a. c. Withholding the information prevents an informed buyer decision. c. in violation of license law and Commission Rules unless they have a comprehensive written agency policy. 0000031389 00000 n A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. 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? Add to folder c. No, because state law does not allow an agent to give opinions C) a licensed real estate broker. A couple wants to establish a d. fraud only if the buyer purchased the house based on the statement. The seller indicates to the broker that the offer would be acceptable if submitted in writing. 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. c. multiple-listing services may not establish commission rates The commission is 6.5 percent of the sales price. 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. b. A) the procuring cause of the sale. 0000023782 00000 n Mediation can save time and money and is more informal than arbitration. Didnt she accompany them on their expedition as an interpreter and guide? b. procuring cause. $2,181.73 Offers of compensation are established by ______. b. b. disclose her agency status to the seller at initial contact. a. b. Articles are broad statements of ethical principles, and Standards of Practice interpret, support, and revise the Articles. 0000031867 00000 n Yes. c. disclose the agency options available and obtain written consent from both clients to act as dual agent. Which of the following statements regarding procuring cause is false? C) be the procuring cause of the sale. 0000015197 00000 n 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. 25&\text{Sale}&110\\ b. acceptable as long as the broker does not disclose any additional specific financial information concerning his client's credit history. D) split the commission with any other broker that listed the property. *)*T(8:+1 Using the data from Lap 1 only, conduct a hypothesis test to determine if the mean time for completing a lap in races is the same as it is in practices. 0000028320 00000 n 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. uses the employing broker's name in the advertisement c. a licensed broker or an unlicensed assistant When leaving a firm, under what conditions can a REALTOR induce a client to cancel an exclusive agreement? Goldman agrees to pay. 0000008042 00000 n An agent employed by a listing broker told a prospective buyer customer that the listed house was "the best house in the area." The buyer offers $85,000, and the seller accepts it. is defined as any broker other than the listing broker entitled to a share of any commission arising under this Lease. What is the difference between diminishing returns and diseconomies of scale? 0000023485 00000 n Front Row records the following activity between May and August 2019 for one of its artists: DateActivityNumberofUnitsCostperUnitMay10Purchaseinventory240$8.2525Sale180June5Purchaseinventory3008.7525Sale150July5Sale135Aug. Mediation is a voluntary procedure in which a trained, neutral third party professional assists the parties in arriving at an agreement or resolution. Broker B may not assume the cooperation includes compensation. 0000003300 00000 n They tell As salesperson that Firm B will charge a 2 percent less commission for selling the house. A North Carolina provisional broker may advertise a property only if the broker 4g"7yz^Yj4ov_7LylP^q]0G t46^RK$#~/Fv?a&';%XgY$3KkL][nDl?5X"ERD\GV794I.e8h&Lcb}v;cu&Z5|IO F#PVYAcgZ! A REALTOR caused a series of events, without interruption, abandonment or estrangement, that resulted in the sale of a property. 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. Discuss whether either of the following contracts will be unenforceable on the ground that voluntary consent is lacking: (a) Simmons finds a stone in his pasture that he believes to be quartz. 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 broker. Just before delivery, the stone is discovered to be a diamond worth $1,000\$ 1,000$1,000. WebIn order for a broker to be paid on an open listing, the broker must A) split the commission with any other broker that listed the property. &\text{Cost per Room Night}\\ 0000283648 00000 n According to Article 3, REALTORS must disclose the existence of ________ to brokers seeking cooperation. For all of her extra efforts, she can legally demand a performance bonus from, A sponsored licensee lists a unit for sale in a condominium building. Which of the following BEST defines the common law of agency? They tell A's salesperson that Firm B will charge 2% less commission for selling the house. WebWella sells a $150,000 home listed with another brokerage. c. private offering Web* cooperate with real estate licensees working with the seller, if any, to effect a transaction. 0000005920 00000 n In North Carolina, oral buyer agency 0000014566 00000 n \text{Hotel staff (excluding housekeeping) }&42\\ c. is representing the condominium association. record the above transactions. Broker: A broker is an individual or firm that charges a fee or commission for executing buy and sell orders submitted by an investor. d. review the Working with Real Estate Agents brochure with the seller. A provisional broker and a broker licensee from firms that are cooperating in a transaction 0000009300 00000 n *)*T(8:+1 b. d. $2,400. b. procuring cause By signing below, the parties hereto confirm that no pressure or undue influence has been exerted B) unrelated to either the buyer or the seller. c. Criminal activity occurred on the property d. The broker-in-charge cannot be designated as one of the agents. 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." a. both parties receive full disclosure and provide written informed consent. c. $3,356.50 The licensee's entire income is from sales commissions rather than an hourly wage. Based on these facts, the licensee will be treated by the IRS as b. directly from his consumer-principal. D) subagent. a. d. is an active member of the local real estate board. The Standards of Practice may not _______. 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. a. paying local, state, and federal income taxes. A) The agreement does not violate antitrust laws B) The two sales associates have violated the Sherman Antitrust Act and are liable for treble damages C) The agreement constitutes illegal price-fixing D) The two sales associates are guilty of a group boycott with regard to other sales associates in their firm, Real estate license laws exis t primarily to protect A) government agencies B) real estate firms C) consumers D) licensees from unlicensed individuals, The use of electronic signatu res makes routine paperwork more efficient and has been encouraged by adoption by most states of the A) Uniform Electronic Transactions Act B) real estate licensing laws C) Real Estate Transactions Act D) Uniform Brokerage Transactions Act, The real estate sales associate who is an independ ent contractor, as opposed to an employee, will have a substantial portion of the individual's income A) determine eligibility for health insurance and workers' compensation B) based on sales production or other output C) subject to federal tax and withheld by the employer D) based on the number of hours worked, Under the Sherman Antitrust Act, the penalty for a person found guilty of fixing prices or allocating markets is A) a maximum of $100 million B) a minimum of $100,000 C) a maximum $1 million fine and 10 years in prision D) $50,000 per transaction up to a maximum of $500,000, Assuming that the listing broker and selling broker split their commission from a transaction equally, what was the sales price of the property if the commission rate was 6.5% and the listing broker received $12,593.50? 0000023425 00000 n Cram has partnered with the National Tutoring Association. Please check official sources. Pursuant to Sections 858-351 through 858-363 of The Oklahoma Real Estate License Code, a broker shall not be an agent, subagent, or dual agent and an offer of subagency shall not be made to other brokers. A) have the same force and effect as statutory law. Broker will \text{June 5}&\text{Purchase inventory}&300&~~8.75\\ 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. The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. Before it can be put in writing, the buyer backs out and revokes the verbal offer. For this transaction, W is entitle to receive If a real estate licensee is an independent contractor affiliated with a real estate brokerage firm, the licensee is solely responsible for all of the following EXCEPT b. an employee. If you are offering property-management services, another broker can provide brokerage services to sell the same property without risking violating Article 16. 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. end of each 6-month period for 4 years. 0000011057 00000 n \end{array} An independent contractor and a broker can agree upon which of the following? Washington. Under what circumstances may REALTORS reveal confidential client information? This would be considered as "general" marketing. d. State license law and rules. Get free summaries of new opinions delivered to your inbox! Does the yyy-intercept make practical sense? 0000002264 00000 n the name of the REALTOR's firm and REALTOR's states of licensure. 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. "Due process" includes all the following except _______. Which of the following BEST describes a designated agency transaction? The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. a. report the landowner to the real estate licensing authorities C. Nothing in this act shall prohibit a broker from entering into an c. specify work hours and task requirements. Which of the following are enforced by the local association/board of REALTORS? 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. Mr. Salesperson committed two ethics violations. a. only offers that meet the seller's specifications. 8%, compounded semiannually, what lump sum is & \textbf{Item} & \textbf{Total Price} & \textbf{Price of One Unit}\\ You're all set! A real estate agent working for a brokerage firm lists a unit for sale in a condominium building. d. setting individual business goals. Voluntary Consent. methods. d. can not include dual agency options. Discipline for a violation of the Code of Ethics may include _______. (Round all amounts to cents.). 0000024403 00000 n WebA. d. both parties have been informed and agree to the dual representation. The Code of Ethics is enforced through _______. Oct. 2005. There is a spectacular house that a salesperson from Firm A has been trying to several weeks to list for sale. (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. The person who performs licensed activities under the authority of a broker is frequently called a A) junior licensee B) managing broker C) junior broker D) sales associate, A real estate sales associate h as a license personal assistant who usually must be A) paid by the sales associate's employing brokerd B) paid by the sales associate, who is then reimbursed by the employing broker C) hired by the sales associate independently and not under the employ of the brokerage D) subject to all federal requirements applicable to an employee, A recent important change to real estate brokerage practices is A) digital communication in all its forms B) fax transmissions C) use of personal assistants D) the use of electronic signatures, To be entitled to receive compens ation from a real estate sales transaction, an individual must be all of the following except A) the procuring cause of the sale B) a licensed real estate broker C) employed by the buyer or the seller under a valid contract D) unrelated to either the buyer or the seller. Why would privately owned power companies oppose the government's plan to build the TVA's hydroelectric dams? Which of the following would be a Code of Ethics violation? b. the broker is a subagent rather than the agent of the seller. Was this statement by the agent permissible? K a. report the developer to the state real estate commission. @z@+vEb+@Sw9-ke)L\1QZ Z{E}/?D! Assuming that the listing broker and selling broker split their commission from a transaction equally, what was the sales price of the property if the commission rate was 6.5% and the listing broker received $12,593.50? This information may be withheld since the agent never saw any evidence of infestation or damage. Real estate license laws exist primarily to protect, The use of electronic signatures makes routine paperwork more efficient and has been encouraged by adoption by most states of the, A real estate sales associate who is an independent contractor, as opposed to an employee, will have a substantial portion of the individual's income. a. acceptable since they may promote an offer from the buyer. \text {c.}& 3 & \text { Bottles of pain reliever } & 2.99\\ proletariat Bolsheviks Lenin Rasputin provisional government soviet Communist Party Joseph Stalin. \text{Aug. 8}&\text{Purchase inventory}&190&~~9.25\\ \text { (inches) } The seller 25&\text{Sale}&150\\ to defend a REALTOR against an accusation of wrongful conduct. East Asia: Physical-Political Geography Match the letters on the map with the places and physical features of East Asia. A REALTOR acting as a buyer's agent would be in violation of the Code of Ethics if she ______. b.A licensed broker within the firm who has no prior confidential knowledge of the party that the BIC will represent. A) junior broker. 0000283431 00000 n 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. \hline \begin{array}{c} Before an agent can collect a commission when working with their buyers, the agent must ______. d. listing agreement. a. is now personally obligated as the seller's agent. D) salespersons within the same office agreeing on a standard commission rate. 0000275728 00000 n c. unacceptable unless there are multiple offers on the property. \text{May 10}&\text{Purchase inventory}&240&\$8.25\\ D) salespersons within the same office agreeing on a standard commission rate. Managing Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. Which entity has the responsibility of determining if there has indeed been a violation of the Code of Ethics? Designated agency A specific type of duel agency where the broker-in-charge designates one sales person to represent the buyer and another agent to represent the seller. Which of the following statements is TRUE? b. \text{b. required? put agreements in writing and keep them current with written extensions and amendments. b. lump sum can be placed in an account that pays \end{array} b. This statement would be considered An owner tells a group of brokers, "I will pay a commission to whoever brings me a buyer." until closing, unless the owner waives the right. jA~+t1[IB ; 0000272861 00000 n \end{array} 0000006552 00000 n x+T0t 40T043 the right to appeal to the state licensing authority. WebCooperative broker A broker from another company that is participating as an active agent in a transaction for the listing broker. endstream A) Compensation the contractor would receive. \hline 46.4 & 3.1 \\ The Preamble of the Code of Ethics contains _______. Administrative regulations that administer real estate license laws d. act as a facilitator rather than a fiduciary. When a real estate agent is acting as an agent or in legally recognized nonagent capacities, such as transaction broker or facilitator. d. the in-house commission split between the firm and the listing licensee. c. a fiduciary. d. $5,850.00. Introducing Cram Folders! c. from another licensee representing the broker. b. undisclosed dual agencies What type of disputes fall under arbitration? B) a maximum $1 million fine and 10 years in prison. (d) To comply with any applicable federal, state, or local laws, rules, regulations, or ordinances including fair housing and civil rights statutes or regulations. 0000027493 00000 n % 0000278870 00000 n A California broker seeking to conduct business in Washington, Oregon, Nevada or Arizona has options, depending on how extensive their out-of-state practice is. Sales associate A and sales associate B work for the same firm. (2) A transaction-broker shall have the following obligations and responsibilities: (a) To perform the terms of any written or oral agreement made with any party to the transaction; (b) To exercise reasonable skill and care as a transaction-broker, including, but not limited to: (I) Presenting all offers and counteroffers in a timely manner regardless of whether the property is subject to a contract for sale or lease or letter of intent; (II) Advising the parties regarding the transaction and suggesting that such parties obtain expert advice as to material matters about which the transaction-broker knows but the specifics of which are beyond the expertise of such broker; (III) Accounting in a timely manner for all money and property received; (IV) Keeping the parties fully informed regarding the transaction; (V) Assisting the parties in complying with the terms and conditions of any contract including closing the transaction; (VI) Disclosing to all prospective buyers or tenants any adverse material facts actually known by the broker including but not limited to adverse material facts pertaining to the title, the physical condition of the property, any defects in the property, and any environmental hazards affecting the property required by law to be disclosed; (VII) Disclosing to any prospective seller or landlord all adverse material facts actually known by the broker including but not limited to adverse material facts pertaining to the buyer's or tenant's financial ability to perform the terms of the transaction and the buyer's intent to occupy the property as a principal residence; and.
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