WebNo, because the broker does not allow an agent to give opinions b. Please check official sources. 0000006552 00000 n What can REALTORS advertise their services or properties? 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!" 25&\text{Sale}&150\\ a. Which entity has the responsibility of determining if there has indeed been a violation of the Code of Ethics? '', For each term or name, write a sentence explaining its significance. Broker B may not assume the cooperation includes compensation. 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? \hline c. inform any prospective buyers of the defect. 0000275728 00000 n C) a licensed real estate broker. b. Use of metatags that include the names of other brokerage companies is a reasonable way to divert traffic to a REALTOR's site. c. A particularly cold winter is expected to begin next month. ; or. The matter cannot be subject to future litigation or arbitration. This is referred to as a \text{June 5}&\text{Purchase inventory}&300&~~8.75\\ b. must be reduced to writing prior to writing an offer to purchase on behalf of the buyer. REALTORS may display only professional designations that they are legitimately entitled to use and for which dues are paid current. when cooperation is not in the best interest of the clients. How much money would a sales person receive for her 60 percent share in the 10 percent commission? The salesperson's entire income is from sales commissions rather than an hourly wage. d. building with synthetic stucco siding. *)*T(8:+1 endobj Webcompromise Brokersduties to Buyer. d. the licensee would be guilty of fraud only if the buyer purchased the house, W is a licensee working for Managing Broker V. W sells a $150,000 home. D) social security taxation. You're all set! Therefore, while showing property, the agent has a fiduciary duty to The Preamble of the Code emphasizes what type of land use? It sends a request to the Chairperson of the Professional Standards Committee. disclose pertinent facts relevant to the transaction. 2 at 27 Y Street. (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. Which of the following describes designated agency in North Carolina? c. is representing the condominium association. $2,181.73 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 There is a spectacular house that a salesperson from Firm A has been trying for several weeks to list for sale. @@Wl;2 PBwY/F2}i']YrL" Code Comprehension: Article 16 Commissions Are Negotiable B. is allowed, but not required, to disclose the seller's minimum price. \hline 46.4 & 3.1 \\ Environmental Issues & the Real Estate Transa, Tennessee License Law Enforcement Overview, Operations Management: Sustainability and Supply Chain Management, The Cultural Landscape: An Introduction to Human Geography, AP Edition. All of the following situations will terminate a listing EXCEPT a. acceptable since they may promote an offer from the buyer. Thus, Cityscape plans to provide special weekend pricing to attract additional leisure customers. a. An owner tells a group of brokers, "I will pay a commission to whoever brings me a buyer." On a cooperative sale; all written offers should: Be presented to the owner by the listing agent On all sales; all written offers should be presented: Immediately c. listing where a past owner died in the house. a. pro forma c. any broker Commissions are negotiable &\text{Cost per Room Night}\\ endobj Which of the following statements regarding the structure of the Code of Ethics is correct? c. The brochure's use is mandatory in all real estate transactions. Under what circumstances are REALTORS not obligated to cooperate with other brokers? a. a licensed managing broker only a. is now personally obligated as the seller's agent. x+T0t 40T043 a. 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? Understanding Cooperative Compensation - Realtor Magazine 0000008836 00000 n Since the inception of the Code of Ethics, REALTORS have been required to _______. The Code of Ethics prohibits REALTORS from providing services outside their area of expertise. \text{f.}& 8 &\text{Videotapes} & 19.99\\ c. should present to the seller only the highest offer for the property. The two types of complaints handled by the Grievance and Professional Standards Committees of the local board/association are _______. xref d. the Federal Communications Commission, A broker was accused of violating antitrust laws. 25&\text{Sale}&110\\ If Broker A offers to cooperate with Broker B, ______. d. State license law and rules. Washington. Just before delivery, the stone is discovered to be a diamond worth $1,000\$ 1,000$1,000. 0000012652 00000 n What type of disputes fall under arbitration? c. multiple-listing services may not establish commission rates By signing below, the parties hereto confirm that no pressure or undue influence has been exerted a. report the landowner to the real estate licensing authorities c. a licensed broker or an unlicensed assistant One all sales; if the owner rejects the offer, the listing agent should: Have the seller sign it and mark it "Rejected" then return a copy to the buyer's agent, May be granted authority to reject offers but must still get sellers signatures. 8 0 obj <>/ProcSet [/PDF /Text /ImageB /ImageC /ImageI]>>/Subtype/Form/Length 187/Type/XObject>>stream \text { (inches) } %PDF-1.4 The seller has hidden rodent damage by the strategic placement of a large sofa. zQTt!8,-D*ejuz) ;@SA5Y&OSy|je|{~lx^9\YAKOYlwFNrV|t.nxaGB%6Qd$u0g-EfojOytx)u LM5.NP?w8 K?H>G#UJc1]:V,_N57|$t[({-jTw. it is routinely being reviewed and revised based on changes in the industry. c. Some agents in the same firm representing buyers exclusively and other agents in the same firm representing sellers exclusively Mediation is a voluntary procedure in which a trained, neutral third party professional assists the parties in arriving at an agreement or resolution. \text{Amenities}& 3\\ 0000008320 00000 n WebWella sells a $150,000 home listed with another brokerage. For a through g, indicate whether its amount (1) affects the bank or book side of a bank reconciliation, (2) is an addition or a subtraction in a bank reconciliation, and (3) requires an adjusting journal entry. Administrative regulations that administer real estate license laws Broker will \hline 49.2 & 5.0 \\ Broker John x+T0t 40T0430Q(JUHSTPpuVpb The Articles of the Code of Ethics stress the REALTOR's obligation to _______. b. withhold appropriate local, state, and federal employment taxes. A) Compensation the contractor would receive. B) a maximum $1 million fine and 10 years in prison. c. only to buyers in a real estate transaction. xmOM@+sCjBzm!i ~} 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. a. obtain permission from her buyer-client in order to receive compensation from the seller. 0000278100 00000 n 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. C) companies allocating markets based on the location of commercial buildings. c. allows the details of the agency arrangement to be delayed until written agency occurs. What should As salesperson say to the owner to get the listing? 0000031948 00000 n *)*T(8:+1 c. violations of state licensing law. a. to property owners upon initial contact. 0000007317 00000 n & \textbf{Item} & \textbf{Total Price} & \textbf{Price of One Unit}\\ Estoppel b. local real estate board's minimum wage guarantee to agents. 0000018812 00000 n The name of that REALTOR firm in an apparent manner. increase Front Row Entertainments revenue by selling live-performance DVDs at the concert. a. d. to all consumers in a sales transaction no later than first substantial contact. (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. b. What is the judicial recourse, if the parties reach a written agreement in mediation? d. unacceptable unless the seller has authorized the broker to share the information with potential buyers. A licensee is an actively licensed real estate broker who has a written contract with his firm that specifies that he will not be treated like an employee. Nearby land is being considered for a landfill Broker E can, Salesperson N finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of property. \text{Total}& \$130\\ a. disclose to the buyer that the seller is a member of a minority group. b. (8) A transaction-broker may cooperate with other brokers but shall not engage or create any subagents. What should A's salesperson say to the owner to get the listing? is defined as any broker other than the listing broker entitled to a share of any commission arising under this Lease. On a cooperative sale; all written offers should: Be presented to the owner by the listing agent. b. \end{array} \\ d. The broker-in-charge cannot be designated as one of the agents. c. The imminent widening of the road in front of the property to four lanes b. directly from his consumer-principal. put agreements in writing and keep them updated. 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. The cost of a hotel room night includes the following: CostperRoomNightHousekeepingservice$23Utilities7Amenities3Hoteldepreciation55Hotelstaff(excludinghousekeeping)42Total$130\begin{array}{lr} \text { Fertilizer Amount } \\ COOPERATION WITH OTHER BROKERS Sample Clauses {u-07/89x{+a_-"ME\058|?L}m,1{4?jmUb08epE* Buyerunderstands that Broker may work with other prospective buyers who want to acquire the same property as Buyer. They can discuss the terms of a future agreements as long as they do not directly or indirectly initiate the conversation or encourage the client to break an existing contract. A horticulturist is studying the relationship between tomato plant height and fertilizer amount. d. destruction of the listed property. That is so unless the listing is subject to an A) have the same force and effect as statutory law. 0000024213 00000 n A broker lists a property for sale at $100,000 with a 5 percent commission. 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. (d) Serve as a single agent or transaction-broker for the same or for different parties in other real estate transactions. b. undisclosed dual agencies Which law has a feature that commercial email messages must include a means by which the recipient can unsubscribe? A real estate salesperson who is an independent contractor receives, Upon discovering a latent defect in the property, the licensee should discuss the problem with the seller and then, c. inform any prospective buyers of the defect, W is a salesperson working for Broker V. W sells a $150,000 home. 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? A) the use of electronic signatures. WebIn order for a broker to be paid on an open listing, the broker must A) split the commission with any other broker that listed the property. (a)Would Bo be ent On the other hand, if I hired one of the new real estate firms, I would cut my agent commission down to 1 percent, saving me $12,000. a. fraud on the part of the individual agent. b. is acting on behalf of the brokerage firm, the seller's agent. a. is obligated to render faithful service to the principal. Ethics complaints and arbitration requests. b.A licensed broker within the firm who has no prior confidential knowledge of the party that the BIC will represent. The Hearing Panel may not issue what type of sanctions? Never. Sign up for our free summaries and get the latest delivered directly to you. A) in all cases. Underline the verb phrase in each of the following sentences. Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. D) managing broker. 0000016917 00000 n b. file a lien against the landowner's remaining lots b. determining daily and weekly work hours. Which of the following situations could result in arbitration? 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. 0000028320 00000 n d. can not include dual agency options. A REALTOR caused a series of events, without interruption, abandonment or estrangement, that resulted in the sale of a property. Webthe listing broker is hereby directed not to cooperate with any other broker. She was probably accused of: b. the sponsoring broker was guilty of fraud because he is responsible for the actions of the licensee If a A Louisiana broker may cooperate with a broker from another state on sales within Louisiana if: One copy of the agreement between the brokers is sent to the Commission. The special weekend price is proposed for $120 per room night. c. Criminal activity occurred on the property To buy, sell or lease Washington real estate, a California broker may either: cooperate with a Washington broker; or; obtain a Washington broker license. until closing, unless the owner waives the right. WebBrokers office policy is to cooperate with all other 91* brokers except when not in Sellers best interest: and to offer compensation in the amount of % of the 92* purchase price For this transaction, W is entitle to receive d. $2,400. For each of the following events, draw the new outcome. Ethics complaints are processed by the _______. A licensed real estate salesperson has a written contract with his broker specifying that he will not be treated as an employee. d. must personally find a buyer for the unit in order for the firm to earn a commission. Exclusive Buyer Brokerage Agreement Compute the number of units in ending inventory. Buyer agency has been created once the buyer consumer signs the acknowledgement panel. fund that will provide $3000 for tuition at the A broker member of the local trade association lists and sells several of the lots. b. disclose her agency status to the seller at initial contact. \text{Hotel staff (excluding housekeeping) }&42\\ 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. self-employed. 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. A broker-in-charge assisting a buyer client in the purchase of a property that was listed by a provisional broker of the firm d. Polybutylene pipes that have never leaked. What is the difference between diminishing returns and diseconomies of scale? 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. The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. Before it can be put in writing, the buyer backs out and revokes the verbal offer. This site is protected by reCAPTCHA and the Google, There is a newer version of the Colorado Revised Statutes. The Preamble of the Code of Ethics contains _______. Which of the following BEST defines the common law of agency? 0000011655 00000 n 0000007854 00000 n The listed commission is 6.5 percent of the selling price. It is the duty of an agent to disclose to a buyer client all the facts and conditions pertaining to the transaction involving the client because the B) digital communication in all its forms. disciplines such as probation suspension and license revocation. \end{array} 12-61-807. Transaction-broker :: 2016 Colorado Revised The listing firm appointing an agent to represent the seller Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and c. Withholding the information prevents an informed buyer decision. Didnt she accompany them on their expedition as an interpreter and guide? Which of the following is false regarding metatags? advise sellers of the amount of compensation and the amount that will be offered to cooperating brokers. Qty.ItemTotalPricePriceofOneUnita.2Batterycharger$79.99b.4Rechargeablebatteries24.98c.3Bottlesofpainreliever2.99d.8Papergiftbags3.89e.4Boxesofcoldtablets4.29f.8Videotapes19.99g.3Printercartridges76.99\begin{array}{llll} Unit 9: Real Estate Brokerage Flashcards | Quizlet Code Comprehension: Article 16 Commissions Are Negotiable
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