Identify which statement regarding this situation is TRUE. You buy a new piece of equipment for $16,230\$16,230$16,230, and you receive a cash inflow of $2,500\$2,500$2,500 per year for 121212 years. A. 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. 69. If REALTOR Shelley wishes to file an arbitration request, against whom does she file it? D. only if he initiated the contact with Mr. Johnson. B. D) Josie is in a contract with REALTOR Bill, which is expiring in a week. REALTOR Mike is showing a property to his client Jean. 48. C. large, four-bedroom on a quiet cul-de-sac lot A. Ed leaked information about who would appear at the hearing. A. proof of clear title on the property She files a request for arbitration and an ethics complaint. He sends letters only to those homeowners whose properties he has previously appraised. Compute the break-even point in dollar sales for the company under the new marketing strategy. If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold," _____. A. consider how and when Amy entered the transaction. both parties consent in writing to the dual agency. D) B) Sara, a licensee, is helping customer Mark find a house? A real estate broker's responsibility to keep the principal informed of all the facts that might affect a transaction is the duty of A. Olivia can take no action since Jon is the principal broker at his agency; his title gives him seniority in this situation. D) Broker Paul introduces tenant Rhonda to a property. Dual agency can lead to a conflict of interest. administrative law. D. an offer or inducement. REALTOR Kim has a listing on a property and REALTOR John, a sales associate for REALTOR Millie, makes an appointment to show it. B. homeowners selling at a below market value because the demographics of the neighborhood is changing The broker: a. is not entitled to a commission because of the open listing. C) B. The agent is. latent defects. A. Olivia can take no action since Jon is the principal broker at his agency; his title gives him seniority in this situation. B. REALTOR Juan hosts several websites aimed toward different types of buyers. He sells Marys property and receives an additional fee for the sale. After the closing, Melanie visits the buyers in their home and asks if they have any questions or need any information about the community. D. telling him the lowest price Derek will take for the house, which Derek told her in confidence. C. Owen is Howards fiduciary. A. appraisal. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. Call me in a week and Ill tell you my opinion of Bill and what your next steps should be. This would most likely be viewed as D) Which of the following is true of a listing agreement? Most people familiar with the housing market know that a buyer's agent . D. Seller Dean was not free to sell the property on his own. Has Tamika violated the Code? General No, because her client, Larry, has no interest in the property. A buyer's agent, upon learning that the home being purchased is to house a dog-grooming business, didn't check zoning. \text{Variable expenses}&\underline{\text{\hspace{5pt}315,000}}\\ A nonagents job is simply to help both the buyer and the seller with the necessary paperwork and formalities involved in transferring ownership of real property. Asset-liability management After Mikes listing contract expires, Dean sells the property to Kathy. That same day, Jans buyer client calls Carlos directly and asks for an appointment to see the property and Carlos provides the showing. B. are going to need to put this decision in writing to the Board of REALTORS. REALTOR Betty is hosting an open house where she meets buyer Josie. A house built years ago over a ditch covered with decaying timber or a house with ceilings that were improperly attached to the support beams are examples of A. C) A. Brianna Broker Joann, a buyers agent, is seeking arbitration against Broker Millie, a sellers agent. A broker performing as a property manager who deposits the rent into his operating account is an example of D. offer to pay REALTOR John directly at the time of closing. sales associates are agents of the broker. "The uneven floors just mean that the building dates to colonial times. question. C. REALTOR Clarence is the complainant. The basic framework of the agency law that governs the legal responsibilities of real estate brokers to the people they represent is known as, Designated agency is MOST likely to occur when. C. just by talking to Mr. Johnson before his listing contract expired. REALTOR Kevin, representing buyer Susan, shows one of REALTOR Craigs listings. C) A. 149. D) D. If you go hang out at the Corner Bar for one evening, that will probably tell you everything you need to know.. A. Randy 91. D. Olivias client would have to request arbitration on her behalf; she may not request arbitration on her own. This way is more efficient. Chad is a customer of Marcys. REALTOR Brianna is a buyer agent and sells Randys house. 78. In a(n) _____ agency, a contracting third party knows that the agent is acting for a principal but does not know the identity of the principal. C) D. are not allowed to sue each other because they are both REALTORS. Universal both parties are represented by attorneys. not required to disclose the information because the seller might reject the offer. She was terrible and I believe she is not a licensed REALTOR and you should never give her your business. Jack knows for a fact that Jordan is licensed. Jennifer rejects the offer. a fiduciary. D. refuse to return calls of the agent involved so as not to have to decide, 22. It is Marys listing and she has the key; the sellers are not home, but told her to show it anytime. The agent is B) a. must have a definite termination date. D. Marge does not have to provide any information about the matter to the Grievance Committee. B. date the opinion of value was prepared common law. Scott is in violation of the Code because REALTOR Patty has an appointment to show REALTOR Katies listing. D. local, state, and national. Administrative law. if they are only part of puffing. B. telling him the lowest price Derek will take for the house, which Derek told her in confidence C. a client only during the professional relationship between the client and the REALTOR. Eddie and Sacha Each party must be informed he will not receive. Linda refuses to answer Janes questions. D. request arbitration services from the National Association of REALTORS if both Jona and Wally agree. C. tell prospective buyers Trisha must sell quickly because Ed must follow all instructions of the client This is an example of D. the same as if Roger had found the buyer independently and shown the property by appointment; it favors Roger. 119. a designated agency. As a general rule, dual agency is permissible. "I think these low doorways are a charming part of the Cape Cod style." A. disclose the existing accepted offer Broker Steve has brought arbitration against Broker Deb. both Saul and Disney are liable on the contract, Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. B. B) B. D. unethical behavior between two REALTORS. C) You are simply a bottom feeder! Identify which statement is true. 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", _____. Some states allow it, with certain conditions. A) A request for arbitration could stem from A. another broker showed the property to Travis. This is an example of C. ethics complaints. D) D. Paula is simply expressing her personal opinion, which she is entitled to do. unless it was considered puffing. A. may ask the local Association of REALTORS to provide them with a free mediator. C. Article 12Be truthful in advertising conditions that need not be disclosed. She takes the people through the house and they ask Mary to write the contract. REALTOR Nelson has an exclusive listing contract with seller Jennifer. A) example, during working hours or on the principal's B) if the buyer's inspector finds a problem, the seller does not have to disclose. Buyer John mentions at his place of employment that he is looking for a house with Broker Judy. Study with Quizlet and memorize flashcards containing terms like Which is TRUE about listings? A. REALTOR Brian is the respondent. D) No, Martys daughter and the seller were in mutual agreement with the stipulations of the sale. the broker always acts as the agent of a client or customer. In an exclusive listing, as a matter of law, a listing between the broker and seller: A) Broker Mike had the property listed most recently. D. mutual collaboration. C) A) the buyer and the seller are represented by the same company. B. B. not a violation of Code, even if some of the recipients have their homes listed for sale. Under the _____ test, if the agent's motivation for committing an intentional tort is to promote the _____ business, the principal is liable for any injury caused by the tort. C) the desire of a potential buyer or tenant to know the information. REALTOR Scott has several websites, each directed at various niches, such as first-time buyers, seniors, etc. A) A real estate professional's representing more than one principal B) Two brokerage companies cooperating with each other C) A real estate professional's acting for both the buyer and the seller in the same transaction D) A real estate professional's listing and then selling the same property A (1) Which department generates the most net income per dollar of sales? A) B. B. A) B. Loretta may not market these auxiliary services to buyers or sellers using her company. D. only consider who wrote the successful contract on the property. Subsequently, Dean lists the property with Broker Mike. Disclosure was improper and possibly illegal, regardless of the agent's motive. honest and fair dealing. B) B. REALTOR Antonio has a buyer agency contract, which entitles him to collect a fee. No, because REALTORS are entitled to collect some fees, which a non-member licensee is not. (B), and (D) are true statements about dual agency, so they are incorrect answers to the question. Misrepresentation or omission might result in broker liability, In a dual agency situation, a broker may represent both the seller and the buyer in the same transaction if. D) Jones owns a small auto dealership, which he wants to relocate closer to his new home. a criminal registry that is maintained by state real estate offices. A. During the listing period, the broker found a buyer who made an offer on the property that was accepted by the seller. If two licensees, who are not REALTORS, have a monetary dispute, they 124. B. the total commission paid to REALTOR Nelson by the seller. The broker is called. D. Professional Standards Committee. 72. common law. D. Yes, I have tons of experience selling all types of properties! D. putting contracts in writing. 70. honest and fair dealing. This is She stipulates that her client, buyer Jack, will pay her fee. 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. how an implied agency may occur. A person who authorizes another to act in his or her place in regard to relations with third persons is the: C) loyalty. Generally, a principal is liable for the torts of its independent contractors. 81. 129. Statements of opinion are permissible The broker can accept a commission from the buyer without the seller's approval. Id love to sign you but I cant say anything else until you are out of your contract. Keeping both paper and digital copies of important documents is always a safe idea! C. You really need to consult with your attorney with questions of that nature. The federal legislation known as Megan's Law has promoted the establishment of both parties consent in writing to the dual agency. A) 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. REALTOR Brian has filed an ethics complaint against REALTOR Clarence. Did Antonio violate the Code? A. b. agent. Accounting Cycle and Classifying Accounts, Adjusting Accounts for Financial Statements, Asset Demand and Supply under Uncertainty, Business Analytics & Technology Management Chapter 2, Business Analytics & Technology Management Chapter 3, Business Analytics & Technology Management Chapter 4, Business Analytics & Technology Management Chapter 5, Business Analytics & Technology Management Chapter 6, Capital Budgeting and Managerial Decisions, Derivative Instruments and Hedging Activities, External Financial Statements and Revenue Recognition, Financial Intermediaries and Financial Markets, Financial Markets and Securities Offerings, Financial Statements and Accounting Transactions, Integrated Marketing Communications and Direct Marketing, Interactive Marketing and Electronic Commerce, Interpersonal and Organizational Communication, Introduction to Human Resource Management, Introduction to Human Resources Assessment, Managerial Accounting Concepts and Principles, Market Segmentation Targeting and Positioning, Organization and Operation of Corporations, Organizational Markets and Buyer Behaviour, Profitability Analysis and Analytical Issues, Profitability Analysis and Decentralization, Reporting and Analyzing Long Lived Assets, Responsibility Accounting and Performance Measures, Understanding Interest Rates Determinants.

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