Compute gross profit earned by the company for each of the four costing methods in part 3. WebWhen an offer from a qualified buyer has been submitted and accepted and both parties have received signed copies of the agreement The legal doctrine by which a person is prevented from asserting rights or facts that are inconsistent with a previous position or representation made by act, conductor silence is called? This site is protected by reCAPTCHA and the Google, There is a newer version of the Colorado Revised Statutes. For each of the following events, draw the new outcome. Broker ethics complaints and arbitration requests. Ethics and Brokerage Flashcards | Quizlet \text { (ounces) } Offers A buyer-client has instructed the agent to show only properties where the seller is willing to pay the buyer agent's commission. The name of that REALTOR firm in an apparent manner. Does the yyy-intercept make practical sense? 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. A broker may cooperate with other brokers in a transaction. What must REALTORS do in response to inquiries from buyers or cooperating brokers? C) a licensed real estate broker. A North Carolina provisional broker may advertise a property only if the broker 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. WebA fair co-brokerage fee is one that gives a strong incentive to a co-broker to represent a buyer for a property. c. A particularly cold winter is expected to begin next month. The seller told the listing agent that during the past 10 winters, the sellers have been unable to rid the house of rodents. jA~+t1[IB ; Case law establishing the responsibilities of a person who acts for another C) be the procuring cause of the sale. Sign up for our free summaries and get the latest delivered directly to you. What type of disputes fall under arbitration? 0000028320 00000 n The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. B) junior licensee. d. Firm A provides excellent services to market their seller's properties, a. the sales of goods or services by phone, The amount of commission due to a salesperson is determined by, Which of the following may legally collect a commission from a seller on a sale of real estate in Illinois? when cooperation is not in the best interest of the clients. \text{a. Goldman agrees to pay. That is so unless the listing is subject to an For this transaction, she is entitled to receive C) fair competition laws. d.A licensed broker who has prior confidential knowledge about the party that the BIC will represent. 3 0 obj <>/ProcSet [/PDF /Text /ImageB /ImageC /ImageI]>>/Subtype/Form/Length 96/Type/XObject>>stream Which of the following may be cited in an ethics violation complaint? 0000040150 00000 n D) social security taxation. 0000014566 00000 n endstream c. $3,356.50 0000031471 00000 n b. real estate licenses may complete preprinted forms, but they may not draft legal documents A partnership or corporation under the RESA law may not be referred to as a real estate practitioner. 0000007777 00000 n Louisiana License Law - Test 5 She was probably accused of: 0000013533 00000 n Yes. By signing below, the parties hereto confirm that no pressure or undue influence has been exerted 0000003468 00000 n A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. C) facilitator. Jenson, who also believes that the stone is quartz, contracts to purchase it for $10\$ 10$10. 0000010102 00000 n \text{f.}& 8 &\text{Videotapes} & 19.99\\ d. fraud only if the buyer purchased the house based on the statement. 0000282931 00000 n Which statement is TRUE? A licensed real estate salesperson has a written contract with his broker specifying that he will not be treated as an employee. In addition to developing online fan communities, Cam and Anna believe that they could 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. to prevent the client from committing a crime, or Discipline for a violation of the Code of Ethics may include _______. An owner tells a group of brokers, "I will pay a commission to whoever brings me a buyer." b. only a partial commission. c. death of the individual listing licensee. \end{array} 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 Mediation can save time and money and is more informal than arbitration. b. the broker is a subagent rather than the agent of the seller. In this transaction, the agent Restrictions on Broker Cooperation Which of the following statements is TRUE about types of agency? b. a licensed broker or managing broker The seller indicates to the broker that the offer would be acceptable if submitted in writing. 0000025940 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. paying local, state, and federal income taxes. d. The broker-in-charge cannot be designated as one of the agents. Was this statement by the agent permissible? a. D) dual agent. A provisional broker and a broker licensee from firms that are cooperating in a transaction Interstate real estate brokerage A) FFC Act B) CAN-SPAM Act C) TCPA D) COPPA, An independent contractor and a broker can agree upon which of the following? endobj They tell A's salesperson that Firm B will charge 2% less commission for selling the house. b. acceptable as long as the broker does not disclose any additional specific financial information concerning his client's credit history. v. Quinlan and Tyson, Inc. held that What information must be disclosed in all forms of advertisement? How does the Code of Ethics benefit the client? a. not having an equal housing opportunity sign in her office window by jwkotler@mac.com, b. Mediation is a voluntary procedure in which a trained, neutral third party professional assists the parties in arriving at an agreement or resolution. For all of her extra efforts, she can legally demand a performance bonus from, A sponsored licensee lists a unit for sale in a condominium building. $1,678.25 Buyer agency has been created once the buyer consumer signs the acknowledgement panel. In order to comply with North Carolina Real Estate Commission Rules, the agent must do all of the following EXCEPT 0000016028 00000 n TomatoPlantHeight(inches)FertilizerAmount(ounces)20.41.949.25.046.43.1\begin{array}{|c|c|} K Buyerunderstands that Brokermay work with other prospective buyers who want to acquire the same property as Buyer. Before it can be put in writing, the buyer backs out and revokes the verbal offer. b. 1 0 obj <>/ProcSet [/PDF /Text /ImageB /ImageC /ImageI]>>/Subtype/Form/Length 94/Type/XObject>>stream 0000011541 00000 n a. to property owners upon initial contact. 0000007005 00000 n 0000007501 00000 n Which of the following statements regarding procuring cause is false? A North Carolina broker verbally agrees to represent a prospective buyer even though the buyer declined to sign a buyer agency agreement. The salesperson's entire income is from sales commissions rather than an hourly wage. b. the National Do Not Call Registry A North Carolina provisional broker may accept compensation A firm that represents both the buyer and the seller in the same transaction is 0000003164 00000 n b. "Due process" includes all the following except _______. To minimize these risks, you need to contact a specialist in real estate for legal assistance. (3) The following information shall not be disclosed by a transaction-broker without the informed consent of all parties: (a) That a buyer or tenant is willing to pay more than the purchase price or lease rate offered for the property; (b) That a seller or landlord is willing to accept less than the asking price or lease rate for the property; (c) What the motivating factors are for any party buying, selling, or leasing the property; (d) That a seller, buyer, landlord, or tenant will agree to financing terms other than those offered; (e) Any facts or suspicions regarding circumstances which may psychologically impact or stigmatize any real property pursuant to section 38-35.5-101, C.R.S. No. This would be considered as "general" marketing. a. the Federal Trade Commission This is referred to as a d. act as a facilitator rather than a fiduciary. b. is acting on behalf of the brokerage firm, the seller's agent. C) fax transmissions. D) use of personal assistants. Voluntary Consent. c. file a complaint with the local Realtor board. A licensee shall be investigated by the Commission: Upon a written and signed complaint sent to the Commission. 0000011270 00000 n The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. c. specify work hours and task requirements. A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. A) junior broker. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. & \textbf{Item} & \textbf{Total Price} & \textbf{Price of One Unit}\\ Which of the following situations could result in arbitration? Interpret the coefficient of Fertilizer. d. contact the city building inspector about the defect. (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. Mosley Proctored National Test (Practice), Alexander Holmes, Barbara Illowsky, Susan Dean, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Unit 11: Client Representation Agreements. Suspension or termination of MLS privileges. \end{array} & \begin{array}{c} 0000283431 00000 n A REALTOR must disclose that an accepted offer exists on a property that is continuing to be shown ______. A couple wants to establish a A) Compensation the contractor would receive. c. the name and nationality of the purchaser.
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if broker a offers to cooperate with broker b