REALTOR Howard has an exclusive representation agreement with a buyer. Common law, statutory law, and administrative law, Real estate agency relationships are governed by which kinds of law? D. comparative financial analysis. Lynns action is B. neither broker. Jane calls Linda to find out if the property is exclusively listed, and, if so, when it terminates. Share your form with others Send it via email, link, or fax. A. by establishing a new contract with Mr. Johnson before the previous one had expired. Which of the following is NOT a critical factor in determining independent contractor status? B. include persons of only one race to show the demographics of that neighborhood. Unit 9 Flashcards | Quizlet When Todd finished his degree in marketing, he started a career as a REALTOR. Jona is requesting arbitration because he feels Wally unfairly went into contract with his client. Which of the following Standards is considered a duty to other REALTORS? While driving to the courthouse to represent Qaadir at trial, Zaafir negligently causes an automobile accident in which Maali is severely injured. Which of these advertisements is an example of inducement? A. proof of clear title on the property Her letter offers both her property management services and her brokerage services. 101. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. A) Betty could be released from the agency agreement and seek representation from another broker. 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 __________. conditions that need not be disclosed. C. unethical behavior between a REALTOR and a consumer. A. Howard is Owens client. B. maintaining several websites aimed towards different sets of clients Dylan is the _______, and Jordan is the ________. B. allowable because REALTOR Nelson obviously doesnt understand the offer. Upon discovering a latent defect in a property, the real estate professional should discuss the problem with the seller and then. d. principal. A) required to disclose the information because it is a material fact important to the seller. D) B. an introduction and favors her side. Property Rights: Estates, Tenancies, And Multiple Ownership Interests, Real Estate Investment Analysis And Business Opportunity Brokerage. Deceitful or dishonest practices 116. A. appeals complaints. B) \text{Electronics}&\text{\$\hspace{1pt}40,000,000}&\text{\$\hspace{1pt}2,880,000}&\text{\$\hspace{1pt}16,000,000}\\ prohibited in all states because a broker must always represent one party. I know Bill, and hes got a reputation for only working hard on his million-dollar listings. D. set up an appointment with the title company. C. panic selling. B) 46. REALTOR Frank holds an open house for a client on a rainy day and discovers a window leak. Broker Anne. Do not show percentages for the fixed expenses. The best solution available to Tim is to She and Dean enter into an agreement of sale. 126. Broker Joann. 37. 119. A. keep the comment posted; it only helps his business and, after all, he didnt write it. C) a designated agency. B) Did Lisa violate the Code? REALTOR Bill is representing sellers Sue and Sam, who are divorcing. General A sellers agent is expected to disclose information about material defects in the property to prospective buyers. B. Nan has an exclusive, current, valid agreement with Bob. A. D) The broker can disclose confidential information about the seller to a buyer if it increases the likelihood of a sale. C. Nan sold a house to Bob last year. 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. C. Yes. (B), and (D) are true statements about dual agency, so they are incorrect answers to the question. Which of the following statements is TRUE? When considering whether or not to reveal information regarding a stigmatized property, a real estate professional should be aware of B. EXPLANTION: At least one party must be a REALTOR in order to go through the arbitration process. D. Joe should not talk to Ralph until after the hearing. D) 34. Keeping both paper and digital copies of important documents is always a safe idea! C) Generally, the relationship between real estate broker and seller is This way is more efficient. C. ethics complaints. 134. The hearing panel will Id love to sign you but I cant say anything else until you are out of your contract. a. must have a definite termination date. B. not accepting a commission or rebate without the clients knowledge and consent. Which of these items is NOT required to be provided with the opinion of value? C. really none of REALTOR Janes or her clients business. A. a buying customer in a transaction. B. date the opinion of value was prepared Later, a sales contract is entered into directly between Seller Keith and High-Rise Corporation. C) B. REALTORS are not permitted to advertise on more than one site. Article 11Provide the standard of professional service expected D. unprofessional behavior. 10/22 newly C) B. yes, because the nature and the terms of the contract were not made clear Eddie suggests taking the matter to arbitration. REALTOR Scott has several websites, each directed at various niches, such as first-time buyers, seniors, etc. B. arbitration complaints. B. not consider how and when Amy entered the transaction. C) What is the internal rate of return? A. once it has been filed Do you agree with the marketing managers proposal? B. extended an offer of cooperation to another broker, which is not a violation of the Code. Dual Agency vs. Designated Agency: Understand the Difference the common law of agency in the state in which the property owner lives. An agent receives an offer. In a fully disclosed agency, the contract is between the agent and the third party. A real estate broker's responsibility to keep the principal informed of all the facts that might affect a transaction is the duty of an undisclosed dual agency. of the following is not true regarding dual agency? C) B. Which of the following is an INCORRECT statement regarding misuse of confidential information and the agent's duty of loyalty? The broker has committed fraud. Click the card to flip Flashcards Created by a nonagency. C. really none of REALTOR Janes or her clients business. B. not a violation of Code, even if some of the recipients have their homes listed for sale. Question: Which of the following statements Is true reqarding the practice of designated agency under North Carolina Real Estate Commission rules?O A Designated agency provides an optional method of practicing dual agency for real estate firms.O B.The designated agency concept may be utilized by a firm that does not practice dual agency. C. Refer to the income statements in (1) above. A broker was hired to represent the seller, to market the seller's property, and to solicit offers to purchase. No, because of the right of free speech, Brad can call Ted any time he wants regarding any offers. It is legal in all states. D. are not allowed to sue each other because they are both REALTORS. No, because her client, Larry, has no interest in the property. 62. C) A. Melanie can only talk to these buyers if they contact her. Statements of opinion are permissible B. disclosure Broker Mike had the property listed most recently. release of information regarding a transaction two years following closing. D) Exclusive neighborhood community with a Tier 1 golf club B) not required to disclose the information because the seller might reject the offer. In MOST situations, the relationship between real estate broker and seller is what type of agency? 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Class Questions with Answers, NAR May the Code Be With You / The Code of Ethics in Action Real-Life Applications Class Questions with Answers, Navigating a Hot Sellers Market Class Questions and Answers, Real Estate Investing Beyond the Basics Class Questions with Answers, Real Property Appraisals Class Questions with Answers, Short Sales and Foreclosures / Advocating for Short Sale Clients Class Questions with Answers, All CE (Continuing Education) Classes Study Guide that we have on 1 page ( included CE classes -Core Law, Ethics and ALL Other CE elective classes Guides that we have)- Questions with Answers. 82. 148. Asset-liability management D. include persons of several races in order to avoid exclusivity in advertising. D. Yes, because she does not have permission from REALTOR Katie. 02. A. have the opinion verified by an appraiser. REALTOR Dee files an arbitration request and is able to prove she is the procuring cause of the sale. Buyer Holly contacts Sam indicating that she has seen the house Linda is selling and would like to make an offer.