Which law has a feature that commercial email messages must include a means by which the recipient can unsubscribe? Before it can be put in writing, the buyer backs out and revokes the verbal offer. \text {d.}& 8 & \text { Paper gift bags } & 3.89\\ d. terms of the purchase contract require the agent to do so. Never. c. is representing the condominium association. \hline \begin{array}{c} One all sales; if the owner rejects the offer, the listing agent should: Have the seller sign it and mark it "Rejected" then return a copy to the buyer's agent, May be granted authority to reject offers but must still get sellers signatures. x+T0t 40T043 B) unrelated to either the buyer or the seller. All of the following are prohibited under the antitrust laws EXCEPT. D) employed by the buyer or the seller under a valid contract. 0000003164 00000 n Jenson, who also believes that the stone is quartz, contracts to purchase it for $10\$ 10$10. B) digital communication in all its forms. Write your answers on a sheet of paper. If a real estate licensee is an independent contractor affiliated with a real estate brokerage firm, the licensee is solely responsible for all of the following EXCEPT 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. Example 1. a. acceptable since they may promote an offer from the buyer. Only the listing broker or cooperating broker (selling broker) who participated in the transaction. Out of 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. 0000000016 00000 n Web* cooperate with real estate licensees working with the seller, if any, to effect a transaction. Designated agency does not eliminate dual agency. Sign up for our free summaries and get the latest delivered directly to you. 25&\text{Sale}&150\\ $3,217.50. trailer D) unless the exclusive agency listing is used, because the seller can compete with the broker. \text { Fertilizer Amount } \\ If a Received from Bo $1,000 on account of $75,000 purchase price of Lot No. c. personally pays for the advertisement The real estate broker's fiduciary responsibility to keep the principal informed of all facts that could affect a transaction is the duty of, Opinion statements by an agent exaggerating the benefits of a property are called, A broker is permitted to represent both the seller and the buyer in the same transaction when, Unless some other written agreement has been made, the broker will usually receive the sales commission from the seller when, All of the following could legally be considered fraudulent EXCEPT, A real estate licensee who is an independent contractor with a real estate brokerage firm usually receives, As an agent for the seller, a real estate broker can. Worth noting is that for HGMLS purposes, the duty of Participant Brokers is to cooperate and compensate as well. If Broker A offers to cooperate with Broker B, ______. disciplines such as probation suspension and license revocation. Local people consider the house to be haunted. c. file a complaint with the local Realtor board. \hline 20.4 & 1.9 \\ b. the sponsoring broker was guilty of fraud because he is responsible for the actions of the licensee a. decline to act as dual agent and refer the buyer to another firm. c. specify work hours and task requirements. What is the responsibility of a REALTOR before entering into a representation agreement? (b) Other Buyers. Which of the following statements is true of mediation? They can discuss the terms of a future agreements as long as they do not directly or indirectly initiate the conversation or encourage the client to break an existing contract. a. a. a real estate assistant. B) employee. In this situation, the broker would be entitled to, A landowner subdivides his acreage and offers the lots for sale. Qty.ItemTotalPricePriceofOneUnita.2Batterycharger$79.99b.4Rechargeablebatteries24.98c.3Bottlesofpainreliever2.99d.8Papergiftbags3.89e.4Boxesofcoldtablets4.29f.8Videotapes19.99g.3Printercartridges76.99\begin{array}{llll} How does the Code of Ethics benefit the client? 0000007317 00000 n A REALTOR must disclose that an accepted offer exists on a property that is continuing to be shown ______. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. D) a broker setting a company commission schedule. As such, it requires brokers to cooperate, but not necessarily compensate other brokers, unless the seller approves. COOPERATION WITH OTHER BROKERS. &\text{Cost per Room Night}\\ A couple wants to establish a In the MLS, John indicates that he will pay compensation to a buyer's agent, but not to a subagent. b. real estate licenses may complete preprinted forms, but they may not draft legal documents The listing broker tells a prospective buyer that the seller is on the verge of bankruptcy. Which of the following is NOT prohibited under the antitrust laws? B) notify all other listing brokers if they have an offer. a. obtain permission from her buyer-client in order to receive compensation from the seller. \hline \vdots & \vdots \\ a. the seller. increase Front Row Entertainments revenue by selling live-performance DVDs at the concert. Article 16 states that REALTORS are prohibited from interfering with exclusive representation or exclusive brokerage relationship agreements of other REALTORS. HousekeepingserviceUtilitiesAmenitiesHoteldepreciationHotelstaff(excludinghousekeeping)TotalCostperRoomNight$23735542$130. 0000029624 00000 n Which of the following describes designated agency in North Carolina? For this transaction, W is entitle to receive Using his best efforts to obtain the earned commission, the broker should \hline 49.2 & 5.0 \\ (f) Any material information about the other party unless disclosure is required by law or failure to disclose such information would constitute fraud or dishonest dealing. d. can accept an offer on behalf of the seller. d. A broker finding a buyer for a property the broker personally listed. Prepare the journal entries necessary to 0000014566 00000 n By signing below, the parties hereto confirm that no pressure or undue influence has been exerted endstream A) how many direct mail solicitations can be sent to a single address. c. convince the seller to list with her and authorize dual agency. DateMay1025June525July5Aug. While Article 3 of the Code of Ethics requires that REALTORS cooperate with other brokers, there is an exception when cooperation is not in the client's best interest. disclose the existence of other offers, with the seller's permission. Under what conditions can a REALTOR advertise that a service or item is free? In order for a broker to be paid on an open listing, the broker must. 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. The special weekend price is proposed for $120 per room night. 0000004292 00000 n The person who performs licensed activities under the authority of a broker is frequently called a d. sue the buyer for breach of contract. Why do you think that some Americans disliked this new means of transportation? \text{Utilities}& 7\\ b. was a procuring cause Antitrust laws do NOT prohibit real estate Designated agents must be licensed as nonprovisional brokers. 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. x1@@%p #SI r|yf:n/ 43CLA]zQcFSmidHj xref H 0000283431 00000 n it is routinely being reviewed and revised based on changes in the industry. 0000006552 00000 n 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. The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. Before it can be put in writing, the buyer backs out and revokes the verbal offer. d. belong to a real estate board, A licensee may receive compensation or commission from How much money would an individual agent receive for a 60 percent share of the 10 percent commission earned? The seller indicates to the broker that the offer would be acceptable if submitted in writing. \end{array} \\ d. dealing in unlicensed exchange services, c. allocation of customers or price fixing, Which of the following is NOT required of a broker in order for that broker to collect a commission on the sale of a property? b. They tell A's salesperson that Firm B will charge 2% less commission for selling the house. 0000003468 00000 n \text{Hotel staff (excluding housekeeping) }&42\\ In this case, the broker who is going to get paid must be the 7 0 obj <>/Subtype/Form/Length 46/Type/XObject>>stream c. only to buyers in a real estate transaction. What action does the Grievance Committee take when it determines the issue is suitable for arbitration? b. only a partial commission. Out of 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 brokerage firm. South Korea. A cracked heat exchange in the heating system 0000278100 00000 n Articles are broad statements of ethical principles, and Standards of Practice interpret, support, and revise the Articles. b.A licensed broker within the firm who has no prior confidential knowledge of the party that the BIC will represent. c. $3,356.50 According to Article 3, REALTORS must disclose the existence of ________ to brokers seeking cooperation. You have created 2 folders. 0000021825 00000 n (b) Jacoby's barn is burned to the ground. 0000023782 00000 n 0000011505 00000 n Since inception in 1913, the Code of Ethics has required that members deal with monetary disputes in what manner? b. to all consumers prior to first substantial contact. They can reveal confidential information: a. Managing Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. 0000036173 00000 n c. The Code of Ethics prescribed by the local trade association Why would privately owned power companies oppose the government's plan to build the TVA's hydroelectric dams? c. the local Realtor board strongly endorses full disclosure. \textbf{Date}&\textbf{Activity}&\textbf{Number of Units}&\textbf{Cost per Unit}\\\hline D) social security taxation. This is referred to as a, A sales person may advertise a property for sale only if he or she, b. uses the employing brokers name in the advertisement. b. disclose to the seller the maximum price the buyer is willing to pay. Which of the following situations could result in arbitration? 0000006356 00000 n The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. The consumer must sign the acknowledgment panel before a licensee can begin to provide brokerage services. c. disclose the agency options available and obtain written consent from both clients to act as dual agent. The matter cannot be subject to future litigation or arbitration. c. $3,412.50 '', For each term or name, write a sentence explaining its significance. Which of the following statements regarding the structure of the Code of Ethics is correct? 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? 0000031948 00000 n Broker B may not assume the cooperation includes compensation. The amount of compensation due to a salesperson licensee from the brokerage firm is determined by the a. a designated agent. 0000008320 00000 n 0000009578 00000 n 3 0 obj <>/ProcSet [/PDF /Text /ImageB /ImageC /ImageI]>>/Subtype/Form/Length 96/Type/XObject>>stream Webthe listing broker is hereby directed not to cooperate with any other broker. a. \text{f.}& 8 &\text{Videotapes} & 19.99\\ d. Firm A provides excellent services to market their sellers properties, A buyer who is shown properties listed for rent by a broker is the brokers, A licensed sales person may receive a compensation or commission from, The listing and selling brokers agree to split a 7 percent commission fifty-fifty on a $95,900 sale. 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. B) companies agreeing on fees charged to sellers. d. $2,400. \end{array} c. legal puffing. 0000280555 00000 n Estoppel d. $4,363.45. to defend a REALTOR against an accusation of wrongful conduct. 0000031867 00000 n The cost of a hotel room night includes the following: CostperRoomNightHousekeepingservice$23Utilities7Amenities3Hoteldepreciation55Hotelstaff(excludinghousekeeping)42Total$130\begin{array}{lr} $2,632.50 What is the judicial recourse, if the parties reach a written agreement in mediation? \text{g.}& 3 & \text{Printer cartridges} & 76.99\\ a. had a valid real estate broker's license 0000010102 00000 n \text{June 5}&\text{Purchase inventory}&300&~~8.75\\ Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. The salesperson's entire income is from sales commissions rather than an hourly wage. Disclosing the information could create a fiduciary relationship with the buyer and, thereby, create an unauthorized dual agency situation. x Many states have modified the traditional terms broker and salesperson to stress that all licensees must be knowledgeable of and comply with the law. d. All of the above. This may be up to half of the total fee but in all likelihood, the fee will range from 30% to 50% of the total. 0000005261 00000 n WebSample 1. 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? Please select the correct language below. \end{array} To buy, sell or lease Washington real estate, a California broker may either: cooperate with a Washington broker; or; obtain a Washington broker license. A real estate firm practices all legal forms of agency allowed in North Carolina. The listing broker gives the listing licensee 50 percent of the firm's commission and the selling broker gives the selling licensee 65 percent of that firm's commission. Which statement is TRUE? For this transaction, she is entitled to receive d. self-employed. c. $1,600 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? d. act as a facilitator rather than a fiduciary. b. WebB A broker is permitted to represent both the seller and the buyer in the same transaction when a. the broker decides principals will benefit from the dual representation. Real estate license laws exist primarily to protect, The use of electronic signatures makes routine paperwork more efficient and has been encouraged by adoption by most states of the, A real estate sales associate who is an independent contractor, as opposed to an employee, will have a substantial portion of the individual's income. 8 0 obj <>/ProcSet [/PDF /Text /ImageB /ImageC /ImageI]>>/Subtype/Form/Length 187/Type/XObject>>stream \end{array} A comprehensive firm policy is required by Commission Rule. 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. 6 0 obj <>/Subtype/Form/Length 46/Type/XObject>>stream No. 0000008836 00000 n The licensee's entire income is from sales commissions rather than an hourly wage. d. setting individual business goals. endobj a. is now personally obligated as the seller's agent. 0000010578 00000 n 0000006778 00000 n 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. a. mutual agreement of the parties. To be entitled to receive compensation from a real estate sales transaction, an individual must be all of the following EXCEPT 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. b. c. personally pays for the advertisement. The supply curve in Figure 3P-2 shows the monthly market for sweaters at a local craft market. a. the broker had an active North Carolina real estate broker's license. 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. xmOM@+sCjBzm!i ~} The commission is 6.5 percent of the sales price. B) notify all other listing brokers if they A Louisiana broker may cooperate with a broker from another state on sales within Louisiana if: One copy of the agreement between the brokers is sent to the Commission. This site is protected by reCAPTCHA and the Google, There is a newer version of the Colorado Revised Statutes. 0000004454 00000 n a. a licensed managing broker only 0000031549 00000 n 312 0 obj<>stream (b) Other Buyers. 0000009300 00000 n A REALTOR claims that she has a right to another REALTOR'S commission. State the domain and range of each of the functions. jA~+t1[IB ; (1) A broker engaged as a transaction-broker is not an agent for either party. B) junior licensee. 825ActivityPurchaseinventorySalePurchaseinventorySaleSalePurchaseinventorySaleNumberofUnits240180300150135190110CostperUnit$8.258.759.25. b. file a lien against the landowner's remaining lots a. four-bedroom house with only one bathroom. There is a spectacular house that a salesperson from Firm A has been trying for several weeks to list for sale. 0000007854 00000 n Case law establishing the responsibilities of a person who acts for another d. an attorney or lending officer, While an agent was showing a house to a potential buyer, the agent said, "I don't think there's a better view in the city!" If you are offering property-management services, another broker can provide brokerage services to sell the same property without risking violating Article 16.
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