which statement is not true regarding dual agency?

The agent believes the seller will not accept any of the three offers. D. provide the basis for their opinion. 125. A. D. excellent location; walk to the bus stop. principal is liable for any injuries caused by the agent's intentional torts. "The simple design is uncluttered and offers many possibilities for decorating.". D) Jun 5, 2022. A. exclude any human models to avoid any kind of unnecessary bias. D) B. consider how and when Amy entered the transaction. must promote and safeguard the seller's best interests. C. Price reductions just made on this beautiful Victorian. a) If an agent appoints a sub-agent, that sub-agent is not normally regarded as an agent of the principal. A. completely unlike state licensing laws. First twenty people through the door receive a gift card to Chipotle! A) A) This is called a(n) B. have his friend offer to buy the house at a lower price since Trisha must sell the house quickly C. both Jane and Paul. When Todd finished his degree in marketing, he started a career as a REALTOR. D. unprofessional behavior. A. Donna has not violated any Article or Standard; she just did her job and sold the house. C) REALTOR Betty is hosting an open house where she meets buyer Josie. 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. Properties that are considered undesirable because of events that occurred there or because a known sex offender lives in the area are considered 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. After the closing, Dan expressed his confusion because he thought Donna was representing him in the sale. A REALTOR has the duty of loyalty to After the closing, Eddie calls Sacha to discuss the matter. C) B. She negotiates the offer with buyer Dan, who offered less than asking price. Most state statutes require that material facts to a transaction, such as credit issues, be disclosed to a seller, even if the buyer is a client. What is the probability that fatality resulted from this cause? C) Board of Directors. A. find a third, impartial board to hold their hearing. a facilitator relationship. B) D. Yes, Marty should not have said anything to the other REALTOR and the seller at the closing. only Disney is liable on the contract if Disney ratified the contract. Identify which of the following inducements is prohibited. Refer to the income statements in (1) above. A. Donna has not violated any Article or Standard; she just did her job and sold the house. D. The seller initiates direct contact with the buyers agent. The buyer asked the broker to negotiate on his behalf and write a purchase contract. C. both brokers. Pete learns that the buyers have an exclusive agreement that expires in two months with REALTOR Ryan, employed by a competitive brokerage. She was terrible and I believe she is not a licensed REALTOR and you should never give her your business. Jack knows for a fact that Jordan is licensed. Exaggerated statements about the property an undisclosed dual agency. To keep the websites from looking skimpy, Scott keeps several sold or expired listings on his site that appear to be available. It is Marys listing and she has the key; the sellers are not home but told her to show it anytime. stigmatized properties. B. A) C. Grievance Committee. B) B. It follows IFRS and reports its results in millions of Swedish kronor (SEK). D) the seller and the buyer are represented by different companies. C. not run the ad at all. B. telling him the lowest price Derek will take for the house, which Derek told her in confidence Some states allow two sales associates in the same brokerage to represent opposing sides to a transaction without creating a dual agency by using D. include persons of several races in order to avoid exclusivity in advertising. D) tell the seller that the defect must be repaired. C. No, but only if she doesnt solicit the listing at the same time. D. the same as if Roger had found the buyer independently and shown the property by appointment; it favors Roger. 26. All material facts known about the property from the seller, another agent, previous experience with the property, or researching public records. B. respond to the author of the comment and request the author remove the comment. C. fraud. I recently toured this home with REALTOR Jordan. C. Only those licensed as sales agents may become REALTORS. A. complete a pre-printed contract Subsequently, Vinod tells Tim that Wanda was his client and he is owed a commission. When considering whether or not to reveal information regarding a stigmatized property, a real estate professional should be aware of Questions Only B. To settle this agreement, they can B. drafting advertisements for general mailing What is the internal rate of return? B) B. maintain confidentiality since the seller didnt mention the leak C) 76. Because of that, the listing broker REALTOR Shelley reduces the fee Randy owes her. B. contact the sellers and write the contract. C. express an opinion about the quality of title on a property latent defects. Universal What is NOT one of the major ways that a REIT can be structured? Ethics Committee. B. A. agree to be bound by arbitration and allow the local board of REALTORS to arbitrate the matter. D) A. accounting for any deposit monies she receives from him, which are put into a separate account 50. statutory law. D. required by state law to be followed by all licensees. Lori subsequently meets Broker Amy, whose son plays ball with Loris son. D. REALTOR membership is voluntary but provides a distinction from other licensees. Which of the following statements is TRUE? REALTOR Barbara holds an open house on a rainy day and discovers the seal for the back door is leaking. C. The dual agent must have the written consent of both parties. Some states allow it, with certain conditions. 145. D. set up an appointment with the title company. THIRD PARTY. administrative law. The agent gives the offer to the seller, who asks to consider it for 24 hours. Qaadir hires Zaafir, a lawyer and an independent contractor, to represent him in a court case. B. A. a 20% referral fee. D) B) A. mandatory agency disclosure. A REALTOR may file both an ethics complaint and an arbitration request simultaneously over the same matter. Bud suggests strongly to Buyer John that he would be better served by buying a house from Broker Nan. B. homeowners selling at a below market value because the demographics of the neighborhood is changing C. maintain the confidentiality of the information C. Nan sold a house to Bob last year. REALTORS are entitled to collect some fees, which a non-member licensee is not. In an arbitration dispute, the fact that Jim initially introduced Ken to the property favors He identified himself as a REALTOR but he acted solely as a principal in the transaction. REALTOR Marcy listed Dereks home, thus creating an agency relationship in which she owes fiduciary duties to Derek. Do not show percentages for the fixed expenses. not required to disclose the information because the seller might reject the offer. D. unethical, because some of the people who get the e-mail may already be in an exclusive listing agreement. No, because customers get special treatment over other REALTORS. 6. D) A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. 3 The last group at the local level to review an ethics complaint is the The agent's job is to sell the principal's automotive parts to auto repair shops and other purchasers. C) both the buyer and the seller are customers. Attend our First-Time Homebuyer Seminar and win a free TV! B. each state association of REALTORS. B. Loretta needs to say nothing about these businesses or services; it is obvious she owns them. Lynn then tells the seller she could recommend a good REALTOR there. Asset-liability management DBA accounting. The term, __________, refers to a broker who produces a buyer "ready, willing, and able" to purchase the property for the sale price and on the terms specified by the seller, regardless of whether the sale is completed. C. Sign a six-month contract with Tims Realty and if we sell your home, youll get a free GrillMate gas grill. D) A. REALTOR Brian is the mediator. D. Article 17Arbitrate disputes, 15. This fact favors A) the buyer and the seller are represented by the same company. 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. a) The partners are under a duty to account for any profits made whilst competing with the firm. B. include persons of only one race to show the demographics of that neighborhood. A real estate broker acting as the agent of the seller Buyer Travis introduces himself as the CEO of Big City Enterprises. B. REALTOR Brian is the mediator. C) contact the city building inspector about the defect. A REALTOR has to decide which is more important, behavior or money, and file just one complaint. D. Joe should not talk to Ralph until after the hearing. Linda refuses to answer Janes questions. C. Donna has violated the Code by not getting informed consent from both buyer and seller to be a dual agent. B. B. REALTOR principal. A) A real estate professional's representing more than one principal B) Two brokerage companies cooperating with each other C) A real estate professional's acting for both the buyer and the seller in the same transaction D) A real estate professional's listing and then selling the same property A If Jackie Knox, who owns property in Chicago, agrees to sell the needed land for $1.5 million and the agent signs his name "Saul Arnold, agent for Walt Disney", _____. Josie tells Betty she isnt happy with the small number of showings Bills had on her house and she is thinking of finding a new REALTOR. B. Olivia may ask her REALTOR principal to initiate litigation but she may not initiate litigation on her own. the administrative law created by real estate agencies as authorized by the legislature. Eddie suggests taking the matter to arbitration. B) 73. 87. B. 68. C. really none of REALTOR Janes or her clients business. D. Article 14Arbitrate disputes. B. may ask the local Association of REALTORS to arbitrate it. 32. C) C. ethics complaints. D. false advertising. Disclosure was improper and possibly illegal, regardless of the agent's motive. A real estate professional's duties to a customer do NOT include Broker Millie presents as evidence the listing in the MLS with no compensation offered to a buyers agent, only offered to sub-agents. Matthew calls Jennifer to explain the details. Regarding such duties, which ONE of the following statements is NOT true? Implied What is NOT a major method of unsmoothing a real estate index. A. Broker Joann. Chapter 30. of the following is not true regarding dual agency? Broker Joann admits she was an exclusive buyer agent for her client and knew the compensation offering before showing the house. The buyer brokerage receives compensation from the listing brokerage and from the buyer at close of escrow. D) A. She was terrible and I believe she is not a licensed REALTOR and you should never give her your business. Jack knows for a fact that Jordan is licensed. C. made a great decision. the common law of agency in the state in which the property owner lives. The duty of _____ is a fiduciary duty owed by an agent not to act adversely to the interests of the principal. In an arbitration dispute, the fact that Linda mentioned the property is considered 45. Variable expenses would be reduced by $9 per unit. 47. Being a REALTOR means being included in the ____________ association(s). C. Loretta must disclose her interest to her clients and customers, including any financial benefit received. There are two separate brokerages. the customer. 127. the broker was guilty of fraud because he is responsible for actions of the sales associate. C) Article 9Put contracts in writing REALTOR Marty has a daughter who is interested in a property. B. A young couple is looking for a new house. B. Ann cannot file multiple complaints against Marge over this one event. 4 Q . D. are not allowed to sue each other because they are both REALTORS. REALTOR Joe discovers that REALTOR Ed filed an ethics complaint against him and that REALTOR Ralph will be a witness in the hearing. REALTOR Jerry has exclusive employment contracts with buyer Stan and seller Tammy. Howard and Owen chat about the features of the house and Howard seems to be interested. B. ethical, because this is considered a general announcement. A factor that is indicative of bad faith and in Salvatores favor is whether What is Barbaras duty? the statutory law that is enacted by the legislature. D. must arbitrate as he and Edward are both REALTORS. Omitted statements of material facts. a. The structure does not seem sound and I would not purchase this house. Cancel your current listing contract and sign up with A-1 Realty for an all-expense paid weekend in Las Vegas! Kevin must The seller had made no mention of it. the seller and the broker must both disclose this material fact. A. each members conscience. A) He sends letters only to those homeowners whose properties he has previously appraised. The seller didnt mention this before the open house. D. Nan worked with Bob first. At 6 p.m. the same day, the agent receives two more offers. The federal legislation known as Megan's Law has promoted the establishment of c. fiduciary. C. disclosing her relationship with Derek B. Neil is in violation of SOP 1-3 for misleading sellers about market value. C. Yes, Tamika should have just asked the owners, who were in the driveway when she was there. D. Broker Steve. A. advise Susan of the commission differential. D. Olivias client would have to request arbitration on her behalf; she may not request arbitration on her own. 5. D. neither Broker Joann nor Broker Millie. The seller, Morgan, contacts Buyer Valerie independently and informs her that the property is for sale. A) The broker is obligated to render loyalty to the seller. B) A REALTOR can use guided statements to diminish another REALTORs integrity. conditions that need not be disclosed. B) 70. No, because REALTORS are entitled to collect some fees, which a non-member licensee is not. Which of the following describes a typical equity REIT? 91. 79. Broker Deb admits that she extended an offer of cooperation and compensation to Broker Steve. Pete tells them it is no problem and asks them to sign an exclusive buyer contract with his company and he will show them the listing. C. REALTOR principal and REALTOR-ASSOCIATES jointly D. Yes, I have tons of experience selling all types of properties! REALTOR Dee shows a property listed by REALTOR Nelson. REALTOR Mike is showing a property to his client Jean. Dual agency can lead to a conflict of interest. Yes, Antonio only has a contract with the buyer; therefore, he is only permitted to collect a fee from the buyer. D) Broker Paul files arbitration against Steve, claiming he introduced the property to Rhonda. REALTOR Marys next step should be to 53. 02. B. Agency relationships in real estate are regulated by which kind of law? For the years ended December 31, 2013 and 2012. stigmatized properties. Broker Pauls efforts favor REALTOR Kara posts an ad claiming the most you will be charged is a $5,000 commission. Broker REALTOR Miriam employs REALTOR Tom. Patty prepares a CMA prior to the appointment, then shows the property to her prospect, buyer Larry. B. broker Jim. Which of the following is not true regarding dual agency? A. offering an inducement to get someone through the door Howard walks through a home listed by Owens agency during an open house. A. The broker designates one sales associate to represent the seller and one sales associate to represent the buyer. A. will have years of arbitration ahead of them. In an advertisement for a four-bedroom home, which of the following statements could be considered discriminatory? stagnant properties. A) When a broker places trust funds of others into the company's operating account and then withdraws funds for the firm's use, what illegal practice has taken place? C) An exclusive listing must always be at least 30 days long., What are the three most common types of listings . NAR May the Code Be With You / The Code of Ethics in Action Real-Life Applications Class Which of the following duties does Marcy NOT owe to Chad? A. ask the buyers if they are exclusively represented by another REALTOR. REALTOR Nelson owes REALTOR Dee C) never. D) The structure does not seem sound and I would not purchase this house. The broker can accept a commission from the buyer without the seller's approval. Broker Millie. Minevik reported Cost of Sales for 2013 of SEK57,222 million. B. A. The first committee at the local level to review an ethics complaint or a request for arbitration is the 03. If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold," _____. 34. 86. In the common law of agency, the relationship of broker to client is that of REALTOR Kara posts an ad claiming the most you will be charged is a $5,000 commission. both parties are represented by attorneys. A. not a violation of the Code as it is helpful courtesy offered to the seller. What fiduciary duty did the buyer's agent violate? local registries of residential information on sex offenders. Did Marty violate the Code? She takes the people through the house, and they ask Mary to write the contract. A licensed broker obtained an exclusive right-to-sell listing from an owner. B. 27. Board of Directors Broker Joann admits she was an exclusive buyer agent for her client and she knew the compensation offering before showing the house. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property, with an express agreement that the agent will not disclose the existence of the agency to a third-party seller. A. instruct her seller to pay a bonus commission directly to REALTOR John. You are simply a bottom feeder! Identify which statement is true. D) 66. Subsequently, he calls her several times a week, sends her e-mails, and mails a packet of additional information. He sells Marys property and receives an additional fee for the sale. The buyers agent is also the sellers agent, acting as a disclosed dual agent. The broker can agree to a change in price without the seller's approval. An agent works for a principal that is in the business of real estate development. consideration. contact the city building inspector about the defect. D. Loretta needs to say nothing about these businesses or services; it is obvious she owns them. Which of these items is a REALTOR required to discover and disclose, according to Article 2 of the Code of Ethics? D. what is required by the Code. REALTOR Nelson owes REALTOR Dee D. offer to pay REALTOR John directly at the time of closing. Select the statement that is considered practicing law and should be avoided. 30. 90. This way is more efficient. In a simple random sample of U.S. purchasing managers, 70 out of the 200 are females. B. disclosure required to disclose the information because it is a material fact important to the seller. The next day, Howard calls Owen and tells him that he would like to make an offer on the house. B. something that would be understood by both REALTORS and does not need to be disclosed. As of November 2020, dual agency is illegal in eight states: Alaska, Colorado, Florida, Kansas, Oklahoma, Texas, Vermont, and Wyoming. He should B. B. Broker Jim introduces buyer Ken to a property and keeps in touch with him. Any broker is authorized to encourage such bids for the property. A. beautiful home in an exclusive neighborhood 129. required to disclose the information under the Fair Credit Registry Act. D) D. a violation of the Code as Lynn must first have Terrys permission before making a referral. "I think these low doorways are a charming part of the Cape Cod style." 94. 83. Which of the following is TRUE about the difference between a special agent and a general agent? D) B) A) At the closing table, Marty tells Caroline and the seller that the buyer is actually his daughter. It has been reported that 40%40 \%40% of U.S. workers employed as purchasing managers are females. A. Statements of opinion are permissible C. not run the ad at all. D. Brianna. C) REALTOR Lisa, a property manager, researchs county records to determine the owners of multi-unit buildings. B. unethical. ! A. The agent has not violated any agency responsibilities to the seller. However, listings are currently thin in his market. 16. Which of the following is a way to create an agency relationship? REALTOR Nathan has a website with extensive listing information. At the closing table, Howard reveals to both REALTOR Jane and the sellers that he has an exclusive buyer agency agreement with his client. B) REALTOR Bill is representing sellers Sue and Sam, who are divorcing. Article 3Cooperate with other REALTORS B) Which is TRUE? 24. After Bob leaves, Nan says to Dana, That is my client! This statement is true if A. not a violation of Code, because it targets listed properties. C) B) Which of the following statements is TRUE regarding dual agency? C. call the sellers directly only if she has a buyer client who wishes to see the house. A. exclude any human models to avoid any kind of unnecessary bias. C. Jon is allowed to encourage Halie to break her contract with Grant if she is not satisfied with his performance. 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 __________. Misstatements about the property Based on these facts, which statement is TRUE? REALTOR Lynn is very well connected to REALTORS all over the country. A) It is part of a body of law established by tradition and court decisions. C. remove the comment immediately. Jack should Which of the following is an INCORRECT statement regarding a "frolic and detour?". B. C. arbitrating disputes D. A REALTOR may file a request for arbitration only after any ethics complaint about the same matter is resolved. C. yes, because electronic contracts are not valid A. a monetary dispute between two licensees. A. call the MLS to alert them that REALTOR Linda is not sharing all of her listings. He shows and sells a listing held by REALTOR Jane. 37. Edit your form online Type text, add images, blackout confidential details, add comments, highlights and more. During the listing period, the broker found a buyer who made an offer on the property that was accepted by the seller. C. draw up the paperwork on Hollys offer. loyalty to the principal's interests unless they conflict with the agent's interests. This is a violation of the Code because After the closing, Melanie visits the buyers in their home and asks if they have any questions or need any information about the community. The broker: a. is not entitled to a commission because of the open listing. C. only consider who made the initial introduction to the property. C. a violation of the Code, despite the fact that REALTOR Nelson did have permission from REALTOR Matthew. c. accidental 4. A) B. It is part of a body of law established by tradition and court decisions. A. Special, Exaggerated statements about the property, Which of the following is considered lawful practice in real estate brokerage? Jean asks Mike his opinion about the structure of the property. Each party must be informed he will not receive. The first thing Sam should do is \end{array} A. unless unintentional. The Federal Fair Housing Law prohibits me from discussing the racial composition of the neighborhood. The relationship between the agent and the seller ends automatically if the purchaser submits an offer. If another brokerage wants to show the property, what is the listing brokers responsibility? Which of the following is an INCORRECT statement regarding usurping an opportunity and the agent's duty of loyalty? D. Loretta must disclose her interest to her clients and customers, including any financial benefit received. Jones owns a small auto dealership, which he wants to relocate closer to his new home. This particular fact favors Sara would be considered a Transaction broker Which of these statements is an ethical practice by a REALTOR? The National Association of REALTORS Code of Ethics is 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? Only information about material defects that the agent has personally observed Later, a sales contract is entered into directly between Seller Keith and High-Rise Corporation. \text{Fixed expenses}&\underline{\text{\hspace{10pt}90,000}}\\ The broker has violated the agency relationship with the seller. As long as there was prior informed consent from both parties before the transaction was complete, this is not a violation. the seller must disclose, but the broker has no obligation to disclose. A) C. Yes, Marty should have disclosed his relationship with all parties involved when an offer was made. A. contact Sam and ask him the nature and terms of any agreement he has with the Byers Lori subsequently meets broker Amy, whose son plays ball with Loris son. 128. Compare our rates to others This ad is C. Yes, because Ted did not give his consent to talk to Brad. D. contact Linda to let her know there is an offer. D. Marge does not have to provide any information about the matter to the Grievance Committee. Which of these items is NOT required to be provided with the opinion of value? A) 97. The agent should: d. hold the offers for 24 hours before conveying them to the owner. A. B. Melanie can seek the prospects future business. D. I think youll get more than half with me as your REALTOR., 111. D. notifying him of all known material facts, 95. b) If a partner makes a profit using information gained from inside the firm, but uses that information in a venture that is outside the firm, he may keep that profit. The two functions of the local REALTOR Associations Board of Directors, with respect to Code enforcement, are Identify which statement is true. Administrative law. An agent receives an offer. Which is TRUE? In fact, the view includes the river and the back of a shopping center. Acting for more than one party in a transaction is within the law c. Failure to disclose dual agency is a violation of the law d. A real estate license may be revoked or suspended for failure to disclose dual agency a. B) Which of the following does NOT indicate a buyer trying to freeze out a broker? a disclosed dual agency. A. C. Loretta may not market these auxiliary services to buyers or sellers using her company. a prospective buyer's instructions. All information about material defects that the agent knows or should know A) REALTOR Dee files an arbitration request and is able to prove she is the procuring cause of the sale. C. neither broker. B. opinion of value. Intentional torts include all but which of the following? C. Paula is in violation of Article 15 for posting misleading statements. not required to disclose the information because the agent has no agency relationship with seller. 114. a principal. Explain. Every agency relationship has a principal, an agent, and a third party.

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