0000031631 00000 n Estoppel They must, with the sellers' approval, disclose the existence of offers on the property. The relationship of a broker to a client is that of 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. 0000005052 00000 n 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. Designated agents must be licensed as nonprovisional brokers. C. Nothing in this act shall prohibit a broker from entering into an monetary disputes Among broker members of the association. WebSample 1. \hline 46.4 & 3.1 \\ a. 0000006778 00000 n Broker A and the salesperson agreed that she would receive 55 percent of any commission that she generated for their office. If a North Carolina firm is to practice designated agency, which of the following is TRUE? The licensee's entire income is from sales commissions rather than an hourly wage. REALTOR , at its discretion, may cooperate with other brokers and their agents to procure a Buyer or Tenant, and, accordingly, Owner authorizes REALTOR at its discretion to offer compensation to cooperating brokers, agents and subagents, if permissible under applicable state law. 0000009578 00000 n It is determined by a specific set of rules. In this situation, the broker would be entitled to, The Illinois Real Estate License Act is administered by the, b. @@Wl;2 PBwY/F2}i']YrL" A cracked heat exchange in the heating system 0000283431 00000 n c. violations of state licensing law. \text{Hotel staff (excluding housekeeping) }&42\\ 0000281991 00000 n 0000005920 00000 n The buyer offers $85,000, and the seller accepts it. B) digital communication in all its forms. %PDF-1.5 % c. convince the seller to list with her and authorize dual agency. A broker lists a property for sale at $100,000 with a 5 percent commission. c. the name and nationality of the purchaser. 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. disclose pertinent facts relevant to the transaction. Front Row sells all of its DVDs for $15 each and uses a perpetual inventory system. c. The elderly owner died peacefully in her bedroom. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest penny.). b. A real estate sales associate has a license personal assistant who usually must be \text{July 5}&\text{Sale}&135\\ d. Disclosing the information violates the agency duties with the seller. x+T0t 40T043 c. the broker was employed to perform certain activities in the transaction. \text { (ounces) } a. provide a W-2 that reflects all monies paid to the employee. On a cooperative sale; all written offers should: Be presented to the owner by the listing agent. Which of the following is allowed under antitrust laws? 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. \hline \begin{array}{c} A broker who is the agent of the buyer should c. death of the individual listing licensee. a. is now personally obligated as the seller's agent. 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. \text {d.}& 8 & \text { Paper gift bags } & 3.89\\ 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. The Code of Ethics obligates REALTORS to ______. Which of the following would NOT be considered a stigmatized property in North Carolina? Which of the following statements is TRUE? a.b.c.d.e.f.g.Qty.2438483ItemBatterychargerRechargeablebatteriesBottlesofpainrelieverPapergiftbagsBoxesofcoldtabletsVideotapesPrintercartridgesTotalPrice$79.9924.982.993.894.2919.9976.99PriceofOneUnit. {u-07/89x{+a_-"ME\058|?L}m,1{4?jmUb08epE* Yes, and it can be best described as puffing c. a licensed broker or an unlicensed assistant Upon discovering a latent defect in the property, the listing agent should discuss the problem with the seller and then When the Property is marketed for lease, Broker will allow other brokers to show the Property to prospective tenants. b. Broker: A broker is an individual or firm that charges a fee or commission for executing buy and sell orders submitted by an investor. This information may be withheld since the agent never saw any evidence of infestation or damage. South Korea. '', For each term or name, write a sentence explaining its significance. 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. a. licensees have no duty to search for undisclosed latent material defects in a property }& 4 & \text{Rechargeable batteries} & 24.98\\ a. Which of the following is a permitted discipline resulting from a violation of the Code of Ethics? 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? A real estate firm practices all legal forms of agency allowed in North Carolina. b. both parties receive full disclosure and provide written informed consent. b. require both clients to sign agency agreements prior to the close of the transaction. c. Some agents in the same firm representing buyers exclusively and other agents in the same firm representing sellers exclusively Which of the following are enforced by the local association/board of REALTORS? In this situation, the broker would be entitled to Which of the following situations could result in arbitration? A real estate salesperson who is an independent contractor receives, Upon discovering a latent defect in the property, the licensee should discuss the problem with the seller and then, c. inform any prospective buyers of the defect, W is a salesperson working for Broker V. W sells a $150,000 home. jA~+t1[IB ; A sales person may buy property listed with his/her firm if he/she: Discloses to owner in writing that he/she is licensed with the listing firm. a. a monthly salary or hourly wage A REALTOR acting as a buyer's agent would be in violation of the Code of Ethics if she ______. \hline 49.2 & 5.0 \\ c. disclose the agency options available and obtain written consent from both clients to act as dual agent. a. Designated agency does not eliminate dual agency. C) facilitator. 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. A real estate broker acting as the agent of the seller b. a dual agent. Grievance Committee, Professional Standards Committee and Board of Directors. Assume that Front Row decides to use FIFO. B) more regulations for smaller firms. b. if the buyer intends to resell the property quickly for a profit. A) Compensation the contractor would receive. 0000011505 00000 n \text{Housekeeping service}& \$ 23\\ 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. 0000016917 00000 n d. must personally find a buyer for the unit in order for the firm to earn a commission. a. four-bedroom house with only one bathroom. The seller has hidden rodent damage by the strategic placement of a large sofa. A licensed real estate salesperson has a written contract with his broker specifying that he will not be treated as an employee. Which statement is TRUE? (f) Any material information about the other party unless disclosure is required by law or failure to disclose such information would constitute fraud or dishonest dealing. WebA broker who represents a seller under an exclusive listing receives two offers for the property at the same time, one from one of his salespeople and one from a salesperson It can be used to enforce licensing laws. b. They tell As salesperson that Firm B will charge a 2 percent less commission for selling the house. d. terms of the purchase contract require the agent to do so. Before it can be put into writing, the buyer withdraws the verbal offer. 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. Upon execution of this Lease by d. unacceptable unless the seller has authorized the broker to share the information with potential buyers. b. only a partial commission. B. is allowed, but not required, to disclose the seller's minimum price. c. in-house employment contract. a. mutual agreement of the parties. d. $4,363.45. 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) how many direct mail solicitations can be sent to a single address. A provisional broker and a broker licensee from firms that are cooperating in a transaction An independent contractor and a broker can agree upon which of the following? 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. 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 listed commission is 6.5 percent of the selling price. a. pro forma. A) exclusive agent. However, its worth keeping in mind that sharing commissions, as opposed to the Webthe listing broker is hereby directed not to cooperate with any other broker. A) brokers allocating markets based on the value of homes. Webcompromise Brokersduties to Buyer. d. No, because the broker does not allow an agent to give opinions, b. a. c. Designated agents must be members of the local real estate trade association. d. fraud only if the buyer purchased the house based on the statement. Mediation is a voluntary procedure in which a trained, neutral third party professional assists the parties in arriving at an agreement or resolution. a. acceptable since they may promote an offer from the buyer. d. sue the buyer for breach of contract. b. 0000019650 00000 n The owners have been interviewing sales people from different firms. A listing agent is showing a house to a prospective buyer customer. Buyer agency has been created once the buyer consumer signs the acknowledgement panel. WebWella sells a $150,000 home listed with another brokerage. The real estate industry, including all licensed real estate brokers and sales associates, is subject to d. $5,850.00, A sponsored licensee may advertise a property for sale only if the licensee A broker may cooperate with other brokers in a transaction. Pursuant toSections 858-351 through 858-363 of The Oklahoma Real Estate License Code, abroker shall not be an agent, subagent, or dual agent and an offer of subagency shallnot be made to other brokers. To buy, sell or lease Washington real estate, a California broker may either: cooperate with a Washington broker; or; obtain a Washington broker license.
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Articles I
if broker a offers to cooperate with broker b