0000003468 00000 n Disclaimer: These codes may not be the most recent version. a. a commission of $5,000. \end{array} A provisional broker and a broker licensee from firms that are cooperating in a transaction 0000040150 00000 n @@Wl;2 PBwY/F2}i']YrL" In order for a broker to be paid on an open listing, the broker must. Nearby land is being considered for a landfill Under what circumstances are REALTORS not obligated to cooperate with other brokers? a. disclose to the buyer that the seller is a member of a minority group. 25&\text{Sale}&150\\ What is the responsibility of a REALTOR before entering into a representation agreement? c. Designated agents must be members of the local real estate trade association. Which of the following statements is TRUE about the North Carolina Working with Real Estate Agents brochure? A leak around the flashing of the chimney Find out how you can intelligently organize your Flashcards. Yes, and it can be best described as puffing 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. 0000004292 00000 n B) employee. Therefore, while showing property, the agent has a fiduciary duty to For a through g, indicate whether its amount (1) affects the bank or book side of a bank reconciliation, (2) is an addition or a subtraction in a bank reconciliation, and (3) requires an adjusting journal entry. 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. In order to advertise a property the broker MUST: All advertisements for the sale of real estate MUST contain the: All the following are true about advertising EXCEPT: Advertising by salespeople can be by phone number alone. A portion of the data is shown in the accompanying table. Whenever real estate agents sell a home they are required to. \text{Amenities}& 3\\ a. the broker had an active North Carolina real estate broker's license. c. is representing the condominium association. c. the name and nationality of the purchaser. 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. DateMay1025June525July5Aug. The North Carolina Working with Real Estate Agents brochure must be given D) subject to all federal requirements applicable to an employee. 0000003847 00000 n A REALTOR has the obligation to make reasonable efforts to determine whether a prospect is subject to a current, valid exclusive agreement to provide the same type of real estate service. 5 0 obj <>/Subtype/Form/Length 47/Type/XObject>>stream A property manager usually acts as a special agent of the landlord. a. pro forma c. A particularly cold winter is expected to begin next month. C) real estate assistant. c. Use the estimated model to predict, after four months, the height of a tomato plant which received 3.0 ounces of fertilizer. \end{array} \\ A broker who is the agent of the buyer should Administrative regulations that administer real estate license laws c. allows the details of the agency arrangement to be delayed until written agency occurs. In this situation, the broker would be entitled to 0000006356 00000 n a. the licensee was guilty of fraud Which of the following may be cited in an ethics violation complaint? b. file a mortgage against the developer's remaining lots. A) the use of electronic signatures. The consumer must sign the acknowledgment panel before a licensee can begin to provide brokerage services. b. to all consumers prior to first substantial contact. c. No, because state law does not allow an agent to give opinions 2003-2023 Chegg Inc. All rights reserved. xmOM@+sCjBzm!i ~} c. from another licensee representing the broker. K Why does Santiago talk to himself in '' The Old Man and the Sea? Find out how you can intelligently organize your Flashcards. used the purchase agreement to attempt to change the cooperative compensation. Voluntary Consent. 309 0 obj<> endobj d. provide employee benefits. a. personally listed the property. 0000272861 00000 n &\text{Cost per Room Night}\\ \end{array} & \begin{array}{c} Sign up for our free summaries and get the latest delivered directly to you. Broker: A broker is an individual or firm that charges a fee or commission for executing buy and sell orders submitted by an investor. A provisional broker sells another firm's listing for $150,000. Use Excel to estimate the regression model: Height = 0+1\beta_0+\beta_10+1 Fertilizer ++\varepsilon+. Broker E tells the landowner that she can sell the lots. Suspension or termination of MLS privileges. B. is allowed, but not required, to disclose the seller's minimum price. The owners have been interviewing salespeople from different firms. \text{Hotel staff (excluding housekeeping) }&42\\ to prevent the client from committing a crime, or 0000005052 00000 n (3) The following information shall not be disclosed by a transaction-broker without the informed consent of all parties: (a) That a buyer or tenant is willing to pay more than the purchase price or lease rate offered for the property; (b) That a seller or landlord is willing to accept less than the asking price or lease rate for the property; (c) What the motivating factors are for any party buying, selling, or leasing the property; (d) That a seller, buyer, landlord, or tenant will agree to financing terms other than those offered; (e) Any facts or suspicions regarding circumstances which may psychologically impact or stigmatize any real property pursuant to section 38-35.5-101, C.R.S. If a firm's buyer-client is interested in buying property listed with the firm, the firm must d. must personally find a buyer for the unit in order for the firm to earn a commission. 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. 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. 0000023782 00000 n c. a company-provided automobile In a typical agency relationship between the broker and the client, the broker's commission is determined by, 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. d. can accept an offer on behalf of the seller. endobj a. mutual agreement of the parties. A) brokers allocating markets based on the value of homes. B) digital communication in all its forms. Complaints enforced by the local association/board of REALTORS are _______. x+T0t 40T043 '', For each term or name, write a sentence explaining its significance. WebArticle 3s duty requires that REALTORS shall cooperate with other brokers except when cooperation is not in the clients best interest. d. is a member of the local real estate board, b. uses the employing broker's name in the advertisement, A real estate broker was responsible for a chain of events that resulted in the sale of one of his client's properties. 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. Article 16 states that REALTORS are prohibited from interfering with exclusive representation or exclusive brokerage relationship agreements of other REALTORS. 0000004644 00000 n Does the yyy-intercept make practical sense? 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. Which of the following is allowed under antitrust laws? (d) specific identification. If a Qty.ItemTotalPricePriceofOneUnita.2Batterycharger$79.99b.4Rechargeablebatteries24.98c.3Bottlesofpainreliever2.99d.8Papergiftbags3.89e.4Boxesofcoldtablets4.29f.8Videotapes19.99g.3Printercartridges76.99\begin{array}{llll} a. a licensed managing broker only You can explore additional available newsletters here. REALTORS are required by the Code of Ethics to present all offers ______. Ethical reasoning sometimes goes beyond the basic requirements of the law. \text{July 5}&\text{Sale}&135\\ The two types of complaints handled by the Grievance and Professional Standards Committees of the local board/association are _______. d. Convicted sexual offender lives in the neighborhood. 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. When leaving a firm, REALTORS are prohibited from inducing clients of their current firm to cancel exclusive agreements with the firm. ethics complaints and arbitration requests. \text{a. a. only his sponsoring broker \hline \begin{array}{c} WebWella sells a $150,000 home listed with another brokerage. b. x+T0t 40T0430Q(JUHSTPpuVpb D d. listing agreement. Code Comprehension: Article 16 Commissions Are Negotiable This would be considered as "general" marketing. Webcompromise Brokersduties to Buyer. Broker E can record the above transactions. The REALTOR may be considered to be _______. (6) A transaction-broker may do the following without breaching any obligation or responsibility: (a) Show alternative properties not owned by the seller or landlord to a prospective buyer or tenant; (b) List competing properties for sale or lease; (c) Show properties in which the buyer or tenant is interested to other prospective buyers or tenants; and. They can reveal confidential information: Confidential information does NOT include ______. }& 2 & \text{Battery charger} & \$ 79.99\\ d. can not include dual agency options. If Brokersubmits offers by competing buyers, Brokerwill notify Buyerthat a competing offer has been made, but will not disclose any of the offers material terms or conditions.

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