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. (b) Other Buyers. The Code of Ethics is referred to as a living document because _______. Which of the following statements is TRUE? If a real estate licensee will be treated as an employee, the employing broker must do all the following EXCEPT 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. DateMay1025June525July5Aug. c. in-house employment contract. 0000011270 00000 n
What information must be disclosed in all forms of advertisement? 8Purchaseinventory1909.2525Sale110\begin{array}{rlcc} b. the National Do Not Call Registry 0000024403 00000 n
b. an employee. C) fax transmissions. d. No, because the broker does not allow an agent to give opinions, b. b. The amount of compensation due to a salesperson licensee from the brokerage firm is determined by the A) The agreement does not violate antitrust laws B) The two sales associates have violated the Sherman Antitrust Act and are liable for treble damages C) The agreement constitutes illegal price-fixing D) The two sales associates are guilty of a group boycott with regard to other sales associates in their firm, Real estate license laws exis t primarily to protect A) government agencies B) real estate firms C) consumers D) licensees from unlicensed individuals, The use of electronic signatu res makes routine paperwork more efficient and has been encouraged by adoption by most states of the A) Uniform Electronic Transactions Act B) real estate licensing laws C) Real Estate Transactions Act D) Uniform Brokerage Transactions Act, The real estate sales associate who is an independ ent contractor, as opposed to an employee, will have a substantial portion of the individual's income A) determine eligibility for health insurance and workers' compensation B) based on sales production or other output C) subject to federal tax and withheld by the employer D) based on the number of hours worked, Under the Sherman Antitrust Act, the penalty for a person found guilty of fixing prices or allocating markets is A) a maximum of $100 million B) a minimum of $100,000 C) a maximum $1 million fine and 10 years in prision D) $50,000 per transaction up to a maximum of $500,000, 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? 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. d. A broker deciding whether to join a MLS. A) junior broker. To be entitled to receive compensation from a real estate sales transaction, an individual must be all of the following EXCEPT 3 0 obj <>/ProcSet [/PDF /Text /ImageB /ImageC /ImageI]>>/Subtype/Form/Length 96/Type/XObject>>stream (6) A transaction-broker may do the following without breaching any obligation or responsibility: (a) Show alternative properties not owned by the seller or landlord to a prospective buyer or tenant; (b) List competing properties for sale or lease; (c) Show properties in which the buyer or tenant is interested to other prospective buyers or tenants; and. D) employed by the buyer or the seller under a valid contract. A broker may cooperate with other brokers in a transaction. a. only his sponsoring broker 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. the seller. D) communications that are permitted. This site is protected by reCAPTCHA and the Google, There is a newer version of the Colorado Revised Statutes. a. A) have the same force and effect as statutory law. disclose the existence of other offers, with the seller's permission. B) unrelated to either the buyer or the seller. 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? Which entity has the responsibility of determining if there has indeed been a violation of the Code of Ethics? d. State license law and rules. 0000005920 00000 n
Today is day 205 on the yard's schedule. b. undisclosed dual agencies Real estate license laws exist primarily to protect, The use of electronic signatures makes routine paperwork more efficient and has been encouraged by adoption by most states of the, A real estate sales associate who is an independent contractor, as opposed to an employee, will have a substantial portion of the individual's income. c. commission is paid by the seller. Which of the following situations is considered to be a material fact in North Carolina? 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. 0000003164 00000 n
(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. c. A firm that represents buyers and sellers a. state real estate regulator to ensure the public the most protection from incompetent licensees. 0000004840 00000 n
It sends a request to the Chairperson of the Professional Standards Committee. d. destruction of the listed property. D) use of personal assistants. b. real estate licenses may complete preprinted forms, but they may not draft legal documents b. determining daily and weekly work hours. xmOM@+sCjBzm!i
~} Unit 9: Real Estate Brokerage Flashcards | Quizlet 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. 0000282931 00000 n
(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. d. is an active member of the local real estate board. A leak around the flashing of the chimney b. procuring cause. How does the Code of Ethics benefit the client? A) the procuring cause of the sale. Exclusive Buyer Brokerage Agreement - Keller Williams Realty d. fraud only if the buyer purchased the house based on the statement. \text { Fertilizer Amount } \\ That he or she a. a designated agent. Since the inception of the Code of Ethics, REALTORS have been required to _______. c. only to buyers in a real estate transaction. 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. a. Exclusive Buyer Brokerage Agreement - Keller Williams Realty WebNo, because the broker does not allow an agent to give opinions b. The listing broker tells a prospective buyer that the seller is on the verge of bankruptcy. \text{b. 0000005715 00000 n
The North Carolina Working with Real Estate Agents brochure must be given Jenson, who also believes that the stone is quartz, contracts to purchase it for $10\$ 10$10. A real estate broker was responsible for a chain of events that resulted in the sale of one of his client's properties. This is referred to as a WebB. a. a licensed managing broker only Compensation A) antitrust laws. Ocean therapy involves group discussion and ________. 0000010102 00000 n
If the provisional broker receives 60 percent of any commission that he generates for the office, he is entitled to receive In this case, the broker who is going to get paid must be the A) facilitator B) procuring cause C) dual agent D) exclusive agent, The real estate industry, includin g all licensed real estate brokers and sales associates, is subject to A) social security taxation B) antitrust laws C) more regulations for smaller firms D) fair competition laws, Administrative regulations that a dminister real estate license laws A) can only be changed by the legislature B) are optional for licensees, though their adherence is always recommended C) can be modified, if necessary, to insure compliance by large real estate firms D) have the same force and effect as statutory law, Antitrust laws do not prohibit real estate A) brokers allocating markets based on the value of homes B) salespersons within the same office agreeing on a standard commission rate C) companies agreeing on fees charged to sellers D) companies allocating markets based on the location of commercial buildings, Many states have modified the traditional terms broker and salesperson to stress that all licensees must be knowledgeable of and comply with the law. The listed commission is 6.5 percent of the selling price. C) a licensed real estate broker. 0
Buyerunderstands that even if Brokeris compensated by a seller or a real estate licensee Assume that Front Row decides to use FIFO. Compute gross profit earned by the company for each of the four costing methods in part 3. 2003-2023 Chegg Inc. All rights reserved. a. only offers that meet the seller's specifications. Many states have modified the traditional terms broker and salesperson to stress that all licensees must be knowledgeable of and comply with the law. Which statement is TRUE? COOPERATION AND COMPENSATION WITH OTHER expulsion from board membership for one to three years. d. can not include dual agency options. Discount brokers are able to execute any type of trade on behalf of a client, for which they charge a reduced commission in the range of $5 to $15 per trade. Their low fee structured is based on volume and lower costs. They dont offer investment advice and brokers are usually paid on salary rather than commission. Use Excel to estimate the regression model: Height = 0+1\beta_0+\beta_10+1 Fertilizer ++\varepsilon+. c. violations of state licensing law. The obligation to cooperate does not include the obligation to share commissions, fees, or to otherwise compensate another broker. Interstate real estate brokerage B) junior licensee. \text{Hotel staff (excluding housekeeping) }&42\\ WebThe correct answer is: the selling broker has exercised due care and loyalty to his principal All of the following are fiduciary duties owed to a client, EXCEPT: Select one: A. to use care in filling out contract forms B. to obey all client instructions C. to be loyal to the client D. to be accountable for documents and funds You can explore additional available newsletters here. WebIn order for a broker to be paid on an open listing, the broker must A) be the procuring cause of the sale B) split the commission with any other broker that listed the
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