which statement is not true regarding dual agency?

D. what is required by the Code. Identify which of these practices a REALTOR is permitted to do. Intentional torts include all but which of the following? A. D) C. may not arbitrate as he does not belong to the local association. state registries of residential information on sex offenders. B. REALTOR Juan hosts several websites aimed toward different types of buyers. An agency relationship between a seller and a broker is usually created by a written employment contract called a D) the seller and the buyer are represented by different companies. REALTOR Donna has a property exclusively listed and shows it to buyer Dan, who wants to make an offer. C) D) B. the total commission paid to REALTOR Nelson by the seller. A) tell the seller that the defect must be repaired. REALTOR Jerry has exclusive employment contracts with buyer Stan and seller Tammy. The introduction of the property by Morgan favors b. broker. D) The broker in charge of an office, by ownership or designation as the managing broker, is called a(n) C. Melanie must confirm that the agency relationship between the buyers and REALTOR Bill has terminated. C. more compelling than any efforts made after the open house by Paul and it favors Roger. A) Most people familiar with the housing market know that a buyer's agent . REALTOR Jim violated the code being primarily responsible to the customer. Megamart, a retailer of consumer goods, provides the following information on two of its departments (each considered an investment center). A) restrictions on disclosure of confidential information. \end{array} The seller didnt mention this before the open house. EXPLANTION: At least one party must be a REALTOR in order to go through the arbitration process. 54. D. statement that the opinion of value is not the same as an appraisal. A The statement is TRUE. Which of the following is an INCORRECT statement regarding agent self-dealing? 115. B. Ann cannot file multiple complaints against Marge over this one event. A buyer's agent, upon learning that the home being purchased is to house a dog-grooming business, didn't check zoning. This is a violation of the Code because A. find a third, impartial board to hold their hearing. A. REALTOR Bill is representing sellers Sue and Sam, who are divorcing. 8. A real estate broker acting as the agent of the seller The broker can disclose confidential information about the seller to a buyer if it increases the likelihood of a sale. D) B. maintaining several websites aimed towards different sets of clients A. Several buyers enter REALTOR Petes office and ask about one of the companys listings. 145. Grievance Committee C) REALTOR Marcy listed Dereks home, thus creating an agency relationship in which she owes fiduciary duties to Derek. 12. A. REALTOR Brian is the respondent. C) C. A REALTOR may not file an ethics complaint at the same time she files a request for arbitration. An agent who represents both the buyer and the seller in a transaction is known as a: a. dual agency. There are two separate brokerages. D. a violation of the Code; REALTOR Matthew did not have permission from REALTOR Nelson to contact Jennifer. A REALTOR principal receives an offer on one of her listings. ____ agency occurs when an agent acts for two or more different principals in the same transaction. D. Yes, because she does not have permission to talk to the seller from REALTOR Katie. Only information about material defects that the agent has personally observed The rules of a society established by tradition and court decisions are found in A special agent represents the principal for one certain transaction only. Tom is not meeting her expectations, so she terminates the employment relationship. D. Seller Dean was not free to sell the property on his own. A broker tells a buyer, "This home has the most beautiful river view." Subsequently, Vinod tells Tim that Wanda was his client and he is owed a commission. The Minevik Group is a Swedish-based, high-technology engineering firm. 144. b. innocent C. remove the comment immediately. D. REALTOR who is the procuring cause of the sale, 40. Thus, profits vary considerably from year to year according to general economic conditions. A) Which of the following is an INCORRECT statement regarding misuse of confidential information and the agent's duty of loyalty? B. homeowners selling at a below market value because the demographics of the neighborhood is changing 125. When is a complaint passed to the Professional Standards Committee? B. Which of the following results is NOT an implication of the smoothing of real estate C) After the closing, REALTOR Edward, who represented the seller in the transaction, claimed that Devon owed him a buyers agent fee, and sought arbitration. Which of the following Standards is NOT considered a duty to the public? REALTOR Donna has a property exclusively listed and shows it to buyer Dan, who wants to make an offer. Call REALTOR Dan for a tour today! an expiration of the agreement. Jon does not ask Halie if she has an exclusive agreement with Grant; instead, he tells her if she wants to buy the house, she needs to enter into an exclusive agreement with him. The buyer brokerage receives compensation from the listing brokerage and from the buyer at close of escrow. C) the statutory law that is enacted by the legislature. environmental hazards. If the two parties go to mediation and do not resolve the dispute, they are no longer entitled to arbitration. B. respond to the author of the comment and request the author remove the comment. B. sign the Byers to an exclusive buyer agency agreement \text{Net operating income}&\underline{\underline{\text{\$\hspace{5pt}45,000}}}\\ 65. Buyers hire an agent to help them purchase a home and want seller financing because they filed for bankruptcy two years ago. Is this a violation of the Code? REALTOR Lisa, a property manager, researchs county records to determine the owners of multi-unit buildings. Which of these items is a REALTOR required to discover and disclose, according to Article 2 of the Code of Ethics? contact the city building inspector about the defect. C. prepare a CMA which demonstrates the accuracy of the price. Every state now requires A. D. made a referral without Miriams consent, which is a violation of the Code. A. accounting for any deposit monies she receives from him, which are put into a separate account fraud. This relationship is B. date the opinion of value was prepared D. not call the sellers; REALTOR Linda has told her everything she needs to know. B. While driving to the courthouse to represent Qaadir at trial, Zaafir negligently causes an automobile accident in which Maali is severely injured. universal agency. 105. A. quality of title to the property A) Commingling and conversion A. completely unlike state licensing laws. Jean asks Mike his opinion about the structure of the property. B. advise Holly that Linda will only take listing price; since he is Lindas agent, he has the right to do so. 47. This fact favors C. Sign a six-month contract with Tims Realty and if we sell your home, youll get a free GrillMate gas grill. Questions Only REALTOR Bill finds out about the contact and accuses Melanie of trying to steal his client. D. include persons of several races in order to avoid exclusivity in advertising. B. have two brokers sign off on it. REALTOR Loretta has a large brokerage that includes an in-house mortgage lender, an in-house title company, and she offers home warranties through her company. A) Howard and Owen chat about the features of the house and Howard seems to be interested. D. request arbitration services from the National Association of REALTORS if both Jona and Wally agree. B. C. disclosing her relationship with Derek He shows and sells a listing held by REALTOR Jane. B) It is a legal doctrine that is not unusual. The Code of Ethics in Action R Copyright 2023 - RealEstateExamAnswers.com -, NAR May the Code Be With You ? B. by not informing Frank that he had signed a contract with Mr. Johnson No, because REALTORS are entitled to collect some fees, which a non-member licensee is not. 119. REALTOR Sam represents seller Linda. She leases it. REALTOR Carlos has a listing. an agent. Past correlation of US REIT returns (over the last 20+ years) tends to indicate which Broker Joann. the death of either party. C. REALTOR-ASSOCIATE. The local association of REALTORS must offer mediation to both parties before an arbitration hearing is held. A) A. the co-operating commission originally offered by Nelson. D. use the comment in other places on his website to help drum up new business. C) Patty prepares a CMA prior to the appointment, and then shows the property to her prospect, buyer Larry. B. Only choice (C) is not true, so it Common law, statutory law, and administrative law. A. a buying customer in a transaction. 120. Which of the following is an INCORRECT statement regarding misuse of confidential information and the agent's duty of loyalty? C) Tamika calls Alonzo to find out if the property is exclusively listed and, if so, when it expires. d. principal. A. ethical, because of the special rules for fraternity brothers. returns due to the use of appraisals? D) inform any prospective buyers of the defect. REALTOR Patty has an appointment to show REALTOR Katies listing. D. half of the commission REALTOR Nelson actually received from the seller after he negotiated with the seller to reduce his commission. The fiduciary responsibilities of an agent to the principal under the common law of agency include Which of the following scenarios MOST accurately describes the typical income tax REALTOR Pete Do not show percentages for the fixed expenses. A) Stan enters into an agreement with Tammy. A. complete a pre-printed contract B. each state association of REALTORS. This fact favors This is It is Marys listing and she has the key; the sellers are not home but told her to show it anytime. Dual agency is a situation to describe when a real estate agent works with both the buyer and the seller. A. not timely disclosure per the requirements of the Code. D. Professional Standards Committee. D) D. neither Broker Joann nor Broker Millie. The duty of _____ is a fiduciary duty owed by an agent not to act adversely to the interests of the principal. What is the carrying value of Mineviks total inventory as of December 31, 2013? 29. D. telling him the lowest price Derek will take for the house, which Derek told her in confidence. A) a fiduciary. C. both Broker Deb and Broker Steve. A) Module II- Part III-INCLUDES MUST-KNOW QUESTI, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett, Washington County FFA Dairy Foods CDE PART TWO. He identified himself as a REALTOR but he acted solely as a principal in the transaction. Which of the following is TRUE regarding dual agency? C. remove the comment immediately. Jerry discloses his compensation agreements to both parties and receives their consent. B. a monetary dispute between two REALTORS. REALTOR Kara posts an ad claiming the most you will be charged is a $5,000 commission. d. is subject to disciplinary action by the Real Estate Commissioner for negligence. C) Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. a principal. a subagent. The buyer offered $175,000 and the seller accepted. 38. Misrepresentation or omission might result in broker liability Patty prepares a CMA prior to the appointment, then shows the property to her prospect, buyer Larry. D. Jon is simply being aggressive, which is permissible. Later that same day, a prospective buyer comes into the broker's office and asks for general information about homes for sale in the $130,000 to $140,000 price range but refuses representation by the broker's company at this time. required to disclose the information because it is a material fact important to the seller. A) A) the buyer and the seller are represented by the same company. C. Olivia may ask her REALTOR principal to request arbitration but she may not request arbitration on her own. a) The partners are under a duty to account for any profits made whilst competing with the firm. A REALTOR can recommend another REALTOR to a client who mentioned she is relocating out of state. D. Sarahs client would have to request arbitration on her behalf; Sarah may not request arbitration on her own. A. Jane. Contract law, common law, and business law Howard walks through a home listed by Owens agency during an open house. 7. 26. The National Association of REALTORS Code of Ethics is C. Donna has violated the Code by not getting informed consent from both buyer and seller to be a dual agent. B. aggressive, but ethical marketing efforts. obedience. A. will have years of arbitration ahead of them. 4. A. C. Only those licensed as sales agents may become REALTORS. The agent tells a buyer the seller will accept up to $10,000 less than the list price. A REALTOR may file both an ethics complaint and an arbitration request simultaneously over the same matter. D. has not obtained informed consent from the buyers to be obligated to pay two commissions. In a fully disclosed agency, the contract is between the agent and the third party. B. Sarah may ask her REALTOR principal to initiate litigation but Sarah may not initiate litigation on her own. A) Disclosure 146. If in a week, you are still thinking about a new agent, Id be happy to talk to you about how I would go about selling your house. D) C) C. Article 12Be truthful in advertising Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. the destruction of the property. 2 Which of the following committees is most like a grand jury? REALTOR Erin has been selling and listing residential properties for about a year. The laws enacted by a legislature make up I recommend if you are interested, you have the house inspected by a professional. REALTOR Dee files an arbitration request and is able to prove she is the procuring cause of the sale. D. undivided loyalty. Escrowing Upon discovering a latent defect in a property, the real estate professional should discuss the problem with the seller and then. C. Olivia may ask her REALTOR principal to request arbitration but she may not request arbitration on her own. A. a monetary dispute between two licensees. a. fraudulent No, because her client, Larry, has no interest in the property. B. property profiling. C. maintain the confidentiality of the information since the seller is his client D. zoning restrictions. 118. Chapter 30. Article 9Put contracts in writing D. once it has been reviewed by the Board of Directors. legislative law. 132. Attend our First-Time Homebuyer Seminar and win a free TV! B. D. putting contracts in writing. A: This information may be withheld since the agent never saw any evidence of infestation or damage. REALTOR Nelson owes REALTOR Dee What is NOT a major method of unsmoothing a real estate index. 76. In a real estate transaction the agent is the: Seller Jordan signs a memorandum for an open listing with a broker authorizing the sale of her house for $65,000. Agents are prohibited from using general information, knowledge, or experience acquired during the course of an agency in later employment. She negotiates the offer with buyer Dan, who offered less than asking price. 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. 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. B. call the sellers directly to confirm the nature and expiration date of any listing agreement they have. Chad is a customer of Marcys. A method of resolving a dispute in which the parties involved discuss the situation and resolve it themselves is called The next day, Broker Nan calls Buyer John. D) One day, she is showing REALTOR Terrys listing. 82. If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold," _____. 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 is correct? Seller Tim has offered an open listing on his property to a number of brokers in the area. Share your form with others Send it via email, link, or fax. Jennifer rejects the offer. required to disclose the information under the Fair Credit Registry Act. A. ethical. Jane could not find the property listed in the MLS. Disclosure was improper and possibly illegal, regardless of the agent's motive. care and skill in performance. B. Jack any relevant state laws. REALTOR-ASSOCIATE Sarah believes that REALTOR Thomas from another brokerage sold a house to her client and that she was the procuring cause of the sale. C) She tells REALTOR Ed, in confidence, to do whatever it takes to sell her house. D. Olivias client would have to request arbitration on her behalf; she may not request arbitration on her own. Broker Deb admits that she extended an offer of cooperation and compensation to Broker Steve. 66. personally arrange for the repairs. Nice and sturdy basement and everything appears dry. A net listing is illegal in all states. D. A foundation crack is hidden behind the paneling in the basement. This is called a(n) Has Tamika violated the Code? D. contact Linda to let her know there is an offer. Which one of the following statements regarding the duties of an agent is NOT true? Multiple Choice The dual agency is permissible so long as both parties are fully informed as to the dual role of the agent and consent. C) A beautiful home on 1.5 acres with trees and a small pond C) A. allowable because the offer had already been presented and Matthew is just adding information. The seller tells REALTOR Lynn that she is relocating to Hawaii. B. A. advising customers or clients on how to get a house show ready

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