an independent contractor, to represent him in a court case. C. Mediation is not a method of dispute resolution preferred by the National Association of REALTORS. A net listing is illegal in all states. B. B. advise Holly that Linda will only take listing price; since he is Lindas agent, he has the right to do so. Which of the following statements is TRUE? b. agent. Jaybird was required to make a no brokerage disclosure before letting the buyer enter the open house; Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. A. Melanie can only talk to these buyers if they contact her. He has fulfilled the requirements of Article 7 by D. targeted sales. A. ask the buyers if they are exclusively represented by another REALTOR. Mikes answer should be C) REALTOR Mike is showing a property to his client Jean. Dual agency limits the level of representation that can be offered by the licensee and also prohibits the licensee from acting exclusively for either party. All of these will terminate an agency relationship EXCEPT 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. implications of REIT dividends for pension funds? The broker was unethical, but the seller did get to sell the property. The broker is guilty of intentional misrepresentation. B) D. Randy, 84. D. contact Linda to let her know there is an offer. dual-purpose mission; both the principal and the agent. C. a living document that is revised annually. express information of facts about a property or client's circumstances. A. keep the comment posted; it only helps his business and, after all, he didnt write it. The first thing Sam should do is B. REALTOR Jan calls Carlos to arrange for a showing. 67. D) inform any prospective buyers of the defect. Every state has mandatory agency disclosure laws that stipulate the buyer and the seller are related by blood or marriage. common law. Patty prepares a CMA prior to the appointment, then shows the property to her prospect, buyer Larry. B. Jack D. Olivias client would have to request arbitration on her behalf; she may not request arbitration on her own. It is part of a body of law established by tradition and court decisions. REALTORS are prohibited from receiving compensation from more than one party in a transaction. the administrative law created by real estate agencies as authorized by the legislature. A. by establishing a new contract with Mr. Johnson before the previous one had expired. C. remove the comment immediately. D. A foundation crack is hidden behind the paneling in the basement. B. ethical, because this is considered a general announcement. The broker has committed fraud. Seller George paid for a home inspection on his house for a prospective buyer. Misstatements about the property D. include persons of several races in order to avoid exclusivity in advertising. A. attending the Grievance Committee meetings and the Professional Standards hearings. D. all parties in a transaction, whether they are clients or customers. C. only look at the MLS. REALTOR Paula reads the personal statistics posted on REALTOR Neils Internet blog and posts this comment on his blog: Well, Mr. Smarty-Pants, we could all have the same stats you do if we consistently underpriced every listing we sold. Dual Agency: Learn The Rules In Your State - Clever Real Estate Disclosure was improper and possibly illegal, regardless of the agent's motive. He should No, because of the right of free speech, Brad can call Ted any time he wants regarding any offers. In a dual agency, one broker or agent represents both parties in a real estate sale. Broker Paul introduces tenant Elizabeth to a property. A. Neil is in violation of Article 15 for not blogging about REALTOR Paulas successes. A) A. exclude any human models to avoid any kind of unnecessary bias. C) If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold," _____. Which of these is an example of panic selling? B. a minimum number of listings. The broker can agree to a change in price without the seller's approval. Refer to the original data. This introduction is contact the city building inspector about the defect. D. sending a mass mailing out to potential clients, 122. REALTOR Kim can What are the typical implications to an REIT investor of REITs being listed? Sign it in a few clicks Draw your signature, type it, upload its image, or use your mobile device as a signature pad. Broker Joann, a buyers agent, is seeking arbitration against Broker Millie, a sellers agent. Lynn then tells the seller she could recommend a good REALTOR there. The structure looks good. A seller can sell his or her own home and owe no commission if he or she signs an exclusive agency listing. D) The broker is obligated to render loyalty to the seller. No, because her client, Larry, has no interest in the property. Jack should A) C) This is a violation of the duty of loyalty known as _________. This is called a(n) This relationship is. D) C. prepare a CMA which demonstrates the accuracy of the price. Susan wants to make an offer. D. providing little to no information about known issues with a house. 2 Which of the following committees is most like a grand jury? Under the _____ rule, a principal is generally _____ for injuries caused by its agents and employees while they are on their way to or from work. 51. Some states allow two sales associates in the same brokerage to represent opposing sides to a transaction without creating a dual agency by using Chapter 7 Review Quiz Questions Flashcards | Chegg.com 77. C. both Buyer Bill and Broker Anne. For the years ended December 31, 2013 and 2012. In an exclusive listing, as a matter of law, a listing between the broker and seller: special agency When a broker places trust funds of others into the company's operating account and then withdraws funds for the firm's use, what illegal practice has taken place? A) The federal legislation known as Megan's Law has promoted the establishment of A) A broker acting for both parties in the same transaction, B) A broker representing more than one principal, C) A broker listing a property and then, after it is relisted with another broker, selling the same property, D) Two brokerage companies cooperating with each other, The laws enacted by a legislature make up, The relationship of broker to client in an agency relationship is that of. The rules of a society established by tradition and court decisions are found in However, Jordan rejects the offers and instead sells the house to a friend. To get the answers she needs, Jane may B. contact the sellers and write the contract. A: This information may be withheld since the agent never saw any evidence of infestation or damage. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. The relationship between the agent and the seller ends automatically if the purchaser submits an offer. D. Article 17Arbitrate disputes, 15. D. Yes, because REALTORS are prohibited from receiving compensation from more than one party. C. Professional Standards Committee Click the card to flip . First twenty people through the door receive a gift card to Chipotle! B. draft a purchase contract from scratch REALTOR Donna has a property exclusively listed and shows it to buyer Dan, who wants to make an offer. Which of these advertisements is an example of inducement? \text{Variable expenses}&\underline{\text{\hspace{5pt}315,000}}\\ REALTOR Kara posts an ad claiming the most you will be charged is a $5,000 commission. can disclose the seller's minimum price. A) She leases it. D. license law complaints. She negotiates the offer with buyer Dan, who offered less than asking price. Identify which of the following inducements is prohibited. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. Absolutelythis is a community property state. The broker acted properly to obtain a quick offer on the property. Before leaving, REALTOR Patty takes the seller aside and tells her the property wont sell because it is overpriced and shows the seller her comps. No, Alonzo is required to post all listings in the MLS. Universal EXPLANTION: At least one party must be a REALTOR in order to go through the arbitration process. D) Which statement is correct? No, because her client, Larry, has no interest in the property. 26. Jennifer rejects the offer. D. Broker Steve. C. REALTOR-ASSOCIATE. REALTOR Jeffrey is preparing a new advertisement for the Sunday paper that will have pictures of people enjoying the neighborhood community pool. A. c. agent. D. once it has been reviewed by the Board of Directors. Subsequently, Vinod tells Tim that Wanda was his client and he is owed a commission. D. both brokers. B. discrimination. REALTOR Devon traveled to another state where he bought a property for himself. Which of these actions violates the Code? REALTOR Loretta owns a large brokerage, which includes an in-house mortgage lender, an in-house title company, and a home warranty company. The National Association of REALTORS Code of Ethics is 70. C. Id be happy to discuss this house with you but I cannot discuss anything else. c. is legally entitled to a commission. D. Marge does not have to provide any information about the matter to the Grievance Committee. Every agency relationship has a principal, an agent, and a third party. consideration. is the correct answer to the question. The buyer brokerage receives compensation from the listing brokerage and from the buyer at close of escrow. the broker informs either the buyer or the seller of this fact. B. arbitration complaints. B) the destruction of the property. 03. depositing money in an interest-bearing trust account. spacefor The fiduciary responsibilities of an agent to the principal under the common law of agency include The sales associate was practicing puffing. Which of the following is considered dual agency? Common law 141. B. are going to need to put this decision in writing to the Board of REALTORS. Each party must be informed he will not receive. When Todd finished his degree in marketing, he started a career as a REALTOR. loyalty. A. A. ethical, because of the special rules for fraternity brothers. D) C) B. homeowners selling at a below market value because the demographics of the neighborhood is changing B) The relationship between the property owner and the associated brokers at Hannah Smith Realty could best be described as (buyer subagency, designated agency, dual agency, seller subagency) D. REALTOR membership is voluntary but provides a distinction from other licensees. keep all buyer requested information confidential during the engagement period. B. A. REALTOR Ava posted an ad at her health club to inform people that she just created a new web page and listed her URL on the ad. C. both Brenda and Jim. An open listing is an exclusive contract. If REALTOR Shelley wishes to file an arbitration request, against whom does she file it? C. Article 12Be truthful in advertising DUAL AGENCY CONSENT AGREEMENT: Fill out & sign online | DocHub InvestmentCenterSalesIncomeAverageInvestedAssetsElectronics$40,000,000$2,880,000$16,000,000SportingGoods20,000,0002,040,00012,000,000\begin{array}{lccc} After the closing, Dan expressed his confusion because he thought Donna was representing him in the sale. B) D) C. obedience to the inspector. No, because her client, Larry, has no interest in the property. Most people familiar with the housing market know that a buyer's agent . A. a monetary dispute between two licensees. 02. Pete learns that the buyers have an exclusive agreement that expires in two months with REALTOR Ryan, employed by a competitive brokerage. 142. According to the Code of Ethics, who owns the listing agreements for a firm? an express agreement. Which of the following is an INCORRECT statement regarding agent self-dealing? "The uneven floors just mean that the building dates to colonial times. the customer. Patty prepares a CMA prior to the appointment, then shows the property to her prospect, buyer Larry. A) REALTOR Nelson owes REALTOR Dee how a customer is differentiated from a client. A REALTOR can recommend another REALTOR to a client who mentioned she is relocating out of state. The relationship between real estate broker and seller is generally what type of agency? B. a monetary dispute between two REALTORS. Buyers hire an agent to help them purchase a home and want seller financing because they filed for bankruptcy two years ago. Broker Millie. The Minevik Group is a Swedish-based, high-technology engineering firm. C. Melanie must confirm that the agency relationship between the buyers and REALTOR Bill has terminated. Eddie suggests taking the matter to arbitration. Which of the following is correct? A. may ask the local Association of REALTORS to provide them with a free mediator. Which of the following is not true regarding dual agency? REALTOR Bill is representing sellers Sue and Sam, who are divorcing. At this point, what kind of relationship do Howard and Owen have? A principal is not free to revoke an agency relationship in all circumstances. Share your form with others Send it via email, link, or fax. B. a client during and following the termination of the professional relationship between the client and the REALTOR. B. ", Which of these statements could be negligent misrepresentation? Which event will terminate an agency in a broker-seller relationship? C) B. Nathan, as the listing broker. Conflict of interest is inherent in a dual agency arrangement. B) agency is actually illegal in some states. At the closing table, Marty tells Caroline and the seller that the buyer is actually his daughter. Administrative law and canonical law B. Melanie can seek the prospects future business. C. is simply doing his job by selling the companys listings. When a consumer wishes to obtain specific information about a listing, he is instructed to click here. The click actually is consent for the consumer to enter into an exclusive, year-long buyer agency agreement with Nathan but this is not apparent. REALTOR Marcy listed Dereks home, thus creating an agency relationship in which she owes fiduciary duties to Derek. Broker Jim introduces buyer Ken to a property and keeps in touch with him. Absolutelythis is a community property state. D) Jean asks Mike his opinion about the structure of the property. A house built years ago over a ditch covered with decaying timber or a house with ceilings that were improperly attached to the support beams are examples of (Assume that enough funds are available to make the purchase.). The broker in charge of an office, by ownership or designation as the managing broker, is called a(n) c. is 90 days after the listing agreement is signed. care and skill in performance. D) A buyer's agent, upon learning that the home being purchased is to house a dog-grooming business, didn't check zoning. Which of the following is a way to create an agency relationship? the concept of caveat emptor. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. The buyer entered into a contract that stipulated that the broker had not been involved in the transaction. 133. C) Lynns action is D) 36. Jordan is a lawyer who has her own law firm and specializes in real estate law. Dylan, a real estate developer, hires Jordan to represent him in the purchase of land. a nonagent. She negotiates the offer with buyer Dan, who offered less than asking price. D) Youve come to the right person.. REALTOR Matthew brings a complicated purchase contract to Nelson that requests partial owner financing. D. talk Susan out of buying the house. A. appraisal. only if intentional. Which of the following is correct? B. providing the standard professional service expected 76. unless it was considered puffing. A) D. zoning restrictions. judicial law. B. is obligated to arbitrate only if he has a specific written agreement to arbitrate. B. disclosing her relationship with Derek C) C. litigate any differences. Generally, the relationship between real estate broker and seller is 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. C. state law requires it. D) B. have two brokers sign off on it. D. Donna has violated the Code by not making it clear to buyer Dan that she was representing the seller. Which one of the following statements regarding the duties of an agent is NOT true? b. must prove that the broker was the procuring cause to be able to collect a commission. No, because permission was granted by Teds representing agent. B. sign the Byers to an exclusive buyer agency agreement 43. A) C) B. like the United States Constitution and Bill of Rights, fairly immutable. D. State Licensing Board of Directors. Which of the following is TRUE regarding dual agency? obedience to all instructions of the principal. A. gain consent to advertise Tricias property as having an anxious owner who wants an offer a transactional brokerage. A. Howard is Owens client. When, how and to whom agents must reveal for whom they provide client based services. REALTOR Marty has a daughter who is interested in a property. Agents are generally allowed to self-deal with the principal, especially if the self-dealing is undisclosed. No, Tamika is permitted to call Alonzo to get the information she needs. 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. confidentiality A. B. something that would be understood by both REALTORS and does not need to be disclosed. 61. Lori subsequently meets Broker Amy, whose son plays ball with Loris son. D. Seller Dean was not free to sell the property on his own. The agent, without informing the principal, purchases the land for personal use. Yes, Antonio only has a contract with the buyer; therefore, he is only permitted to collect a fee from the buyer. REALTOR Lisa, a property manager, researchs county records to determine the owners of multi-unit buildings. A. apparently limited to the open house and does not favor Roger. Buyer Halie refers to other houses she has looked at with REALTOR Grant. fraud. 57. Broker Roger files arbitration against Broker Paul, claiming procuring cause because he introduced the property to the buyer. Past correlation of US REIT returns (over the last 20+ years) tends to indicate which No, because REALTOR Katie is obviously clueless about how to price a property. 01. a designated agency. Misrepresentation or omission might result in broker liability C) D. tell the sellers to disclose the leaks, 31. C) Which of the following statements about dual agency is false? D. are not allowed to sue each other because they are both REALTORS. This is an example of B. telling him the lowest price Derek will take for the house, which Derek told her in confidence Dennis asks the Byers if they have someone helping them find a home. implied agreement. REALTOR Smitty has an exclusive listing on seller Teds house. C. Price reductions just made on this beautiful Victorian. obedience. C) Katy could elect not to make any appointments. must promote and safeguard the seller's best interests. A. racial segregation. C) not required to disclose the information because the agent has no agency relationship with seller. 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. A) D. only if he initiated the contact with Mr. Johnson. B. B. b. broker. Board of Directors D. neither Broker Deb nor Broker Steve. principal is liable for any injuries caused by the agent's intentional torts.
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which statement is not true regarding dual agency?Be the first to comment on "which statement is not true regarding dual agency?"