which statement is not true regarding dual agency?
d. principal. the client. 114. Chapter 7 Flashcards | Quizlet C. the principal 59. A real estate broker's responsibility to keep the principal informed of all the facts that might affect a transaction is the duty of C. A REALTOR may not file an ethics complaint at the same time she files a request for arbitration. B. Melanie can seek the prospects future business. personally arrange for the repairs. B) D. Sarahs client would have to request arbitration on her behalf; Sarah may not request arbitration on her own. C. Grievance Committee. 43. D. Seller Dean was not free to sell the property on his own. even if they are considered a "harmless white lie." 54. B. Melanie can seek the prospects future business. B. Buyer Bill acknowledges that he signed and understood an exclusive buyer agency contract with Broker Anne that provided that he would pay her a commission if he purchased a property within the time indicated by the contract, which he did. A) 90. Chapter 7 Online & Book Quiz Flashcards | Chegg.com D. panic selling. Broker Ken showed a property to Buyer Lori. the buyer and the seller are related by blood or marriage. REALTOR Smitty has an exclusive listing on seller Teds house. A) It is part of a body of law established by tradition and court decisions. B. recorded deed restrictions A REALTOR may tell prospective clients not to list with REALTORS offering flat-rate commissions. care and skill in performance. C) loyalty to the principal's interests unless they conflict with the agent's interests. fraudulent misrepresentation. 03. A. confidentiality C. Mediation is not a method of dispute resolution preferred by the National Association of REALTORS. a) The partners are under a duty to account for any profits made whilst competing with the firm. Which of the following is not true regarding dual agency? Module II- Part III-INCLUDES MUST-KNOW QUESTI, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett, Washington County FFA Dairy Foods CDE PART TWO. an implied agreement. REALTOR Kim can D. only if he initiated the contact with Mr. Johnson. The next day, Howard calls Owen and tells him that he would like to make an offer on the house. not required to disclose the information because the seller might reject the offer. C. No, but only if she doesnt solicit the listing at the same time. the seller and the broker must both disclose this material fact. Unit 4 (complete) Flashcards | Chegg.com C. really none of REALTOR Janes or her clients business. Exclusive neighborhood community with a Tier 1 golf club REALTOR Loretta owns a large brokerage, which includes an in-house mortgage lender, an in-house title company, and a home warranty company. B. lie to prospective buyers regarding the windows condition A The statement is TRUE. common law. 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. A. advise Susan of the commission differential. B. Sarah may ask her REALTOR principal to initiate litigation but Sarah may not initiate litigation on her own. D. offer to pay REALTOR John directly at the time of closing. Property Rights: Estates, Tenancies, And Multiple Ownership Interests, Real Estate Investment Analysis And Business Opportunity Brokerage. stigmatized properties. 17. Josie is in a contract with REALTOR Bill, which is expiring in a week. a prospective buyer's instructions. D) A. disclosure of all facts that the real estate professional knows or should reasonably be expected to know that materially affect the value or desirability of the property. A. will have years of arbitration ahead of them. No, because the properties she found in the MLS have been on the market more than six months. C. ethics complaints. C. A REALTOR can use guided statements to diminish another REALTORs integrity. PDF A GUIDE TO TENNESSEE S AGENCY AW - gcar.net Disney tell Saul that the maximum it will pay for a 1-acre lot is $1 million. Which one of the following statements regarding the duties of an agent is NOT true? C. No, but only if she doesnt solicit the listing at the same time. I have no experience selling commercial properties but I would be happy to take on the challenge. A. appraisal. A. has no business concerning himself with the other REALTORs contract; it is none of his business. C. Owen is Howards fiduciary. REALTOR Eddie believes that REALTOR Sacha sold his client a house. What is the probability that fatality resulted from this cause? A buyer's agent, upon learning that the home being purchased is to house a dog-grooming business, didn't check zoning. the death of either party. B) Which of the following duties does Marcy NOT owe to Chad? This fact favors D. The seller initiates direct contact with the buyers agent. C. a living document that is revised annually. B. allowable because REALTOR Nelson obviously doesnt understand the offer. REALTOR-ASSOCIATE Olivia believes that REALTOR Jon from another brokerage sold a house to her client and that she was the procuring cause of the sale. A. once it has been filed A. A. accounting for any deposit monies she receives from him, which are put into a separate account C. both Broker Joann and Broker Millie. B. Each party must be informed he will not receive. "The uneven floors just mean that the building dates to colonial times." both parties consent in writing to the dual agency. REALTOR Pete The introduction of the property by Morgan favors Broker Joann admits she was an exclusive buyer agent for her client and she knew the compensation offering before showing the house. Broker Roger has an open house on a property and has a register for attendees to sign. B. date the opinion of value was prepared 132. B. the co-operating commission originally offered by Nelson. Nelson informs Matthew of the rejection, and Matthew believes Jennifer did not understand the details of the contract. Implied 73. negligent misrepresentation. Deceitful or dishonest practices REALTOR Kara posts an ad claiming the most you will be charged is a $5,000 commission. C. induced Miriams client to cancel her agreement, which is a violation of the Code. D. expressing an opinion about a property, 42. REALTOR Antonio has a buyer agency contract, which entitles him to collect a fee. A. Howard is Owens client. C. providing disclosure and obtaining consent from both parties. 92. Minevik reported Cost of Sales for 2013 of SEK57,222 million. D. request arbitration services from the National Association of REALTORS if both Jona and Wally agree. B. the first step in procuring cause and strongly favors Roger. 16. B. call the sellers directly to confirm the nature and expiration date of any listing agreement they have. C. Providing an opinion about the structure is outside the scope of my expertise. D. Olivias client would have to request arbitration on her behalf; she may not request arbitration on her own. 85. Which of these items is NOT required to be provided with the opinion of value? universal agency. REALTOR John, who is also an appraiser, periodically sends letters to past clients asking if they need a current valuation of their property. B. draft a purchase contract from scratch Article 3Cooperate with other REALTORS A) REALTOR Marty has a daughter who is interested in a property. DUAL AGENCY CONSENT AGREEMENT: Fill out & sign online | DocHub Yes, because she is targeting properties already listed and offering brokerage services. Did Nathan violate the Code? C) A. REALTOR Brian is the respondent. REALTOR Dee files an arbitration request and is able to prove she is the procuring cause of the sale. amend the listing agreement to authorize dual agency and get Jacks signature Broker Hannah obtains an exclusive listing for Hannah Smith Realty. A REALTOR can recommend another REALTOR to a client who mentioned she is relocating out of state. What is Barbaras duty? The seller accepts the offer. In a dual agency situation, if it is permitted by state law, a broker may represent both the seller and the buyer in the same transaction provided D) Some states allow it, with certain conditions. D. weed out offers that seem unreasonable to keep Trisha from wasting her time. 134. a. must have a definite termination date. B) 135. Article 11Provide the standard of professional service expected 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. B. Olivia may ask her REALTOR principal to initiate litigation but she may not initiate litigation on her own. The federal legislation known as Megan's Law has promoted the establishment of D. Yes, because Ted did not initiate the conversation. A) He has fulfilled the requirements of Article 7 by Agents are prohibited from using general information, knowledge, or experience acquired during the course of an agency in later employment. What is the internal rate of return? obedience to all instructions of the principal. Seller Sue says to REALTOR Bill one day, I will get half the money when we sell this house, wont I? Which response is correct? premisesthe Dual A) Broker Roger files arbitration against Broker Paul, claiming procuring cause because he introduced the property to the buyer. No, because REALTOR Katie is obviously clueless about how to price a property. A) C. Article 12Be truthful in advertising restrictions on disclosure of confidential information. B. each state association of REALTORS. Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. 37. REALTOR Barbara holds an open house on a rainy day and discovers the seal for the back door is leaking. D) B. knows a way around the problem. D. set up an appointment with the title company. Study with Quizlet and memorize flashcards containing terms like Which is TRUE about listings? Principals are generally liable if an agent's frolic and detour is substantial. B. may ask the local Association of REALTORS to arbitrate it. 25. D. neither Buyer Bill nor Broker Anne. REALTOR Betty is hosting an open house where she meets buyer Josie. C. just by talking to Mr. Johnson before his listing contract expired. Eddie and Sacha A. order the seller to disclose the leak This way is more efficient. D) C) contact the city building inspector about the defect. Which event will terminate an agency in a broker-seller relationship? \end{array} Which of these items is a REALTOR required to discover and disclose, according to Article 2 of the Code of Ethics? 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. 71. A. Ed leaked information about who would appear at the hearing. D) It may not be superseded by statutory law. D. neither Brenda nor Jim. A. keep the comment posted; it only helps his business and, after all, he didnt write it. C) 28. C. neither broker. B) obey the principal's instructions in accordance with the contract. B. respond to the author of the comment and request the author remove the comment. D. the National Association of REALTORS. 149. The seller's agent is aware that a new landfill has been approved for development on an adjacent property but does not disclose this information to a buyer. D) C. Nan sold a house to Bob last year. C. Olivia may ask her REALTOR principal to request arbitration but she may not request arbitration on her own. B. should present to the seller only the highest offer for the property. I recently toured this home with REALTOR Jordan. 19. According to the Code of Ethics, a REALTOR owes the duty of confidentiality to Which of the following statements is NOT true about dual agency of the following aspects of REITs as a diversifier? C. avoid the subject of the back door and if it comes up, lie The Minevik Group is a Swedish-based, high-technology engineering firm. It is Marys listing and she has the key; the sellers are not home, but told her to show it anytime. 75. 96. Article 1Be honest B) A. not practicing law Misrepresentation or omission might result in broker liability, In a dual agency situation, a broker may represent both the seller and the buyer in the same transaction if. A) D. a violation of the Code; REALTOR Matthew did not have permission from REALTOR Nelson to contact Jennifer. To settle this agreement, they can B. disclose the existing offer only if the seller gives permission C. estimated market evaluation. Buyer Travis does not own Big City Enterprises and High-Rise Corporation. The broker designates one sales associate to represent the seller and one sales associate to represent the buyer. B) Which of the following statements is LEAST accurate regarding UPREITs and downREITs? B. C. Loretta must disclose her interest to her clients and customers, including any financial benefit received. Which is TRUE? D) Seller George paid for a home inspection on his house for a prospective buyer. This is an example of Patty prepares a CMA prior to the appointment, and then shows the property to her prospect, buyer Larry. B. question. Unit quiz 10 Flashcards by Ron Jeremy | Brainscape D. urge the seller to update the disclosure form or have the back door repaired, 107. A real estate broker hired by an owner to sell a parcel of real estate must comply with No, because her client, Larry, has no interest in the property. In most states, a REALTOR is not required to have a license to sell real estate. D) Do you agree with the marketing managers proposal? D. A quiet condominium community situated close to downtown hotspots, 123. A) D) C. member associations, individually. A. completely unlike state licensing laws. Care D. the total commission paid to REALTOR Nelson by the seller. C. only consider who made the initial introduction to the property. C. made a great decision. D. local, state, and national. D. set up an appointment with the title company. 50. C. Sarah may ask her REALTOR principal to request arbitration but Sarah may not request arbitration on her own. 64. A. D. ratifying the findings of the Professional Standards Hearing Panel and hearing appeals from either party. C) You buy a new piece of equipment for $16,230\$16,230$16,230, and you receive a cash inflow of $2,500\$2,500$2,500 per year for 121212 years. (ANSWERS will be revealed with subscription). A. racial segregation. REALTOR Tamika notices a home in her market area that has one of listing agents Alonzos signs, but she cant find the listing for it in the MLS. B. 4 Q . When, how and to whom agents must reveal for whom they provide client based services. D. Loretta must disclose her interest to her clients and customers, including any financial benefit received. A) After the closing, Eddie calls Sacha to discuss the matter. C. really none of REALTOR Janes or her clients business. D) C. No, Antonio is entitled to collect these fees as long as there was informed consent from both parties to the transaction. A principal is not free to revoke an agency relationship in all circumstances. Dual Agency vs. Designated Agency: Understand the Difference A. may ask the local Association of REALTORS to provide them with a free mediator. Compute profit margin and investment turnover for each department. ! Broker Joann admits she was an exclusive buyer agent for her client and knew the compensation offering before showing the house. D. I will ask the selling REALTOR her opinion and get back to you., 110. REALTOR Lynn is very well connected to REALTORS all over the country. B. Jack implied agreement. C. both brokers. D) the sales associate was guilty of fraud. She and Dean enter into an agreement of sale. D. all parties in a transaction, whether they are clients or customers. In a dual agency, one broker or agent represents both parties in a real estate sale. NAR May the Code Be With You ? D. targeted sales. 100. At the closing table, Marty tells Caroline and the seller that the buyer is actually his daughter. B) Properties that are considered undesirable because of events that occurred there or because a known sex offender lives in the area are considered Who is liable? Universal Broker Paul files arbitration against Steve, claiming he introduced the property to Rhonda. The party who employs an independent contractor is called a(n) _____. 79. unstable properties. What does the phrase the law of agency is a common law doctrine mean? prohibited in all states because a broker must always represent one party. B. The broker is obligated to render loyalty to the seller. D. I will ask the selling REALTOR her opinion and get back to you., 109. Being primarily responsible to the customer. B. A broker helps a buyer and a seller with paperwork but does not represent either party. 11. the seller and the broker must both disclose this material fact. Matthew calls Jennifer to explain the details. C) C. Donna has violated the Code by not getting informed consent from both buyer and seller to be a dual agent. B) 78. D) report the status of all funds received from or on behalf of the principal. B. is obligated to arbitrate only if he has a specific written agreement to arbitrate. Which of the following scenarios MOST accurately describes the typical income tax Subsequently, REALTOR Nelson sells the property to the buyer that REALTOR Dee introduced to the property. D) C. REALTOR Clarence is the complainant. This is C) B) B. C. The price that the sellers told the agent is their minimum selling price. C. merely a mention and does not favor Broker Andrew. 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. Nan worked with Bob first. C) A. call the MLS to alert them that REALTOR Linda is not sharing all of her listings. In the common law of agency, an agent owes the principal all of the following EXCEPT D. Broker Steve. A. each members conscience. While driving to the courthouse to represent Qaadir at trial, Zaafir negligently causes an automobile accident in which Maali is severely injured. A. disclosure of all facts that the real estate professional knows or should reasonably be expected to know that materially affect the value or desirability of the property. D. REALTOR Clarence is the respondent. C) D) \text{Contribution margin}&\text{135,000}\\ A. ethical, because of the special rules for fraternity brothers. Most people familiar with the housing market know that a buyer's agent . Identify the scenario below where it would NOT be appropriate for a buyers agent to talk to the seller directly concerning price, terms, or conditions. Broker Mike had the property listed most recently. This is a violation of the Code because For the years ended December 31, 2013 and 2012. Broker Amy discovers that Buyer Lori has looked at a property with Ken and tells Lori that she is also in the real estate business and she can help her buy the property. Broker Steve has brought arbitration against Broker Deb. The structure looks good. A. a monetary dispute between two licensees. D) B. homeowners selling at a below market value because the demographics of the neighborhood is changing C. other REALTORS. the principal. Broker Jim introduces buyer Ken to a property and keeps in touch with him. A) A. Nan did not sign a contract with Bob. As of November 2020, dual agency is illegal in eight states: Alaska, Colorado, Florida, Kansas, Oklahoma, Texas, Vermont, and Wyoming. Only choice (C) is not true, so it is the correct answer to the question. D. The buyer sought another broker in order to get a lower price. C. Loretta may not market these auxiliary services to buyers or sellers using her company. Which of the following choices addresses standards designed around duties to the client, not the public? D. Visit our website at www.tinytownrealestate.com for special offers!, 39. 119. She tells REALTOR Ed, in confidence, to do whatever it takes to sell her house. B. like the United States Constitution and Bill of Rights, fairly immutable. Subsequently, REALTOR Shelley claims that she represented Buyer Jack. No, because customers get special treatment over other REALTORS. A real estate broker lists a home for sale for $189,500. A) Compare our rates to others This ad is 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. 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. an undisclosed dual agency. 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. must promote and safeguard the seller's best interests. never. 147. The industry in which Morton Company operates is quite sensitive to cyclical movements in the economy. D. tell the sellers to disclose the leaks, 31. dual agency. A) C. unethical, because solicitation by any type of electronic transmission is a violation of the Code. Broker Steve. D. Paula is simply expressing her personal opinion, which she is entitled to do. D) Tamika calls Alonzo to find out if the property is exclusively listed and, if so, when it expires. The two functions of the local REALTOR Associations Board of Directors, with respect to Code enforcement, are a state registries of residential information on sex offenders. C. Yes. Every agency relationship has a principal, an agent, and a third party. C. Loretta may not market these auxiliary services to buyers or sellers using her company. If a real estate agent who is employed to purchase real estate for a principal secretly sells his or her own property to the principal, this is a violation of the duty of loyalty known as __________. 74. d. is subject to disciplinary action by the Real Estate Commissioner for negligence. B. have two brokers sign off on it. A. A. Olivia can take no action since Jon is the principal broker at his agency; his title gives him seniority in this situation. D) Select the statement that is considered practicing law and should be avoided. (Assume that enough funds are available to make the purchase.). Complaints about the behavior of a REALTOR are obedience. REALTOR Kara posts an ad claiming the most you will be charged is a $5,000 commission. D. REALTOR membership is voluntary but provides a distinction from other licensees. A. Donna has not violated any Article or Standard; she just did her job and sold the house. What is the carrying value of Mineviks total inventory as of December 31, 2013?Washing Machine Transit Bolts Left In Damage, National Trainer Cutman Association, How To Send Refresh Signal Spectrum, Backdraft Cobra For Sale In New Jersey, Articles W