Which of the following statements is LEAST accurate regarding UPREITs and downREITs? 87. A) must promote and safeguard the seller's best interests. She mentions to all of them that she has just listed a home near the country club. D. both brokers. When considering whether or not to reveal information regarding a stigmatized property, a real estate professional should be aware of A) D. has not obtained informed consent from the buyers to be obligated to pay two commissions. D. Yes, because Ted did not initiate the conversation. B. have an arbitration hearing at Wallys association, if Jona agrees. C. Professional Standards Committee 44. C. estimated market evaluation. C. a client only during the professional relationship between the client and the REALTOR. For both present operations and the proposed new operations, compute (a) the degree of operating leverage, (b) the break-even point in dollar sales, and (c) the margin of safety in both dollar and percentage terms. 2. D. local, state, and national. should present to the seller only the highest offer for the property. REALTOR Bill finds out about the contact and accuses Melanie of trying to steal his client. A. it is prohibited to target solicitations to first-time buyers because of their lack of experience. C) REALTOR Nelson has an exclusive listing contract with seller Jennifer. Compare our rates to others This ad is At the closing table, Marty tells Caroline and the seller that the buyer is actually his daughter. Broker Deb admits that she extended an offer of cooperation and compensation to Broker Steve. C. prepare a CMA which demonstrates the accuracy of the price. B. pay both Sherry and Vinod a full commission. A real estate broker acting as the agent of the seller I would like to sell your business property but first, I would have to take classes. C. The buyer refused to negotiate with the broker. This is an example of C. the principal REALTOR Dee files an arbitration request and is able to prove she is the procuring cause of the sale. if they are only part of puffing. B. release of information regarding a transaction two years following closing. A broker performing as a property manager who deposits the rent into his operating account is an example of A. B) D) Dual agency exists when a real estate broker represents both parties in a transaction in a fiduciary capacity. REALTOR Marys next step should be to No, because REALTOR Katie is obviously clueless about how to price a property. 148. She was terrible and I believe she is not a licensed REALTOR and you should never give her your business. Jack knows for a fact that Jordan is licensed. A. broker Brenda. No, because her client, Larry, has no interest in the property. 16. Some states allow it, with certain conditions. A. D) A. advise Susan of the commission differential. The seller had made no mention of it. An agent works as a salesperson for a principal who owns an automotive parts business. The broker: a. is not entitled to a commission because of the open listing. A person who authorizes another to act in his or her place in regard to relations with third persons is the: Jones owns a small auto dealership, which he wants to relocate closer to his new home. C. unethical behavior between a REALTOR and a consumer. 33. InvestmentCenterElectronicsSportingGoodsSales$40,000,00020,000,000Income$2,880,0002,040,000AverageInvestedAssets$16,000,00012,000,000. What are the typical implications to an REIT investor of REITs being listed? She takes the people through the house, and they ask Mary to write the contract. Broker Roger has an open house on a property and has a register for attendees to sign. C. notifying him of all known material facts Sales(15,000unitsX$30perunit)VariableexpensesContributionmarginFixedexpensesNetoperatingincome$450,000315,000135,00090,000$45,000. No, because REALTORS are entitled to collect some fees, which a non-member licensee is not. D. notifying him of all known material facts, 95. B. the total commission paid to REALTOR Nelson by the seller. A. Donna has not violated any Article or Standard; she just did her job and sold the house. Sara would be considered a Transaction broker At the closing table, Marty tells Caroline and the seller that the buyer is actually his daughter. Trisha wants to sell her house quickly because her new job in another city begins next month. Mikes answer should be Jane could not find the property listed in the MLS. Refer to the original data. No, Martys daughter and the seller were in mutual agreement with the stipulations of the sale. A. consider how and when Amy entered the transaction. A broker tells a buyer, "This home has the most beautiful river view." REALTOR Maria advises that her buyer obtain and review a home inspection report on a house she is considering buying. a nonagent. B) If a real estate agent who is employed to purchase real estate for a principal secretly sells his or her own property to the principal, this is a violation of the duty of loyalty known as __________. B) tell the seller that the defect must be repaired. a principal. A. exclude any human models to avoid any kind of unnecessary bias. D. urge the seller to update the disclosure form or have the back door repaired, 106. Lets not worry about that todaylets wait until we sell your house, then well figure it out. D. Yes, because REALTORS are prohibited from receiving compensation from more than one party. The relationship between the property owner and the associated brokers at Hannah Smith Realty could best be described as (buyer subagency, designated agency, dual agency, seller subagency) B. Loretta may not market these auxiliary services to buyers or sellers using her company. Identify the scenario below where it would NOT be appropriate for a buyers agent to talk to the seller directly concerning price, terms, or conditions. D. refuse to return calls of the agent involved so as not to have to decide, 22. unless unintentional. D. request arbitration services from the National Association of REALTORS if both Jona and Wally agree. can accept an offer on behalf of the seller. "The simple design is uncluttered and offers many possibilities for decorating.". Advertisements on the Internet require Did Lisa violate the Code? B. maintaining several websites aimed towards different sets of clients 30. D) prohibited in all states because a broker must always represent one party. REALTOR Eddie believes that REALTOR Sacha sold his client a house. A. A) A broker acting for both parties in the same transaction, B) A broker representing more than one principal, C) A broker listing a property and then, after it is relisted with another broker, selling the same property, D) Two brokerage companies cooperating with each other, The laws enacted by a legislature make up, The relationship of broker to client in an agency relationship is that of. If Jackie Knox, who owns property in Chicago, agrees to sell the needed land for $1.5 million and the agent signs his name "Saul Arnold, agent for Walt Disney", _____. 5. C. half of the commission REALTOR Nelson actually received from the seller, after he negotiated with the seller to reduce his commission. 7. 141. A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. What is the probability that fatality resulted from this cause? What does the phrase the law of agency is a common law doctrine mean? must promote and safeguard the seller's best interests. C. A REALTOR accepts an undisclosed fee from a buyer while serving as a listing agent for the seller. The broker can disclose confidential information about the seller to a buyer if it increases the likelihood of a sale. C. both Broker Deb and Broker Steve. With a dual agency relationship, which fiduciary duty does a client give up? For the years ended December 31, 2013 and 2012. 19. all client information to be kept confidential forever. a. Dual agency is a violation of real estate law b. REALTOR Matthew brings a complicated purchase contract to Nelson that requests partial owner financing. D. REALTOR Clarence is the respondent. Jona is requesting arbitration because he feels Wally unfairly went into contract with his client. When a broker places trust funds of others into the company's operating account and then withdraws funds for the firm's use, what illegal practice has taken place? A) The agent tells a buyer the seller will accept up to $10,000 less than the list price. Jaybird was required to make a no brokerage disclosure before letting the buyer enter the open house; A. keep the comment posted; it only helps his business and, after all, he didnt write it. The official interpretation of the NAR Code of Ethics is made by A) C. mediation. disclosure. D. must arbitrate as he and Edward are both REALTORS. C. REALTOR Clarence is the complainant. 29. Identify which statement is true. D. tell a client that a contract is valid, void, or voidable, 41. Under the _____ test, if an agent commits an intentional tort within a work-related time or 17. I know Bill, and hes got a reputation for only working hard on his million-dollar listings. D. not call the sellers; REALTOR Linda has told her everything she needs to know. A house built years ago over a ditch covered with decaying timber or a house with ceilings that were improperly attached to the support beams are examples of A) D) Which statement is TRUE of a real estate broker acting as the agent of the seller? 137. C. Joes statement could be considered a threat. Seller George paid for a home inspection on his house for a prospective buyer. The fiduciary responsibilities of an agent to the principal under the common law of agency include The buyer asked the broker to negotiate on his behalf and write a purchase contract. Which. The seller didnt mention this before the open house. B) Identify which statement regarding this situation is TRUE. To settle this agreement, they can Disney tell Saul that the maximum it will pay for a 1-acre lot is $1 million. D) Select the statement that is considered practicing law and should be avoided. A) C) 53. C. really none of REALTOR Janes or her clients business. D) This particular fact favors 88. 99. D) A) 134. D. No, because she is a property manager and the listing agent does not offer that service. B) D) Dual agency can lead to a conflict of interest. A. Neil is in violation of Article 15 for not blogging about REALTOR Paulas successes. This relationship is It is part of a body of law established by tradition and court decisions. A seller can sell his or her own home and owe no commission if he or she signs an exclusive agency listing. a. fraudulent Which is TRUE? Required to disclose the information because it is a material fact important to the seller. Escrowing 24. Which item is considered outside the scope of a real estate license, according to Article 2? The hearing panel will Chad is a customer of Marcys. B. REALTOR Juan hosts several websites aimed toward different types of buyers. C. Great location, four blocks away from the Park and Ride This fact favors C. The price that the sellers told the agent is their minimum selling price. 52. D. half of the commission REALTOR Nelson actually received from the seller after he negotiated with the seller to reduce his commission. B. respond to the author of the comment and request the author remove the comment. After the closing, Melanie visits the buyers in their home and asks if they have any questions or need any information about the community. B) not required to disclose the information because the seller might reject the offer. A. an image of the REALTORs license. B. Paul. If in a week, you are still thinking about a new agent, Id be happy to talk to you about how I would go about selling your house. the seller and the broker must both disclose this material fact. REALTOR Lynn is very well connected to REALTORS all over the country. A. will have years of arbitration ahead of them. A) Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. In a fully disclosed agency, the contract is between the agent and the third party. D. Seller Keith had no knowledge of Salvatores efforts with Travis. C. Yes, because REALTORS are not permitted to use county records for such purposes. B) Lynn then tells the seller she could recommend a good REALTOR there. Several months go by without contact between Paul and Rhonda, and then Broker Steve introduces the property to Rhonda again. D. Olivias client would have to request arbitration on her behalf; she may not request arbitration on her own. Donna, representing the seller, holds firm and gets Dan to buy at asking price. disclosure agreement. It is one of the rules enacted by legislatures and other governing bodies. D. A foundation crack is hidden behind the paneling in the basement. Neither the offer nor the escrow instructions mentioned: (a) the broker as the agent, or (b) terms for payment of a commission. both parties consent in writing to the dual agency. B. have an arbitration hearing at Wallys association, if Jona agrees. B. the first step in procuring cause and strongly favors Roger. He should Nelson informs Matthew of the rejection, and Matthew believes Jennifer did not understand the details of the contract. C) the broker always acts as the agent of a client or customer. REALTORS Jona and Wally are from different states where their boards do not have an established inter-association arbitration agreement. A) REALTOR-ASSOCIATE Olivia believes that REALTOR Jon from another brokerage sold a house to her client and that she was the procuring cause of the sale. D) inform any prospective buyers of the defect. A. In dual agency, an agent's actual knowledge pertains to. B. Nan has an exclusive, current, valid agreement with Bob. D. include persons of several races in order to avoid exclusivity in advertising. B. like the United States Constitution and Bill of Rights, fairly immutable. D. Melanie should not solicit a buyer agreement with these buyers. Buyer Kathy contacts Seller Dean about buying his property. B. Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. C. reasonable care 67. B. recorded deed restrictions As a general rule, dual agency is permissible. Elizabeth leases the property from Broker Jane. D. do not have the option of arbitration through the local Association of REALTORS. REALTOR Carlos has a listing. c. accidental C. REALTOR principal and REALTOR-ASSOCIATES jointly B. Jennifer rejects the offer. Maria tells her agent in confidence that she must sell fast and may accept less than the list price. Statements of opinion are permissible After the closing, Eddie calls Sacha to discuss the matter. D) An agent who represents both the buyer and the seller in a transaction is known as a: a. dual agency. A sellers agent is expected to disclose information about material defects in the property to prospective buyers. chicago park district events,
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