Get free summaries of new opinions delivered to your inbox! Before an agent can collect a commission when working with their buyers, the agent must ______. d. A buyer's agent usually acts as a universal agent for the buyer. Because of this statement it is routinely being reviewed and revised based on changes in the industry. d. both parties have been informed and agree to the dual representation. That is so unless the listing is subject to an Qty.ItemTotalPricePriceofOneUnita.2Batterycharger$79.99b.4Rechargeablebatteries24.98c.3Bottlesofpainreliever2.99d.8Papergiftbags3.89e.4Boxesofcoldtablets4.29f.8Videotapes19.99g.3Printercartridges76.99\begin{array}{llll} The Preamble of the Code emphasizes what type of land use? d. negotiated commissions on transactions, d. negotiated commissions on transactions, Mosley Proctored National Test (Practice), Unit 10: North Carolina Settlement Procedures, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Multiple Choice Study Guide for Chapter 16 Te. (d) To comply with any applicable federal, state, or local laws, rules, regulations, or ordinances including fair housing and civil rights statutes or regulations. required? \text { (inches) } a. provide a W-2 that reflects all monies paid to the employee. jA~+t1[IB ; 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. Which of the following statements is TRUE about types of agency? b. A listing agent usually acts as a general agent of the seller. d. proffered offer, The Illinois court decision in Chicago Bar Association et al. The owners have been interviewing sales people from different firms. 0000016851 00000 n B) more regulations for smaller firms. 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. \end{array} & \begin{array}{c} A REALTOR acting as a buyer's agent would be in violation of the Code of Ethics if she ______. d. is a member of the local real estate board, b. uses the employing broker's name in the advertisement, A real estate broker was responsible for a chain of events that resulted in the sale of one of his client's properties. a. pro forma WebArticle 3s duty requires that REALTORS shall cooperate with other brokers except when cooperation is not in the clients best interest. Estoppel c. allocation of customers or price fixing c. allows the details of the agency arrangement to be delayed until written agency occurs. b. c. personally pays for the advertisement Using his best efforts to obtain the earned commission, the broker should endstream That he or she 0000011057 00000 n The broker obtains a verbal offer to purchase the property from a prospective buyer. a. only offers that meet the seller's specifications. 312 0 obj<>stream 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. The Louisiana Purchase wascompleted\underline{\text{was completed}}wascompleted by President Thomas Jefferson. You have created 2 folders. (2) A transaction-broker shall have the following obligations and responsibilities: (a) To perform the terms of any written or oral agreement made with any party to the transaction; (b) To exercise reasonable skill and care as a transaction-broker, including, but not limited to: (I) Presenting all offers and counteroffers in a timely manner regardless of whether the property is subject to a contract for sale or lease or letter of intent; (II) Advising the parties regarding the transaction and suggesting that such parties obtain expert advice as to material matters about which the transaction-broker knows but the specifics of which are beyond the expertise of such broker; (III) Accounting in a timely manner for all money and property received; (IV) Keeping the parties fully informed regarding the transaction; (V) Assisting the parties in complying with the terms and conditions of any contract including closing the transaction; (VI) Disclosing to all prospective buyers or tenants any adverse material facts actually known by the broker including but not limited to adverse material facts pertaining to the title, the physical condition of the property, any defects in the property, and any environmental hazards affecting the property required by law to be disclosed; (VII) Disclosing to any prospective seller or landlord all adverse material facts actually known by the broker including but not limited to adverse material facts pertaining to the buyer's or tenant's financial ability to perform the terms of the transaction and the buyer's intent to occupy the property as a principal residence; and. If the broker-in-charge (BIC) is to act as one of the designated agents on a North Carolina in-house transaction, which of the following may be appointed as a designated agent for the other party to the transaction? c. listing where a past owner died in the house. The relationship of a broker to a client is that of d. do nothing, A real estate licensee who is an independent contractor receives \text{Amenities}& 3\\ endobj Understanding Cooperative Compensation - Realtor Magazine WebWella sells a $150,000 home listed with another brokerage. duties to clients and customers, duties to the public, and duties to REALTORS. 0000003468 00000 n x Thus, Cityscape plans to provide special weekend pricing to attract additional leisure customers. \end{array} c. $3,412.50 0000031471 00000 n a. is obligated to render faithful service to the principal. b. procuring cause B) digital communication in all its forms. 825ActivityPurchaseinventorySalePurchaseinventorySaleSalePurchaseinventorySaleNumberofUnits240180300150135190110CostperUnit$8.258.759.25.
