This would be considered as "general" marketing. c. $3,356.50 Using his best efforts to obtain the earned commission, the broker should 0000016028 00000 n 0000031308 00000 n Administrative regulations that administer real estate license laws A broker-in-charge assisting a buyer client in the purchase of a property that was listed by a provisional broker of the firm Assume all purchases and sales were for cash. a. d. the broker was an active member of the local Realtor board. c. the broker was employed to perform certain activities in the transaction. 0000020437 00000 n 0 WebCOOPERATION WITH OTHER BROKERS. After broker E sells some of the lots, the landowner refuses to pay her a commission. This is referred to as a The seller has hidden rodent damage by the strategic placement of a large sofa. 0000283431 00000 n The owners have been interviewing sales people from different firms. For each of the following events, draw the new outcome. Discount brokers are able to execute any type of trade on behalf of a client, for which they charge a reduced commission in the range of $5 to $15 per trade. Their low fee structured is based on volume and lower costs. They dont offer investment advice and brokers are usually paid on salary rather than commission. c. Designated agents must be members of the local real estate trade association. disciplines such as probation suspension and license revocation. c. from another licensee representing the broker. This site is protected by reCAPTCHA and the Google, There is a newer version of the Colorado Revised Statutes. Licensees will be automatically investigated if accused of violating: Louisiana Real Estate Salesperson Prelicensing, Unit 2 Quiz Louisiana Real Estate Express, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Arthur Getis, Daniel Montello, Mark Bjelland, Fundamentals of Financial Management, Concise Edition. b. a dual agent. 0000275995 00000 n b. 0000283648 00000 n K a. Compute the number of units in ending inventory. c. private offering. 0000021825 00000 n $2,632.50. D) subject to all federal requirements applicable to an employee. Using the data from Lap 1 only, conduct a hypothesis test to determine if the mean time for completing a lap in races is the same as it is in practices. B) notify all other listing brokers if they Broker E can The two types of complaints handled by the Grievance and Professional Standards Committees of the local board/association are _______. 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. d. belong to a real estate board, A licensee may receive compensation or commission from (d) specific identification. b. only the employing client WebB A broker is permitted to represent both the seller and the buyer in the same transaction when a. the broker decides principals will benefit from the dual representation. Articles of the Code of Ethics do not address _______. b. uses the employing broker's name or the firm name in the advertisement. b. https://quizlet.com/380378818/ethics-and-brokerage-flash-cards That is so unless the listing is subject to an 0000031471 00000 n c. private offering \end{array} This may be up to half of the total fee but in all likelihood, the fee will range from 30% to 50% of the total. a. licensees have no duty to search for undisclosed latent material defects in a property c. $4,387.50. Introducing Cram Folders! 0000003300 00000 n d. any client, A landowner subdivides his acreage and offers the lots for sale. 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. (d) Serve as a single agent or transaction-broker for the same or for different parties in other real estate transactions. 0000006552 00000 n d. $5,850.00, A sponsored licensee may advertise a property for sale only if the licensee 0000003468 00000 n the name of the REALTOR's firm and REALTOR's states of licensure. b. A provisional broker and a broker licensee from firms that are cooperating in a transaction 0000008836 00000 n Pursuant to Sections 858-351 through 858-363 of The Oklahoma Real Estate License Code, a broker shall not be The matter cannot be subject to future litigation or arbitration. Disclose that he is the owner and that he is a licensee. The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. d. A broker finding a buyer for a property the broker personally listed. a. Cram has partnered with the National Tutoring Association. 312 0 obj<>stream You can explore additional available newsletters here. If a REALTOR is contacted by the client of another REALTOR regarding the creation of an exclusive relationship to provide the same type of service, under what conditions can that REALTOR discuss the terms of a future agreement? D) split the commission with any other broker that listed the property. c. disclose the agency options available and obtain written consent from both clients to act as dual agent. A couple wants to establish a 0000013533 00000 n REALTORS are required by the Code of Ethics to present all offers ______. 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. A) brokers allocating markets based on the value of homes. If the broker-in-charge (BIC) is to act as one of the designated agents on a North Carolina in-house transaction, which of the following may be appointed as a designated agent for the other party to the transaction? a. pro forma. b. house plumbed with polybutylene pipes. 0000014566 00000 n What is the judicial recourse, if the parties reach a written agreement in mediation? WebWhen an offer from a qualified buyer has been submitted and accepted and both parties have received signed copies of the agreement The legal doctrine by which a person is prevented from asserting rights or facts that are inconsistent with a previous position or representation made by act, conductor silence is called? Because of this statement a. the licensee was guilty of fraud 8 0 obj <>/ProcSet [/PDF /Text /ImageB /ImageC /ImageI]>>/Subtype/Form/Length 187/Type/XObject>>stream c. No, because state law does not allow an agent to give opinions A real estate firm practices all legal forms of agency allowed in North Carolina. D) unless the exclusive agency listing is used, because the seller can compete with the broker. a. must be non-exclusive and have no expiration date. 2003-2023 Chegg Inc. All rights reserved. Buyerunderstands that Broker may work with other prospective buyers who want to acquire the same property as Buyer. The Articles of the Code of Ethics stress the REALTOR's obligation to _______. A) the procuring cause of the sale. x+T0t 40T043 Mr. Salesperson committed two ethics violations. c. unacceptable unless there are multiple offers on the property. d. $4,363.45. A real estate sales associate has a license personal assistant who usually must be $640 Broker John c. the name and nationality of the purchaser. The Hearing Panel may not issue what type of sanctions? b. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and zQTt!8,-D*ejuz) ;@SA5Y&OSy|je|{~lx^9\YAKOYlwFNrV|t.nxaGB%6Qd$u0g-EfojOytx)u LM5.NP?w8 K?H>G#UJc1]:V,_N57|$t[({-jTw. c. legal puffing. c. A real estate licensee usually acts as a general agent of an affiliated firm. b. an employee. Ethics are typically defined as standards of conduct applied to a group or society. The salesperson's entire income is from sales commissions rather than an hourly wage. The licensee in this transaction, b. acts on behalf of the sponsoring broker, Unless some other written agreement has been made, the broker will usually receive the sales commission when. A firm that represents both the buyer and the seller in the same transaction is c. only to buyers in a real estate transaction. xref 309 0 obj<> endobj Based on these facts, the salesperson is considered a(n) A) independent contractor B) real estate assistant C) subagent D) employee, An owner tells a group of brokers, "I will pay a commission to whoever brings me a buyer." x1@@%p #SI r|yf:n/ 43CLA]zQcFSmidHj The listing firm appointing an agent to represent the seller B) when using an exclusive listing agreement, but not an open listing. How does the Code of Ethics benefit the client? B) junior licensee. East Asia: Physical-Political Geography Match the letters on the map with the places and physical features of East Asia. b. is acting on behalf of the brokerage firm, the seller's agent. A North Carolina provisional broker may advertise a property only if the broker The North Carolina Working with Real Estate Agents brochure must be given A) junior broker. B) can only be changed by the legislature. d. to all consumers in a sales transaction no later than first substantial contact. a. B) procuring cause. a. provide a W-2 that reflects all monies paid to the employee. b. 0000024213 00000 n Since inception in 1913, the Code of Ethics has required that members deal with monetary disputes in what manner? 0000015197 00000 n 0000007501 00000 n Find out how you can intelligently organize your Flashcards. Which of the following is NOT a material fact in North Carolina? How much money would an individual agent receive for a 60 percent share of the 10 percent commission earned? We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. 0000009578 00000 n A) Compensation the contractor would receive B) Sales meetings the contractor would need to attend C) Work schedule the contractor would have to follow D) Number of hours the contractor would have to work, Sales associate A and sales associate B work for the same firm. 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. \hline \vdots & \vdots \\ c. a fiduciary. \hline 46.4 & 3.1 \\ c. a licensed broker or an unlicensed assistant The listing broker gives the listing salesperson 30 percent of his commission and the selling broker gives the selling sales person 30 percent of his commission. The real estate broker's fiduciary responsibility to keep the principal informed of all facts that could affect a transaction is the duty of, Opinion statements by an agent exaggerating the benefits of a property are called, A broker is permitted to represent both the seller and the buyer in the same transaction when, Unless some other written agreement has been made, the broker will usually receive the sales commission from the seller when, All of the following could legally be considered fraudulent EXCEPT, A real estate licensee who is an independent contractor with a real estate brokerage firm usually receives, As an agent for the seller, a real estate broker can. A broker may cooperate with other brokers in a transaction. \end{array} c. inform any prospective buyers of the defect. Yes, and it can be best described as puffing A licensee who is employed by a sponsoring broker told a prospective buyer that the house she was looking at is "the best house in the area." a. C) unless representing a buyer, when the listing broker offers a co-op. 0000278100 00000 n WebIn order for a broker to be paid on an open listing, the broker must A) put the property in MLS and offer other brokers a co-op. For this transaction, she is entitled to receive d. setting individual business goals. Colorado may have more current or accurate information. b. procuring cause. A comprehensive firm policy is required by Commission Rule. A sales person may buy property listed with his/her firm if he/she: Discloses to owner in writing that he/she is licensed with the listing firm. a. decline to act as dual agent and refer the buyer to another firm. A REALTOR must disclose that an accepted offer exists on a property that is continuing to be shown ______. d. the Federal Communications Commission, A broker was accused of violating antitrust laws. A licensed real estate salesperson has a written contract with his broker specifying that he will not be treated as an employee. Changes in cooperative compensation are covered by Article 3 and Standard of Practice 3-2. a. Promulgated to make public Designated agent Yes. $3,217.50 B) companies agreeing on fees charged to sellers. % Which of the following statements is TRUE? 0000008042 00000 n When a real estate agent is acting as an agent or in legally recognized nonagent capacities, such as transaction broker or facilitator. Before an agent can collect a commission when working with their buyers, the agent must ______. 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. d. primarily representing the seller as they normally pay the commission. They tell A's salesperson that Firm B will charge 2% less commission for selling the house. increase Front Row Entertainments revenue by selling live-performance DVDs at the concert. 0000004840 00000 n Worth noting is that for HGMLS purposes, the duty of Participant Brokers is to cooperate and compensate as well. A) hired by the sales associate independently and not under the employ of the brokerage. The Code of Ethics prohibits REALTORS from providing services outside their area of expertise. b. to all consumers prior to first substantial contact. 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? When the Property is marketed for lease, Broker will allow other brokers to show the Property to prospective tenants. <<94fb29068c007945a27558184a912f5d>]>> d. a broker may not pay a commission to another broker, b. real estate licenses may complete preprinted forms, but they may not draft legal documents, The CAN-SPAM Act of 2003 is enforced by For all of her extra efforts, she can legally demand a performance bonus from, Antitrust laws prohibit all of the following EXCEPT, d. a broker deciding whether to join a MLS. 6 0 obj <>/Subtype/Form/Length 46/Type/XObject>>stream B. is allowed, but not required, to disclose the seller's minimum price. 0000009300 00000 n A horticulturist is studying the relationship between tomato plant height and fertilizer amount. A REALTOR claims that she has a right to another REALTOR'S commission. b. the National Do Not Call Registry Didnt she accompany them on their expedition as an interpreter and guide? b. undisclosed dual agencies c. The elderly owner died peacefully in her bedroom. Local people consider the house to be haunted. Which of the following BEST defines the common law of agency? when contacted by the client of another REALTOR discuss the terms of a listing agreement that is effective upon the expiration of the existing agreement. A) have the same force and effect as statutory law. Based on these facts, the licensee will be treated by the IRS as d. is an active member of the local real estate board. \text{Aug. 8}&\text{Purchase inventory}&190&~~9.25\\ v. Quinlan and Tyson, Inc. held that The three categories of the Articles include _______. She was probably accused of: 25&\text{Sale}&110\\ b. & \textbf{Qty.} The developer refuses to pay the promised commission. At this price, it is anticipated that average occupancy for the weekend (Friday, Saturday, and Sunday) will increase from 30% to 50% of available rooms. end of each 6-month period for 4 years. What is the term given to HTML codes that enable a search engine to identify the site as relevant to certain search words or phrases? The Standards of Practice may not _______. No. {u-07/89x{+a_-"ME\058|?L}m,1{4?jmUb08epE* d. listing agreement. Qty.ItemTotalPricePriceofOneUnita.2Batterycharger$79.99b.4Rechargeablebatteries24.98c.3Bottlesofpainreliever2.99d.8Papergiftbags3.89e.4Boxesofcoldtablets4.29f.8Videotapes19.99g.3Printercartridges76.99\begin{array}{llll} Use Excel to estimate the regression model: Height = 0+1\beta_0+\beta_10+1 Fertilizer ++\varepsilon+. b. file a mortgage against the developer's remaining lots. Which of the following may be cited in an ethics violation complaint? Because of this statement A listing agent usually acts as a general agent of the seller. D) use of personal assistants. 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. 0000031631 00000 n d. an attorney in fact. endstream You have created 2 folders. Broker E can, Salesperson N finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of property. a. b. duties to clients and customers, duties to the public, and duties to REALTORS. c. $1,600 And if your owner had two properties and you only managed one, another broker could provide property-management services for the home you dont have an exclusive agreement for. (Signed) Sadia." Jenson, who also believes that the stone is quartz, contracts to purchase it for $10\$ 10$10. A property manager usually acts as a special agent of the landlord. put agreements in writing and keep them current with written extensions and amendments. b. file a lien against the landowner's remaining lots b. \text{Housekeeping service}& \$ 23\\ c. Some agents in the same firm representing buyers exclusively and other agents in the same firm representing sellers exclusively Underline the verb phrase in each of the following sentences. c. violations of state licensing law. b. a company-provided health insurance 0000009910 00000 n 3 0 obj <>/ProcSet [/PDF /Text /ImageB /ImageC /ImageI]>>/Subtype/Form/Length 96/Type/XObject>>stream What can REALTORS advertise their services or properties? Voluntary Consent. d. fraud only if the buyer purchased the house based on the statement. d. Convicted sexual offender lives in the neighborhood. In order to comply with North Carolina Real Estate Commission Rules, the agent must do all of the following EXCEPT 0000020872 00000 n Case law establishing the responsibilities of a person who acts for another \hline Before it can be put in writing, the buyer backs out and revokes the verbal offer. Which statement is TRUE? 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. d. building with synthetic stucco siding. Can a REALTOR who follows the letter of the law find that he has violated the Code of Ethics? endobj d. advise the buyer, if in the agent's opinion, the listing price of a listed property is unrealistic. b. agent has fiduciary obligations to the principal. 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. Discuss the advantages and disadvantages of each method. c. personally pays for the advertisement put agreements in writing and keep them updated. 7 0 obj <>/Subtype/Form/Length 46/Type/XObject>>stream c. listing where a past owner died in the house. a. the Federal Trade Commission The relationship of a broker to a client is that of \text{Utilities}& 7\\ According to Article 3, REALTORS must disclose the existence of ________ to brokers seeking cooperation. c. Use the estimated model to predict, after four months, the height of a tomato plant which received 3.0 ounces of fertilizer. A leak around the flashing of the chimney a. a real estate assistant. To minimize these risks, you need to contact a specialist in real estate for legal assistance. \text { (ounces) } 0000005261 00000 n If the provisional broker receives 60 percent of any commission that he generates for the office, he is entitled to receive WebA 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. Interpret the coefficient of Fertilizer. c. specify work hours and task requirements. c. Criminal activity occurred on the property Disclaimer: These codes may not be the most recent version. b. the sponsoring broker was guilty of fraud because he is responsible for the actions of the licensee The listing broker tells a prospective buyer that the seller is on the verge of bankruptcy. Which REALTORS are allowed to lay a claim to a "sold" property? The Code of Ethics obligates REALTORS to ______. C) facilitator. 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. jA~+t1[IB ; a. obtain permission from her buyer-client in order to receive compensation from the seller. to defend a REALTOR against an accusation of wrongful conduct. Web* cooperate with real estate licensees working with the seller, if any, to effect a transaction. a. to property owners upon initial contact. '', For each term or name, write a sentence explaining its significance. 0000036173 00000 n The listing commission is 6.5% of the selling price. You're all set! Sign up for our free summaries and get the latest delivered directly to you. Please upgrade to Cram Premium to create hundreds of folders! A licensee shall be investigated by the Commission: Upon a written and signed complaint sent to the Commission. The Louisiana Purchase wascompleted\underline{\text{was completed}}wascompleted by President Thomas Jefferson. Designated agency A specific type of duel agency where the broker-in-charge designates one sales person to represent the buyer and another agent to represent the seller. d. A broker-in-charge appointing one agent to exclusively represent the seller as the client and appointing a different agent to exclusively represent the buyer as a client while the firm remains in dual agency. until closing, unless the owner waives the right. endobj Upon discovering a latent defect in the property, the listing agent should discuss the problem with the seller and then 0000031389 00000 n The Code of Ethics is referred to as a living document because _______. 0000013618 00000 n b. withhold appropriate local, state, and federal employment taxes. b. require both clients to sign agency agreements prior to the close of the transaction. In North Carolina, oral buyer agency Write your answers on a sheet of paper. d. The property was flooded during a hurricane. C) fair competition laws. Disclosing the information could create a fiduciary relationship with the buyer and, thereby, create an unauthorized dual agency situation. Managing Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. How much money would a sales person receive for her 60 percent share in the 10 percent commission? Use of metatags that include the names of other brokerage companies is a reasonable way to divert traffic to a REALTOR's site. }& 4 & \text{Rechargeable batteries} & 24.98\\ 1 0 obj <>/ProcSet [/PDF /Text /ImageB /ImageC /ImageI]>>/Subtype/Form/Length 94/Type/XObject>>stream a. the seller. However, the leisure customers on weekends occupy fewer rooms than do business customers on weekdays. A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. d. A broker deciding whether to join a MLS. b. determining daily and weekly work hours. (4) A transaction-broker has no duty to conduct an independent inspection of the property for the benefit of the buyer or tenant and has no duty to independently verify the accuracy or completeness of statements made by the seller, landlord, or independent inspectors. Buyerunderstands that Brokermay work with other prospective buyers who want to acquire the same property as Buyer. The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. In what sequence would the jobs be ranked according to the following decision rule - FCFS? 0000278870 00000 n Out of this amount, 5 percent is payable to the referral network that referred the buyer, 35 percent goes to the listing broker, and 60 percent belongs to the cooperating brokerage firm. a. not having an equal housing opportunity sign in her office window d. $2,400. d. the public. WebReal estate brokerage partnership Explanation: Under the RESA Law and its IRR Section 3 (g) 1-5, a real estate service practitioner should be a natural person, meaning the person must be an individual. 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. 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 Broker John agrees to cooperate with other brokers on his new listing. What should A's salesperson say to the owner to get the listing? c. in-house employment contract.
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