D) C. Great location, four blocks away from the Park and Ride D. the total commission paid to REALTOR Nelson by the seller. Which of the following is not true regarding dual agency? should present to the seller only the highest offer for the property. D. I think youll get more than half with me as your REALTOR., 111. The agent is The basic framework of the agency law that governs the legal responsibilities of real estate brokers to the people they represent is known as, Designated agency is MOST likely to occur when. Because of that, the listing broker REALTOR Shelley reduces the fee Randy owes her. state registries of residential information on sex offenders. Broker Millie presents as evidence the listing in the MLS with no compensation offered to a buyers agent, only offered to sub-agents. B) B. his client. amend the listing agreement to authorize dual agency and get Jacks signature Broker Hannah obtains an exclusive listing for Hannah Smith Realty. The individual who is authorized and consents to represent the interests of another person in dealings with a third person is B. REALTOR principal. A. D. unethical behavior between two REALTORS. C. You really need to consult with your attorney with questions of that nature. C. Sign a six-month contract with Tims Realty and if we sell your home, youll get a free GrillMate gas grill. a) If an agent appoints a sub-agent, that sub-agent is not normally regarded as an agent of the principal. 68. A. She negotiates the offer with buyer Dan, who offered less than asking price. B) B. the total commission paid to REALTOR Nelson by the seller. the seller and the listing broker do not have to disclose anything. Joe tells Ralph that if he shows up at the hearing, hell wish he hadnt! Attend our First-Time Homebuyer Seminar and win a free TV! D. REALTOR Robbie offers a free restaurant coupon to Flannigans to anyone that books a home tour with him between now and St. Patricks Day. consideration. This is called a(n) A nonagent (transactional broker, facilitator, coordinator, or contract broker) is not an agent of either party. It is illegal in all states. 96. A. ASSOCIATE-BROKER. 142. No, the fact that his daughter was the buyer is inconsequential to the transaction. B) A) The broker was unethical, but the seller did get to sell the property. Subsequently, Dean lists the property with Broker Mike. 57. D. Loretta must disclose her interest to her clients and customers, including any financial benefit received. B) 140. REALTOR Antonio has been asked by a listing client to prepare an opinion of value on his property. Which of the following scenarios MOST accurately describes the typical income tax In most states, dual agency refers to a situation where the same REALTOR represents both the buyer and the seller in a real estate transaction. This is self-dealing An agent works for a principal that is in the business of real estate development. One day, she is showing REALTOR Terrys listing. REALTOR Joe discovers that REALTOR Ed filed an ethics complaint against him and that REALTOR Ralph will be a witness in the hearing. REALTOR Dennis is running an open house when prospects Bob and Betty Byers arrive. Sacha does not want arbitration, and both agree to get lawyers and sue one another. B. must promote and safeguard the seller's best interests. Pete tells them it is no problem and asks them to sign an exclusive buyer contract with his company and he will show them the listing. A. beautiful home in an exclusive neighborhood Dual agency can lead to a conflict of interest. D. set up an appointment with the title company. Each party must be informed he will not receive. C) C. a violation of Code, because it is not a general announcement. The listing broker and the seller find a small roof leak in the attic. REALTOR Barbara holds an open house on a rainy day and discovers the seal for the back door is leaking. D. providing little to no information about known issues with a house. REALTOR Sam represents seller Linda. Most people familiar with the housing market know that a buyer's agent . Matthew calls Jennifer to explain the details. a latent defect. prohibited in all states because a broker must always represent one party. B) C. not a true picture. They ask their buying agent, REALTOR Larry, about the racial composition of a neighborhood they are considering. b. broker. Which of the following duties does Marcy NOT owe to Chad? 66. Buyer Halie refers to other houses she has looked at with REALTOR Grant. B. Donna has violated the Code by not disclosing to the seller that she was representing buyer Dan. C) disclosure of material facts that the agent knows. D) The couple wants to ensure their children are raised in a diverse area. 28. The broker can disclose confidential information about the seller to a buyer if it increases the likelihood of a sale. Howard and Owen chat about the features of the house and Howard seems to be interested. Howard walks through a home listed by Owens agency during an open house. The broker in charge of an office, by ownership or designation as the managing broker, is called a(n) B. something that would be understood by both REALTORS and does not need to be disclosed. B. advise Susan of the commission differential and renegotiate his fee. Absolutelythis is a community property state. A. abandonment of John by Broker Judy. While reviewing the MLS data sheet, Kevin notices that the cooperative broker compensation offered in the MLS listing is less than the fee he negotiated with Susan with his buyer broker agreement. Rather than purchase new equipment, the marketing manager argues that the companys marketing strategy should be changed. C) Dual agency disclosure; A 2. . C) C. large, four-bedroom on a quiet cul-de-sac lot Subsequently, he calls her several times a week, sends her e-mails, and mails a packet of additional information. D. false advertising. 128. A broker helps a buyer and a seller with paperwork but does not represent either party. A. Kevin must C. only consider who made the initial introduction to the property. D) B. ethical, because this is considered a general announcement. C. Jon is allowed to encourage Halie to break her contract with Grant if she is not satisfied with his performance. C. strongly favor Paul. A. Twenty years ago, a former occupant of the house committed suicide in the house. Buyer Holly contacts Sam indicating that she has seen the house Linda is selling and would like to make an offer. Josie tells Betty she isnt happy with the small number of showings Bills had on her house and she is thinking of finding a new REALTOR. D. The buyer sought another broker in order to get a lower price. Board of Directors. A. broker Brenda. Broker Roger files arbitration against Broker Paul, claiming procuring cause because he introduced the property to the buyer. B. the first step in procuring cause and strongly favors Roger. C. Id be happy to discuss this house with you but I cannot discuss anything else. Is this a violation of the Code? A. Brianna a subagent. She stipulates that her client, buyer Jack, will pay her fee. She negotiates the offer with buyer Dan, who offered less than asking price. D. Brianna. 10/22 newly In an exclusive listing, as a matter of law, a listing between the broker and seller: C. Joes statement could be considered a threat. a principal. No, because the properties she found in the MLS have been on the market more than six months. At the request of a client, REALTOR Marguerite provided a written estimated value of the clients property. the death of either party. Did Antonio violate the Code? C) Qaadir hires Zaafir, a lawyer and an independent contractor, to represent him in a court case. This could be an example of C. remove the comment immediately. 30. A. Randy the common law of agency in the state in which the property owner lives. implications of REIT dividends for pension funds? No, because REALTOR Katie is obviously clueless about how to price a property. universal agency. 101. REALTORS Sherry and Vinod both show his property. The broker is guilty of negligent misrepresentation. It may not be superseded by statutory law. B) C. Melanie must confirm that the agency relationship between the buyers and REALTOR Bill has terminated. A. A. have the opinion verified by an appraiser. Only choice (C) is not true, so it a criminal registry that is maintained by state real estate offices. 146. A. Melanie can only talk to these buyers if they contact her. Her letter offers both her property management services and her brokerage services. A. dictatorial business. C. You really need to consult with your attorney with questions of that nature. the sales associate was practicing puffing. must promote and safeguard the seller's best interests. B) B. A. First twenty people through the door receive a gift card to Chipotle! D) The real estate broker's fiduciary responsibility to keep the principal informed of all facts, including property condition and issues that affect a seller's willingness to sell and a buyer's willingness to buy, is the duty of: A. skill, care and diligence B. disclosure C. obedience D. accounting disclosure D. include persons of several races in order to avoid exclusivity in advertising. Identify which statement regarding this situation is TRUE. c. is legally entitled to a commission. unnecessary disclosure. B. An agent must supply a written Agency Disclosure: b. to a seller before listing a property or to a buyer before writing an offer. A. a 20% referral fee. C) C) REALTOR Marys next step should be to REALTOR Brian has filed an ethics complaint against REALTOR Clarence. The broker expends considerable time and money advertising and showing the house and obtains several offers. Such disclosure is not prevented by the requirement for client confidentiality. A seller, anxious to sell, listed a home for $190,000 and signed an agency agreement with a broker who then told a buyer to submit a low offer. 86. Dylan is the _______, and Jordan is the ________. REALTOR Marcy listed Dereks home, thus creating an agency relationship in which she owes fiduciary duties to Derek. The local association of REALTORS must offer mediation to both parties before an arbitration hearing is held. D) C. Owen is Howards fiduciary. 43. a designated agency. C. A REALTOR may not file an ethics complaint at the same time she files a request for arbitration. What is Barbaras duty? C) A. order the seller to disclose the leak Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. 63. Questions Only Did Antonio violate the Code? C. maintain the confidentiality of the information B) 137. B. unethical. A) B. litigation. How would a histogram of US REIT returns over the last twenty years be described? The rules of a society established by tradition and court decisions are found in A. a monetary dispute between two licensees. D. A foundation crack is hidden behind the paneling in the basement. B: Disclosing the information could create a fiduciary relationship with the buyer and, thereby, create an unauthorized dual agency situation. Marty makes arrangements with the listing agent, REALTOR Caroline, to show the property. A. find out if Holly is in an exclusive relationship with a REALTOR and explain to Holly that Sam represents only Linda in this transaction Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. B. providing the standard professional service expected D) A. REALTOR Betty is hosting an open house where she meets buyer Josie. B. call the sellers directly to confirm the nature and expiration date of any listing agreement they have. only if intentional. whether the worker is paid by way of direct deposit or check. A. D. urge the seller to update the disclosure form or have the back door repaired, 107. D. Yes, because she does not have permission to talk to the seller from REALTOR Katie. the buyer and the seller are related by blood or marriage. mandatory agency disclosure. 136. Did Marty violate the Code? A. bait and switch. Both information the seller has provided the agent, and material defects that the agent has personally observed Every agency relationship has a principal, an agent, and a third party. D. statement that the opinion of value is not the same as an appraisal. Patty prepares a CMA prior to the appointment, then shows the property to her prospect, buyer Larry. The agent should have disclosed this information, regardless of its accuracy. D. Yes, because REALTORS are prohibited from receiving compensation from more than one party. Refer to the income statements in (1) above. Youve come to the right person.. Which of the following statements is LEAST accurate regarding UPREITs and downREITs? Which of these is an example of panic selling? B. Jon did not represent his seller as required. Smitty tells Brad to call Ted and present it himself. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. B. A. ask the buyers if they are exclusively represented by another REALTOR. 5. Acting for more than one party in a transaction is within the law c. Failure to disclose dual agency is a violation of the law d. A real estate license may be revoked or suspended for failure to disclose dual agency a.