if broker a offers to cooperate with broker b

Therefore, while showing property, the agent has a fiduciary duty to The three categories of the Articles include _______. b. the buyer. b. b. local real estate board's minimum wage guarantee to agents. Administrative regulations that administer real estate license laws @@Wl;2 PBwY/F2}i']YrL" d. self-employed. c. private offering https://quizlet.com/380378818/ethics-and-brokerage-flash-cards The Code of Ethics requires a REALTOR to do which of the following when selling his own unlisted property? 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. 0000009578 00000 n Buyerunderstands that even if Brokeris compensated by a seller or a real estate licensee % In order to comply with North Carolina Real Estate Commission Rules, the agent must do all of the following EXCEPT WebA. Please check official sources. Having the seller cancel his current excusive listing prior to entering into an agency agreement with the seller. Broker E tells the landowner that she can sell the lots. C) sales associate. 0000031308 00000 n WebIn order for a broker to be paid on an open listing, the broker must A) put the property in MLS and offer other brokers a co-op. used the purchase agreement to attempt to change the cooperative compensation. This statement would be considered A) The agreement does not violate antitrust laws. a. disclose to the buyer that the seller is a member of a minority group. &\text{Cost per Room Night}\\ b. require both clients to sign agency agreements prior to the close of the transaction. 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. (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. An independent contractor and a broker can agree upon which of the following? 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. b. 7 0 obj <>/Subtype/Form/Length 46/Type/XObject>>stream (b) Other Buyers. D) unless the exclusive agency listing is used, because the seller can compete with the broker. They can reveal confidential information: Do actions such as a general telephone canvass or general mailing violate this Article? 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. A broker lists a property for sale at $100,000 with a 5 percent commission. c. unacceptable unless there are multiple offers on the property. x+T0t 40T043 The licensee in this transaction, b. acts on behalf of the sponsoring broker, Unless some other written agreement has been made, the broker will usually receive the sales commission when. (5) A transaction-broker has no duty to conduct an independent investigation of the buyer's or tenant's financial condition or to verify the accuracy or completeness of any statement made by the buyer or tenant. D) communications that are permitted. Quoting a price other than list price without the seller's permission. fund that will provide $3000 for tuition at the COOPERATION WITH OTHER BROKERS. a. WebCOOPERATION WITH OTHER BROKERS. a. mutual agreement of the parties. is defined as any broker other than the listing broker entitled to a share of any commission arising under this Lease. d. file a civil suit against the developer for breach of contract. WebA broker wishing to act as an intermediary in a transaction would NOT be required to File notice of intermediary status with the local association of REALTORS. The listing broker tells a prospective buyer that the seller is on the verge of bankruptcy. If the provisional broker receives 60 percent of any commission that he generates for the office, he is entitled to receive 0000023425 00000 n A developer subdivides acreage and offers individual lots for sale. 0000020437 00000 n A portion of the data is shown in the accompanying table. Before an agent can collect a commission when working with their buyers, the agent must ______. What can REALTORS advertise their services or properties? c. the licensee was guilty of puffing 0000029624 00000 n 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. d. unacceptable unless the seller has authorized the broker to share the information with potential 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. Designated agents must be licensed as nonprovisional brokers. 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) junior licensee. B) employee. b. a subagent. Which statement is TRUE? 0000031789 00000 n Only the listing broker or cooperating broker (selling broker) who participated in the transaction. For this transaction, she is entitled to receive \text {c.}& 3 & \text { Bottles of pain reliever } & 2.99\\ ethics complaints and arbitration requests. (b) Jacoby's barn is burned to the ground. 0000275995 00000 n c. listing where a past owner died in the house. 0000006161 00000 n 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. 0000005507 00000 n Buyerunderstands that Brokermay work with other prospective buyers who want to acquire the same property as Buyer. b. uses the employing broker's name or the firm name in the advertisement. \hline 20.4 & 1.9 \\ \textbf{Date}&\textbf{Activity}&\textbf{Number of Units}&\textbf{Cost per Unit}\\\hline A) The agreement does not violate antitrust laws B) The two sales associates have violated the Sherman Antitrust Act and are liable for treble damages C) The agreement constitutes illegal price-fixing D) The two sales associates are guilty of a group boycott with regard to other sales associates in their firm, Real estate license laws exis t primarily to protect A) government agencies B) real estate firms C) consumers D) licensees from unlicensed individuals, The use of electronic signatu res makes routine paperwork more efficient and has been encouraged by adoption by most states of the A) Uniform Electronic Transactions Act B) real estate licensing laws C) Real Estate Transactions Act D) Uniform Brokerage Transactions Act, The real estate sales associate who is an independ ent contractor, as opposed to an employee, will have a substantial portion of the individual's income A) determine eligibility for health insurance and workers' compensation B) based on sales production or other output C) subject to federal tax and withheld by the employer D) based on the number of hours worked, Under the Sherman Antitrust Act, the penalty for a person found guilty of fixing prices or allocating markets is A) a maximum of $100 million B) a minimum of $100,000 C) a maximum $1 million fine and 10 years in prision D) $50,000 per transaction up to a maximum of $500,000, 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? (1) A broker engaged as a transaction-broker is not an agent for either party. a. 0000012652 00000 n b. REALTORS may display only professional designations that they are legitimately entitled to use and for which dues are paid current. *)*T(8:+1 b. undisclosed dual agencies 2003-2023 Chegg Inc. All rights reserved. b. C) are optional for licensees, though their adherence is always recommended. 0000009300 00000 n d. Firm A provides excellent services to market their seller's properties, a. the sales of goods or services by phone, The amount of commission due to a salesperson is determined by, Which of the following may legally collect a commission from a seller on a sale of real estate in Illinois? 1 0 obj <>/ProcSet [/PDF /Text /ImageB /ImageC /ImageI]>>/Subtype/Form/Length 94/Type/XObject>>stream a. only his sponsoring broker Cityscape Hotels has 200 rooms available in a major metropolitan city. \text{a. Webcompromise Brokers duties to Buyer. B) unrelated to either the buyer or the seller. D) use of personal assistants. $1,678.25 zQTt!8,-D*ejuz) ;@SA5Y&OSy|je|{~lx^9\YAKOYlwFNrV|t.nxaGB%6Qd$u0g-EfojOytx)u LM5.NP?w8 K?H>G#UJc1]:V,_N57|$t[({-jTw. c. violations of state licensing law. c. allocation of customers or price fixing {u-07/89x{+a_-"ME\058|?L}m,1{4?jmUb08epE* 0000273961 00000 n Arbitrate monetary disputes rather than litigate. 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. the name of the REALTOR's firm and REALTOR's states of licensure. Webif Broker is compensated by a seller or a real estate licensee who is working with a seller, such compensation does not compromise Brokers duties to Buyer. They must, with the sellers' approval, disclose the existence of offers on the property. The seller The primary purpose of the ______ is to protect the public. 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. a. obtain permission from her buyer-client in order to receive compensation from the seller. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and $3,217.50. both parties receive full disclosure and provide written informed consent. "J>8n@Q3%n9?1 Thus, Cityscape plans to provide special weekend pricing to attract additional leisure customers. The Code of Ethics prohibits REALTORS from providing services outside their area of expertise. If all terms regarding availability of the offered product or service are clearly disclosed at the same time. \hline 49.2 & 5.0 \\ Front Row records the following activity between May and August 2019 for one of its artists: DateActivityNumberofUnitsCostperUnitMay10Purchaseinventory240$8.2525Sale180June5Purchaseinventory3008.7525Sale150July5Sale135Aug. The consumer must sign the acknowledgment panel before a licensee can begin to provide brokerage services. v. Quinlan and Tyson, Inc. held that A REALTOR acting as a buyer's agent would be in violation of the Code of Ethics if she ______. 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. d. advise the buyer, if in the agent's opinion, the listing price of a listed property is unrealistic. 0000008320 00000 n The North Carolina Working with Real Estate Agents brochure must be given The listed commission is 6.5 percent of the selling price. 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. 0000283648 00000 n In most monetary disputes, the main focus of the Hearing Panels is to identify what action? 0000019650 00000 n c. a licensed broker or an unlicensed assistant b. breach by either party. d. $5,850.00. 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. 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 It sends a request to the Chairperson of the Professional Standards Committee. Which of the following BEST defines the common law of agency? Broker A and the salesperson agreed that she would receive 55 percent of any commission that she generated for their office. 0000023485 00000 n A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. c. specify work hours and task requirements. What type of disputes fall under arbitration? This is referred to as a If a firm's buyer-client is interested in buying property listed with the firm, the firm must Department of Financial and Professional Regulation, Licensee N finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of property. c. Some agents in the same firm representing buyers exclusively and other agents in the same firm representing sellers exclusively REALTORS may act as a dual agent only when ______. Which law has a feature that commercial email messages must include a means by which the recipient can unsubscribe? c. No, because state law does not allow an agent to give opinions 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. The listed commission is 6.5 percent of the selling price. startxref when cooperation is not in the best interest of the clients. b. file a mortgage against the developer's remaining lots. An example of a stigmatized property is a Articles of the Code of Ethics do not address _______. it is routinely being reviewed and revised based on changes in the industry. 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 Webthe listing broker is hereby directed not to cooperate with any other broker. We'll bring you back here when you are done. Before it can be put into writing, the buyer withdraws the verbal offer. B) digital communication in all its forms. South Korea. 0000031948 00000 n The hotel is able to attract business customers during the weekdays and leisure customers during the weekend. WebDefine cooperating broker. 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. Broker John They agree to divide their region into an eastern half and a western half; sales associate A will handle listings in the east, and sales associate B will handle listings in the west. 0000024574 00000 n required by court order, or 0000023782 00000 n a. personally listed the property That he or she In this situation, the broker would be entitled to 0000020872 00000 n c.A broker-in-charge cannot be appointed as a designated agent. Mr. Salesperson committed two ethics violations. b. an employee. c. The brochure's use is mandatory in all real estate transactions. a. personally listed the property. D) managing broker. b. A broker may cooperate with other brokers in a transaction. 8Purchaseinventory1909.2525Sale110\begin{array}{rlcc} 0000040150 00000 n until closing, unless the owner waives the right. (d) To comply with any applicable federal, state, or local laws, rules, regulations, or ordinances including fair housing and civil rights statutes or regulations. 0000010382 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. A real estate firm practices all legal forms of agency allowed in North Carolina. \hline a. only offers that meet the seller's specifications. 3`#)Rqd*X*}. 25&\text{Sale}&150\\ Which of the following statements is TRUE about the North Carolina Working with Real Estate Agents brochure? A REALTOR caused a series of events, without interruption, abandonment or estrangement, that resulted in the sale of a property. }& 2 & \text{Battery charger} & \$ 79.99\\ 0000025940 00000 n How much does the selling licensee earn from the sale? Introducing Cram Folders! Pursuant to Sections 858-351 through 858-363 of The Oklahoma Real Estate License Code, a broker shall not be endobj Just before delivery, the stone is discovered to be a diamond worth $1,000\$ 1,000$1,000. (Signed) Sadia." b. Oct. 2005. It is determined by a specific set of rules. 0000275728 00000 n C) fair competition laws. How much money would a sales person receive for her 60 percent share in the 10 percent commission? b. the sponsoring broker was guilty of fraud because he is responsible for the actions of the licensee a. Which of the following is allowed under antitrust laws? a. If a real estate licensee will be treated as an employee, the employing broker must do all the following EXCEPT Interpret the coefficient of Fertilizer. A real estate agent working for a brokerage firm lists a unit for sale in a condominium building. a. Salespeople will not show Firm Bs listings because of their commission fees. b. Most brokers in the area charge a standard rate of commission, including Firm A d. (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. 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 Does the yyy-intercept make practical sense? (6) A transaction-broker may do the following without breaching any obligation or responsibility: (a) Show alternative properties not owned by the seller or landlord to a prospective buyer or tenant; (b) List competing properties for sale or lease; (c) Show properties in which the buyer or tenant is interested to other prospective buyers or tenants; and. A cracked heat exchange in the heating system c. should present to the seller only the highest offer for the property. xref endstream You have created 2 folders. 0000010860 00000 n 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. d. an attorney in fact. Why does Santiago talk to himself in '' The Old Man and the Sea? 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"}}. by [email protected], d. the public. The listing commission is 6.5% of the selling price. The person who performs licensed activities under the authority of a broker is frequently called a A California broker seeking to conduct business in Washington, Oregon, Nevada or Arizona has options, depending on how extensive their out-of-state practice is. However, the leisure customers on weekends occupy fewer rooms than do business customers on weekdays. 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. c. any broker 0000003300 00000 n d. Disclosing the information violates the agency duties with the seller. d. A buyer's agent usually acts as a universal agent for the buyer. c. $4,387.50. c. multiple-listing services may not establish commission rates 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. C) paid by the sales associate's employing broker. Which of the following is NOT prohibited under the antitrust laws? A. The name of that REALTOR firm in an apparent manner. 0000008836 00000 n A) FFC Act B) CAN-SPAM Act C) TCPA D) COPPA, An independent contractor and a broker can agree upon which of the following? WebReal estate brokerage partnership Explanation: Under the RESA Law and its IRR Section 3 (g) 1-5, a real estate service practitioner should be a natural person, meaning the person must be an individual. TomatoPlantHeight(inches)20.449.246.4FertilizerAmount(ounces)1.95.03.1, a. Please sign in to share these flashcards. An Alabama lumberyard has four jobs on order, as shown in the following table. $960 Buyer agency has been created once the buyer consumer signs the acknowledgement panel. 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. c. disclose the agency options available and obtain written consent from both clients to act as dual agent. \text{g.}& 3 & \text{Printer cartridges} & 76.99\\ a. report the developer to the state real estate commission. b. only a partial commission. D) salespersons within the same office agreeing on a standard commission rate. What action does the Grievance Committee take when it determines the issue is suitable for arbitration? In this situation, the broker would be entitled to, The Illinois Real Estate License Act is administered by the, b. D) subject to all federal requirements applicable to an employee. Which of the following is a Code of Ethics violation? \text{b. A tenant committed suicide in the basement. 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." 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. When a real estate agent is acting as an agent or in legally recognized nonagent capacities, such as transaction broker or facilitator. b. procuring cause a. had a valid real estate broker's license Based on these facts, the salesperson is considered a(n) B) digital communication in all its forms. Under what conditions can a REALTOR advertise that a service or item is free? How much money would an individual agent receive for a 60 percent share of the 10 percent commission earned? It can be used to enforce licensing laws. c. A real estate licensee usually acts as a general agent of an affiliated firm. What information must be disclosed in all forms of advertisement? 25&\text{Sale}&180\\ a. WebSample 1. Before it can be put in writing, the buyer backs out and revokes the verbal offer. c. inform any prospective buyers of the defect. Compute cost of goods available for sale and the number of units available for sale. Based on these facts, the licensee will be treated by the IRS as A recent important change to real estate brokerage practice is d. No, because the broker does not allow an agent to give opinions, b. A) the use of electronic signatures. A) antitrust laws. 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. c. a subagent. \text{Hotel staff (excluding housekeeping) }&42\\ 0000006778 00000 n 0000031389 00000 n c. Designated agents cannot have prior confidential knowledge of the other party to the transaction. Grievance Committee, Professional Standards Committee and Board of Directors. How does the Code of Ethics benefit the client? 0000282931 00000 n Which of the following statements is false regarding the Code of Ethics? (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. It is the duty of an agent to disclose to a buyer client all the facts and conditions pertaining to the transaction involving the client because the Can a REALTOR who follows the letter of the law find that he has violated the Code of Ethics? D) salespersons within the same office agreeing on a standard commission rate. The cost of a hotel room night includes the following: CostperRoomNightHousekeepingservice$23Utilities7Amenities3Hoteldepreciation55Hotelstaff(excludinghousekeeping)42Total$130\begin{array}{lr} $2,632.50. 0000002264 00000 n In this case, the broker who is going to get paid must be the A) facilitator B) procuring cause C) dual agent D) exclusive agent, The real estate industry, includin g all licensed real estate brokers and sales associates, is subject to A) social security taxation B) antitrust laws C) more regulations for smaller firms D) fair competition laws, Administrative regulations that a dminister real estate license laws A) can only be changed by the legislature B) are optional for licensees, though their adherence is always recommended C) can be modified, if necessary, to insure compliance by large real estate firms D) have the same force and effect as statutory law, Antitrust laws do not prohibit real estate A) brokers allocating markets based on the value of homes B) salespersons within the same office agreeing on a standard commission rate C) companies agreeing on fees charged to sellers D) companies allocating markets based on the location of commercial buildings, Many states have modified the traditional terms broker and salesperson to stress that all licensees must be knowledgeable of and comply with the law.

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