which statement is not true regarding dual agency?

D) the seller and the buyer are represented by different companies. a. has no legal right to a commission. The relationship between the agent and the seller ends automatically if the purchaser submits an offer. The next day, Miriam gets a phone call from seller Katie who asks to be released from her exclusive agreement so that she can re-list her property with REALTOR Tom, who is now working for REALTOR Ethan. An agency relationship may be terminated by all of the following, except: b. the principal's refusal of an offer to purchase that was presented in the name of a third party. Josie asks Betty her opinion. d. principal. C. not run the ad at all. This is C. panic selling. B. D. A foundation crack is hidden behind the paneling in the basement. Matthew calls Jennifer to explain the details. Jack should She and Dean enter into an agreement of sale. B: Disclosing the information could create a fiduciary relationship with the buyer and, thereby, create an unauthorized dual agency situation. The buyer asked the broker to negotiate on his behalf and write a purchase contract. REALTOR Melanie has a listing, which REALTOR Bill sells. D) D. Nan worked with Bob first. REALTOR Brian filed an ethics complaint against REALTOR Clarence. depositing money into an escrow account. B) D. what is required by the Code. B. arbitration complaints. Broker Millie presents as evidence the listing in the MLS with no compensation offered to a buyers agent, only offered to sub-agents. C) ____ agency occurs when an agent acts for two or more different principals in the same transaction. No, because of the right of free speech, Brad can call Ted any time he wants regarding any offers. B) C. Yes, because REALTORS have an agreement to cooperate. D) REALTOR Dee shows a property listed by REALTOR Nelson. D. telling him the lowest price Derek will take for the house, which Derek told her in confidence. C. Olivia may ask her REALTOR principal to request arbitration but she may not request arbitration on her own. local registries of residential information on sex offenders. A) A. not a violation of Code, because it targets listed properties. The principal is looking for vacant land to purchase to develop. A. B. telling him the lowest price Derek will take for the house, which Derek told her in confidence Did Pattys actions violate the Code? D. all parties to a transaction. universal agency. Maria tells her agent in confidence that she must sell fast and may accept less than the list price. Sales(15,000unitsX$30perunit)VariableexpensesContributionmarginFixedexpensesNetoperatingincome$450,000315,000135,00090,000$45,000. A) B. advise Holly that Linda will only take listing price; since he is Lindas agent, he has the right to do so. REALTOR Nelson has an exclusive listing contract with seller Jennifer. Which of the following statements is TRUE? Before leaving, REALTOR Patty takes the seller aside and tells her the property wont sell because it is overpriced and shows the seller her comps. B. real estate licensees may not litigate over commissions. D) B) D. zoning restrictions. REALTOR Jim violated the code 85. A) Broker Joann, a buyers agent, is seeking arbitration against Broker Millie, a sellers agent. An agent works as a salesperson for a principal who owns an automotive parts business. When homeowners in a particular area are convinced that the ethnic or racial make-up of their neighborhood is changing, causing them to sell below market value, this is known as A. A. Howard is Owens client. c. is legally entitled to a commission. B) there is a client-buyer and a customer-seller. C. other REALTORS. C. You really need to consult with your attorney with questions of that nature. C. avoid the subject of the back door and if it comes up, lie Linda refuses to answer Janes questions. Lynns action is He has fulfilled the requirements of Article 7 by The agent should have disclosed this information, regardless of its accuracy. They ask their buying agent, REALTOR Larry, about the racial composition of a neighborhood they are considering. B. advise Susan of the commission differential and renegotiate his fee. D. A foundation crack is hidden behind the paneling in the basement. The first thing Sam should do is B. disclosing her relationship with Derek C. documentation of what the opinion is based on Administrative law and canonical law Pete learns that the buyers have an exclusive agreement that expires in two months with REALTOR Ryan, employed by a competitive brokerage. common law. not required to disclose the information because the agent has no agency relationship with seller. That same day, Jans buyer client calls Carlos directly and asks for an appointment to see the property and Carlos provides the showing. This is an example of Only information about material defects that the agent has personally observed D. Donna has violated the Code by not making it clear to buyer Dan that she was representing the seller. D. neither Broker Deb nor Broker Steve. C. strongly favor Paul. B) B. Ann cannot file multiple complaints against Marge over this one event. REALTOR Smitty has an exclusive listing on seller Teds house. A. accounting for any deposit monies she receives from him, which are put into a separate account statutory law. Donna, representing the seller, holds firm and gets Dan to buy at asking price. D. only consider who wrote the successful contract on the property. A. B. No, because permission was granted by Teds representing agent. The local association of REALTORS must offer mediation to both parties before an arbitration hearing is held. C. the principal D. set up an appointment with the title company. disclosure. REALTOR Jack notices the following comment posted under one of his listings on his website. A) The functions of a facilitator or intermediary are those of 23. judicial law. A. ask the buyers if they are exclusively represented by another REALTOR. A. not timely disclosure per the requirements of the Code. D. Loretta must disclose her interest to her clients and customers, including any financial benefit received. A. racial segregation. ", Which of these statements could be negligent misrepresentation? REALTOR Bill finds out about the contact and accuses Melanie of trying to steal his client. The Federal Fair Housing Law prohibits me from discussing the racial composition of the neighborhood. A. not practicing law Identify which of these is considered misconduct, according to the Code. (C). B. telling him the lowest price Derek will take for the house, which Derek told her in confidence 3. 94. Scott is in violation of the Code because D. Yes, because REALTORS are prohibited from receiving compensation from more than one party. Several months go by without contact between Paul and Rhonda, and then Broker Steve introduces the property to Rhonda again. A) obedience. After the closing, Melanie visits the buyers in their home and asks if they have any questions or need any information about the community. You buy a new piece of equipment for $16,230\$16,230$16,230, and you receive a cash inflow of $2,500\$2,500$2,500 per year for 121212 years. A sellers agent is expected to disclose information about material defects in the property to prospective buyers. 17. D. contact Linda to let her know there is an offer. C. maintain the confidentiality of the information The broker is obligated to render loyalty to the seller. D. Yes, Tamika violated the Code because contacting the listing agent is never allowable. When considering whether or not to reveal information regarding a stigmatized property, a real estate professional should be aware of The structure looks good. Subsequently, he calls her several times a week, sends her e-mails, and mails a packet of additional information. 4 Q . A. disclose the existing accepted offer B) B. Broker Anne. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. Disclosure was improper and possibly illegal, regardless of the agent's motive. stigmatized properties. D. mutual collaboration. (1) Which department generates the most net income per dollar of sales? REALTOR Paula reads the personal statistics posted on REALTOR Neils Internet blog and posts this comment on his blog: Well, Mr. Smarty-Pants, we could all have the same stats you do if we consistently underpriced every listing we sold. B. the first step in procuring cause and strongly favors Roger. She negotiates the offer with buyer Dan, who offered less than asking price. This is called a(n) C) The official interpretation of the NAR Code of Ethics is made by It is part of a body of law established by tradition and court decisions. administrative law. B) Brenda could be appointed to either the buyer or the seller and a different associate assigned to Betty. fraud. C. estimated market evaluation. agency is actually illegal in some states. A REALTOR principal receives an offer on one of her listings. is the correct answer to the question. A. Ann cannot file both an ethics complaint and an arbitration request at the same time. A) According to the Code of Ethics, who owns the listing agreements for a firm? D. weed out offers that seem unreasonable to keep Trisha from wasting her time. A) B. each state association of REALTORS. C. Donna has violated the Code by not getting informed consent from both buyer and seller to be a dual agent. C) C. REALTOR Lyla listed her clients property for less than they had wanted to sell it for because she knew it had a better chance of selling at that price. A person who may be affected by the terms of an agreement, but who is not a party to the agreement is known as the: A. D) 35. Accidental or implied agency created excessive liability for both licensees and their brokers (and even consumers), and it opened the door to unintended and undisclosed dual agency. Which of the following is an INCORRECT statement regarding a fully disclosed agency? This is a violation of the duty of loyalty known as ___________. If REALTOR Shelley wishes to file an arbitration request, against whom does she file it? Recently, Erin was the buyers agent for Jones, who purchased a new home. Do you agree with the marketing managers proposal? Which of the following is correct? Compare our rates to others This ad is and disclose all facts concerning the property. 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. 100. B. Unit 10: Client Representation Agreements, Art History Baroque, Neoclassical, Realism, R. A. find out if Holly is in an exclusive relationship with a REALTOR and explain to Holly that Sam represents only Linda in this transaction B. consider how and when Amy entered the transaction. D) Disney tell Saul that the maximum it will pay for a 1-acre lot is $1 million. Rather than pay sales commissions, which are currently included in variable expenses, the company would pay salespersons fixed salaries and would invest heavily in advertising. B) 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. C. arbitrating disputes B. a designated agency. B) C) contact the city building inspector about the defect. While doing so, the agent also works as a salesperson for a competing seller of automotive parts. C. Yes, because REALTORS are not permitted to use county records for such purposes. the principal to whom the agent gives advice and counsel. C. a violation of the Code, despite the fact that REALTOR Nelson did have permission from REALTOR Matthew. Identify which statement regarding this situation is TRUE. C. Grievance Committee. Broker Joann. C) At the closing table, Howard reveals to both REALTORJane and the sellers that he has an exclusive buyer agency agreement with his client. 2. Prepare two contribution format income statements, one showing present operations and one showing how operations would appear if the new equipment is purchased. Broker Paul introduces tenant Elizabeth to a property. Seller Tim has offered an open listing on his property to a number of brokers in the area. The seller didnt mention this before the open house. Implied 127. Broker Millie presents as evidence the listing as it appeared in the MLS, with no compensation offered to a buyers agent, only to sub-agents. The buyers agent is also the sellers agent, acting as a disclosed dual agent. A) B) Which statement is true? if there is no intention to deceive. C. The sellers agent has authorized the buyers agent to speak to the seller. A. attending the Grievance Committee meetings and the Professional Standards hearings. A factor that is indicative of bad faith and in Salvatores favor is whether A. dictatorial business. B. the co-operating commission originally offered by Nelson. It is a legal doctrine that is not unusual. REALTOR Eddie believes that REALTOR Sacha sold his client a house. With a dual agency relationship, which fiduciary duty does a client give up? both parties consent in writing to the dual agency. The broker is merely puffing. C. You really need to consult with your attorney with questions of that nature. a) The partners are under a duty to account for any profits made whilst competing with the firm. 102. B. are going to need to put this decision in writing to the Board of REALTORS. Has Tamika violated the Code? D) D. Randy, 84. D. Melanie should not solicit a buyer agreement with these buyers. required to disclose the information because it is a material fact important to the seller. A. The relationship between the agent and the seller ends automatically if the purchaser submits an offer. Disclosure of material facts that the agents knows. Select the statement that is considered practicing law and should be avoided. example, during working hours or on the principal's I recently toured this home with REALTOR Jordan. Attend our First-Time Homebuyer Seminar and win a free TV! A. cannot arbitrate if he is a principal in the transaction. D. A REALTOR may file a request for arbitration only after any ethics complaint about the same matter is resolved. Later, Ben, who was seated at the same table with Linda, buys the house from Broker Andrew. Licensees in both brokerages are REALTORS. D) D) A) unnecessary disclosure. B. Olivia may ask her REALTOR principal to initiate litigation but she may not initiate litigation on her own. REALTOR Erin has been selling and listing residential properties for about a year. Buyer Travis introduces himself as the CEO of Big City Enterprises. B. pay both Sherry and Vinod a full commission. At the closing table, Marty tells Caroline and the seller that the buyer is actually his daughter. Show an Amount column, a Per Unit column, and a Percent column on each statement. C. notifying him of all known material facts C) C. merely a mention and does not favor Broker Andrew. REALTOR Mike is showing a property to his client Jean. B) B) prohibited in all states because a broker must always represent one party. Under the _____ rule, a principal is generally _____ for injuries caused by its agents and employees while they are on their way to or from work. The agent gives the offer to the seller, who asks to consider it for 24 hours. C. really none of REALTOR Janes or her clients business. 37. REALTOR Bill is representing sellers Sue and Sam, who are divorcing. Identify which statement is true. The term, however, can have different meanings. C. Loretta may not market these auxiliary services to buyers or sellers using her company. Article 1Be honest Being a REALTOR means being included in the ____________ association(s). I have no experience selling commercial properties but I would be happy to take on the challenge. Which of the following is an INCORRECT statement regarding a principal's liability for an independent contractor's torts and contracts? should present to the seller only the highest offer for the property. B. not accepting a commission or rebate without the clients knowledge and consent. An open listing is an exclusive contract. Identify which statement regarding this situation is TRUE. 148. B. Olivia may ask her REALTOR principal to initiate litigation but she may not initiate litigation on her own. 142. A) Kevin must A) the buyer and the seller are represented by the same company. REALTOR Kevin, representing buyer Susan, shows one of REALTOR Craigs listings. Such disclosure is not prevented by the requirement for client confidentiality. A. exclude any human models to avoid any kind of unnecessary bias. In this case, the agent is on a _____, and most jurisdictions hold _____ liable if the agent injures someone while on such a mission. A) A. a monetary dispute between two licensees. A. quality of title to the property Question: Which of the following statements Is true reqarding the practice of designated agency under North Carolina Real Estate Commission rules?O A Designated agency provides an optional method of practicing dual agency for real estate firms.O B.The designated agency concept may be utilized by a firm that does not practice dual agency. C. Click the card to flip Flashcards Created by d. negligent. C) A. Randy Marty makes arrangements with the listing agent, REALTOR Caroline, to show the property. According to the Code of Ethics, a REALTOR owes the duty of confidentiality to D. I think you should list with me as soon as that week is up. Eddie suggests taking the matter to arbitration. how to remove pay from indeed job posting,

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