which statement is not true regarding dual agency?

REALTOR Melanie has a listing, which REALTOR Bill sells. C) a. Dual agency is a violation of real estate law b. Subsequently, he calls her several times a week, sends her e-mails, and mails a packet of additional information. REALTOR Loretta owns a large brokerage, which includes an in-house mortgage lender, an in-house title company, and a home warranty company. B) there is a client-buyer and a customer-seller. A. has no business concerning himself with the other REALTORs contract; it is none of his business. REALTOR Carlos has a listing. 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. This is Which of the following results is NOT an implication of the smoothing of real estate Donna, representing the seller, holds firm and gets Dan to buy at asking price. An agent works as a salesperson for a principal who owns an automotive parts business. Edit your form online Type text, add images, blackout confidential details, add comments, highlights and more. B. Olivia may ask her REALTOR principal to initiate litigation but she may not initiate litigation on her own. B. have two brokers sign off on it. Misstatements about the property Broker Joann. can accept an offer on behalf of the seller. The best solution available to Tim is to Chad is a customer of Marcys. B. comfortable home near the community recreation center At the closing table, Marty tells Caroline and the seller that the buyer is actually his daughter. Eddie and Sacha B) Jack should The agent, without informing the principal, purchases the land for personal use. After the closing, Dan expressed his confusion because he thought Donna was representing him in the sale. Regarding such duties, which ONE of the following statements is NOT true? A REALTOR can use guided statements to diminish another REALTORs integrity. Arbitration deals with monetary disputes only and could also be initiated by or made against a customer, client, or non-member broker. B. property profiling. Subsequently, REALTOR Nelson sells the property to the buyer REALTOR Dee introduced to the property. A) the seller must disclose, but the broker has no obligation to disclose. The duty of _____ is a fiduciary duty owed by an agent not to act adversely to the interests of the principal. Jean asks Mike his opinion about the structure of the property. D) Which of the following is an INCORRECT statement regarding a fully disclosed agency? To get his business started, he sends a mass e-mail to his former fraternity brothers, offering to assist them with any of their real estate needs. A. Olivia can take no action since Jon is the principal broker at his agency; his title gives him seniority in this situation. A. call the MLS to alert them that REALTOR Linda is not sharing all of her listings. Which of these statements is an ethical practice by a REALTOR? Jack should D. Yes, Tamika violated the Code because contacting the listing agent is never allowable. A. Neil is in violation of Article 15 for not blogging about REALTOR Paulas successes. REALTOR Crystal went door-to-door in a particular subdivision asking homeowners if they were interested in selling because the ethnic make-up of the neighborhood is changing. D) It may not be superseded by statutory law. If REALTOR Shelley wishes to file an arbitration request, against whom does she file it? D. Melanie should not solicit a buyer agreement with these buyers. A) the sales associate was practicing puffing. D. what is required by the Code. A. by establishing a new contract with Mr. Johnson before the previous one had expired. Chapter 30 Flashcards | Quizlet When, how and to whom agents must reveal for whom they provide client based services. Broker Paul later brings a sales agreement on the property from one of the attendees of the open house. How would a histogram of US REIT returns over the last twenty years be described? not required to disclose the information because the seller might reject the offer. D. include persons of several races in order to avoid exclusivity in advertising. B. yes, because the nature and the terms of the contract were not made clear a criminal registry that is maintained by state real estate offices. B. A) D. Visit our website at www.tinytownrealestate.com for special offers!, 39. Show an Amount column, a Per Unit column, and a Percent column on each statement. D. set up an appointment with the title company. Youve come to the right person.. Inform any prospective buyers of the defect. C. Great location, four blocks away from the Park and Ride 117. C) In the common law of agency, an agent owes the principal all of the following EXCEPT B. REALTOR Brian is the respondent. New builds going fast! The laws enacted by a legislature make up Broker Anne files an arbitration request against her client, Buyer Bill. B) B) No. B) C. The sellers agent has authorized the buyers agent to speak to the seller. D. the same as if Roger had found the buyer independently and shown the property by appointment; it favors Roger. B. REALTOR Brian is the mediator. A) D. Nan worked with Bob first. Which of the following is correct? Broker Judy has been working actively with Buyer John for several months. Yes, Antonio only has a contract with the buyer; therefore, he is only permitted to collect a fee from the buyer. A) At the closing table, Howard reveals to both REALTORJane and the sellers that he has an exclusive buyer agency agreement with his client. 146. 104. This is In the common law of agency, the relationship of broker to client is that of D. REALTOR Clarence is the respondent. A. arbitration. A. C. Yes, Marty should have disclosed his relationship with all parties involved when an offer was made. B) B) It is a legal doctrine that is not unusual. Common law D) At the closing table, Howard reveals to both REALTOR Jane and the sellers that he has an exclusive buyer agency agreement with his client. Broker Millie. C. estimated market evaluation. B. opinion of value. loyalty to the principal's interests unless they conflict with the agent's interests. Which of these is an example of panic selling? 17. 129. B. draft a purchase contract from scratch Broker Amy discovers that buyer Lori has looked at a property with Ken and tells Lori that she is also in the real estate business and can help her buy the property. Broker REALTOR Miriam employs REALTOR Tom. if the buyer's inspector finds a problem, the seller does not have to disclose. EXPLANTION: At least one party must be a REALTOR in order to go through the arbitration process. listing agreement. REALTOR Marys next step should be to D. ratifying the findings of the Professional Standards Hearing Panel and hearing appeals from either party. C. a violation of the Code, despite the fact that REALTOR Nelson did have permission from REALTOR Matthew. A. Donna has not violated any Article or Standard; she just did her job and sold the house. REALTOR Patty has an appointment to show a listing of REALTOR Katies. Patty prepares a CMA prior to the appointment, then shows the property to her prospect, buyer Larry. The company has a large amount of unused capacity and is studying ways of improving profits. stigmatized properties. REALTOR Frank has been trying for several months to sell the Johnsons home. C. not a true picture. A) D. tell the Byers to call Sam to find out the nature and terms of any agreement they have with Sam. D. State Licensing Board of Directors. A) required to disclose the information because it is a material fact important to the seller. C. Loretta may not market these auxiliary services to buyers or sellers using her company. whether the worker is paid by way of direct deposit or check. If two licensees, who are not REALTORS, have a monetary dispute, they Properties that are considered undesirable because of events that occurred there or because a known sex offender lives in the area are considered the concept of caveat emptor. REALTOR Dee files an arbitration request and is able to prove she is the procuring cause of the sale. D. Olivias client would have to request arbitration on her behalf; she may not request arbitration on her own. 59. Article 9Put contracts in writing The structure does not seem sound and I would not purchase this house. D. notifying him of all known material facts. statutory law. B. broker Jim. She and Dean enter into an agreement of sale. C) No, because her client, Larry, has no interest in the property. C) The agent tells a buyer the seller will accept up to $10,000 less than the list price. The broker: a. is not entitled to a commission because of the open listing. C. not run the ad at all. A. no, because Nathan is not responsible for how the website functions b) If a partner makes a profit using information gained from inside the firm, but uses that information in a venture that is outside the firm, he may keep that profit. It is illegal in all states. C. demand that Sherry split the commission with Vinod. A. Katherine, as the selling broker B. by not informing Frank that he had signed a contract with Mr. Johnson D) question. If a real estate agent who is employed to purchase real estate for a principal secretly sells his or her own property to the principal, this is a violation of the duty of loyalty known as __________. Click the card to flip . D. an intrusion by Broker Nan into an existing relationship. Did Marty violate the Code? While driving to the courthouse to represent Qaadir at trial, Zaafir negligently causes an automobile accident in which Maali is severely injured. If two licensees, who are not REALTORS, have a monetary dispute, they REALTOR Bill is representing sellers Sue and Sam, who are divorcing. returns due to the use of appraisals? 67. 3 The last group at the local level to review an ethics complaint is the A. keep the comment posted; it only helps his business and, after all, he didnt write it. REALTOR Marys next step should be to When a REALTOR only has a contract with a buyer; he is only permitted to collect a fee from the buyer. B) Some states allow it, with certain conditions. REALTOR Betty is hosting an open house where she meets buyer Josie. Disney tell Saul that the maximum it will pay for a 1-acre lot is $1 million. A. D. set up an appointment with the title company. the administrative law created by real estate agencies as authorized by the legislature. Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. b) An agent cannot accept commission from both parties to a transaction without his principals' consent. D) principal is liable for any injuries caused by the agent's intentional torts. Real Estate Course Chapter 4 Flashcards Preview - Brainscape B. Loyalty However, fixed expenses would increase to a total of$225,000 each month. The agent has not violated any agency responsibilities to the seller. First twenty people through the door receive a gift card to Chipotle! The structure looks good. d. principal. C) She takes the people through the house and they ask Mary to write the contract. At the closing table, Marty tells Caroline and the seller that the buyer is actually his daughter. Broker Jim introduces buyer Ken to a property and keeps in touch with him. Sometimes principals request that agents run errands or conduct other acts on their behalf while the agent or employee is on personal business. C. national C. Yes, Tamika should have just asked the owners, who were in the driveway when she was there. Which of the following is an INCORRECT statement regarding a "frolic and detour?". Pete learns that the buyers have an exclusive agreement that expires in two months with REALTOR Ryan, employed by a competitive brokerage. A) tell the seller that the defect must be repaired. It is part of a body of law established by tradition and court decisions. B. arbitration complaints. She stipulates that her client, buyer Jack, will pay her fee. C. both Broker Joann and Broker Millie. The term, however, can have different meanings. can disclose the seller's minimum price. C. maintain the confidentiality of the information since the seller is his client B. B. not consider how and when Amy entered the transaction. D) B. allowable because REALTOR Nelson obviously doesnt understand the offer. 60. REALTOR Donna has a property exclusively listed and shows it to buyer Dan, who wants to make an offer. B. something that would be understood by both REALTORS and does not need to be disclosed. The Code of Ethics in Action R Copyright 2023 - RealEstateExamAnswers.com -, NAR May the Code Be With You ? C. once it has been reviewed by the Ethics committee B. D. false advertising. Required to disclose the information because it is a material fact important to the seller. 115. REALTOR Brianna is a buyer agent and sells Randys house. the common law. B. telling him the lowest price Derek will take for the house, which Derek told her in confidence This is even if unintentional. Title 32, 13275: Disclosed dual agent - mainelegislature.org D. all parties in a transaction, whether they are clients or customers. He should In dual agency, the real estate professional represents two principals in the same transaction. A. allowable because the offer had already been presented and Matthew is just adding information. REALTOR Donna has a property exclusively listed and shows it to buyer Dan, who wants to make an offer. c. accidental B) Marty makes arrangements with the listing agent, REALTOR Caroline, to show the property. the broker always acts as the agent of a client or customer. The broker expends considerable time and money advertising and showing the house and obtains several offers. C. ask REALTOR Craig to increase the commission. D)!!! Dual agency must be disclosed to both parties in a real estate sale Show Result B. Broker Ken showed a property to Buyer Lori. Which of the following is an INCORRECT statement regarding dual agency? 53. C. A REALTOR may not file an ethics complaint at the same time she files a request for arbitration. For both present operations and the proposed new operations, compute (a) the degree of operating leverage, (b) the break-even point in dollar sales, and (c) the margin of safety in both dollar and percentage terms. D) the common law of agency in the state in which the property owner lives. C. Kathy and Dean had previous dealings with each other. No, Martys daughter and the seller were in mutual agreement with the stipulations of the sale. Which of the following is an INCORRECT statement regarding misuse of confidential information and the agent's duty of loyalty? The broker is obligated to render loyalty to the seller. A. quality of title to the property A. once it has been filed how an implied agency may occur. Subsequently, Dean lists the property with Broker Mike. 139. Eddie suggests taking the matter to arbitration. prohibited in all states because a broker must always represent one party. 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. Later, Ben, who was seated at the same table with Linda, buys the house from Broker Andrew. when, how, and to whom agents must reveal for whom they provide client-based services. A. Ann cannot file both an ethics complaint and an arbitration request at the same time. honest and fair dealing. B. accounting. D. If you go hang out at the Corner Bar for one evening, that will probably tell you everything you need to know.. C. arbitration. D. a violation of the Code; REALTOR Matthew did not have permission from REALTOR Nelson to contact Jennifer. Do you agree with the marketing managers proposal? As a general rule, dual agency is permissible. Kevin must A. confidentiality D) 54. B. lie to prospective buyers regarding the windows condition NAR May the Code Be With You ? Which of the following describes a typical equity REIT? A) C. Loretta must disclose her interest to her clients and customers, including any financial benefit received. a. The dual agency does not constitute a violation of the duty of loyalty so long as the agent acts fairly and equitably. If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold," _____. the seller and the broker must both disclose this material fact. Which one of the following statements regarding the duties of an agent is NOT true? A. it is prohibited to target solicitations to first-time buyers because of their lack of experience. In a fully disclosed agency, the contract is between the agent and the third party. D) A. not a violation of the Code as it is helpful courtesy offered to the seller. A) required to disclose the information because it is a material fact important to the seller. A. his agency. Which of these statements is an ethical practice by a REALTOR? C. remove the comment immediately. A. Twenty years ago, a former occupant of the house committed suicide in the house. D. set up an appointment with the title company. The broker was unethical, but the seller did get to sell the property. D. local, state, and national. D. Joe should not talk to Ralph until after the hearing. Statements of opinion are permissible To settle this agreement, they can 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. C. Article 13Do not practice law In a(n) _____ agency, a contracting third party does not know of either the existence of the agency or the principal's identity. D. A foundation crack is hidden behind the paneling in the basement. B. A. not practicing law (2) Which department is most efficient at generating sales from average invested assets? A. order the seller to disclose the leak Im certain I could sell your house., 89. 28. B. contact the sellers and write the contract. D. REALTOR who is the procuring cause of the sale, 40. B. may ask the local Association of REALTORS to arbitrate it. sales associates are agents of the broker. C. You really need to consult with your attorney with questions of that nature. A. Which of the following is NOT a common type of breach of the agent's duty of loyalty to the principal? Broker Deb. Such being the case, dual agency was revoked in the . C. Buyer Travis is the owner of Big City Enterprises and High-Rise Corporation. Any broker is authorized to encourage such bids for the property. 29. A special agent represents the principal for one certain transaction only. This introduction is B) 58. A. a buying customer in a transaction. D. urge the seller to update the disclosure form or have the back door repaired, 106. 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", _____. Which of the following choices addresses standards designed around duties to the client, not the public? A) C. No, but only if she doesnt solicit the listing at the same time. The broker has violated the agency relationship with the seller. C) As long as there was prior informed consent from both parties before the transaction was complete, this is not a violation. REALTOR Melanie has a listing, which REALTOR Bill sells. Under the _____ test, if an agent commits an intentional tort within a work-related time or It appears that REALTOR Tom may have D) To keep the websites from looking skimpy, Scott keeps several sold or expired listings on his site that appear to be available. C) REALTOR Jim violated the code Do international differences in financial leverage exist? 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 C. unethical, because solicitation by any type of electronic transmission is a violation of the Code. A. a monetary dispute between two licensees. 145. C. No, Antonio is entitled to collect these fees as long as there was informed consent from both parties to the transaction. 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. has not obtained informed consent from the buyers to be obligated to pay two commissions. A. REALTOR-ASSOCIATES all lawful instructions of the owner. Broker Anne. B. Melanie can seek the prospects future business. Which statement is true? B) D. no, because the user had the choice to click or not to click. D. telling him the lowest price Derek will take for the house, which Derek told her in confidence. The broker is guilty of intentional misrepresentation. Buyer John mentions at his place of employment that he is looking for a house with Broker Judy. \text{Sporting Goods}&\text{\hspace{5pt}20,000,000}&\text{\hspace{5pt}2,040,000}&\text{\hspace{6pt}12,000,000}\\ Refer to the original data. Which of the following statements is NOT true about dual agency This would most likely be viewed as D) D. targeted sales. InvestmentCenterElectronicsSportingGoodsSales$40,000,00020,000,000Income$2,880,0002,040,000AverageInvestedAssets$16,000,00012,000,000. a nonagency. C. The neighborhood looks predominately white but there are a few Latinos who live a couple of blocks over. Unit 4 (complete) Flashcards | Chegg.com I have no experience selling commercial properties but I would be happy to take on the challenge. C. disclosing her relationship with Derek D. a violation of Code, because some of those properties might be listed for sale. B. No, Tamika is permitted to call Alonzo to get the information she needs. No, because REALTORS are entitled to collect some fees, which a non-member licensee is not. sales associates are agents of the broker. being primarily responsible to the customer. D. Broker Steve. C) C. Olivia may ask her REALTOR principal to request arbitration but she may not request arbitration on her own. B. sign the Byers to an exclusive buyer agency agreement The broker is obligated to render loyalty to the seller. D) C. only consider who made the initial introduction to the property. a fiduciary. D. the National Association of REALTORS. A. Brianna No, the fact that his daughter was the buyer is inconsequential to the transaction. Which of the following represents Eds fiduciary duty? 56. REALTOR Brianna is a buyer agent and sells Randys house. C. both brokers. D) 23. Tom is not meeting her expectations, so she terminates the employment relationship. Questions Only 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. If REALTOR Shelley wishes to file an arbitration request, against whom does she file it? The agent tells a buyer the seller will accept up to $5,000 less than the list price. B) The doctrine of _____ rests on the principle that if someone expects to derive certain benefits from acting through others, that person should also bear the liability for injuries caused to third persons by the negligent conduct of an agent who is acting within his or her scope of employment. Yes, because she is targeting properties already listed and offering brokerage services. It may not be superseded by statutory law. C. estimated market evaluation. Before leaving, REALTOR Patty takes the seller aside and tells her the property wont sell because it is overpriced and shows the seller her comps. REALTOR Pete Which of these statements could be considered discriminatory? C. a violation of Code, because it is not a general announcement. C) The Catholic Church on the corner indicates that the area is predominately Italian-Catholic. Buyer Holly contacts Sam indicating that she has seen the house Linda is selling and would like to make an offer. No, because REALTORS are entitled to collect some fees, which a non-member licensee is not. 120. Each party must be informed he will not receive. the broker informs either the buyer or the seller of this fact. tell the seller that the defect must be repaired. Complaints about the behavior of a REALTOR are C) Article 1Be honest B. B. real estate licensees may not litigate over commissions. B. advise Susan of the commission differential and renegotiate his fee. REALTOR Dee shows a property listed by REALTOR Nelson. B. respond to the author of the comment and request the author remove the comment. The seller accepts the offer. D. both brokers. All of these will terminate an agency relationship EXCEPT C. Ann does not have to cite her reasons for filing an ethics complaint against Marge. Identify the scenario below where it would NOT be appropriate for a buyers agent to talk to the seller directly concerning price, terms, or conditions. B. neither broker. 148. Sales(15,000unitsX$30perunit)VariableexpensesContributionmarginFixedexpensesNetoperatingincome$450,000315,000135,00090,000$45,000. C) B) care. Solved Which of the following statements Is true reqarding - Chegg Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. D. showing his interest in the property personally. D. panic selling. The official interpretation of the NAR Code of Ethics is made by She tells REALTOR Ed, in confidence, to do whatever it takes to sell her house. REALTORS seek arbitration over monetary disputes with another REALTOR because C. unethical behavior between a REALTOR and a consumer. Broker Joann admits she was an exclusive buyer agent for her client and knew the compensation offering before showing the house. A REALTOR has to decide which is more important, behavior or money, and file just one complaint. being primarily responsible to the customer. REALTOR-ASSOCIATE Olivia believes that REALTOR Jon from another brokerage sold a house to her client and that she was the procuring cause of the sale. What is Barbaras duty? D. Marge does not have to provide any information about the matter to the Grievance Committee. Being a REALTOR means being included in the ____________ association(s). C. induced Miriams client to cancel her agreement, which is a violation of the Code. All information about material defects that the agent knows or should know 03. REALTOR Nelson owes REALTOR Dee C. A REALTOR can use guided statements to diminish another REALTORs integrity. C) care and skill in representing the principal equivalent to that of the average person. is the correct answer to the question. "The uneven floors just mean that the building dates to colonial times. C. Sarah may ask her REALTOR principal to request arbitration but Sarah may not request arbitration on her own. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. Dual agency is legal in all 50 states. Solved Which of the following statements about dual agency - Chegg 55. Exclusive neighborhood community with a Tier 1 golf club D. honesty and integrity, 108. A. disclosing his true position.

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