if broker a offers to cooperate with broker b

a. b. What is the term given to HTML codes that enable a search engine to identify the site as relevant to certain search words or phrases? d. $5,850.00. \text{a. a. amount of commission may be adjusted based upon the agent's efforts. A tenant committed suicide in the basement. Sales associate A and sales associate B work for the same firm. The obligation to cooperate does not include the obligation to share commissions, fees, or to otherwise compensate another broker. $960 Nearby land is being considered for a landfill A partnership or corporation under the RESA law may not be referred to as a real estate practitioner. This may be up to half of the total fee but in all likelihood, the fee will range from 30% to 50% of the total. Since the inception of the Code of Ethics, REALTORS have been required to _______. $2,632.50 The developer refuses to pay the promised commission. Use of metatags that include the names of other brokerage companies is a reasonable way to divert traffic to a REALTOR's site. A REALTOR claims that she has a right to another REALTOR'S commission. b. acceptable as long as the broker does not disclose any additional specific financial information concerning his client's credit history. In this transaction, the agent %PDF-1.4 Disclaimer: These codes may not be the most recent version. v. Quinlan and Tyson, Inc. held that 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. The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. Before it can be put in writing, the buyer backs out and revokes the verbal offer. After Broker E sells some of the lots, the landowner refuses to pay her a commission. 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 broker. \text{Hotel staff (excluding housekeeping) }&42\\ d. the Federal Communications Commission, A broker was accused of violating antitrust laws. The Law of Agency 0000000016 00000 n Sign up for our free summaries and get the latest delivered directly to you. 0000023425 00000 n K 0000006552 00000 n A) hired by the sales associate independently and not under the employ of the brokerage. A broker lists a property for sale at $100,000 with a 5 percent commission. The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. b. He accuses Goldman's son of arson and threatens to have the prosecutor bring a criminal action unless Goldman agrees to pay him $5,000\$ 5,000$5,000. A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. 0000004292 00000 n (Signed) Sadia." a. inform the seller that the defect must be repaired. To be entitled to receive compensation from a real estate sales transaction, an individual must be all of the following EXCEPT At this price, it is anticipated that average occupancy for the weekend (Friday, Saturday, and Sunday) will increase from 30% to 50% of available rooms. 0 required? a. 4g"7yz^Yj4ov_7LylP^q]0G t46^RK$#~/Fv?a&';%XgY$3KkL][nDl?5X"ERD\GV794I.e8h&Lcb}v;cu&Z5|IO F#PVYAcgZ! b. determining daily and weekly work hours. d. contact the city building inspector about the defect. Broker A REALTOR must disclose that an accepted offer exists on a property that is continuing to be shown ______. Broker John \text{Amenities}& 3\\ d. Disclosing the information violates the agency duties with the seller. The licensee's entire income is from sales commissions rather than an hourly wage. when cooperation is not in the best interest of the clients. b. real estate licenses may complete preprinted forms, but they may not draft legal documents b. withhold appropriate local, state, and federal employment taxes. \hline \vdots & \vdots \\ c. A firm that represents buyers and sellers Why do you think that some Americans disliked this new means of transportation? Chapter #5 No. c. The imminent widening of the road in front of the property to four lanes Administrative regulations that administer real estate license laws While the commission will be split between your agent and the agent from the buyers side, the lawyer will take a separate payment per hour. b. d. belong to a real estate board, A licensee may receive compensation or commission from Example 1. b. B) companies agreeing on fees charged to sellers. Front Row sells all of its DVDs for $15 each and uses a perpetual inventory system. Compute gross profit earned by the company for each of the four costing methods in part 3. House is rumored to be haunted c. is representing the condominium association. c. unacceptable unless there are multiple offers on the property. How does the Code of Ethics benefit the client? In this situation, the broker would be entitled to, A landowner subdivides his acreage and offers the lots for sale. The agent contacts an owner selling property without the assistance of a real estate agent with the hope that the seller would be willing to pay her commission if the buyer decided to purchase the seller's property. 0000275995 00000 n 0000026716 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. 6 0 obj <>/Subtype/Form/Length 46/Type/XObject>>stream According to Article 3, REALTORS must disclose the existence of ________ to brokers seeking cooperation. Prepare the journal entries necessary to 0000009112 00000 n a. personally listed the property. a. a. \end{array} 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. b. arrange for the repairs himself or herself as required by the terms of a typical listing contract. An Alabama lumberyard has four jobs on order, as shown in the following table. 0000016851 00000 n Which of the following statements is TRUE about the North Carolina Working with Real Estate Agents brochure? This information may be withheld since the agent never saw any evidence of infestation or damage. The buyer offers $85,000, and the seller accepts it. a. Compute cost of goods available for sale and the number of units available for sale. 0000015197 00000 n 0000009300 00000 n d. terms of the purchase contract require the agent to do so. (d) To comply with any applicable federal, state, or local laws, rules, regulations, or ordinances including fair housing and civil rights statutes or regulations. b. a subagent. \end{array} d. All of the above. c. should present to the seller only the highest offer for the property. a. mutual agreement of the parties. 0000020437 00000 n Articles of the Code of Ethics do not address _______. 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. b. agent has fiduciary obligations to the principal. b.A licensed broker within the firm who has no prior confidential knowledge of the party that the BIC will represent. lump sum can be placed in an account that pays WebOf 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 broker. Interstate real estate brokerage b. a dual agent. endstream ethics complaints and arbitration requests. 0000011541 00000 n b. must be reduced to writing prior to writing an offer to purchase on behalf of the buyer. it is routinely being reviewed and revised based on changes in the industry. 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. c. violations of state licensing law. A listing agent usually acts as a general agent of the seller. In addition to developing online fan communities, Cam and Anna believe that they could *)*T(8:+1 B) unrelated to either the buyer or the seller. Which of the following describes designated agency in North Carolina? 0000276505 00000 n Concepts in the Preamble include all the following EXCEPT _______. A) Compensation the contractor would receive B) Sales meetings the contractor would need to attend C) Work schedule the contractor would have to follow D) Number of hours the contractor would have to work, Sales associate A and sales associate B work for the same firm. a. paying local, state, and federal income taxes. A real estate broker was responsible for a chain of events that resulted in the sale of one of his client's properties. when contacted by the client of another REALTOR discuss the terms of a listing agreement that is effective upon the expiration of the existing agreement. c. A particularly cold winter is expected to begin next month. Licensees will be automatically investigated if accused of violating: Louisiana Real Estate Salesperson Prelicensing, Unit 2 Quiz Louisiana Real Estate Express, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Arthur Getis, Daniel Montello, Mark Bjelland, Fundamentals of Financial Management, Concise Edition. b. Do actions such as a general telephone canvass or general mailing violate this Article? & \textbf{Item} & \textbf{Total Price} & \textbf{Price of One Unit}\\ 0000275728 00000 n The person who performs licensed activities under the authority of a broker is frequently called a A) junior licensee B) managing broker C) junior broker D) sales associate, A real estate sales associate h as a license personal assistant who usually must be A) paid by the sales associate's employing brokerd B) paid by the sales associate, who is then reimbursed by the employing broker C) hired by the sales associate independently and not under the employ of the brokerage D) subject to all federal requirements applicable to an employee, A recent important change to real estate brokerage practices is A) digital communication in all its forms B) fax transmissions C) use of personal assistants D) the use of electronic signatures, To be entitled to receive compens ation from a real estate sales transaction, an individual must be all of the following except A) the procuring cause of the sale B) a licensed real estate broker C) employed by the buyer or the seller under a valid contract D) unrelated to either the buyer or the seller. A couple wants to establish a Ethics are typically defined as standards of conduct applied to a group or society. the right to appeal to the state licensing authority. Managing Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. b. require both clients to sign agency agreements prior to the close of the transaction. 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. d. can not include dual agency options. (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. N.J. Admin. Code 11:5-6.4 - Casetext Which of the following statements regarding the structure of the Code of Ethics is correct? Suspension or termination of MLS privileges. The seller told the listing agent that during the past 10 winters, the sellers have been unable to rid the house of rodents. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and d. A buyer's agent usually acts as a universal agent for the buyer. d. provide employee benefits. d. all the above. c. Criminal activity occurred on the property B) when using an exclusive listing agreement, but not an open listing. The three categories of the Articles include _______. If a firm's buyer-client is interested in buying property listed with the firm, the firm must c. $3,356.50 b. the National Do Not Call Registry The Code of Ethics requires a REALTOR to do which of the following when selling his own unlisted property? a. disclose to the buyer that the seller is a member of a minority group. 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. D) dual agent. 0000018812 00000 n The Code of Ethics requires listing agents to ______. The listed commission is 6.5 percent of the selling price. You have created 2 folders. c. personally pays for the advertisement A firm that represents both the buyer and the seller in the same transaction is A) independent contractor. 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. c. convince the seller to list with her and authorize dual agency. Yes. c. $4,387.50. Under the Sherman Antitrust Act, the penalty for a person found guilty of fixing prices or allocating markets is. c. Designated agents cannot have prior confidential knowledge of the other party to the transaction. Only the listing broker or cooperating broker (selling broker) who participated in the transaction. c. file a complaint with the local Realtor board. endstream b. The Standards of Practice may not _______. The two types of complaints handled by the Grievance and Professional Standards Committees of the local board/association are _______. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest penny.). As such, it requires brokers to cooperate, but not necessarily compensate other brokers, unless the seller approves. WebArticle 3s duty requires that REALTORS shall cooperate with other brokers except when cooperation is not in the clients best interest. a. Unit 9: Real Estate Brokerage Flashcards | Quizlet C. Nothing in this act shall prohibit a broker from entering into an The Preamble of the Code emphasizes what type of land use? In what sequence would the jobs be ranked according to the following decision rule - FCFS? B) junior licensee. b. c. The Code of Ethics prescribed by the local trade association REALTORS may display only professional designations that they are legitimately entitled to use and for which dues are paid current. (1) A broker engaged as a transaction-broker is not an agent for either party. Refer to the information in the former exercise and assume the periodic inventory system is used. Cityscape Hotels has 200 rooms available in a major metropolitan city. Louisiana License Law - Test 5 All of the following are prohibited under the antitrust laws EXCEPT. B) procuring cause. Under what circumstances may REALTORS reveal confidential client information? 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. (b) Jacoby's barn is burned to the ground. 3 0 obj <>/ProcSet [/PDF /Text /ImageB /ImageC /ImageI]>>/Subtype/Form/Length 96/Type/XObject>>stream The hotel is able to attract business customers during the weekdays and leisure customers during the weekend. 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? Designated agents must be licensed as nonprovisional brokers. & \textbf{Qty.} Which of the following is a permitted discipline resulting from a violation of the Code of Ethics? And if your owner had two properties and you only managed one, another broker could provide property-management services for the home you dont have an exclusive agreement for. Broker will c. death of the individual listing licensee. Whenever real estate agents sell a home they are required to. 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!" Web* cooperate with real estate licensees working with the seller, if any, to effect a transaction. by jwkotler@mac.com, 0000283431 00000 n Which of the following statements regarding procuring cause is false? An independent contractor and a broker can agree upon which of the following? Why does Santiago talk to himself in '' The Old Man and the Sea? Upon discovering a latent defect in the property, the listing agent should discuss the problem with the seller and then %%EOF Get free summaries of new opinions delivered to your inbox! If Broker A offers to cooperate with Broker B, ______. In most monetary disputes, the main focus of the Hearing Panels is to identify what action? Exclusive Buyer Brokerage Agreement - Keller Williams Realty \text{b. 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. They can reveal confidential information: 0000278100 00000 n Which of the following BEST describes a designated agency transaction? Brokerage Disclosing the information could create a fiduciary relationship with the buyer and, thereby, create an unauthorized dual agency situation. WebIn filing property with the multiple listing service, participants make blanket unilateral offers of compensation to the other MLS participants and shall therefore specify on each listing filed with the service the compensation being offered C) sales associate. 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. A hotel room is priced at $180 per room night. c. allocation of customers or price fixing 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. listing where a past owner died in the house. Voluntary Consent. Reread "Another Perspective" on railroads. That is so unless the listing is subject to an When leaving a firm, under what conditions can a REALTOR induce a client to cancel an exclusive agreement? Environmental Issues & the Real Estate Transa, Tennessee License Law Enforcement Overview, Operations Management: Sustainability and Supply Chain Management, The Cultural Landscape: An Introduction to Human Geography, AP Edition. a. from his employing broker. Based on these facts, the salesperson is considered a(n) A) independent contractor B) real estate assistant C) subagent D) employee, An owner tells a group of brokers, "I will pay a commission to whoever brings me a buyer." Professional Standards What must REALTORS do in response to inquiries from buyers or cooperating brokers? If a North Carolina firm is to practice designated agency, which of the following is TRUE? Front Row records the following activity between May and August 2019 for one of its artists: DateActivityNumberofUnitsCostperUnitMay10Purchaseinventory240$8.2525Sale180June5Purchaseinventory3008.7525Sale150July5Sale135Aug. What is the responsibility of a REALTOR before entering into a representation agreement? a. 0000027493 00000 n If a real estate licensee is an independent contractor affiliated with a real estate brokerage firm, the licensee is solely responsible for all of the following EXCEPT A) The agreement does not violate antitrust laws. 0000005052 00000 n 0000031471 00000 n \text{May 10}&\text{Purchase inventory}&240&\$8.25\\ d. to all consumers in a sales transaction no later than first substantial contact. Which statement is TRUE? a. licensees have no duty to search for undisclosed latent material defects in a property d. destruction of the listed property. Broker E tells the landowner that she can sell the lots. 3`#)Rqd*X*}. c. present to the seller only the offer(s) containing a price and terms recommended by the agent. d. The real estate agent must review the agency options in the brochure with the consumer. 0000019650 00000 n c. no commission. B) more regulations for smaller firms. 25&\text{Sale}&150\\ 0000273456 00000 n required by court order, or A recent important change to real estate brokerage practice is C) paid by the sales associate's employing broker. However, the leisure customers on weekends occupy fewer rooms than do business customers on weekdays. We weren't able to detect the audio language on your flashcards. b. a company-provided health insurance b. file a lien against the landowner's remaining lots d. Polybutylene pipes that have never leaked. (b) Other Buyers. The relationship of a broker to a client is that of a. b. the broker was a procuring cause for the transaction. the name of the REALTOR's firm and REALTOR's states of licensure. a. 0000011057 00000 n The Code of Ethics obligates REALTORS to ______. Find out how you can intelligently organize your Flashcards. The Louisiana Purchase wascompleted\underline{\text{was completed}}wascompleted by President Thomas Jefferson. Write your answers on a sheet of paper. 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. 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.

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