d. can accept an offer on behalf of the seller. Which of the following is a permitted discipline resulting from a violation of the Code of Ethics? 0000007777 00000 n
Chapter 15 Flashcards - Cram.com TomatoPlantHeight(inches)FertilizerAmount(ounces)20.41.949.25.046.43.1\begin{array}{|c|c|} d.A licensed broker who has prior confidential knowledge about the party that the BIC will represent. b. the National Do Not Call Registry \text{Total}& \$130\\ $960 startxref
d. advise the buyer, if in the agent's opinion, the listing price of a listed property is unrealistic. The Law of Agency We'll bring you back here when you are done. b. procuring cause. To buy, sell or lease Washington real estate, a California broker may either: cooperate with a Washington broker; or; obtain a Washington broker license. Grievance Committee, Professional Standards Committee and Board of Directors. b. must be reduced to writing prior to writing an offer to purchase on behalf of the buyer. d. contact the city building inspector about the defect. 0000003300 00000 n
C) are optional for licensees, though their adherence is always recommended. Buyerunderstands that Broker may work with other prospective buyers who want to acquire the same property as Buyer. A leak around the flashing of the chimney The name of that REALTOR firm in an apparent manner. D) employed by the buyer or the seller under a valid contract. The Code of Ethics is enforced through _______. Broker will For this transaction, W is entitled to receive, To be entitled to collect a real estate commission, a broker must be able to prove all of the following EXCEPT that he or she, 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. (1) A broker engaged as a transaction-broker is not an agent for either party. When a real estate agent is acting as an agent or in legally recognized nonagent capacities, such as transaction broker or facilitator. when cooperation is not in the best interest of the clients. To be entitled to collect a real estate commission, a North Carolina broker must meet all of the following criteria EXCEPT The Louisiana Purchase wascompleted\underline{\text{was completed}}wascompleted by President Thomas Jefferson. (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. 0000008320 00000 n
The Hearing Panel may not issue what type of sanctions? 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? endobj "J>8n@Q3%n9?1 D) salespersons within the same office agreeing on a standard commission rate. Write your answers on a sheet of paper. 0000276505 00000 n
Webcompromise Brokersduties to Buyer. \textbf{Date}&\textbf{Activity}&\textbf{Number of Units}&\textbf{Cost per Unit}\\\hline WebA broker who represents a seller under an exclusive listing receives two offers for the property at the same time, one from one of his salespeople and one from a salesperson Mediation can save time and money and is more informal than arbitration. d. negotiated commissions on transactions, d. negotiated commissions on transactions, Mosley Proctored National Test (Practice), Unit 10: North Carolina Settlement Procedures, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Multiple Choice Study Guide for Chapter 16 Te. WebSample 1. WebOf 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 broker. 5 0 obj <>/Subtype/Form/Length 47/Type/XObject>>stream The person who performs licensed activities under the authority of a broker is frequently called a A) junior licensee B) managing broker C) junior broker D) sales associate, A real estate sales associate h as a license personal assistant who usually must be A) paid by the sales associate's employing brokerd B) paid by the sales associate, who is then reimbursed by the employing broker C) hired by the sales associate independently and not under the employ of the brokerage D) subject to all federal requirements applicable to an employee, A recent important change to real estate brokerage practices is A) digital communication in all its forms B) fax transmissions C) use of personal assistants D) the use of electronic signatures, To be entitled to receive compens ation from a real estate sales transaction, an individual must be all of the following except A) the procuring cause of the sale B) a licensed real estate broker C) employed by the buyer or the seller under a valid contract D) unrelated to either the buyer or the seller. Use Excel to estimate the regression model: Height = 0+1\beta_0+\beta_10+1 Fertilizer ++\varepsilon+. When the Property is marketed for lease, Broker will allow other brokers to show the Property to prospective tenants. On all sales; all written offers should be presented: On all sales; if the listing agent is aware of another possible offer arriving, the listing agent should; Bring the first offer to the seller as soon as possible. Compute ending inventory and cost of goods sold using the FIFO, LIFO, and average cost c. Criminal activity occurred on the property In this case, the broker who is going to get paid must be the A) facilitator B) procuring cause C) dual agent D) exclusive agent, The real estate industry, includin g all licensed real estate brokers and sales associates, is subject to A) social security taxation B) antitrust laws C) more regulations for smaller firms D) fair competition laws, Administrative regulations that a dminister real estate license laws A) can only be changed by the legislature B) are optional for licensees, though their adherence is always recommended C) can be modified, if necessary, to insure compliance by large real estate firms D) have the same force and effect as statutory law, Antitrust laws do not prohibit real estate A) brokers allocating markets based on the value of homes B) salespersons within the same office agreeing on a standard commission rate C) companies agreeing on fees charged to sellers D) companies allocating markets based on the location of commercial buildings, Many states have modified the traditional terms broker and salesperson to stress that all licensees must be knowledgeable of and comply with the law. 0000031389 00000 n
A hotel room is priced at $180 per room night. x1@@%p #SI r|yf:n/ 43CLA]zQcFSmidHj b. real estate licenses may complete preprinted forms, but they may not draft legal documents The Code of Ethics obligates REALTORS to ______. a.b.c.d.e.f.g.Qty.2438483ItemBatterychargerRechargeablebatteriesBottlesofpainrelieverPapergiftbagsBoxesofcoldtabletsVideotapesPrintercartridgesTotalPrice$79.9924.982.993.894.2919.9976.99PriceofOneUnit. 0000278368 00000 n
\text{July 5}&\text{Sale}&135\\ Web(7) There shall be no imputation of knowledge or information between any party and the transaction-broker or among persons within an entity engaged as a transaction-broker. \end{array} The Preamble of the Code emphasizes what type of land use? Before it can be put into writing, the buyer withdraws the verbal offer. by jwkotler@mac.com, D) unless the exclusive agency listing is used, because the seller can compete with the broker. Which of the following are enforced by the local association/board of REALTORS? 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. Quoting a price other than list price without the seller's permission. b. $2,632.50 0000282931 00000 n
B) digital communication in all its forms. 0000040150 00000 n
d. unacceptable unless the seller has authorized the broker to share the information with potential buyers. Which of the following is allowed under antitrust laws? c. is representing the condominium association. WebDefine cooperating broker. 0000021825 00000 n
The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. b. a. The consumer must sign the acknowledgment panel before a licensee can begin to provide brokerage services. 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. had a valid real estate broker's license C) a licensed real estate broker. c. file a complaint with the local Realtor board. 0000280555 00000 n
\text{a. C. Nothing in this act shall prohibit a broker from entering into an Please check official sources. Chapter 23 - back of the Book Risk Management, Byron Almen, Dorothy Payne, Stefan Kostka, The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Eric Hinderaker, James A. Henretta, Rebecca Edwards, Robert O. Self. a. must be non-exclusive and have no expiration date. $2,181.73 Please sign in to share these flashcards. Does the yyy-intercept make practical sense? a. 0000023485 00000 n
A real estate agent working for a brokerage firm lists a unit for sale in a condominium building. 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.