Donna, representing the seller, holds firm and gets Dan to buy at asking price. a) If an agent appoints a sub-agent, that sub-agent is not normally regarded as an agent of the principal. 70. At the closing table, Marty tells Caroline and the seller that the buyer is actually his daughter. 117. 120. D. urge the seller to update the disclosure form or have the back door repaired, 107. REALTOR Nelson has an exclusive listing contract with seller Jennifer. The agent should have disclosed this information, regardless of its accuracy. D. Article 14Arbitrate disputes. At the closing table, Howard reveals to both REALTORJane and the sellers that he has an exclusive buyer agency agreement with his client. Which of the following statements is TRUE? C. REALTOR Clarence is the complainant. C. No, I have no experience selling commercial properties so it is illegal for me to do it. While REALTOR Mary is putting a sign on a property, a couple pulls up in a car and asks if they can see the property. Refer to the income statements in (1) above. D) D. Yes, I have tons of experience selling all types of properties! B) A key fact is 102. C. remove the comment immediately. C. offer to pay a bonus commission to REALTOR Millie if REALTOR John sells the house. 64. C. large, four-bedroom on a quiet cul-de-sac lot When, how and to whom agents must reveal for whom they provide client based services. An accounting of all monies and property relating to the engagement. D. litigate the matter with both REALTORS. B) Show an Amount column, a Per Unit column, and a Percent column on each statement. A. keep the comment posted; it only helps his business and, after all, he didnt write it. InvestmentCenterElectronicsSportingGoodsSales$40,000,00020,000,000Income$2,880,0002,040,000AverageInvestedAssets$16,000,00012,000,000. Howard and Owen chat about the features of the house and Howard seems to be interested. Which of the following statements is LEAST accurate regarding UPREITs and downREITs? A. C. litigate any differences. C) not required to disclose the information because the agent has no agency relationship with seller. A real estate professional's duties to a customer do NOT include Later, Ken meets Broker Brenda at a party and is persuaded to let her represent him in the purchase of the property. Disclosure was improper and possibly illegal, regardless of the agent's motive. The seller, Morgan, contacts Buyer Valerie independently and informs her that the property is for sale. The broker can accept a commission from the buyer without the seller's approval. 146. Jones owns a small auto dealership, which he wants to relocate closer to his new home. REALTOR Frank has been trying for several months to sell the Johnsons home. Disclosure was improper and possibly illegal, regardless of the agent's motive. D. showing his interest in the property personally. conditions that need not be disclosed. He needs to sell the commercial property and asked Erin if she would be the listing agent. B) The agent tells a buyer the seller will accept up to $10,000 less than the list price. listing agreement. Which of the following is considered dual agency? After the closing, Eddie calls Sacha to discuss the matter. He sells Marys property and receives an additional fee for the sale. C. litigate any differences. The buyer entered into a contract that stipulated that the broker had not been involved in the transaction. A) required to disclose the information because it is a material fact important to the seller. D. REALTOR Robbie offers a free restaurant coupon to Flannigans to anyone that books a home tour with him between now and St. Patricks Day. 4. B) C) judicial law. An exclusive listing must always be at least 30 days long., What are the three most common types of listings . What does the phrase the law of agency is a common law doctrine mean? The duty of _____ is a fiduciary duty owed by an agent not to act adversely to the interests of the principal. 02. The relationship between the property owner and the associated brokers at Hannah Smith Realty could best be described as (buyer subagency, designated agency, dual agency, seller subagency) of the following aspects of REITs as a diversifier? \text{Sporting Goods}&\text{\hspace{5pt}20,000,000}&\text{\hspace{5pt}2,040,000}&\text{\hspace{6pt}12,000,000}\\ Broker Anne files an arbitration request against her client, Buyer Bill. Identify which statement regarding this situation is TRUE. A. Which of these actions violates the Code? C. Melanie must confirm that the agency relationship between the buyers and REALTOR Bill has terminated. stigmatized properties. D. unethical, because some of the people who get the e-mail may already be in an exclusive listing agreement. C) Which of the following is TRUE regarding dual agency? C. both Broker Deb and Broker Steve. A REALTOR may tell prospective clients not to list with REALTORS offering flat-rate commissions. an undisclosed dual agency. A. racial segregation. Agents are generally allowed to self-deal with the principal, especially if the self-dealing is undisclosed. 103. a. Dual agency is a violation of real estate law. No, because REALTOR Katie is obviously clueless about how to price a property. B) there is a client-buyer and a customer-seller. C. ethics complaints. In MOST situations, the relationship between real estate broker and seller is what type of agency? C. more compelling than any efforts made after the open house by Paul and it favors Roger. A. Neil is in violation of Article 15 for not blogging about REALTOR Paulas successes. This way is more efficient. A nonagent (transactional broker, facilitator, coordinator, or contract broker) is not an agent of either party. A seller can sell his or her own home and owe no commission if he or she signs an exclusive agency listing. B. recorded deed restrictions A) 6. Accidental or implied agency created excessive liability for both licensees and their brokers (and even consumers), and it opened the door to unintended and undisclosed dual agency. A. accounting for any deposit monies she receives from him, which are put into a separate account A. Twenty years ago, a former occupant of the house committed suicide in the house. The broker has violated the agency relationship with the seller. When considering whether or not to reveal information regarding a stigmatized property, a real estate professional should be aware of an offer made on the property. As a general rule, dual agency is permissible. Which of the following is an INCORRECT statement regarding usurping an opportunity and the agent's duty of loyalty? the desire of a potential buyer or tenant to know the information. Statements not known to be false at the time they are made are called _____ misrepresentations. C. not run the ad at all. D. Melanie should not solicit a buyer agreement with these buyers. As of November 2020, dual agency is illegal in eight states: Alaska, Colorado, Florida, Kansas, Oklahoma, Texas, Vermont, and Wyoming. In the common law of agency, the relationship of broker to client is that of D) D. a violation of Code, because some of those properties might be listed for sale. B) According to the Code of Ethics, who owns the listing agreements for a firm? No. Absolutelythis is a community property state. B) What fiduciary duty did the buyer's agent violate? 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. Zaafir only, because he is an independent contractor. This is D. targeted sales. At the closing table, Howard reveals to both REALTOR Jane and the sellers that he has an exclusive buyer agency agreement with his client. Dual agency occurs when an agent is representing both the buyer and the seller. You are simply a bottom feeder! Identify which statement is true. 94. When is a complaint passed to the Professional Standards Committee? True or false: Any family relationship of the parties or whether they have legal representation does not change this rule. C. The sellers agent has authorized the buyers agent to speak to the seller. Eddie and Sacha C. No, Antonio is entitled to collect these fees as long as there was informed consent from both parties to the transaction. C) Her letter offers both her property management services and her brokerage services. D. excellent location; walk to the bus stop. REALTOR Dee files an arbitration request and is able to prove she is the procuring cause of the sale. A. REALTOR-ASSOCIATES Which event will terminate an agency in a broker-seller relationship? Jennifer rejects the offer. C. maintain the confidentiality of the information REALTOR Matthew brings a complicated purchase contract to Nelson that requests partial owner financing. Im certain I could sell your house., 89. He sends letters only to those homeowners whose properties he has previously appraised. B. the total commission paid to REALTOR Nelson by the seller. This is a violation of the duty of loyalty known as ___________. C. only look at the MLS. C. panic selling. B. allowable because REALTOR Nelson obviously doesnt understand the offer. C. a violation of the Code, despite the fact that REALTOR Nelson did have permission from REALTOR Matthew. C. really none of REALTOR Janes or her clients business. A REALTOR may file both an ethics complaint and an arbitration request simultaneously over the same matter. D. I think you should list with me as soon as that week is up. Chad is a customer of Marcys. General membership. A nonagents job is simply to help both the buyer and the seller with the necessary paperwork and formalities involved in transferring ownership of real property. A. D) Jean asks Mike his opinion about the structure of the property. C. Yes, Marty should have disclosed his relationship with all parties involved when an offer was made. A. dictatorial business. 43. Only information about material defects the seller has provided the agent. D. Open house in a beautiful neighborhood this Saturday!, 121. A. D) inform any prospective buyers of the defect. C. Paula is in violation of Article 15 for posting misleading statements. A third party who owns and wants to sell his vacant land tells an agent of the principal of the availability of the land. A. fiduciary duties. C. The price that the sellers told the agent is their minimum selling price. The listing broker and the seller find a small roof leak in the attic. 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. Click the card to flip Flashcards Created by D. tell the sellers to disclose the leaks, 31. C. Donna has violated the Code by not getting informed consent from both buyer and seller to be a dual agent. This fact favors REALTOR Melanie has a listing, which REALTOR Bill sells. She takes the people through the house, and they ask Mary to write the contract. 34. REALTOR Ann is furious when she discovers that REALTOR Marge sold a listing to one of Anns clients. B. call the sellers directly to confirm the nature and expiration date of any listing agreement they have. A) Elizabeth leases the property from Broker Jane. ____ agency occurs when an agent acts for two or more different principals in the same transaction. D. The buyer sought another broker in order to get a lower price. I know Bill, and hes got a reputation for only working hard on his million-dollar listings. Inform any prospective buyers of the defect. Which of the following represents Eds fiduciary duty? C. reasonable care It is Marys listing and she has the key; the sellers are not home but told her to show it anytime. 20. B. Jack The Catholic Church on the corner indicates that the area is predominately Italian-Catholic. If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold," _____. 19. C. Nan sold a house to Bob last year. Escrowing D. sending a mass mailing out to potential clients, 122. B) not required to disclose the information because the seller might reject the offer. Which of the following is an INCORRECT statement regarding dual agency? REALTOR Lynn is very well connected to REALTORS all over the country. C. once it has been reviewed by the Ethics committee D. An arbitration hearing is required before parties may attempt mediation. D. A foundation crack is hidden behind the paneling in the basement. However, listings are currently thin in his market. 83. The agent is. However, fixed expenses would increase to a total of$225,000 each month. The broker is guilty of intentional misrepresentation. never. Neither the offer nor the escrow instructions mentioned: (a) the broker as the agent, or (b) terms for payment of a commission. 16. Dual agency is legal in all 50 states. D) Broker Paul later brings a sales agreement on the property from one of the attendees of the open house. spacefor Dual agency is a situation to describe when a real estate agent works with both the buyer and the seller. D. I will ask the selling REALTOR her opinion and get back to you., 110. B) A. a buying customer in a transaction. C. Great location, four blocks away from the Park and Ride Which is TRUE? C. A REALTOR accepts an undisclosed fee from a buyer while serving as a listing agent for the seller. A) No, because REALTOR Katie is obviously clueless about how to price a property. D) A request for arbitration could stem from C. not a true picture. D. set up an appointment with the title company. Properties that are considered undesirable because of events that occurred there or because a known sex offender lives in the area are considered A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. D) 129. B: Disclosing the information could create a fiduciary relationship with the buyer and, thereby, create an unauthorized dual agency situation. D. neither Jane nor Paul. The company has a large amount of unused capacity and is studying ways of improving profits. how a customer is differentiated from a client. B. providing the standard professional service expected Such being the case, dual agency was revoked in the . B. the co-operating commission originally offered by Nelson. D. a violation of the Code; REALTOR Matthew did not have permission from REALTOR Nelson to contact Jennifer. Broker Katherine is aware of the listing as it is in the local MLS. (C). 28. A key element of an agent's fiduciary responsibility of loyalty is to A) reveal relevant information or material facts. Dual agency requires nothing less than written, informed consent from both parties. Arbitration deals with monetary disputes only and could also be initiated by or made against a customer, client, or non-member broker. A. it is prohibited to target solicitations to first-time buyers because of their lack of experience. A: This information may be withheld since the agent never saw any evidence of infestation or damage. 27. This is an example of if the buyer's inspector finds a problem, the seller does not have to disclose. When a consumer wishes to obtain specific information about a listing, he is instructed to click here. The click actually is consent for the consumer to enter into an exclusive, year-long buyer agency agreement with Nathan but this is not apparent. homes for rent by private owners in memphis, tn, it was nice bumping into you quotes,
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