if broker a offers to cooperate with broker b
Which of the following BEST defines the common law of agency? 0000283431 00000 n The developer refuses to pay the promised commission. b. withhold appropriate local, state, and federal employment taxes. A) have the same force and effect as statutory law. For this transaction, W is entitle to receive CHAPTER 4 Whenever real estate agents sell a home they are required to. a. Do actions such as a general telephone canvass or general mailing violate this Article? Which of the following would be dual agency? 0000008652 00000 n The hotel is able to attract business customers during the weekdays and leisure customers during the weekend. Which of the following statements is TRUE about the North Carolina Working with Real Estate Agents brochure? C) be the procuring cause of the sale. Complaints enforced by the local association/board of REALTORS are _______. 309 0 obj<> endobj monetary disputes Among broker members of the association. a. a real estate assistant. b. a licensed broker or managing broker d. $5,850.00, A sponsored licensee may advertise a property for sale only if the licensee WebReal estate brokerage partnership Explanation: Under the RESA Law and its IRR Section 3 (g) 1-5, a real estate service practitioner should be a natural person, meaning the person must be an individual. disclose pertinent facts relevant to the transaction. For this transaction, she is entitled to receive The Code of Ethics requires listing agents to ______. 0000009300 00000 n Ethics complaints are processed by the _______. b. d. The real estate agent must review the agency options in the brochure with the consumer. What information must be disclosed in all forms of advertisement? b. procuring cause. Example 1. Just before delivery, the stone is discovered to be a diamond worth $1,000\$ 1,000$1,000. Albans, NY Closing in 4 weeks. b. disclose her agency status to the seller at initial contact. d. The broker-in-charge cannot be designated as one of the agents. The seller told the listing agent that during the past 10 winters, the sellers have been unable to rid the house of rodents. Add to folder Understanding Cooperative Compensation - Realtor Magazine 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 A listing agent is showing a house to a prospective buyer customer. A REALTOR acting as a buyer's agent would be in violation of the Code of Ethics if she ______. If a North Carolina firm is to practice designated agency, which of the following is TRUE? The listing firm appointing an agent to represent the seller Because of this statement a. the licensee was guilty of fraud What can REALTORS advertise their services or properties? \text{June 5}&\text{Purchase inventory}&300&~~8.75\\ c. $4,387.50. disciplines such as probation suspension and license revocation. 12-61-807. Transaction-broker :: 2016 Colorado Revised 0000007854 00000 n The disclosure requirement by the agent to third parties no later than first substantial contact c. The imminent widening of the road in front of the property to four lanes 0000008320 00000 n b. https://quizlet.com/380378818/ethics-and-brokerage-flash-cards A cracked heat exchange in the heating system Exclusive Buyer Brokerage Agreement - Keller Williams Realty The real estate industry, including all licensed real estate brokers and sales associates, is subject to c. Designated agents must be members of the local real estate trade association. endstream You already receive all suggested Justia Opinion Summary Newsletters. methods. 0000031709 00000 n used the purchase agreement to attempt to change the cooperative compensation. The owners have been interviewing sales people from different firms. a.b.c.d.e.f.g.Qty.2438483ItemBatterychargerRechargeablebatteriesBottlesofpainrelieverPapergiftbagsBoxesofcoldtabletsVideotapesPrintercartridgesTotalPrice$79.9924.982.993.894.2919.9976.99PriceofOneUnit. (f) Any material information about the other party unless disclosure is required by law or failure to disclose such information would constitute fraud or dishonest dealing. 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. A REALTOR must disclose that an accepted offer exists on a property that is continuing to be shown ______. \end{array} For each of the following events, draw the new outcome. (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. WebOf 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. 0000031471 00000 n \hline 46.4 & 3.1 \\ 0000005052 00000 n C) based on sales production or other output. d. A broker-in-charge appointing one agent to exclusively represent the seller as the client and appointing a different agent to exclusively represent the buyer as a client while the firm remains in dual agency. a. pro forma. a. provide a W-2 that reflects all monies paid to the employee. 6 0 obj <>/Subtype/Form/Length 46/Type/XObject>>stream A buyer-client has instructed the agent to show only properties where the seller is willing to pay the buyer agent's commission. 0000024574 00000 n c. Use the estimated model to predict, after four months, the height of a tomato plant which received 3.0 ounces of fertilizer. d. act as a facilitator rather than a fiduciary. A REALTOR has the obligation to make reasonable efforts to determine whether a prospect is subject to a current, valid exclusive agreement to provide the same type of real estate service. 0000013618 00000 n \text{e.}& 4 & \text{Boxes of cold tablets} & 4.29\\ What are the two area of responsibility assigned to the Grievance Committee? 0000280555 00000 n 0000013533 00000 n 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. The Standards of Practice may not _______. Cram has partnered with the National Tutoring Association. B. is allowed, but not required, to disclose the seller's minimum price. %%EOF Which of the following statements is false regarding the Code of Ethics? d. file a civil suit against the developer for breach of contract. An independent contractor and a broker can agree upon which of the following? (b) Other Buyers. Find out how you can intelligently organize your Flashcards. a. inform the seller that the defect must be repaired. A) exclusive agent. For this transaction, W is entitled to receive, To be entitled to collect a real estate commission, a broker must be able to prove all of the following EXCEPT that he or she, 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. WebIn order for a broker to be paid on an open listing, the broker must A) be the procuring cause of the sale B) split the commission with any other broker that listed the The Articles of the Code of Ethics stress the REALTOR's obligation to _______. c. any broker c. multiple-listing services may not establish commission rates it is routinely being reviewed and revised based on changes in the industry. Unit 9: Real Estate Brokerage Flashcards | Quizlet Managing Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. Please upgrade to Cram Premium to create hundreds of folders! B) how often a business person can contact a customer. c. Designated agents cannot have prior confidential knowledge of the other party to the transaction. Brokerage A sales person may buy property listed with his/her firm if he/she: Discloses to owner in writing that he/she is licensed with the listing firm. \hline \vdots & \vdots \\ The three categories of the Articles include _______. c. in violation of license law and Commission Rules unless they have a comprehensive written agency policy. $1,678.25 Commissions are negotiable endstream The listing broker tells a prospective buyer that the seller is on the verge of bankruptcy. (b) Jacoby's barn is burned to the ground. Compute cost of goods available for sale and the number of units available for sale. REALTORS may display only professional designations that they are legitimately entitled to use and for which dues are paid current. Which of the following is false regarding metatags? 0000009112 00000 n WebA broker wishing to act as an intermediary in a transaction would NOT be required to File notice of intermediary status with the local association of REALTORS. '', For each term or name, write a sentence explaining its significance. 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. Cityscape Hotels has 200 rooms available in a major metropolitan city. B) notify all other listing brokers if they Which of the following may be cited in an ethics violation complaint? The Code of Ethics is referred to as a living document because _______. REALTORS may act as a dual agent only when ______. d. A broker deciding whether to join a MLS. 3`#)Rqd*X*}. \hline In North Carolina, oral buyer agency {u-07/89x{+a_-"ME\058|?L}m,1{4?jmUb08epE* a. a commission of $5,000. D) communications that are permitted. \text { (ounces) } a. She was probably accused of: 0000010578 00000 n \text{g.}& 3 & \text{Printer cartridges} & 76.99\\ Reread "Another Perspective" on railroads. \end{array} & \begin{array}{c} 0000004454 00000 n a. Which statement is TRUE? trailer c. unacceptable unless there are multiple offers on the property. In this situation, the broker would be entitled to, The Illinois Real Estate License Act is administered by the, b. c. in-house employment contract. a. the broker had an active North Carolina real estate broker's license. What must REALTORS do in response to inquiries from buyers or cooperating brokers? 0000008836 00000 n c. the local Realtor board strongly endorses full disclosure. required? 0000280302 00000 n Which of the following statements is TRUE about types of agency? 0000005920 00000 n A) hired by the sales associate independently and not under the employ of the brokerage. The real estate broker's fiduciary responsibility to keep the principal informed of all facts that could affect a transaction is the duty of, Opinion statements by an agent exaggerating the benefits of a property are called, A broker is permitted to represent both the seller and the buyer in the same transaction when, Unless some other written agreement has been made, the broker will usually receive the sales commission from the seller when, All of the following could legally be considered fraudulent EXCEPT, A real estate licensee who is an independent contractor with a real estate brokerage firm usually receives, As an agent for the seller, a real estate broker can. B) digital communication in all its forms. @z@+vEb+@Sw9-ke)L\1QZ Z{E}/?D! A) $193,746 B) $256,200 C) $387,492 D) $139,900, All of the following are pro hibited under the antitrust laws except A) real estate companies agreeing not to cooperate with a broker because of the fees that the broker charges B) competing brokers allocating markets based on the value of homes C) competing property management companies agreeing to standardized management fees D) a broker setting a company commission schedule, In order for a broker to be paid on an open listing, the broker must A) be the procuring cause of the sale B) split the commission with any other broker that listed the property C) put the property in MLS and offer other brokers a co-op D) notify all other listing brokers if they have an offer, Commissions are negotiable A) unless representing a buyer, when the listing broker offers co-op B) when using an exclusive listing agreement, but not an open listing C) in all causes D) unless the exclusive agency listing is used, because the seller can compete with the broker, Do-not-call registries and law s such as the Telephone Consumer Protection Act, Junk Fax Prevention Act, and rules of the Federal Communications Commission dictate A) how often a business person can contract a customer B) prohibited communications C) how many direct mail solicitations can e sent to a single address D) communications that are permitted, A licensed real estate salesperson has a written contract with his broker specifying that he will not be treated as an employee. Before it can be put into writing, the buyer withdraws the verbal offer. D) unless the exclusive agency listing is used, because the seller can compete with the broker. 0000006778 00000 n \text{July 5}&\text{Sale}&135\\ Web* cooperate with real estate licensees working with the seller, if any, to effect a transaction. c. is representing the condominium association. 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? It sends a request to the Chairperson of the Professional Standards Committee. The amount of compensation due to a salesperson licensee from the brokerage firm is determined by the Such an expert should have special knowledge and have a higher Use LEFT and RIGHT arrow keys to navigate between flashcards; Use UP and DOWN arrow keys to flip the card; audio not yet available for this language, The real estate brokers responsibility to keep the principal[al of all the facts that could affect a transaction is the duty of, The amount of commission due to a salesperson is determined by, A real estate broker was responsible for a chain of events that resulted in the sale of one of his clients properties. A) Compensation the contractor would receive B) Sales meetings the contractor would need to attend C) Work schedule the contractor would have to follow D) Number of hours the contractor would have to work, Sales associate A and sales associate B work for the same firm. South Korea. This would be considered as "general" marketing. \end{array} a. How much does the selling licensee earn from the sale? 0000024403 00000 n The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. The person who performs licensed activities under the authority of a broker is frequently called a a. the Federal Trade Commission endobj \text{Total}& \$130\\ 0000282931 00000 n For all of her extra efforts, she can legally demand a performance bonus from, Antitrust laws prohibit all of the following EXCEPT, d. a broker deciding whether to join a MLS. b. the buyer. Department of Financial and Professional Regulation, Licensee N finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of property. D) salespersons within the same office agreeing on a standard commission rate. B) digital communication in all its forms. b. Interpret the coefficient of Fertilizer. D) salespersons within the same office agreeing on a standard commission rate. 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 $12,593.50? zQTt!8,-D*ejuz) ;@SA5Y&OSy|je|{~lx^9\YAKOYlwFNrV|t.nxaGB%6Qd$u0g-EfojOytx)u LM5.NP?w8 K?H>G#UJc1]:V,_N57|$t[({-jTw. This may be up to half of the total fee but in all likelihood, the fee will range from 30% to 50% of the total. The listed commission is 6.5 percent of the selling price. "Due process" includes all the following except _______. 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? Colorado may have more current or accurate information. 0000008042 00000 n C) be the procuring cause of the sale. The seller has hidden rodent damage by the strategic placement of a large sofa. 0000278100 00000 n An example of a stigmatized property is a Real Estate 101 Unit 9 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? a.An actively licensed provisional broker within the firm, as long as disclosure is made to both clients. Which of the following is a permitted discipline resulting from a violation of the Code of Ethics? To be entitled to receive compensation from a real estate sales transaction, an individual must be all of the following EXCEPT % A real estate broker acting as the agent of the seller 0000002264 00000 n HousekeepingserviceUtilitiesAmenitiesHoteldepreciationHotelstaff(excludinghousekeeping)TotalCostperRoomNight$23735542$130. A listing agent usually acts as a general agent of the seller. Webif Broker is compensated by a seller or a real estate licensee who is working with a seller, such compensation does not compromise Brokers duties to Buyer. }& 2 & \text{Battery charger} & \$ 79.99\\ Based on these facts, the salesperson is considered a(n) What type of disputes fall under arbitration? Quoting a price other than list price without the seller's permission. c. no commission. b. Promulgated to make public Designated agent a. acceptable since they may promote an offer from the buyer. 0000003847 00000 n c. specify work hours and task requirements. a. In order to comply with North Carolina Real Estate Commission Rules, the agent must do all of the following EXCEPT B) paid by the sales associate, who is then reimbursed by the employing broker. \text {d.}& 8 & \text { Paper gift bags } & 3.89\\ b. require both clients to sign agency agreements prior to the close of the transaction. Pursuant to Sections 858-351 through 858-363 of The Oklahoma Real Estate License Code, a broker shall not be (6) A transaction-broker may do the following without breaching any obligation or responsibility: (a) Show alternative properties not owned by the seller or landlord to a prospective buyer or tenant; (b) List competing properties for sale or lease; (c) Show properties in which the buyer or tenant is interested to other prospective buyers or tenants; and. Many states have modified the traditional terms broker and salesperson to stress that all licensees must be knowledgeable of and comply with the law. They agree to divide their region into an eastern half and a western half; sales associate A will handle listings in the east, and sales associate B will handle listings in the west. A licensee shall be investigated by the Commission: Upon a written and signed complaint sent to the Commission. D COOPERATION WITH OTHER BROKERS. The broker must comply with the seller's wishes because he, In a typical agency relationship between a broker and client, the broker's commission is determined by. a. is obligated to render faithful service to the principal. c. violations of state licensing law. c. death of the individual listing licensee. C) prohibited communications. C) paid by the sales associate's employing broker. A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. c. The Code of Ethics prescribed by the local trade association Which of the following is a Code of Ethics violation? And if your owner had two properties and you only managed one, another broker could provide property-management services for the home you dont have an exclusive agreement for. a. only offers that meet the seller's specifications. b. the broker was a procuring cause for the transaction. The listing broker gives the listing licensee 50 percent of the firm's commission and the selling broker gives the selling licensee 65 percent of that firm's commission. 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. c. convince the seller to list with her and authorize dual agency. Chapter 15 Flashcards - Cram.com Use of metatags that include the names of other brokerage companies is a reasonable way to divert traffic to a REALTOR's site. d. Polybutylene pipes that have never leaked. c. a company-provided automobile d. The property was flooded during a hurricane. Because of this statement }& 4 & \text{Rechargeable batteries} & 24.98\\ b. 0000011505 00000 n A real estate agent working for a brokerage firm lists a unit for sale in a condominium building. 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. Concepts in the Preamble include all the following EXCEPT _______.Fayette County, Wv Sheriff Warrants, Articles I