\end{array} However, the leisure customers on weekends occupy fewer rooms than do business customers on weekdays. (d) specific identification. Buyerunderstands that even if Brokeris compensated by a seller or a real estate licensee x+T0t 40T043 While the commission will be split between your agent and the agent from the buyers side, the lawyer will take a separate payment per hour. d. is an active member of the local real estate board. 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. (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. What information must be disclosed in all forms of advertisement? If a real estate licensee will be treated as an employee, the employing broker must do all the following EXCEPT c. unacceptable unless there are multiple offers on the property. @z@+vEb+@Sw9-ke)L\1QZ Z{E}/?D! endstream d. The real estate agent must review the agency options in the brochure with the consumer. A broker may cooperate with other brokers in a transaction. D WebB. The REALTOR may be considered to be _______. A portion of the data is shown in the accompanying table. c. present to the seller only the offer(s) containing a price and terms recommended by the agent. c. file a complaint with the local Realtor board. The two types of complaints handled by the Grievance and Professional Standards Committees of the local board/association are _______. a. 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. until closing, unless the owner waives the right. Based on these facts, the salesperson is considered a(n) b. fraud on the part of the broker-in-charge because the employing broker is responsible for the actions of any agent representing the firm. 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? Broker: A broker is an individual or firm that charges a fee or commission for executing buy and sell orders submitted by an investor. b. \text{Hotel depreciation}& 55\\ 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. A REALTOR must disclose that an accepted offer exists on a property that is continuing to be shown ______. d. belong to a real estate board, A licensee may receive compensation or commission from A broker may cooperate with other brokers in a transaction. Pursuant toSections 858-351 through 858-363 of The Oklahoma Real Estate License Code, abroker shall not be an agent, subagent, or dual agent and an offer of subagency shallnot be made to other brokers. c. was employed to perform certain activities put agreements in writing and keep them current with written extensions and amendments. d. can not include dual agency options. 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. 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. a.b.c.d.e.f.g.Qty.2438483ItemBatterychargerRechargeablebatteriesBottlesofpainrelieverPapergiftbagsBoxesofcoldtabletsVideotapesPrintercartridgesTotalPrice$79.9924.982.993.894.2919.9976.99PriceofOneUnit. The salesperson's entire income is from sales commissions rather than an hourly wage. Administrative regulations that administer real estate license laws 0000283431 00000 n A) junior broker. c. no commission. When the Property is marketed for lease, Broker will allow other brokers to show the Property to prospective tenants. C. Nothing in this act shall prohibit a broker from entering into an B) paid by the sales associate, who is then reimbursed by the employing broker. How much does the selling salesperson earn from the sale after deducting expenses of $35, {"cdnAssetsUrl":"","site_dot_caption":"Cram.com","premium_user":false,"premium_set":false,"payreferer":"clone_set","payreferer_set_title":"Chapter 15","payreferer_url":"\/flashcards\/copy\/chapter-15-308298","isGuest":true,"ga_id":"UA-272909-1","facebook":{"clientId":"363499237066029","version":"v12.0","language":"en_US"}}. A property manager usually acts as a special agent of the landlord. (VIII) Informing the parties that as seller and buyer or as landlord and tenant they shall not be vicariously liable for any acts of the transaction-broker; (c) To comply with all requirements of this article and any rules promulgated pursuant to this article; and. c. is representing the condominium association. You already receive all suggested Justia Opinion Summary Newsletters. A cracked heat exchange in the heating system 0000023485 00000 n A. The amount of compensation due to a salesperson licensee from the brokerage firm is determined by the $640 Goldman agrees to pay. a. a real estate assistant. 0000004454 00000 n Under what conditions can a REALTOR advertise that a service or item is free? a. fraud on the part of the individual agent. A broker-in-charge assisting a buyer client in the purchase of a property that was listed by a provisional broker of the firm B) digital communication in all its forms. d. A broker deciding whether to join a MLS. c. A real estate licensee usually acts as a general agent of an affiliated firm. WebB. Why does Santiago talk to himself in '' The Old Man and the Sea? By signing below, the parties hereto confirm that no pressure or undue influence has been exerted & \textbf{Item} & \textbf{Total Price} & \textbf{Price of One Unit}\\ In order for a broker to be paid on an open listing, the broker must. Code Comprehension: Article 16 Commissions Are Negotiable (d) Serve as a single agent or transaction-broker for the same or for different parties in other real estate transactions. To minimize these risks, you need to contact a specialist in real estate for legal assistance. 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. That is so unless the listing is subject to an What is the judicial recourse, if the parties reach a written agreement in mediation? c. collect from the landowner for breach of contract This information may be withheld since the agent never saw any evidence of infestation or damage. Upon discovering a latent defect in the property, the listing agent should discuss the problem with the seller and then (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. D) unless the exclusive agency listing is used, because the seller can compete with the broker. A listing agent usually acts as a general agent of the seller. 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) managing broker. 0000027493 00000 n Which of the following are enforced by the local association/board of REALTORS? d. destruction of the listed property. Refer to the information in the former exercise and assume the periodic inventory system is used. \text{e.}& 4 & \text{Boxes of cold tablets} & 4.29\\ Managing Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. 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. 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? Which of the following is NOT a material fact in North Carolina? Compute cost of goods available for sale and the number of units available for sale. a. a commission of $5,000. There are five major corporate real estate firms in the immediate DC industry; JLL, Cushman & Wakefield, Newmark, Savills Studley and Cresa (At a Glance). Disclose that he is the owner and that he is a licensee. 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. c. Some agents in the same firm representing buyers exclusively and other agents in the same firm representing sellers exclusively \hline 46.4 & 3.1 \\ Before it can be put in writing, the buyer backs out and revokes the verbal offer. A broker lists a property for sale at $100,000 with a 5 percent commission. 0000020872 00000 n A) the use of electronic signatures. A provisional broker sells another firm's listing for $150,000. c. listing where a past owner died in the house. {u-07/89x{+a_-"ME\058|?L}m,1{4?jmUb08epE* Buyerunderstands that Broker may work with other prospective buyers who want to acquire the same property as Buyer. &\text{Cost per Room Night}\\ K A salesperson could lose their license for: Paying a "finder's fee" to a friend for referring information about a possible listing. endstream Just before delivery, the stone is discovered to be a diamond worth $1,000\$ 1,000$1,000. c. A firm that represents buyers and sellers 0000278100 00000 n A REALTOR caused a series of events, without interruption, abandonment or estrangement, that resulted in the sale of a property. 0000272861 00000 n 2 at 27 Y Street. If Broker A offers to cooperate with Broker B, ______. (d) To comply with any applicable federal, state, or local laws, rules, regulations, or ordinances including fair housing and civil rights statutes or regulations. b. is acting on behalf of the brokerage firm, the seller's agent. 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? 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. \hline 20.4 & 1.9 \\ A partnership or corporation under the RESA law may not be referred to as a real estate practitioner. 0000010578 00000 n Commissions are negotiable a. d. any client, A landowner subdivides his acreage and offers the lots for sale. This would be considered as "general" marketing. For all of her extra efforts, she can legally demand a performance bonus from, A sponsored licensee lists a unit for sale in a condominium building. Do-not-call registries and laws such as the Telephone Consumer Protection Act, Junk Fax Prevention Act, and rules of the Federal communications Commission dictate According to Article 1 of the Code of Ethics and Standards of Practice of the National Association of Real (2) Family members or other interest. 0000003164 00000 n 0 The salesperson's entire income is from sales commissions rather than an hourly wage. Pursuant to Sections 858-351 through 858-363 of The Oklahoma Real Estate License Code, a broker shall not be an agent, subagent, or dual agent and an offer of subagency shall not be made to other brokers. a. paying local, state, and federal income taxes. a. d. unacceptable unless the seller has authorized the broker to share the information with potential buyers. %PDF-1.4 the name of the REALTOR's firm and REALTOR's states of licensure. 0000011270 00000 n On a cooperative sale; all written offers should: Be presented to the owner by the listing agent On all sales; all written offers should be presented: Immediately 0000283648 00000 n https://quizlet.com/380378818/ethics-and-brokerage-flash-cards \end{array} B) notify all other listing brokers if they have an offer. endobj The cost of a hotel room night includes the following: CostperRoomNightHousekeepingservice$23Utilities7Amenities3Hoteldepreciation55Hotelstaff(excludinghousekeeping)42Total$130\begin{array}{lr} b. a subagent. Which of the following is NOT prohibited under the antitrust laws? 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 (b) Other Buyers. a. mutual agreement of the parties. b. Thirty tomato plants grown in similar conditions were subjected to various amounts of fertilizer over a four-month period, and then their heights were measured. a. pro forma 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. b. x Estoppel A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. $960 c. inform any prospective buyers of the defect. d. $4,363.45. a. the licensee was guilty of fraud The owners have been interviewing salespeople from different firms. A) how many direct mail solicitations can be sent to a single address. Quoting a price other than list price without the seller's permission. 0000036173 00000 n endstream a. Sign up for our free summaries and get the latest delivered directly to you. Webthe listing broker is hereby directed not to cooperate with any other broker. What should A's salesperson say to the owner to get the listing? Broker John 0000016851 00000 n Designated agents must be licensed as nonprovisional brokers. Local people consider the house to be haunted. For this transaction, she is entitled to receive c. allows the details of the agency arrangement to be delayed until written agency occurs. The Standards of Practice may not _______. 3`#)Rqd*X*}. A REALTOR acting as a buyer's agent would be in violation of the Code of Ethics if she ______. Assume all purchases and sales were for cash. c. $1,600 Jenson, who also believes that the stone is quartz, contracts to purchase it for $10\$ 10$10. Albans, NY Closing in 4 weeks. 0000031308 00000 n to defend a REALTOR against an accusation of wrongful conduct. How much money would a sales person receive for her 60 percent share in the 10 percent commission? c. only to buyers in a real estate transaction. A North Carolina broker verbally agrees to represent a prospective buyer even though the buyer declined to sign a buyer agency agreement. 309 0 obj<> endobj B) unrelated to either the buyer or the seller. \text {d.}& 8 & \text { Paper gift bags } & 3.89\\ 0000011541 00000 n The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. Which of the following is a permitted discipline resulting from a violation of the Code of Ethics? Find out how you can intelligently organize your Flashcards. Nearby land is being considered for a landfill 0000008652 00000 n @@Wl;2 PBwY/F2}i']YrL" \text{June 5}&\text{Purchase inventory}&300&~~8.75\\ d. fraud only if the buyer purchased the house based on the statement. d. proffered offer. B) employee. \end{array} According to Article 3, REALTORS must disclose the existence of ________ to brokers seeking cooperation. b.A licensed broker within the firm who has no prior confidential knowledge of the party that the BIC will represent. TomatoPlantHeight(inches)20.449.246.4FertilizerAmount(ounces)1.95.03.1, a. Which of the following describes designated agency in North Carolina? \text { Tomato Plant Height } \\ Which of the following is allowed under antitrust laws? Such an expert should have special knowledge and have a higher Use LEFT and RIGHT arrow keys to navigate between flashcards; Use UP and DOWN arrow keys to flip the card; audio not yet available for this language, The real estate brokers responsibility to keep the principal[al of all the facts that could affect a transaction is the duty of, The amount of commission due to a salesperson is determined by, A real estate broker was responsible for a chain of events that resulted in the sale of one of his clients properties. A buyer-client has instructed the agent to show only properties where the seller is willing to pay the buyer agent's commission. 0000008320 00000 n Reread "Another Perspective" on railroads. required? \textbf{Date}&\textbf{Activity}&\textbf{Number of Units}&\textbf{Cost per Unit}\\\hline The listing broker tells a prospective buyer that the seller is on the verge of bankruptcy. A broker may cooperate with other brokers in a transaction. The broker must comply with the seller's wishes because he, In a typical agency relationship between a broker and client, the broker's commission is determined by. b. to all consumers prior to first substantial contact. 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. 0000278870 00000 n 0000015081 00000 n Discuss whether either of the following contracts will be unenforceable on the ground that voluntary consent is lacking: (a) Simmons finds a stone in his pasture that he believes to be quartz. Discuss the advantages and disadvantages of each method. \text{f.}& 8 &\text{Videotapes} & 19.99\\ a. the seller. b. determining daily and weekly work hours. The hotel is able to attract business customers during the weekdays and leisure customers during the weekend. B. is allowed, but not required, to disclose the seller's minimum price. 0000020437 00000 n a. end of each 6-month period for 4 years. A North Carolina provisional broker may advertise a property only if the broker Please sign in to share these flashcards. Since inception in 1913, the Code of Ethics has required that members deal with monetary disputes in what manner? b. real estate licenses may complete preprinted forms, but they may not draft legal documents Which statement is TRUE? a. the broker had an active North Carolina real estate broker's license. d. primarily representing the seller as they normally pay the commission. 8%, compounded semiannually, what lump sum is A horticulturist is studying the relationship between tomato plant height and fertilizer amount. d. provide employee benefits. a. must be non-exclusive and have no expiration date. REALTORS should limit their business in all the following areas except _______. Under what circumstances may REALTORS reveal confidential client information? A comprehensive firm policy is required by Commission Rule. REALTORS are required by the Code of Ethics to present all offers ______. A) hired by the sales associate independently and not under the employ of the brokerage. Based on these facts, the licensee will be treated by the IRS as advise sellers of the amount of compensation and the amount that will be offered to cooperating brokers. d. must personally find a buyer for the unit in order for the firm to earn a commission. C) fax transmissions. WebSample 1. c. No, because state law does not allow an agent to give opinions Qty.ItemTotalPricePriceofOneUnita.2Batterycharger$79.99b.4Rechargeablebatteries24.98c.3Bottlesofpainreliever2.99d.8Papergiftbags3.89e.4Boxesofcoldtablets4.29f.8Videotapes19.99g.3Printercartridges76.99\begin{array}{llll} 0000275728 00000 n The Louisiana Purchase wascompleted\underline{\text{was completed}}wascompleted by President Thomas Jefferson. 25&\text{Sale}&150\\ d. the Federal Communications Commission, A broker was accused of violating antitrust laws. WebDefine cooperating broker. Promulgated to make public Designated agent Many states have modified the traditional terms broker and salesperson to stress that all licensees must be knowledgeable of and comply with the law. Broker A and the salesperson agreed that she would receive 55 percent of any commission that she generated for their office. To be entitled to receive compensation from a real estate sales transaction, an individual must be all of the following EXCEPT when cooperation is not in the best interest of the clients. The commission is 6.5 percent of the sales price. b. 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. d. terms of the purchase contract require the agent to do so. The listing and selling brokers agree to equally share a 7 percent commission on a $95,900 sale. Complaints enforced by the local association/board of REALTORS are _______. 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? 0000005052 00000 n He accuses Goldman's son of arson and threatens to have the prosecutor bring a criminal action unless Goldman agrees to pay him $5,000\$ 5,000$5,000. Why would privately owned power companies oppose the government's plan to build the TVA's hydroelectric dams? Discipline for a violation of the Code of Ethics may include _______. xref Of this amount, 55 percent goes to the listing broker, and the remaining 45 percent belongs to the cooperating broker. \hline 49.2 & 5.0 \\ C) be the procuring cause of the sale. c. in-house employment contract. d. All of the above. by jwkotler@mac.com, (Round all amounts to cents.). Received from Bo $1,000 on account of $75,000 purchase price of Lot No. 0000024403 00000 n B) unrelated to either the buyer or the seller. The Code of Ethics requires a REALTOR to do which of the following when selling his own unlisted property? (2) A transaction-broker shall have the following obligations and responsibilities: (a) To perform the terms of any written or oral agreement made with any party to the transaction; (b) To exercise reasonable skill and care as a transaction-broker, including, but not limited to: (I) Presenting all offers and counteroffers in a timely manner regardless of whether the property is subject to a contract for sale or lease or letter of intent; (II) Advising the parties regarding the transaction and suggesting that such parties obtain expert advice as to material matters about which the transaction-broker knows but the specifics of which are beyond the expertise of such broker; (III) Accounting in a timely manner for all money and property received; (IV) Keeping the parties fully informed regarding the transaction; (V) Assisting the parties in complying with the terms and conditions of any contract including closing the transaction; (VI) Disclosing to all prospective buyers or tenants any adverse material facts actually known by the broker including but not limited to adverse material facts pertaining to the title, the physical condition of the property, any defects in the property, and any environmental hazards affecting the property required by law to be disclosed; (VII) Disclosing to any prospective seller or landlord all adverse material facts actually known by the broker including but not limited to adverse material facts pertaining to the buyer's or tenant's financial ability to perform the terms of the transaction and the buyer's intent to occupy the property as a principal residence; and. 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.

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