By signing below, the parties hereto confirm that no pressure or undue influence has been exerted In order to comply with North Carolina Real Estate Commission Rules, the agent must do all of the following EXCEPT She was probably accused of: d. sue the buyer for breach of contract. D) managing broker. d. contact the city building inspector about the defect. 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. 4g"7yz^Yj4ov_7LylP^q]0G t46^RK$#~/Fv?a&';%XgY$3KkL][nDl?5X"ERD\GV794I.e8h&Lcb}v;cu&Z5|IO F#PVYAcgZ! 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. lump sum can be placed in an account that pays c. The Code of Ethics prescribed by the local trade association x1@@%p #SI r|yf:n/ 43CLA]zQcFSmidHj If the provisional broker receives 60 percent of any commission that he generates for the office, he is entitled to receive b. uses the employing broker's name in the advertisement 0000004840 00000 n The person who performs licensed activities under the authority of a broker is frequently called a both parties receive full disclosure and provide written informed consent. WebB. 0000009578 00000 n \text{June 5}&\text{Purchase inventory}&300&~~8.75\\ 0000005507 00000 n In this transaction, the agent 309 0 obj<> endobj 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. (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. Assume that Front Row decides to use FIFO. Which of the following statements regarding procuring cause is false? b. must be reduced to writing prior to writing an offer to purchase on behalf of the buyer. a. B) employee. 5 0 obj <>/Subtype/Form/Length 47/Type/XObject>>stream 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? 0000024574 00000 n 0000016851 00000 n c. commission is paid by the seller. endstream 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. Never. d. act as a facilitator rather than a fiduciary. C) real estate assistant. A comprehensive firm policy is required by Commission Rule. The special weekend price is proposed for $120 per room night. c. no one. \text { (ounces) } 0000013533 00000 n Based on these facts, the licensee will be treated by the IRS as The hotel is able to attract business customers during the weekdays and leisure customers during the weekend. a. four-bedroom house with only one bathroom. Mediation is a voluntary procedure in which a trained, neutral third party professional assists the parties in arriving at an agreement or resolution. 0000003468 00000 n Since inception in 1913, the Code of Ethics has required that members deal with monetary disputes in what manner? endobj That is so unless the listing is subject to an The seller has hidden rodent damage by the strategic placement of a large sofa. A broker who is the agent of the buyer should Pursuant to Sections 858-351 through 858-363 of The Oklahoma Real Estate License Code, a broker shall not be 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. The North Carolina Working with Real Estate Agents brochure must be given a. decline to act as dual agent and refer the buyer to another firm. 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. required? 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. 0000278870 00000 n For this transaction, W is entitle to receive Nearby land is being considered for a landfill The listing and selling brokers agree to equally share a 7 percent commission on a $95,900 sale. a. acceptable since they may promote an offer from the buyer. C) based on sales production or other output. c. The imminent widening of the road in front of the property to four lanes d.A licensed broker who has prior confidential knowledge about the party that the BIC will represent. Mr. Salesperson committed two ethics violations. 0000015081 00000 n %PDF-1.5 % A) antitrust laws. a. report the landowner to the real estate licensing authorities d. destruction of the listed property. Concepts in the Preamble include all the following EXCEPT _______. 0000031471 00000 n If you are offering property-management services, another broker can provide brokerage services to sell the same property without risking violating Article 16. 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. a. must be non-exclusive and have no expiration date. Introducing Cram Folders! d. the broker was an active member of the local Realtor board. Quoting a price other than list price without the seller's permission. b. acceptable as long as the broker does not disclose any additional specific financial information concerning his client's credit history. 0000272861 00000 n & \textbf{Qty.} d. Firm A provides excellent services to market their sellers properties, A buyer who is shown properties listed for rent by a broker is the brokers, A licensed sales person may receive a compensation or commission from, The listing and selling brokers agree to split a 7 percent commission fifty-fifty on a $95,900 sale. K On a cooperative sale; all written offers should: Be presented to the owner by the listing agent On all sales; all written offers should be presented: Immediately $1,678.25 B) notify all other listing brokers if they Since the inception of the Code of Ethics, REALTORS have been required to _______. 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." 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? c. private offering 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. TomatoPlantHeight(inches)20.449.246.4FertilizerAmount(ounces)1.95.03.1, a. 0000011541 00000 n The Code of Ethics obligates REALTORS to ______. A broker lists a property for sale at $100,000 with a 5 percent commission. The Preamble of the Code emphasizes what type of land use? c. A particularly cold winter is expected to begin next month. a. is now personally obligated as the seller's agent. d. the Federal Communications Commission, A broker was accused of violating antitrust laws. 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. b. require both clients to sign agency agreements prior to the close of the transaction. (d) specific identification. 0000283648 00000 n Yes, and it can be best described giving facts related to the property In this situation, A broker was told by his seller-principal not to advertise her property in the newspaper, which was just across the state line. \end{array} 2 at 27 Y Street. B) digital communication in all its forms. 0000008320 00000 n 0000281767 00000 n *)*T(8:+1 The commission is 6.5 percent of the sales price. c. violations of state licensing law. Only the listing broker or cooperating broker (selling broker) who participated in the transaction. (b) Other Buyers. Having the seller cancel his current excusive listing prior to entering into an agency agreement with the seller. A developer subdivides acreage and offers individual lots for sale. 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. \hline 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. c. unacceptable unless there are multiple offers on the property. \end{array} b. agent has fiduciary obligations to the principal. The Articles of the Code of Ethics stress the REALTOR's obligation to _______. b. disclose to the seller the maximum price the buyer is willing to pay. WebCooperative broker A broker from another company that is participating as an active agent in a transaction for the listing broker. Buyerunderstands that Broker may work with other prospective buyers who want to acquire the same property as Buyer. D) social security taxation. b. was a procuring cause 0000007854 00000 n b. 0 In this situation, the broker would be entitled to, The Illinois Real Estate License Act is administered by the, b. Which of the following situations is considered to be a material fact in North Carolina? b. the broker is a subagent rather than the agent of the seller. Ethical reasoning sometimes goes beyond the basic requirements of the law. No. Find out how you can intelligently organize your Flashcards. $3,217.50 The REALTOR may be considered to be _______. In North Carolina, oral buyer agency A) how many direct mail solicitations can be sent to a single address. d. the in-house commission split between the firm and the listing licensee. Broker B may not assume the cooperation includes compensation. 0000004454 00000 n d. an attorney or lending officer, While an agent was showing a house to a potential buyer, the agent said, "I don't think there's a better view in the city!" In regard to reciprocity; if a licensee from another state wants a non-resident license in Louisiana: The must have an active license in their home state. until closing, unless the owner waives the right. A) hired by the sales associate independently and not under the employ of the brokerage. A REALTOR acting as a buyer's agent would be in violation of the Code of Ethics if she ______. 312 0 obj<>stream That he or she
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if broker a offers to cooperate with broker b 2023