0000031709 00000 n 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. Which of the following would be dual agency? c. the licensee was guilty of puffing c. A particularly cold winter is expected to begin next month. 0000007854 00000 n c. $3,356.50 a. pro forma. Before it can be put in writing, the buyer backs out and revokes the verbal offer. \text{Amenities}& 3\\ Sign up for our free summaries and get the latest delivered directly to you. b. Broker E tells the landowner that she can sell the lots. \text{Aug. 8}&\text{Purchase inventory}&190&~~9.25\\ 0000273961 00000 n when cooperation is not in the best interest of the clients. A real estate broker acting as the agent of the seller The Code of Ethics prohibits REALTORS from providing services outside their area of expertise. They tell A's salesperson that Firm B will charge 2% less commission for selling the house. 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. K In this situation, the broker would be entitled to 0000031631 00000 n (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. "J>8n@Q3%n9?1 c.A broker-in-charge cannot be appointed as a designated agent. 0000272861 00000 n Cram has partnered with the National Tutoring Association. A real estate agent working for a brokerage firm lists a unit for sale in a condominium building. In this transaction, the agent The relationship of a broker to a client is that of The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. For this transaction, she is entitled to receive A salesperson could lose their license for: Paying a "finder's fee" to a friend for referring information about a possible listing. *)*T(8:+1 \textbf{Date}&\textbf{Activity}&\textbf{Number of Units}&\textbf{Cost per Unit}\\\hline d. $5,850.00, A sponsored licensee may advertise a property for sale only if the licensee c. collect from the landowner for breach of contract 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. The listed commission is 6.5 percent of the selling price. 0000004292 00000 n c. in-house employment contract. d. contact the city building inspector about the defect. d. the in-house commission split between the firm and the listing licensee. 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. B) notify all other listing brokers if they have an offer. WebWella sells a $150,000 home listed with another brokerage. to prevent the client from committing a crime, or What action does the Grievance Committee take when it determines the issue is suitable for arbitration? What can REALTORS advertise their services or properties? d. must personally find a buyer for the unit in order for the firm to earn a commission. Find out how you can intelligently organize your Flashcards. 0000040150 00000 n Interpret the coefficient of Fertilizer. 0000275728 00000 n 0000011057 00000 n a. amount of commission may be adjusted based upon the agent's efforts. 0000013505 00000 n How does the Code of Ethics benefit the client? Article 16 states that REALTORS are prohibited from interfering with exclusive representation or exclusive brokerage relationship agreements of other REALTORS. c. in violation of license law and Commission Rules unless they have a comprehensive written agency policy. A real estate sales associate has a license personal assistant who usually must be c. from another licensee representing the broker. d. All of the above. b. disclose to the seller the maximum price the buyer is willing to pay. Compute cost of goods available for sale and the number of units available for sale. The REALTOR may be considered to be _______. d. any client, A landowner subdivides his acreage and offers the lots for sale. Webcompromise Brokers duties to Buyer. the two area of responsibility are ethics proceedings and arbitration proceedings. 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"}}. fund that will provide $3000 for tuition at the In this situation, the broker would be entitled to, The Illinois Real Estate License Act is administered by the, b. d. provide employee benefits. 0000006778 00000 n Designated agency is optional, not mandatory. c. file a complaint with the local Realtor board. 0000015197 00000 n Qty.ItemTotalPricePriceofOneUnita.2Batterycharger$79.99b.4Rechargeablebatteries24.98c.3Bottlesofpainreliever2.99d.8Papergiftbags3.89e.4Boxesofcoldtablets4.29f.8Videotapes19.99g.3Printercartridges76.99\begin{array}{llll} State the domain and range of each of the functions. The broker neglected to revisit the agency issue before showing the buyer a suitable property. d. both parties have been informed and agree to the dual representation. b. procuring cause 0000031389 00000 n c. private offering. 0000005715 00000 n B) notify all other listing brokers if they COOPERATION AND COMPENSATION WITH OTHER Therefore, while showing property, the agent has a fiduciary duty to 0000008320 00000 n 0000010578 00000 n Discuss the advantages and disadvantages of each method. 0000021825 00000 n Yes, and it can be best described giving facts related to the property x1@@%p #SI r|yf:n/ 43CLA]zQcFSmidHj b. require both clients to sign agency agreements prior to the close of the transaction. 0000009112 00000 n d. No, because the broker does not allow an agent to give opinions, b. C) a licensed real estate broker. by jwkotler@mac.com, a. the Federal Trade Commission d. primarily representing the seller as they normally pay the commission. d. all the above. a.An actively licensed provisional broker within the firm, as long as disclosure is made to both clients. Disclose that he is the owner and that he is a licensee. Please check official sources. The Code of Ethics is referred to as a living document because _______. WebOf 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. ; or. A broker may cooperate with other brokers in a transaction. WebA fair co-brokerage fee is one that gives a strong incentive to a co-broker to represent a buyer for a property. Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. Whenever real estate agents sell a home they are required to. Articles of the Code of Ethics do not address _______. 0000024213 00000 n Concepts in the Preamble include all the following EXCEPT _______. a.b.c.d.e.f.g.Qty.2438483ItemBatterychargerRechargeablebatteriesBottlesofpainrelieverPapergiftbagsBoxesofcoldtabletsVideotapesPrintercartridgesTotalPrice$79.9924.982.993.894.2919.9976.99PriceofOneUnit. d. The broker-in-charge cannot be designated as one of the agents. duties to clients and customers, duties to the public, and duties to REALTORS. Broker A and the salesperson agreed that she would receive 55 percent of any commission that she generated for their office. The Preamble of the Code of Ethics contains _______. Only the listing broker or cooperating broker (selling broker) who participated in the transaction. c. only to buyers in a real estate transaction. Which of the following statements is TRUE? The developer refuses to pay the promised commission. %%EOF (b) Other Buyers. 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. Assume that Front Row decides to use FIFO. C) based on sales production or other output. \hline 46.4 & 3.1 \\ No. endstream We weren't able to detect the audio language on your flashcards. Broker B may not assume the cooperation includes compensation. 0000012652 00000 n it is routinely being reviewed and revised based on changes in the industry. b. an employee. d. listing agreement. Discipline for a violation of the Code of Ethics may include _______. B) more regulations for smaller firms. C) be the procuring cause of the sale. Disclosing the information could create a fiduciary relationship with the buyer and, thereby, create an unauthorized dual agency situation. disclose pertinent facts relevant to the transaction. The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. \end{array} Web* cooperate with real estate licensees working with the seller, if any, to effect a transaction. The primary purpose of the ______ is to protect the public. However, its worth keeping in mind that sharing commissions, as opposed to the A sellers demand not to cooperate with a firm or agent is a legitimate instruction regarding the sale of her property, and could be viewed as meeting this Voluntary Consent. ethics complaints and arbitration requests. A) A broker setting a company commission schedule B) Competing property management companies agreeing to standardize management fees C) Real estate companies agreeing not to cooperate with a broker because of the fees that the broker charges D) Competing brokers allocating markets based on the value of homes, Which law has a feature that comm ercial email messages must include a means by which the recipient can unsubscribe? A listing agent usually acts as a general agent of the seller. 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. 2 at 27 Y Street. c. the broker was employed to perform certain activities in the transaction. d. proffered offer. There is a spectacular house that a salesperson from Firm A has been trying to several weeks to list for sale. Please sign in to share these flashcards. C) companies allocating markets based on the location of commercial buildings. A) antitrust laws. Local people consider the house to be haunted. 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. d. negotiated commissions on transactions, d. negotiated commissions on transactions, Mosley Proctored National Test (Practice), Unit 10: North Carolina Settlement Procedures, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Multiple Choice Study Guide for Chapter 16 Te. A) Compensation the contractor would receive B) Sales meetings the contractor would need to attend C) Work schedule the contractor would have to follow D) Number of hours the contractor would have to work, Sales associate A and sales associate B work for the same firm. An owner tells a group of brokers, "I will pay a commission to whoever brings me a buyer." The Preamble of the Code emphasizes what type of land use? a. provide a W-2 that reflects all monies paid to the employee. Broker E can BARRISTERS BRIEFING: A Refresher on Article The hotel is able to attract business customers during the weekdays and leisure customers during the weekend. $2,632.50. 0000005507 00000 n Administrative regulations that administer real estate license laws a. paying local, state, and federal income taxes. $2,181.73 C. Nothing in this act shall prohibit a broker from entering into an A property manager usually acts as a special agent of the landlord. B) how often a business person can contact a customer. A cracked heat exchange in the heating system b. was a procuring cause B) paid by the sales associate, who is then reimbursed by the employing broker. If a real estate licensee will be treated as an employee, the employing broker must do all the following EXCEPT jA~+t1[IB ; d. Convicted sexual offender lives in the neighborhood. The supply curve in Figure 3P-2 shows the monthly market for sweaters at a local craft market. Unit 9: Real Estate Brokerage Flashcards | Quizlet 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. (Round all amounts to cents.). %PDF-1.5 % 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. 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. C) paid by the sales associate's employing broker. A real estate firm practices all legal forms of agency allowed in North Carolina. 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 0000010860 00000 n b. file a mortgage against the developer's remaining lots. c. convince the seller to list with her and authorize dual agency. WebB. Jenson, who also believes that the stone is quartz, contracts to purchase it for $10\$ 10$10. 0000031789 00000 n The Code of Ethics requires a REALTOR to do which of the following when selling his own unlisted property? d. the licensee would be guilty of fraud only if the buyer purchased the house, W is a licensee working for Managing Broker V. W sells a $150,000 home. An agent employed by a listing broker told a prospective buyer customer that the listed house was "the best house in the area." 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. Ethics are typically defined as standards of conduct applied to a group or society. 1 0 obj <>/ProcSet [/PDF /Text /ImageB /ImageC /ImageI]>>/Subtype/Form/Length 94/Type/XObject>>stream x+T0t 40T043 Exclusive Buyer Brokerage Agreement c. A real estate licensee usually acts as a general agent of an affiliated firm. An independent contractor and a broker can agree upon which of the following? This information may be withheld since the agent never saw any evidence of infestation or damage. b. a dual agent. That he or she a. a. a monthly salary or hourly wage The seller told the listing agent that during the past 10 winters, the sellers have been unable to rid the house of rodents. Grievance Committee, Professional Standards Committee and Board of Directors. Exclusive Buyer Brokerage Agreement - Keller Williams Realty Louisiana License Law - Test 5 Article 3 closely resembles fiduciary law in New York State. What should A's salesperson say to the owner to get the listing? endobj Add to folder 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. Upon execution of this Lease by d. Polybutylene pipes that have never leaked. Of this amount, 5% is payable to the referral network that referred the buyer, 35% goes to the listing broker, and 60% belongs to the cooperating broker. The North Carolina Working with Real Estate Agents brochure must be given An example of a stigmatized property is a Use of metatags that include the names of other brokerage companies is a reasonable way to divert traffic to a REALTOR's site. b. file a lien against the landowner's remaining lots The seller has hidden rodent damage by the strategic placement of a large sofa. Arbitrate monetary disputes rather than litigate. They must, with the sellers' approval, disclose the existence of offers on the property. Just before delivery, the stone is discovered to be a diamond worth $1,000\$ 1,000$1,000. In this case, the broker who is going to get paid must be the B) employee. d. is an active member of the local real estate board. D) salespersons within the same office agreeing on a standard commission rate. b. uses the employing broker's name in the advertisement The buyer offers $85,000, and the seller accepts it. B) digital communication in all its forms. Which of the following would NOT be considered a stigmatized property in North Carolina? Compute the number of units in ending inventory. \text {c.}& 3 & \text { Bottles of pain reliever } & 2.99\\ A licensed real estate salesperson has a written contract with his broker specifying that he will not be treated as an employee. Code of Ethics and Responsibilites b. If the provisional broker receives 60 percent of any commission that he generates for the office, he is entitled to receive d. can not include dual agency options. disclose the existence of other offers, with the seller's permission. \text { (inches) } A recent important change to real estate brokerage practice is Broker John This is referred to as a A) FFC Act B) CAN-SPAM Act C) TCPA D) COPPA, An independent contractor and a broker can agree upon which of the following?
if broker a offers to cooperate with broker b