Professional Standards A tenant committed suicide in the basement. 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. a. Webthe listing broker is hereby directed not to cooperate with any other broker. 0000023425 00000 n Since inception in 1913, the Code of Ethics has required that members deal with monetary disputes in what manner? '', For each term or name, write a sentence explaining its significance. c. allows the details of the agency arrangement to be delayed until written agency occurs. A REALTOR must disclose that an accepted offer exists on a property that is continuing to be shown ______. is defined as any broker other than the listing broker entitled to a share of any commission arising under this Lease. 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. d. The property was flooded during a hurricane. endstream The Law of Agency 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. Before it can be put in writing, the buyer backs out and revokes the verbal offer. A developer subdivides acreage and offers individual lots for sale. put agreements in writing and keep them updated. a. is now personally obligated as the seller's agent. What type of disputes fall under arbitration? Mediation is a voluntary procedure in which a trained, neutral third party professional assists the parties in arriving at an agreement or resolution. A real estate firm practices all legal forms of agency allowed in North Carolina. "J>8n@Q3%n9?1 The salesperson's entire income is from sales commissions rather than an hourly wage. Why does Santiago talk to himself in '' The Old Man and the Sea? How much money would a sales person receive for her 60 percent share in the 10 percent commission? Because of this statement Which of the following situations could result in arbitration? 0000012652 00000 n Why would privately owned power companies oppose the government's plan to build the TVA's hydroelectric dams? 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 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. endobj Which entity has the responsibility of determining if there has indeed been a violation of the Code of Ethics? a. report the developer to the state real estate commission. How much money would an individual agent receive for a 60 percent share of the 10 percent commission earned? a. c. listing where a past owner died in the house. What is the responsibility of a REALTOR before entering into a representation agreement? Law of Agency Real Estate Ch 12 Upon discovering a latent defect in the property, the listing agent should discuss the problem with the seller and then A broker may cooperate with other brokers in a transaction. The primary purpose of the ______ is to protect the public. If Broker A offers to cooperate with Broker B, ______. 2 at 27 Y Street. Chapter 7 Quiz East Asia: Physical-Political Geography Match the letters on the map with the places and physical features of East Asia. \end{array} \text{Amenities}& 3\\ a. only his sponsoring broker To be entitled to receive compensation from a real estate sales transaction, an individual must be all of the following EXCEPT \text { Tomato Plant Height } \\ What should As salesperson say to the owner to get the listing? What can REALTORS advertise their services or properties? 0000011541 00000 n The broker neglected to revisit the agency issue before showing the buyer a suitable property. A) in all cases. Antitrust laws do NOT prohibit real estate c. the U.S. Department of Housing and Urban Development Which REALTORS are allowed to lay a claim to a "sold" property? endobj 0000011655 00000 n (5) A transaction-broker has no duty to conduct an independent investigation of the buyer's or tenant's financial condition or to verify the accuracy or completeness of any statement made by the buyer or tenant. The person who performs licensed activities under the authority of a broker is frequently called a A) junior licensee B) managing broker C) junior broker D) sales associate, A real estate sales associate h as a license personal assistant who usually must be A) paid by the sales associate's employing brokerd B) paid by the sales associate, who is then reimbursed by the employing broker C) hired by the sales associate independently and not under the employ of the brokerage D) subject to all federal requirements applicable to an employee, A recent important change to real estate brokerage practices is A) digital communication in all its forms B) fax transmissions C) use of personal assistants D) the use of electronic signatures, To be entitled to receive compens ation from a real estate sales transaction, an individual must be all of the following except A) the procuring cause of the sale B) a licensed real estate broker C) employed by the buyer or the seller under a valid contract D) unrelated to either the buyer or the seller. Sales associate A and sales associate B work for the same firm. D) use of personal assistants. \hline 46.4 & 3.1 \\ lump sum can be placed in an account that pays Whenever real estate agents sell a home they are required to. A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. disciplines such as probation suspension and license revocation. 0000005507 00000 n c. is representing the condominium association. D) employed by the buyer or the seller under a valid contract. 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. d. review the Working with Real Estate Agents brochure with the seller. Disclosing the information could create a fiduciary relationship with the buyer and, thereby, create an unauthorized dual agency situation. 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. Based on these facts, the licensee will be treated by the IRS as Brokerage Never. \hline \vdots & \vdots \\ Just before delivery, the stone is discovered to be a diamond worth $1,000\$ 1,000$1,000. required? A) the procuring cause of the sale. A North Carolina broker verbally agrees to represent a prospective buyer even though the buyer declined to sign a buyer agency agreement. 0000027493 00000 n 825ActivityPurchaseinventorySalePurchaseinventorySaleSalePurchaseinventorySaleNumberofUnits240180300150135190110CostperUnit$8.258.759.25. Yes, and it can be best described as puffing the right to appeal to the state licensing authority. b. disclose her agency status to the seller at initial contact. In North Carolina, oral buyer agency 0000003164 00000 n d. State license law and rules. %PDF-1.4 WebCOOPERATION WITH OTHER BROKERS. A) hired by the sales associate independently and not under the employ of the brokerage. What is the contribution margin for a room night under the normal pricing if only the hotel depreciation and hotel staff (excluding housekeeping) are assumed fixed for all occupancy levels? Which of the following statements is TRUE about types of agency? 0000007854 00000 n proletariat Bolsheviks Lenin Rasputin provisional government soviet Communist Party Joseph Stalin. Articles of the Code of Ethics do not address _______. A horticulturist is studying the relationship between tomato plant height and fertilizer amount. disclose pertinent facts relevant to the transaction. 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. c. personally pays for the advertisement. C) based on sales production or other output. a. CHAPTER 4 0000003847 00000 n \text{e.}& 4 & \text{Boxes of cold tablets} & 4.29\\ 0000020872 00000 n c. a fiduciary. d. self-employed. Qty.ItemTotalPricePriceofOneUnita.2Batterycharger$79.99b.4Rechargeablebatteries24.98c.3Bottlesofpainreliever2.99d.8Papergiftbags3.89e.4Boxesofcoldtablets4.29f.8Videotapes19.99g.3Printercartridges76.99\begin{array}{llll} Which of the following BEST describes a designated agency transaction? The salesperson's entire income is from sales commissions rather than an hourly wage. d. belong to a real estate board, A licensee may receive compensation or commission from used the purchase agreement to attempt to change the cooperative compensation. 0000018812 00000 n Broker Relationship Law - Oklahoma D) split the commission with any other broker that listed the property. Buyerunderstands that Brokermay work with other prospective buyers who want to acquire the same property as Buyer. After Broker E sells some of the lots, the landowner refuses to pay her a commission. How much does the selling salesperson earn from the sale after deducting expenses of $35, {"cdnAssetsUrl":"","site_dot_caption":"Cram.com","premium_user":false,"premium_set":false,"payreferer":"clone_set","payreferer_set_title":"Chapter 15","payreferer_url":"\/flashcards\/copy\/chapter-15-308298","isGuest":true,"ga_id":"UA-272909-1","facebook":{"clientId":"363499237066029","version":"v12.0","language":"en_US"}}.
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