Yes. b. a. the Federal Trade Commission c. the U.S. Department of Housing and Urban Development c. allows the details of the agency arrangement to be delayed until written agency occurs. a. a. pro forma C) based on sales production or other output. 0000012652 00000 n d. State license law and rules. 6 0 obj <>/Subtype/Form/Length 46/Type/XObject>>stream The listing broker tells a prospective buyer that the seller is on the verge of bankruptcy. What is the judicial recourse, if the parties reach a written agreement in mediation? d. No, because the broker does not allow an agent to give opinions, b. & \textbf{Qty.} when cooperation is not in the best interest of the clients. \text{b. x when contacted by the client of another REALTOR discuss the terms of a listing agreement that is effective upon the expiration of the existing agreement. a. fraud on the part of the individual agent. a. inform the seller that the defect must be repaired. Of this amount, 55 percent goes to the listing broker, and the remaining 45 percent belongs to the cooperating broker. The disclosure requirement by the agent to third parties no later than first substantial contact 0000013618 00000 n Washington. d. the public. 0000031549 00000 n The Preamble of the Code emphasizes what type of land use? Upon discovering a latent defect in the property, the listing agent should discuss the problem with the seller and then A) The agreement does not violate antitrust laws. expulsion from board membership for one to three years. a. a real estate assistant. advise sellers of the amount of compensation and the amount that will be offered to cooperating brokers. The three categories of the Articles include _______. 0 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. The Hearing Panel may not issue what type of sanctions? Under what circumstances are REALTORS not obligated to cooperate with other brokers? 0000003164 00000 n b. acceptable as long as the broker does not disclose any additional specific financial information concerning his client's credit history. Use of metatags that include the names of other brokerage companies is a reasonable way to divert traffic to a REALTOR's site. Assume that Front Row decides to use FIFO. d. the in-house commission split between the firm and the listing licensee. 0000023485 00000 n The owners have been interviewing sales people from different firms. The listed commission is 6.5 percent of the selling price. 0000031471 00000 n c. is representing the condominium association. a. acceptable since they may promote an offer from the buyer. Ethics complaints and arbitration requests. Which of the following would NOT be considered a stigmatized property in North Carolina? If all terms regarding availability of the offered product or service are clearly disclosed at the same time. 0000278870 00000 n 1 0 obj <>/ProcSet [/PDF /Text /ImageB /ImageC /ImageI]>>/Subtype/Form/Length 94/Type/XObject>>stream The listing firm appointing an agent to represent the seller If the broker-in-charge (BIC) is to act as one of the designated agents on a North Carolina in-house transaction, which of the following may be appointed as a designated agent for the other party to the transaction? The salesperson's entire income is from sales commissions rather than an hourly wage. WebWhen an offer from a qualified buyer has been submitted and accepted and both parties have received signed copies of the agreement The legal doctrine by which a person is prevented from asserting rights or facts that are inconsistent with a previous position or representation made by act, conductor silence is called? Oct. 2005. Therefore, while showing property, the agent has a fiduciary duty to The seller told the listing agent that during the past 10 winters, the sellers have been unable to rid the house of rodents. The listed commission is 6.5 percent of the selling price. b. house plumbed with polybutylene pipes. The Code of Ethics requires a REALTOR to do which of the following when selling his own unlisted property? & \textbf{Item} & \textbf{Total Price} & \textbf{Price of One Unit}\\ 0000007854 00000 n 0000027493 00000 n b. 0000017699 00000 n a. report the developer to the state real estate commission. Which of the following statements is true of mediation? d. destruction of the listed property. \text{Amenities}& 3\\ d. act as a facilitator rather than a fiduciary. Upon execution of this Lease by 25&\text{Sale}&110\\ Grievance Committee, Professional Standards Committee and Board of Directors. a. WebA. $3,217.50 \text{g.}& 3 & \text{Printer cartridges} & 76.99\\ HousekeepingserviceUtilitiesAmenitiesHoteldepreciationHotelstaff(excludinghousekeeping)TotalCostperRoomNight$23735542$130. Which of the following statements is false regarding the Code of Ethics? b. an employee. 25&\text{Sale}&150\\ d.A licensed broker who has prior confidential knowledge about the party that the BIC will represent. (4) A transaction-broker has no duty to conduct an independent inspection of the property for the benefit of the buyer or tenant and has no duty to independently verify the accuracy or completeness of statements made by the seller, landlord, or independent inspectors. 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 c. $3,356.50 Can a REALTOR who follows the letter of the law find that he has violated the Code of Ethics? WebWella sells a $150,000 home listed with another brokerage. 0000009300 00000 n c. in-house employment contract. Broker E can a. the broker had an active North Carolina real estate broker's license. Underline the verb phrase in each of the following sentences. To be entitled to receive compensation from a real estate sales transaction, an individual must be all of the following EXCEPT A North Carolina broker verbally agrees to represent a prospective buyer even though the buyer declined to sign a buyer agency agreement. c. in violation of license law and Commission Rules unless they have a comprehensive written agency policy. Goldman agrees to pay. In order for a broker to be paid on an open listing, the broker must. 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. Refer to the information in the former exercise and assume the periodic inventory system is used. d. contact the city building inspector about the defect. Which statement is TRUE? Sign up for our free summaries and get the latest delivered directly to you. (b) Other Buyers. In this case, the broker who is going to get paid must be the A) facilitator B) procuring cause C) dual agent D) exclusive agent, The real estate industry, includin g all licensed real estate brokers and sales associates, is subject to A) social security taxation B) antitrust laws C) more regulations for smaller firms D) fair competition laws, Administrative regulations that a dminister real estate license laws A) can only be changed by the legislature B) are optional for licensees, though their adherence is always recommended C) can be modified, if necessary, to insure compliance by large real estate firms D) have the same force and effect as statutory law, Antitrust laws do not prohibit real estate A) brokers allocating markets based on the value of homes B) salespersons within the same office agreeing on a standard commission rate C) companies agreeing on fees charged to sellers D) companies allocating markets based on the location of commercial buildings, Many states have modified the traditional terms broker and salesperson to stress that all licensees must be knowledgeable of and comply with the law. a. 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. b. a subagent. Webcompromise Brokersduties to Buyer. Code Comprehension: Article 16 Commissions Are Negotiable A broker member of the local trade association lists and sells several of the lots. \hline 46.4 & 3.1 \\ Ethics are typically defined as standards of conduct applied to a group or society. When leaving a firm, under what conditions can a REALTOR induce a client to cancel an exclusive agreement? b. \text { Fertilizer Amount } \\ monetary disputes Among broker members of the association. \text{July 5}&\text{Sale}&135\\ 0000273961 00000 n Discipline for a violation of the Code of Ethics may include _______. a. a licensed managing broker only (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. 0000273456 00000 n d. the Federal Communications Commission, A broker was accused of violating antitrust laws. Which statement is TRUE? Nearby land is being considered for a landfill The Louisiana Purchase wascompleted\underline{\text{was completed}}wascompleted by President Thomas Jefferson. b. file a mortgage against the developer's remaining lots. d. file a civil suit against the developer for breach of contract. 309 96 b. disclose her agency status to the seller at initial contact. What is the term given to HTML codes that enable a search engine to identify the site as relevant to certain search words or phrases? 0000021825 00000 n K A broker may cooperate with other brokers in a transaction. d. proffered offer, The Illinois court decision in Chicago Bar Association et al. Article 16 states that REALTORS are prohibited from interfering with exclusive representation or exclusive brokerage relationship agreements of other REALTORS. d. $4,363.45. B) employee. a. decline to act as dual agent and refer the buyer to another firm. 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. 0000006161 00000 n d. $5,850.00, A sponsored licensee may advertise a property for sale only if the licensee A portion of the data is shown in the accompanying table. (Signed) Sadia." A real estate firm practices all legal forms of agency allowed in North Carolina. Worth noting is that for HGMLS purposes, the duty of Participant Brokers is to cooperate and compensate as well. WebB A broker is permitted to represent both the seller and the buyer in the same transaction when a. the broker decides principals will benefit from the dual representation. (b) Jacoby's barn is burned to the ground. A listing agent is showing a house to a prospective buyer customer. Albans, NY Closing in 4 weeks. 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. 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. b. $2,632.50. d. is a member of the local real estate board, b. uses the employing broker's name in the advertisement, A real estate broker was responsible for a chain of events that resulted in the sale of one of his client's properties. 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. 0000283431 00000 n commission splits for cooperating brokers.
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