if broker a offers to cooperate with broker b
COOPERATION WITH OTHER BROKERS. A) the use of electronic signatures. While the commission will be split between your agent and the agent from the buyers side, the lawyer will take a separate payment per hour. x+T0t 40T043 0000005052 00000 n The salesperson's entire income is from sales commissions rather than an hourly wage. This would be considered as "general" marketing. B) companies agreeing on fees charged to sellers. %PDF-1.5 % a. a commission of $5,000. x1@@%p #SI r|yf:n/ 43CLA]zQcFSmidHj A real estate agent working for a brokerage firm lists a unit for sale in a condominium building. $3,217.50 c. the name and nationality of the purchaser. Estoppel 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. Which statement is TRUE? c. Some agents in the same firm representing buyers exclusively and other agents in the same firm representing sellers exclusively C) prohibited communications. 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. Mosley Proctored National Test (Practice), Alexander Holmes, Barbara Illowsky, Susan Dean, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Unit 11: Client Representation Agreements. a. only his sponsoring broker D) salespersons within the same office agreeing on a standard commission rate. Which of the following situations is considered to be a material fact in North Carolina? endstream commission splits for cooperating brokers. a. the licensee was guilty of fraud As such, it requires brokers to cooperate, but not necessarily compensate other brokers, unless the seller approves. 0000011057 00000 n A North Carolina provisional broker may advertise a property only if the broker 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. c. the local Realtor board strongly endorses full disclosure. 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 to defend a REALTOR against an accusation of wrongful conduct. 0000018812 00000 n b. Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. a. fraud on the part of the individual agent. by [email protected], The listing broker tells a prospective buyer that the seller is on the verge of bankruptcy. Interpret the coefficient of Fertilizer. WebA 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. The listing firm appointing an agent to represent the seller \text { Tomato Plant Height } \\ b. a subagent. c. No, because state law does not allow an agent to give opinions 0000008042 00000 n 0000024213 00000 n b. file a lien against the landowner's remaining lots d. building with synthetic stucco siding. 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. An agent employed by a listing broker told a prospective buyer customer that the listed house was "the best house in the area." the right to appeal to the state licensing authority. 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. 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. Which of the following statements regarding the structure of the Code of Ethics is correct? The agent contacts an owner selling property without the assistance of a real estate agent with the hope that the seller would be willing to pay her commission if the buyer decided to purchase the seller's property. What should As salesperson say to the owner to get the listing? Cityscape Hotels has 200 rooms available in a major metropolitan city. Designated agents must be licensed as nonprovisional brokers. B) procuring cause. A listing agent usually acts as a general agent of the seller. (2) A transaction-broker shall have the following obligations and responsibilities: (a) To perform the terms of any written or oral agreement made with any party to the transaction; (b) To exercise reasonable skill and care as a transaction-broker, including, but not limited to: (I) Presenting all offers and counteroffers in a timely manner regardless of whether the property is subject to a contract for sale or lease or letter of intent; (II) Advising the parties regarding the transaction and suggesting that such parties obtain expert advice as to material matters about which the transaction-broker knows but the specifics of which are beyond the expertise of such broker; (III) Accounting in a timely manner for all money and property received; (IV) Keeping the parties fully informed regarding the transaction; (V) Assisting the parties in complying with the terms and conditions of any contract including closing the transaction; (VI) Disclosing to all prospective buyers or tenants any adverse material facts actually known by the broker including but not limited to adverse material facts pertaining to the title, the physical condition of the property, any defects in the property, and any environmental hazards affecting the property required by law to be disclosed; (VII) Disclosing to any prospective seller or landlord all adverse material facts actually known by the broker including but not limited to adverse material facts pertaining to the buyer's or tenant's financial ability to perform the terms of the transaction and the buyer's intent to occupy the property as a principal residence; and. C) be the procuring cause of the sale. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest penny.). 0000010578 00000 n REALTORS should limit their business in all the following areas except _______. 0000276505 00000 n *)*T(8:+1 Which of the following statements is TRUE? A listing agent has an obligation to disclose to the seller d. do nothing, A real estate licensee who is an independent contractor receives d. the public. 0000024574 00000 n d. an attorney or lending officer, While an agent was showing a house to a potential buyer, the agent said, "I don't think there's a better view in the city!" d. dealing in unlicensed exchange services, c. allocation of customers or price fixing, Which of the following is NOT required of a broker in order for that broker to collect a commission on the sale of a property? Out of 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. a. pro forma Worth noting is that for HGMLS purposes, the duty of Participant Brokers is to cooperate and compensate as well. In this situation, A broker was told by his seller-principal not to advertise her property in the newspaper, which was just across the state line. Administrative regulations that administer real estate license laws 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. Many states have modified the traditional terms broker and salesperson to stress that all licensees must be knowledgeable of and comply with the law. WebArticle 3s duty requires that REALTORS shall cooperate with other brokers except when cooperation is not in the clients best interest. b. breach by either party. b. agent has fiduciary obligations to the principal. 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? 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. & \textbf{Item} & \textbf{Total Price} & \textbf{Price of One Unit}\\ In addition to developing online fan communities, Cam and Anna believe that they could 0000006552 00000 n \end{array} \text{f.}& 8 &\text{Videotapes} & 19.99\\ b. A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. C) paid by the sales associate's employing broker. c. Designated agents cannot have prior confidential knowledge of the other party to the transaction. When leaving a firm, under what conditions can a REALTOR induce a client to cancel an exclusive agreement? b. require both clients to sign agency agreements prior to the close of the transaction. Nearby land is being considered for a landfill This is referred to as a Which of the following statements is TRUE about types of agency? In most monetary disputes, the main focus of the Hearing Panels is to identify what action? \text {c.}& 3 & \text { Bottles of pain reliever } & 2.99\\ \textbf{Date}&\textbf{Activity}&\textbf{Number of Units}&\textbf{Cost per Unit}\\\hline 0000013618 00000 n a. 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 \\ Broker: A broker is an individual or firm that charges a fee or commission for executing buy and sell orders submitted by an investor. 0000031948 00000 n Front Row sells all of its DVDs for $15 each and uses a perpetual inventory system. 0000023782 00000 n Broker John agrees to cooperate with other brokers on his new listing. 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 broker member of the local trade association lists and sells several of the lots. In this case, the broker who is going to get paid must be the c. A firm that represents buyers and sellers (b) Jacoby's barn is burned to the ground. Front Row records the following activity between May and August 2019 for one of its artists: DateActivityNumberofUnitsCostperUnitMay10Purchaseinventory240$8.2525Sale180June5Purchaseinventory3008.7525Sale150July5Sale135Aug. c. in violation of license law and Commission Rules unless they have a comprehensive written agency policy. 0000021825 00000 n In this transaction, the agent A) in all cases. Albans, NY Closing in 4 weeks. endobj b. They tell A's salesperson that Firm B will charge 2% less commission for selling the house. A) The agreement does not violate antitrust laws. WebB A broker is permitted to represent both the seller and the buyer in the same transaction when a. the broker decides principals will benefit from the dual representation. Discuss the advantages and disadvantages of each method. Under what circumstances are REALTORS not obligated to cooperate with other brokers? A sellers demand not to cooperate with a firm or agent is a legitimate instruction regarding the sale of her property, and could be viewed as meeting this d. setting individual business goals. a. a real estate assistant. required by court order, or d. any client, A landowner subdivides his acreage and offers the lots for sale. c. the U.S. Department of Housing and Urban Development d. Convicted sexual offender lives in the neighborhood. Assume all purchases and sales were for cash. 0000003164 00000 n \text{e.}& 4 & \text{Boxes of cold tablets} & 4.29\\ d. State license law and rules. d. Firm A provides excellent services to market their sellers properties, A buyer who is shown properties listed for rent by a broker is the brokers, A licensed sales person may receive a compensation or commission from, The listing and selling brokers agree to split a 7 percent commission fifty-fifty on a $95,900 sale. 0000028320 00000 n 309 96 B. is allowed, but not required, to disclose the seller's minimum price. 0000031789 00000 n C) based on sales production or other output. d. self-employed. Broker E can, Salesperson N finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of property. How much money would an individual agent receive for a 60 percent share of the 10 percent commission earned? This statement would be considered d. $2,400. Therefore, while showing property, the agent has a fiduciary duty to Case law establishing the responsibilities of a person who acts for another For this transaction, W is entitle to receive d. A broker deciding whether to join a MLS. x+T0t 40T0430Q(JUHSTPpuVpb 0000031549 00000 n Which of the following would NOT be considered a stigmatized property in North Carolina? Chapter 23 - back of the Book Risk Management, Byron Almen, Dorothy Payne, Stefan Kostka, The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Eric Hinderaker, James A. Henretta, Rebecca Edwards, Robert O. Self. b. The selling firm appointing an agent to represent the buyer 0000010860 00000 n Broker will Under what conditions can a REALTOR advertise that a service or item is free? 0000273961 00000 n Didnt she accompany them on their expedition as an interpreter and guide? Which of the following is NOT a material fact in North Carolina? Why would privately owned power companies oppose the government's plan to build the TVA's hydroelectric dams? \hline 46.4 & 3.1 \\ The North Carolina Working with Real Estate Agents brochure must be given b. WebB. "J>8n@Q3%n9?1 This information may be withheld since the agent never saw any evidence of infestation or damage. a. the seller. a. a trustee. The listing commission is 6.5% of the selling price. Get free summaries of new opinions delivered to your inbox! \text{Amenities}& 3\\ C) companies allocating markets based on the location of commercial buildings. Concepts in the Preamble include all the following EXCEPT _______. 0000026716 00000 n & \textbf{Qty.} Assume that Front Row decides to use FIFO. The licensee in this transaction, b. acts on behalf of the sponsoring broker, Unless some other written agreement has been made, the broker will usually receive the sales commission when. b. only the employing client B) notify all other listing brokers if they If all terms regarding availability of the offered product or service are clearly disclosed at the same time. a. must be non-exclusive and have no expiration date. In what sequence would the jobs be ranked according to the following decision rule - FCFS? An Alabama lumberyard has four jobs on order, as shown in the following table. This is referred to as a, A sales person may advertise a property for sale only if he or she, b. uses the employing brokers name in the advertisement. d. The property was flooded during a hurricane. A) Compensation the contractor would receive. a. The primary purpose of the ______ is to protect the public. Which of the following statements is TRUE about the North Carolina Working with Real Estate Agents brochure? (d) Serve as a single agent or transaction-broker for the same or for different parties in other real estate transactions. D) use of personal assistants. <<94fb29068c007945a27558184a912f5d>]>> a. not having an equal housing opportunity sign in her office window 0000282931 00000 n Using his best efforts to obtain the earned commission, the broker should What is the judicial recourse, if the parties reach a written agreement in mediation? (b) Other Buyers. REALTORS may act as a dual agent only when ______. a. decline to act as dual agent and refer the buyer to another firm. Please check official sources. To be entitled to collect a real estate commission, a North Carolina broker must meet all of the following criteria EXCEPT d. act as a facilitator rather than a fiduciary. c. the licensee was guilty of puffing Managing Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. c. Designated agents must be members of the local real estate trade association. b. was a procuring cause c. convince the seller to list with her and authorize dual agency. Yes, and it can be best described as puffing, A licensee who is employed by a sponsoring broker told a prospective buyer that the house she was looking at is "the best house in the area." Compute ending inventory and cost of goods sold using the FIFO, LIFO, and average cost c. allows the details of the agency arrangement to be delayed until written agency occurs. A buyer-client has instructed the agent to show only properties where the seller is willing to pay the buyer agent's commission. c. A particularly cold winter is expected to begin next month. 2 at 27 Y Street. Using the data from Lap 1 only, conduct a hypothesis test to determine if the mean time for completing a lap in races is the same as it is in practices. The supply curve in Figure 3P-2 shows the monthly market for sweaters at a local craft market. Ethics complaints and arbitration requests. After broker E sells some of the lots, the landowner refuses to pay her a commission. TomatoPlantHeight(inches)20.449.246.4FertilizerAmount(ounces)1.95.03.1, a. d. listing agreement. c. violations of state licensing law. The Articles of the Code of Ethics stress the REALTOR's obligation to _______. According to Article 3, REALTORS must disclose the existence of ________ to brokers seeking cooperation. Sign up for our free summaries and get the latest delivered directly to you. A licensee shall be investigated by the Commission: Upon a written and signed complaint sent to the Commission. A broker may cooperate with other brokers in a transaction. Pursuant toSections 858-351 through 858-363 of The Oklahoma Real Estate License Code, abroker shall not be an agent, subagent, or dual agent and an offer of subagency shallnot be made to other brokers. It is determined by a specific set of rules. endstream Articles of the Code of Ethics do not address _______. What can REALTORS advertise their services or properties? WebWella sells a $150,000 home listed with another brokerage. Designated agency is optional, not mandatory. it is routinely being reviewed and revised based on changes in the industry. 0000003468 00000 n If a REALTOR is contacted by the client of another REALTOR regarding the creation of an exclusive relationship to provide the same type of service, under what conditions can that REALTOR discuss the terms of a future agreement? b. house plumbed with polybutylene pipes. Mediation is a voluntary procedure in which a trained, neutral third party professional assists the parties in arriving at an agreement or resolution. There is a spectacular house that a salesperson from Firm A has been trying for several weeks to list for sale. Since the inception of the Code of Ethics, REALTORS have been required to _______. 0000010382 00000 n The Code of Ethics obligates REALTORS to ______. A) antitrust laws. $2,632.50 c. private offering Yes. You have created 2 folders. C) fair competition laws. To buy, sell or lease Washington real estate, a California broker may either: cooperate with a Washington broker; or; obtain a Washington broker license. D) salespersons within the same office agreeing on a standard commission rate. \end{array} Ocean therapy involves group discussion and ________. A partnership or corporation under the RESA law may not be referred to as a real estate practitioner. In the MLS, John indicates that he will pay compensation to a buyer's agent, but not to a subagent. A real estate broker acting as the agent of the seller d. The real estate agent must review the agency options in the brochure with the consumer. Refer to the information in the former exercise and assume the periodic inventory system is used. (1) A broker engaged as a transaction-broker is not an agent for either party. Introducing Cram Folders! 0000009910 00000 n The relationship of a broker to a client is that of In this situation, the broker would be entitled to c. specify work hours and task requirements. Webcompromise Brokersduties to Buyer. 0000278870 00000 n 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 D) managing broker. An independent contractor and a broker can agree upon which of the following? 0000004644 00000 n Which law has a feature that commercial email messages must include a means by which the recipient can unsubscribe? Upon execution of this Lease by 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? b. uses the employing broker's name in the advertisement To be entitled to receive compensation from a real estate sales transaction, an individual must be all of the following EXCEPT b. fraud on the part of the broker-in-charge because the employing broker is responsible for the actions of any agent representing the firm. d. negotiated commissions on transactions, d. negotiated commissions on transactions, Mosley Proctored National Test (Practice), Unit 10: North Carolina Settlement Procedures, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Multiple Choice Study Guide for Chapter 16 Te. A salesperson could lose their license for: Paying a "finder's fee" to a friend for referring information about a possible listing. We'll bring you back here when you are done. d. is an active member of the local real estate board. c. a licensed broker or an unlicensed assistant B) unrelated to either the buyer or the seller. What is the responsibility of a REALTOR before entering into a representation agreement? If you are offering property-management services, another broker can provide brokerage services to sell the same property without risking violating Article 16. How much does the selling licensee earn from the sale? both parties receive full disclosure and provide written informed consent. 0000002264 00000 n a. personally listed the property They must, with the sellers' approval, disclose the existence of offers on the property. Broker John Washington. Licensees will be automatically investigated if accused of violating: Louisiana Real Estate Salesperson Prelicensing, Unit 2 Quiz Louisiana Real Estate Express, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Arthur Getis, Daniel Montello, Mark Bjelland, Fundamentals of Financial Management, Concise Edition. C) fax transmissions. A broker lists a property for sale at $100,000 with a 5 percent commission. Oct. 2005. If a 3 0 obj <>/ProcSet [/PDF /Text /ImageB /ImageC /ImageI]>>/Subtype/Form/Length 96/Type/XObject>>stream $1,678.25 Web* cooperate with real estate licensees working with the seller, if any, to effect a transaction. to prevent the client from committing a crime, or A comprehensive firm policy is required by Commission Rule. Broker E tells the landowner that she can sell the lots. jA~+t1[IB ; C. Nothing in this act shall prohibit a broker from entering into an endobj d. $4,363.45. WebA fair co-brokerage fee is one that gives a strong incentive to a co-broker to represent a buyer for a property. 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. 8%, compounded semiannually, what lump sum is endstream d. file a civil suit against the developer for breach of contract. Web(7) There shall be no imputation of knowledge or information between any party and the transaction-broker or among persons within an entity engaged as a transaction-broker. For all of her extra efforts, she can legally demand a performance bonus from, A sponsored licensee lists a unit for sale in a condominium building. 0000278100 00000 n In North Carolina, oral buyer agency D) dual agent. What type of disputes fall under arbitration? a. mutual agreement of the parties. when cooperation is not in the best interest of the clients. C) paid by the sales associate's employing broker. a. to property owners upon initial contact. A. }& 2 & \text{Battery charger} & \$ 79.99\\ Compute cost of goods available for sale and the number of units available for sale. d. Polybutylene pipes that have never leaked. Commissions are negotiable c. $3,412.50 a. A provisional broker and a broker licensee from firms that are cooperating in a transaction endobj 8Purchaseinventory1909.2525Sale110\begin{array}{rlcc} A seller has listed a home with a broker for $90,000, and the broker suggests to a prospective buyer-customer to submit a low offer because of the seller's urgent need to sell. c. unacceptable unless there are multiple offers on the property. 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. ethics complaints and arbitration requests. 0000020437 00000 n a. is now personally obligated as the seller's agent. 0 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. Which of the following is a permitted discipline resulting from a violation of the Code of Ethics? Arbitrate monetary disputes rather than litigate. The consumer must sign the acknowledgment panel before a licensee can begin to provide brokerage services. A) how many direct mail solicitations can be sent to a single address.
