A) Patty prepares a CMA prior to the appointment, then shows the property to her prospect, buyer Larry. A. disclose the existing accepted offer D. Visit our website at www.tinytownrealestate.com for special offers!, 39. agency is actually illegal in some states. Eddie suggests taking the matter to arbitration. If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold," _____. principal is liable for any injuries caused by the agent's intentional torts. Show an Amount column, a Per Unit column, and a Percent column on each statement. Which of the following Standards is NOT considered a duty to the public? Which of the following scenarios MOST accurately describes the typical income tax D. urge the seller to update the disclosure form or have the back door repaired, 106. In the common law of agency, the relationship of broker to client is that of C) A. Which of the following is NOT a common type of breach of the agent's duty of loyalty to the principal? B) the sales associate was practicing puffing. A. an image of the REALTORs license. A REALTOR can recommend another REALTOR to a client who mentioned she is relocating out of state. A. offering an inducement to get someone through the door A) A. C) avoid conflicts of interest. C. reasonable care Which event will terminate an agency in a broker-seller relationship? REALTOR Kara posts an ad claiming the most you will be charged is a $5,000 commission. B) B. 38. A real estate broker's responsibility to keep the principal informed of all the facts that might affect a transaction is the duty of 77. 65. B. by not informing Frank that he had signed a contract with Mr. Johnson A method of resolving a dispute in which the parties involved discuss the situation and resolve it themselves is called B. Nathan, as the listing broker. 148. 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",_____. premisesthe Broker Joann, buyers agent, is seeking arbitration against Broker Millie, sellers agent. In a real estate brokerage, not required to disclose the information because the agent has no agency relationship with seller. Call REALTOR Dan for a tour today! A. will have years of arbitration ahead of them. A beautiful home on 1.5 acres with trees and a small pond A real estate broker hired by an owner to sell a parcel of real estate must comply with a) The partners are under a duty to account for any profits made whilst competing with the firm. The broker is guilty of negligent misrepresentation. A. Grievance Committee Did Antonio violate the Code? Identify which of these practices a REALTOR is permitted to do. D. I think youll get more than half with me as your REALTOR., 112. General D. Loretta must disclose her interest to her clients and customers, including any financial benefit received. A key element of an agent's fiduciary responsibility of loyalty is to, The seller is the broker's client; the buyer is a customer. the sales associate is guilty of fraud only if the buyer purchases the house. She takes the people through the house, and they ask Mary to write the contract. Dual Agency: Learn The Rules In Your State - Clever Real Estate A. find out if Holly is in an exclusive relationship with a REALTOR and explain to Holly that Sam represents only Linda in this transaction B. like the United States Constitution and Bill of Rights, fairly immutable. In a real estate transaction the agent is the: Seller Jordan signs a memorandum for an open listing with a broker authorizing the sale of her house for $65,000. The broker in charge of an office, by ownership or designation as the managing broker, is called a(n) A. C. notifying him of all known material facts The individual who is authorized and consents to represent the interests of another person is, The relationship in which the agent is held in a position of special trust and confidence by the principal is, Buyers hire an agent to help them purchase a home and want seller financing because they filed for bankruptcy two years ago. D. Melanie should not solicit a buyer agreement with these buyers. Dual agency can lead to a conflict of interest. B) As a general rule, dual agency is permissible. an agency. A. racial segregation. Marty later writes a contract and a sale is made. C. The price that the sellers told the agent is their minimum selling price. B. Sara would be considered a Transaction broker 4. A) A) universal agency. After the closing, Eddie calls Sacha to discuss the matter. 23. In the common law of agency, an agent owes the principal all of the following EXCEPT C. prepare a CMA which demonstrates the accuracy of the price. C) the broker was guilty of fraud because he is responsible for actions of the sales associate. Mikes answer should be Nice and sturdy basement and everything appears dry. A. Oxford University Press | Online Resource Centre | Multiple choice 100. 7. both Saul and Disney are liable on the contract, Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. Solved Which of the following statements Is true reqarding - Chegg C) D. Donna has violated the Code by not making it clear to buyer Dan that she was representing the seller. Refer again to the data in (1) above. Broker Paul later brings a sales agreement on the property from one of the attendees of the open house. REALTOR Joe discovers that REALTOR Ed filed an ethics complaint against him and that REALTOR Ralph will be a witness in the hearing. A. D. unethical behavior between two REALTORS. C) C. are not allowed to litigate the matter. Compute profit margin and investment turnover for each department. A REALTOR may tell prospective clients not to list with REALTORS offering flat-rate commissions. I would like to sell your business property but first, I would have to take classes. The Catholic Church on the corner indicates that the area is predominately Italian-Catholic. Which of the following is an INCORRECT statement regarding a "frolic and detour?". Sacha does not want arbitration, and both agree to get lawyers and sue one another. the client. A broker helps a buyer and a seller with paperwork but does not represent either party. 78. C. both Brenda and Jim. A REALTOR principal receives an offer on one of her listings. C. documentation of what the opinion is based on He has fulfilled the requirements of Article 7 by 129. B. 45. In an advertisement for a four-bedroom home, which of the following statements could be considered discriminatory? Which of the following is not true regarding dual agency? a nonagency. A factor that is indicative of bad faith and in Salvatores favor is whether When a REALTOR only has a contract with a buyer; he is only permitted to collect a fee from the buyer. C. remove the comment immediately. D. targeted sales. Identify which statement regarding mediation is TRUE. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. C) B) C) If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold, agent for Walt Disney," _____. A) C) 74. C. avoid the subject of the back door and if it comes up, lie Unit 9 Flashcards | Quizlet B. "The uneven floors just mean that the building dates to colonial times. 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. d. is subject to disciplinary action by the Real Estate Commissioner for negligence. 147. C. You really need to consult with your attorney with questions of that nature. of the following aspects of REITs as a diversifier? As a manager, what factor would be paramount in your mind in deciding whether to purchase the new equipment? Broker Anne. A REALTOR can recommend another REALTOR to a client who mentioned she is relocating out of state. The best solution available to Tim is to B) there is a client-buyer and a customer-seller. Trisha wants to sell her house quickly because her new job in another city begins next month. Which of the following is considered dual agency? A. another broker showed the property to Travis. Dual Agency vs. Designated Agency: Understand the Difference Agency - National Association of Realtors A. not practicing law example, during working hours or on the principal's C) C) Subsequently, REALTOR Nelson sells the property to the buyer that REALTOR Dee introduced to the property. C. demand that Sherry split the commission with Vinod. Marty makes arrangements with the listing agent, REALTOR Caroline, to show the property. Zaafir only, because he is an independent contractor. Broker Paul files arbitration against Steve, claiming he introduced the property to Rhonda. REALTOR Marys next step should be to This relationship is. While doing so, the agent also works as a salesperson for a competing seller of automotive parts. B. REALTOR principal or the firm itself The relationship between the agent and the seller ends automatically if the purchaser submits an offer. 6. D. Melanie should not solicit a buyer agreement with these buyers. A request for arbitration could stem from A. 71. Subsequently, Vinod tells Tim that Wanda was his client and he is owed a commission. D. Olivias client would have to request arbitration on her behalf; she may not request arbitration on her own. Tom is not meeting her expectations, so she terminates the employment relationship. D. Yes, because REALTORS are prohibited from receiving compensation from more than one party. 10/22 newly D. Paula is simply expressing her personal opinion, which she is entitled to do. negligent misrepresentation. D. Yes, Marty should not have said anything to the other REALTOR and the seller at the closing. D. Sarahs client would have to request arbitration on her behalf; Sarah may not request arbitration on her own. B. Donna has violated the Code by not disclosing to the seller that she was representing buyer Dan. C. Article 13Do not practice law 33. Which one of the following statements regarding the duties of an agent is NOT true? spacefor D. Article 17Arbitrate disputes, 15. A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. Youve come to the right person.. B. A) the statutory law that is enacted by the legislature. Lets not worry about that todaylets wait until we sell your house, then well figure it out. D) prohibited in all states because a broker must always represent one party. A. dictatorial business. D. panic selling. REALTOR Antonio has a buyer agency contract, which entitles him to collect a fee. Custom designers are available in person this Friday from noon until 4 PM! REALTOR Bill finds out about the contact and accuses Melanie of trying to steal his client. Compute the break-even point in dollar sales for the company under the new marketing strategy. A) Betty could be released from the agency agreement and seek representation from another broker. REALTOR Donna has a property exclusively listed and shows it to buyer Dan, who wants to make an offer.

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