Contract law, common law, and business law B. 133. Which of the following is not true regarding dual agency? A. Katherine, as the selling broker D) THIRD PARTY. 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. Buyer John mentions at his place of employment that he is looking for a house with Broker Judy. A net listing is illegal in all states. a trustee. 3 The last group at the local level to review an ethics complaint is the A. an image of the REALTORs license. Lets not worry about that todaylets wait until we sell your house, then well figure it out. 141. 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? An agency relationship between a seller and a broker is usually created by a written employment contract called a D. Joe should not talk to Ralph until after the hearing. When Kathy applies for a mortgage, the lender turns her down because she doesnt have a sufficient down payment. special agency Which of the following Standards is considered a duty to other REALTORS? During the listing period, the broker found a buyer who made an offer on the property that was accepted by the seller. needs but spent about an hour at the property asking many questions about other homes for sale. ____ agency occurs when an agent acts for two or more different principals in the same transaction. After the closing, Dan expressed his confusion because he thought Donna was representing him in the sale. 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. B. have two brokers sign off on it. A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. As a manager, what factor would be paramount in your mind in deciding whether to purchase the new equipment? Identify which statement regarding this situation is TRUE. principal is liable for any injuries caused by the agent's intentional torts. D. made a referral without Miriams consent, which is a violation of the Code. Agents are prohibited from using general information, knowledge, or experience acquired during the course of an agency in later employment. A) the buyer and the seller are represented by the same company. a fiduciary. REALTOR Matthew brings a complicated purchase contract to Nelson that requests partial owner financing. D. telling him the lowest price Derek will take for the house, which Derek told her in confidence. The introduction of the property by Morgan favors D. Yes, Marty should not have said anything to the other REALTOR and the seller at the closing. PRINCIPAL QUIZ 5: AGENCY RELATIONSHIPS Flashcards | Quizlet This would most likely be viewed as D. REALTOR Clarence is the respondent. D) honest and fair dealing. B. A. appraisal. A. each members conscience. This particular fact favors Did Pattys actions violate the Code? 146. casual statement - a licensee might unwittingly become a consumer's agent. C. just by talking to Mr. Johnson before his listing contract expired. 82. B. property profiling. Buyer Holly contacts Sam indicating that she has seen the house Linda is selling and would like to make an offer. disclosure. C) a nonagent. unless unintentional. Marty later writes a contract and a sale is made. contact the city building inspector about the defect. However, fixed expenses would increase to a total of$225,000 each month. A. disclose the existing accepted offer Jean asks Mike his opinion about the structure of the property. a. third party. Disclosure of material facts that the agents knows. The agent is. B) (B), and (D) are true statements about dual D. talk Susan out of buying the house. C. offering to reduce broker fees to a short sale C. are not allowed to litigate the matter. C. both Brenda and Jim. After the closing, REALTOR Edward, who represented the seller in the transaction, claimed that Devon owed him a buyers agent fee, and sought arbitration. The broker is guilty of negligent misrepresentation. 104. (1) Which department generates the most net income per dollar of sales? A. cannot arbitrate if he is a principal in the transaction. D) B. respond to the author of the comment and request the author remove the comment. No, Martys daughter and the seller were in mutual agreement with the stipulations of the sale. B) A real estate broker lists a home for sale for $189,500. Which of the following is correct? C) and disclose all facts concerning the property. 78. C) avoid conflicts of interest. Obedience. When is a complaint passed to the Professional Standards Committee? b. is three months. Which of the following is an INCORRECT statement regarding a fully disclosed agency? Which of these items is NOT required to be provided with the opinion of value? D) A. inform any prospective buyers of the defect. Broker Joann. The broker designates one sales associate to represent the seller and one sales associate to represent the buyer. This particular fact favors C) A) 56. A. The buyers agent is also the sellers agent, acting as a disclosed dual agent. All material facts known about the property from the seller, another agent, previous experience with the property, or researching public records. A REALTOR may file both an ethics complaint and an arbitration request simultaneously over the same matter. D. request arbitration services from the National Association of REALTORS if both Jona and Wally agree. c. is 90 days after the listing agreement is signed. Dual Agency and Transaction Brokerage Flashcards | Quizlet The notes to its financial statements state that 2013 Cost of Sales includes a SEK281 million write-down of Finished Goods inventory. C. induced Miriams client to cancel her agreement, which is a violation of the Code. 53. D) A person who authorizes another to act in his or her place in regard to relations with third persons is the: A. Jon did not make a reasonable effort to determine if Halie has an exclusive agreement. In a dual agency, one broker or agent represents both parties in a real estate sale. Given this information: What cause of fatality is least likely to occur? 140. 79. 9. Sherry produces an agreement of sale, which is acceptable to Tim who sells the property to Wanda. A. order the seller to disclose the leak The broker can accept a commission from the buyer without the seller's approval. 60. 148. He needs to sell the commercial property and asked Erin if she would be the listing agent. B) At the request of a client, REALTOR Marguerite provided a written estimated value of the clients property. It is one of the rules enacted by legislatures and other governing bodies. Broker Ken showed a property to Buyer Lori. 7. 120. D. neither Jane nor Paul. Tom is not meeting her expectations, so she terminates the employment relationship. The term, however, can have different meanings. D) EXPLANTION: At least one party must be a REALTOR in order to go through the arbitration process. Dual agency is legal in all 50 states. C. only look at the MLS. C. providing disclosure and obtaining consent from both parties. A person who may be affected by the terms of an agreement, but who is not a party to the agreement is known as the: A. B. offer to directly pay REALTOR John a bonus commission if he produces a contract at full price. 3. Administrative law and canonical law D. Article 17Arbitrate disputes, 15. consideration. C. both Broker Joann and Broker Millie. 114. A. chosen to work hard for his new broker Ethan, which is not a violation of the Code. an undisclosed dual agency. D. Yes, because she does not have permission from REALTOR Katie. 4 Q . Dual agency is actually illegal in some states. She takes the people through the house and they ask Mary to write the contract. A real estate professional's duties to a customer do NOT include A. abandonment of John by Broker Judy. REALTOR Donna has a property exclusively listed and shows it to buyer Dan, who wants to make an offer. C. Melanie must confirm that the agency relationship between the buyers and REALTOR Bill has terminated. B. The buyer offered $175,000 and the seller accepted. 142. A. allowable because the offer had already been presented and Matthew is just adding information. D. mutual collaboration. Solved Which of the following statements about dual agency - Chegg Compare our rates to others This ad is Subsequently, REALTOR Shelley claims that she represented buyer Jack. 58. (C). The buyer brokerage receives compensation from the listing brokerage and from the buyer at close of escrow. D. Seller Dean was not free to sell the property on his own. 134. A broker was hired to represent the seller, to market the seller's property, and to solicit offers to purchase. (ANSWERS will be revealed with subscription). A) 75. The laws enacted by a legislature make up This fact favors C) Upon discovering a latent defect in a property, the real estate professional should discuss the problem with the seller and then. Which of the following is true of a listing agreement? Eddie and Sacha A. completely unlike state licensing laws. latent defects. After Bob leaves, Nan says to Dana, That is my client! This statement is true if C. REALTOR Lyla listed her clients property for less than they had wanted to sell it for because she knew it had a better chance of selling at that price. Broker Mike introduced Kathy to the property. B) general agency Is this a violation of the Code? 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. the desire of a potential buyer or tenant to know the information. Broker Millie. REALTOR Jane notices a home in her market area listed with REALTOR Lindas name on it. What is Barbaras duty? A. A. racial segregation. \end{array} 45. This relationship is B) D. must arbitrate as he and Edward are both REALTORS.
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