\text { (ounces) } 0000008836 00000 n South Korea. Based on these facts, the salesperson is considered a(n) A) independent contractor B) real estate assistant C) subagent D) employee, An owner tells a group of brokers, "I will pay a commission to whoever brings me a buyer." b. disclose to the seller the maximum price the buyer is willing to pay. The listing broker tells a prospective buyer that the seller is on the verge of bankruptcy. 0000024213 00000 n 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 broker neglected to revisit the agency issue before showing the buyer a suitable property. trailer (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. K Suspension or termination of MLS privileges. B) when using an exclusive listing agreement, but not an open listing. Compute the number of units in ending inventory. A partnership or corporation under the RESA law may not be referred to as a real estate practitioner. After Broker E sells some of the lots, the landowner refuses to pay her a commission. a. b. must be reduced to writing prior to writing an offer to purchase on behalf of the buyer. Case law establishing the responsibilities of a person who acts for another c. the name and nationality of the purchaser. Assume all purchases and sales were for cash. Front Row records the following activity between May and August 2019 for one of its artists: DateActivityNumberofUnitsCostperUnitMay10Purchaseinventory240$8.2525Sale180June5Purchaseinventory3008.7525Sale150July5Sale135Aug. v. Quinlan and Tyson, Inc. held that B) digital communication in all its forms. a. decline to act as dual agent and refer the buyer to another firm. Therefore, while showing property, the agent has a fiduciary duty to a. from his employing broker. by jwkotler@mac.com, Which REALTORS are allowed to lay a claim to a "sold" property? d. the broker was an active member of the local Realtor board. a. mutual agreement of the parties. A) have the same force and effect as statutory law. <<94fb29068c007945a27558184a912f5d>]>> $3,217.50. 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 B) more regulations for smaller firms. COOPERATION WITH OTHER BROKERS. 0000015081 00000 n $2,181.73 A property manager usually acts as a special agent of the landlord. a.b.c.d.e.f.g.Qty.2438483ItemBatterychargerRechargeablebatteriesBottlesofpainrelieverPapergiftbagsBoxesofcoldtabletsVideotapesPrintercartridgesTotalPrice$79.9924.982.993.894.2919.9976.99PriceofOneUnit. 0000011057 00000 n 0000029624 00000 n 0000004644 00000 n State the domain and range of each of the functions. to defend a REALTOR against an accusation of wrongful conduct. "Due process" includes all the following except _______. a. to property owners upon initial contact. Which of the following is allowed under antitrust laws? c. Designated agents cannot have prior confidential knowledge of the other party to the transaction. Which entity has the responsibility of determining if there has indeed been a violation of the Code of Ethics? ethics complaints and arbitration requests. 0000007005 00000 n d. $5,850.00, A sponsored licensee may advertise a property for sale only if the licensee 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. The salesperson's entire income is from sales commissions rather than an hourly wage. How much does the selling licensee earn from the sale? 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. An agent employed by a listing broker told a prospective buyer customer that the listed house was "the best house in the area." Webcompromise Brokers duties to Buyer. 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. c. should present to the seller only the highest offer for the property. D) salespersons within the same office agreeing on a standard commission rate. b. file a lien against the landowner's remaining lots 0000283648 00000 n Broker John 0000012652 00000 n d. Convicted sexual offender lives in the neighborhood. a. c. convince the seller to list with her and authorize dual agency. 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 provisional broker sells another firm's listing for $150,000. 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. Broker John agrees to cooperate with other brokers on his new listing. WebBrokers office policy is to cooperate with all other 91* brokers except when not in Sellers best interest: and to offer compensation in the amount of % of the 92* purchase price b. only the employing client a. is obligated to render faithful service to the principal. Which of the following statements is TRUE about types of agency? 0000008042 00000 n Yes, and it can be best described as puffing A licensee who is employed by a sponsoring broker told a prospective buyer that the house she was looking at is "the best house in the area." b. local real estate board's minimum wage guarantee to agents. The listing and selling brokers agree to equally share a 7 percent commission on a $95,900 sale. Why does Santiago talk to himself in '' The Old Man and the Sea? ; or. Which of the following would be a Code of Ethics violation? At this price, it is anticipated that average occupancy for the weekend (Friday, Saturday, and Sunday) will increase from 30% to 50% of available rooms. 0000278368 00000 n 0000031709 00000 n 0000009112 00000 n 0000013618 00000 n The cost of a hotel room night includes the following: CostperRoomNightHousekeepingservice$23Utilities7Amenities3Hoteldepreciation55Hotelstaff(excludinghousekeeping)42Total$130\begin{array}{lr} A broker member of the local trade association lists and sells several of the lots. c. no one. Find out how you can intelligently organize your Flashcards. Why do you think that some Americans disliked this new means of transportation? b. b. acceptable as long as the broker does not disclose any additional specific financial information concerning his client's credit history. Use of metatags that include the names of other brokerage companies is a reasonable way to divert traffic to a REALTOR's site. A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. A) antitrust laws. c. No, because state law does not allow an agent to give opinions The listed commission is 6.5 percent of the selling price. b. is acting on behalf of the brokerage firm, the seller's agent. If a Assuming that the listing broker and selling broker split their commission from a transaction equally, what was the sales price of the property if the commission rate was 6.5% and the listing broker received $12,593.50? WebWella sells a $150,000 home listed with another brokerage. D) salespersons within the same office agreeing on a standard commission rate. c. disclose the agency options available and obtain written consent from both clients to act as dual agent. A broker may cooperate with other brokers in a transaction. a. is now personally obligated as the seller's agent. proletariat Bolsheviks Lenin Rasputin provisional government soviet Communist Party Joseph Stalin. c. death of the individual listing licensee. $960 The buyer offers $85,000, and the seller accepts it. (b) Jacoby's barn is burned to the ground. b. an employee. 0000275728 00000 n b. a licensed broker or managing broker 0000026716 00000 n d. can accept an offer on behalf of the seller. Sign up for our free summaries and get the latest delivered directly to you. In addition to developing online fan communities, Cam and Anna believe that they could a. paying local, state, and federal income taxes. On a cooperative sale; all written offers should: Be presented to the owner by the listing agent. It benefits consumers by imploring licensees to be truthful and honest in all communications and to always place the interests of the client above the licensee's own interests. d. A broker-in-charge appointing one agent to exclusively represent the seller as the client and appointing a different agent to exclusively represent the buyer as a client while the firm remains in dual agency. C) paid by the sales associate's employing broker. b. was a procuring cause 3 0 obj <>/ProcSet [/PDF /Text /ImageB /ImageC /ImageI]>>/Subtype/Form/Length 96/Type/XObject>>stream 0000275995 00000 n Buyer agency has been created once the buyer consumer signs the acknowledgement panel. 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. Ethical reasoning sometimes goes beyond the basic requirements of the law. A) The agreement does not violate antitrust laws. 0000016851 00000 n WebNo, because the broker does not allow an agent to give opinions b. Of this amount, 55 percent goes to the listing broker, and the remaining 45 percent belongs to the cooperating broker. Which of the following statements is TRUE? Concepts in the Preamble include all the following EXCEPT _______. WebB. 0000005920 00000 n disclose pertinent facts relevant to the transaction. 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. b.A licensed broker within the firm who has no prior confidential knowledge of the party that the BIC will represent. d. self-employed. b. c. inform any prospective buyers of the defect. a. pro forma In this situation, the broker would be entitled to, A landowner subdivides his acreage and offers the lots for sale. a. the seller. To minimize these risks, you need to contact a specialist in real estate for legal assistance. endobj 309 0 obj<> endobj c. is representing the condominium association. D) dual agent. 0000007501 00000 n Licensees will be automatically investigated if accused of violating: Louisiana Real Estate Salesperson Prelicensing, Unit 2 Quiz Louisiana Real Estate Express, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Arthur Getis, Daniel Montello, Mark Bjelland, Fundamentals of Financial Management, Concise Edition. Which law has a feature that commercial email messages must include a means by which the recipient can unsubscribe? c. A real estate licensee usually acts as a general agent of an affiliated firm. 0000007777 00000 n c. Criminal activity occurred on the property 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. \text{g.}& 3 & \text{Printer cartridges} & 76.99\\ A) brokers allocating markets based on the value of homes. 7 0 obj <>/Subtype/Form/Length 46/Type/XObject>>stream A provisional broker and a broker licensee from firms that are cooperating in a transaction If all terms regarding availability of the offered product or service are clearly disclosed at the same time. Which of the following statements regarding the structure of the Code of Ethics is correct? required by court order, or B) procuring cause. b. procuring cause 8%, compounded semiannually, what lump sum is endobj c. in-house employment contract. What information must be disclosed in all forms of advertisement? A North Carolina provisional broker may advertise a property only if the broker 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. Before it can be put into writing, the buyer withdraws the verbal offer. This site is protected by reCAPTCHA and the Google, There is a newer version of the Colorado Revised Statutes.