A provisional broker and a broker licensee from firms that are cooperating in a transaction 0000003468 00000 n C) facilitator. What can REALTORS advertise their services or properties? 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. \hline 20.4 & 1.9 \\ Sign up for our free summaries and get the latest delivered directly to you. 0000000016 00000 n The agent contacts an owner selling property without the assistance of a real estate agent with the hope that the seller would be willing to pay her commission if the buyer decided to purchase the seller's property. 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. B) companies agreeing on fees charged to sellers. The amount of compensation due to a salesperson licensee from the brokerage firm is determined by the c. The elderly owner died peacefully in her bedroom. For this transaction, she is entitled to receive What action does the Grievance Committee take when it determines the issue is suitable for arbitration? 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. Use of metatags that include the names of other brokerage companies is a reasonable way to divert traffic to a REALTOR's site. 5 0 obj <>/Subtype/Form/Length 47/Type/XObject>>stream 0000283648 00000 n d. must personally find a buyer for the unit in order for the firm to earn a commission. Estoppel Before it can be put in writing, the buyer backs out and revokes the verbal offer. Yes, and it can be best described as puffing 0000007005 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. \textbf{Date}&\textbf{Activity}&\textbf{Number of Units}&\textbf{Cost per Unit}\\\hline Which law has a feature that commercial email messages must include a means by which the recipient can unsubscribe? All of the following are prohibited under the antitrust laws EXCEPT. A firm that represents both the buyer and the seller in the same transaction is b. is acting on behalf of the brokerage firm, the seller's agent. a. had a valid real estate broker's license The disclosure requirement by the agent to third parties no later than first substantial contact This would be considered as "general" marketing. A) Compensation the contractor would receive. Use Excel to estimate the regression model: Height = 0+1\beta_0+\beta_10+1 Fertilizer ++\varepsilon+. b. b. only the employing client put agreements in writing and keep them current with written extensions and amendments. A REALTOR acting as a buyer's agent would be in violation of the Code of Ethics if she ______. Which of the following is allowed under antitrust laws? disclose the existence of other offers, with the seller's permission. a. acceptable since they may promote an offer from the buyer. K Which of the following BEST describes a designated agency transaction? %PDF-1.5 % a. provide a W-2 that reflects all monies paid to the employee. 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. They must, with the sellers' approval, disclose the existence of offers on the property. a. obtain permission from her buyer-client in order to receive compensation from the seller. 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. Compute gross profit earned by the company for each of the four costing methods in part 3. The consumer must sign the acknowledgment panel before a licensee can begin to provide brokerage services. 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. The Code of Ethics requires a REALTOR to do which of the following when selling his own unlisted property? 0000017699 00000 n c. only to buyers in a real estate transaction. \text {c.}& 3 & \text { Bottles of pain reliever } & 2.99\\ 0000278870 00000 n (Round all amounts to cents.). a. a trustee. c. private offering Oct. 2005. We'll bring you back here when you are done. Which of the following statements is TRUE about types of agency? c. the licensee was guilty of puffing \hline 46.4 & 3.1 \\ 2 at 27 Y Street. B) junior licensee. 0000280302 00000 n A licensee is an actively licensed real estate broker who has a written contract with his firm that specifies that he will not be treated like an employee. C) be the procuring cause of the sale. \text {d.}& 8 & \text { Paper gift bags } & 3.89\\ d. A broker deciding whether to join a MLS. proletariat Bolsheviks Lenin Rasputin provisional government soviet Communist Party Joseph Stalin. How much money would a sales person receive for her 60 percent share in the 10 percent commission? d. file a civil suit against the developer for breach of contract. Disclaimer: These codes may not be the most recent version. c. No, because state law does not allow an agent to give opinions Which of the following describes designated agency in North Carolina? b. acceptable as long as the broker does not disclose any additional specific financial information concerning his client's credit history. c. is representing the condominium association. Goldman agrees to pay. Please upgrade to Cram Premium to create hundreds of folders! 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. Ethics are typically defined as standards of conduct applied to a group or society. House is rumored to be haunted Broker will In this situation, the broker would be entitled to, The Illinois Real Estate License Act is administered by the, b. b. a licensed broker or managing broker When the Property is marketed for lease, Broker will allow other brokers to show the Property to prospective tenants. endstream Does the yyy-intercept make practical sense? 0000016917 00000 n 0000019650 00000 n WebB. increase Front Row Entertainments revenue by selling live-performance DVDs at the concert. (b) Other Buyers. b. $3,217.50 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. Was this statement by the agent permissible? d. both parties have been informed and agree to the dual representation. It sends a request to the Chairperson of the Professional Standards Committee. \text{July 5}&\text{Sale}&135\\ 0000025940 00000 n We weren't able to detect the audio language on your flashcards. The Code of Ethics prohibits REALTORS from providing services outside their area of expertise. What information must be disclosed in all forms of advertisement? Do actions such as a general telephone canvass or general mailing violate this Article? 0000023485 00000 n 0000281767 00000 n As such, it requires brokers to cooperate, but not necessarily compensate other brokers, unless the seller approves. You already receive all suggested Justia Opinion Summary Newsletters. a. a commission of $5,000. Arbitrate monetary disputes rather than litigate. Which of the following are enforced by the local association/board of REALTORS? b. withhold appropriate local, state, and federal employment taxes. The Code of Ethics is referred to as a living document because _______. In this transaction, the agent 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. In this situation, the broker would be entitled to, A landowner subdivides his acreage and offers the lots for sale. 0000273456 00000 n c. violations of state licensing law. a. a designated agent. \text{b. WebIn filing property with the multiple listing service, participants make blanket unilateral offers of compensation to the other MLS participants and shall therefore specify on each listing filed with the service the compensation being offered d. State license law and rules. d. sue the buyer for breach of contract. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and Mediation is a voluntary procedure in which a trained, neutral third party professional assists the parties in arriving at an agreement or resolution. According to Article 3, REALTORS must disclose the existence of ________ to brokers seeking cooperation. They can reveal confidential information: 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. ; or. c. no one. c. A real estate licensee usually acts as a general agent of an affiliated firm. D) use of personal assistants. What should A's salesperson say to the owner to get the listing? a. mutual agreement of the parties. b. a subagent. A North Carolina broker verbally agrees to represent a prospective buyer even though the buyer declined to sign a buyer agency agreement. Sales associate A and sales associate B work for the same firm. (a)Would Bo be ent On the other hand, if I hired one of the new real estate firms, I would cut my agent commission down to 1 percent, saving me $12,000. They tell A's salesperson that Firm B will charge 2% less commission for selling the house. There are five major corporate real estate firms in the immediate DC industry; JLL, Cushman & Wakefield, Newmark, Savills Studley and Cresa (At a Glance). WebIn order for a broker to be paid on an open listing, the broker must A) split the commission with any other broker that listed the property. d. a broker may not pay a commission to another broker, b. real estate licenses may complete preprinted forms, but they may not draft legal documents, The CAN-SPAM Act of 2003 is enforced by (d) To comply with any applicable federal, state, or local laws, rules, regulations, or ordinances including fair housing and civil rights statutes or regulations. D) communications that are permitted. This site is protected by reCAPTCHA and the Google, There is a newer version of the Colorado Revised Statutes. When leaving a firm, under what conditions can a REALTOR induce a client to cancel an exclusive agreement? Reread "Another Perspective" on railroads. Introducing Cram Folders! Pursuant to Sections 858-351 through 858-363 of The Oklahoma Real Estate License Code, a broker shall not be b. 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. K The buyer offers $85,000, and the seller accepts it. \text { (inches) } d. All of the above. a.b.c.d.e.f.g.Qty.2438483ItemBatterychargerRechargeablebatteriesBottlesofpainrelieverPapergiftbagsBoxesofcoldtabletsVideotapesPrintercartridgesTotalPrice$79.9924.982.993.894.2919.9976.99PriceofOneUnit. Since inception in 1913, the Code of Ethics has required that members deal with monetary disputes in what manner? Therefore, while showing property, the agent has a fiduciary duty to C) a licensed real estate broker. What should As salesperson say to the owner to get the listing? A property manager usually acts as a special agent of the landlord. Articles are broad statements of ethical principles, and Standards of Practice interpret, support, and revise the Articles. Please check official sources. 0000020437 00000 n D) a broker setting a company commission schedule. Compute the number of units in ending inventory. Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. x1@@%p #SI r|yf:n/ 43CLA]zQcFSmidHj An Alabama lumberyard has four jobs on order, as shown in the following table. What type of disputes fall under arbitration? Under the Sherman Antitrust Act, the penalty for a person found guilty of fixing prices or allocating markets is. To buy, sell or lease Washington real estate, a California broker may either: cooperate with a Washington broker; or; obtain a Washington broker license. 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. }& 4 & \text{Rechargeable batteries} & 24.98\\ 25&\text{Sale}&110\\ 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. 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. $1,678.25 a. pro forma. What is the responsibility of a REALTOR before entering into a representation agreement? 0000012652 00000 n A horticulturist is studying the relationship between tomato plant height and fertilizer amount. Didnt she accompany them on their expedition as an interpreter and guide? endobj Get free summaries of new opinions delivered to your inbox! The listing commission is 6.5% of the selling price. d. setting individual business goals. 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. Disclosing the information could create a fiduciary relationship with the buyer and, thereby, create an unauthorized dual agency situation. when contacted by the client of another REALTOR discuss the terms of a listing agreement that is effective upon the expiration of the existing agreement. 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. Prepare the journal entries necessary to 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. b. file a mortgage against the developer's remaining lots. WebWella sells a $150,000 home listed with another brokerage. Assume that Front Row decides to use FIFO. 0000275995 00000 n Designated agents must be licensed as nonprovisional brokers. 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. A broker may cooperate with other brokers in a transaction. 7 0 obj <>/Subtype/Form/Length 46/Type/XObject>>stream The listing broker gives the listing salesperson 30 percent of his commission and the selling broker gives the selling sales person 30 percent of his commission. Which of the following is false regarding metatags? 0000003300 00000 n Broker: A broker is an individual or firm that charges a fee or commission for executing buy and sell orders submitted by an investor. b. 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." Interpret the coefficient of Fertilizer. c. $3,412.50 required? d. primarily representing the seller as they normally pay the commission. 825ActivityPurchaseinventorySalePurchaseinventorySaleSalePurchaseinventorySaleNumberofUnits240180300150135190110CostperUnit$8.258.759.25. Add to folder \hline (b) Other Buyers. c. collect from the landowner for breach of contract A recent important change to real estate brokerage practice is & \textbf{Item} & \textbf{Total Price} & \textbf{Price of One Unit}\\ 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. a. the licensee was guilty of fraud If Broker A offers to cooperate with Broker B, ______. B) employee. a. A real estate firm practices all legal forms of agency allowed in North Carolina. 0000029624 00000 n The listed commission is 6.5 percent of the selling price. d. A buyer's agent usually acts as a universal agent for the buyer. Assume all purchases and sales were for cash. &\text{Cost per Room Night}\\ d.A licensed broker who has prior confidential knowledge about the party that the BIC will represent. 1 0 obj <>/ProcSet [/PDF /Text /ImageB /ImageC /ImageI]>>/Subtype/Form/Length 94/Type/XObject>>stream b. breach by either party. A listing agent has an obligation to disclose to the seller Commissions are negotiable Voluntary Consent. 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. c. in violation of license law and Commission Rules unless they have a comprehensive written agency policy. D d. No, because the broker does not allow an agent to give opinions, b. Broker E can (d) specific identification. In North Carolina, oral buyer agency After broker E sells some of the lots, the landowner refuses to pay her a commission. 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. d. act as a facilitator rather than a fiduciary. 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. Broker B may not assume the cooperation includes compensation. 25&\text{Sale}&180\\ B) paid by the sales associate, who is then reimbursed by the employing broker. d. Polybutylene pipes that have never leaked. $3,217.50. b. disclose to the seller the maximum price the buyer is willing to pay. $640 b. the broker is a subagent rather than the agent of the seller. REALTORS are required by the Code of Ethics to present all offers ______. c. the name and nationality of the purchaser. Ethics complaints and arbitration requests. a. paying local, state, and federal income taxes. d. belong to a real estate board, A licensee may receive compensation or commission from DateMay1025June525July5Aug. d. to all consumers in a sales transaction no later than first substantial contact. b. the sponsoring broker was guilty of fraud because he is responsible for the actions of the licensee Because of this statement a. the licensee was guilty of fraud If you are offering property-management services, another broker can provide brokerage services to sell the same property without risking violating Article 16. Managing Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. 0000008652 00000 n c. convince the seller to list with her and authorize dual agency. }& 2 & \text{Battery charger} & \$ 79.99\\ 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. end of each 6-month period for 4 years. (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. 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. A) the procuring cause of the sale. endstream 0000006778 00000 n \text { (ounces) } 0000009300 00000 n @@Wl;2 PBwY/F2}i']YrL" The special weekend price is proposed for $120 per room night. After Broker E sells some of the lots, the landowner refuses to pay her a commission. 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? Of this amount, 55 percent goes to the listing broker, and the remaining 45 percent belongs to the cooperating broker. Broker John 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 0000282931 00000 n Which of the following is NOT prohibited under the antitrust laws? Based on these facts, the salesperson is considered a(n) D) salespersons within the same office agreeing on a standard commission rate. All of the following situations will terminate a listing EXCEPT 0000004292 00000 n 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? WebDefine cooperating broker. Grievance Committee, Professional Standards Committee and Board of Directors. Broker E tells the landowner that she can sell the lots. b. a company-provided health insurance Designated agency is optional, not mandatory. This is referred to as a Broker A and the salesperson agreed that she would receive 55 percent of any commission that she generated for their office. How much money would an individual agent receive for a 60 percent share of the 10 percent commission earned? b. Compute cost of goods available for sale and the number of units available for sale. c. a subagent. Mediation can save time and money and is more informal than arbitration. 0000003164 00000 n (Signed) Sadia." Code Comprehension: Article 16 Commissions Are Negotiable 0000005715 00000 n disciplines such as probation suspension and license revocation. (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. c. a company-provided automobile d. review the Working with Real Estate Agents brochure with the seller. 312 0 obj<>stream You're all set! Broker E tells the landowner that she can sell the lots. used the purchase agreement to attempt to change the cooperative compensation. b. In order for a broker to be paid on an open listing, the broker must. The salesperson's entire income is from sales commissions rather than an hourly wage. 0000004454 00000 n when cooperation is not in the best interest of the clients. b. must be reduced to writing prior to writing an offer to purchase on behalf of the buyer. d. can accept an offer on behalf of the seller. The Hearing Panel may not issue what type of sanctions? (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. WebCooperative broker A broker from another company that is participating as an active agent in a transaction for the listing broker. There is a spectacular house that a salesperson from Firm A has been trying for several weeks to list for sale. WebA. 4g"7yz^Yj4ov_7LylP^q]0G t46^RK$#~/Fv?a&';%XgY$3KkL][nDl?5X"ERD\GV794I.e8h&Lcb}v;cu&Z5|IO F#PVYAcgZ! by jwkotler@mac.com, A) The agreement does not violate antitrust laws. c. in-house employment contract. East Asia: Physical-Political Geography Match the letters on the map with the places and physical features of East Asia. c. was employed to perform certain activities 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? In most monetary disputes, the main focus of the Hearing Panels is to identify what action? c. private offering. c. The imminent widening of the road in front of the property to four lanes 0000005507 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 situations is considered to be a material fact in North Carolina? d. $2,400. Since the inception of the Code of Ethics, REALTORS have been required to _______. A) independent contractor. 0000013533 00000 n If a firm's buyer-client is interested in buying property listed with the firm, the firm must The Standards of Practice may not _______. d. the public. c. disclose the agency options available and obtain written consent from both clients to act as dual agent. d. Disclosing the information violates the agency duties with the seller. Washington. 0000031789 00000 n Webcompromise Brokers duties to Buyer. c. the U.S. Department of Housing and Urban Development b. agent has fiduciary obligations to the principal. c. Use the estimated model to predict, after four months, the height of a tomato plant which received 3.0 ounces of fertilizer. 0000011541 00000 n Offers of compensation are established by ______. 0000010578 00000 n b. startxref No. The listing broker tells a prospective buyer that the seller is on the verge of bankruptcy. \text{May 10}&\text{Purchase inventory}&240&\$8.25\\ The Code of Ethics is enforced through _______. (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.

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