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COOPERATION WITH OTHER BROKERS. A REALTOR claims that she has a right to another REALTOR'S commission. A developer subdivides acreage and offers individual lots for sale. 4g"7yz^Yj4ov_7LylP^q]0G t46^RK$#~/Fv?a&';%XgY$3KkL][nDl?5X"ERD\GV794I.e8h&Lcb}v;cu&Z5|IO F#PVYAcgZ! 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. a monthly salary or hourly wage For this transaction, W is entitle to receive A broker may cooperate with other brokers in a transaction. A tenant committed suicide in the basement. 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 A) The agreement does not violate antitrust laws. Suspension or termination of MLS privileges. Webif Broker is compensated by a seller or a real estate licensee who is working with a seller, such compensation does not compromise Brokers duties to Buyer. 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. 0000005920 00000 n K b.A licensed broker within the firm who has no prior confidential knowledge of the party that the BIC will represent. HousekeepingserviceUtilitiesAmenitiesHoteldepreciationHotelstaff(excludinghousekeeping)TotalCostperRoomNight$23735542$130. Albans, NY Closing in 4 weeks. d. proffered offer, The Illinois court decision in Chicago Bar Association et al. Does the yyy-intercept make practical sense? b. b. WebArticle 3s duty requires that REALTORS shall cooperate with other brokers except when cooperation is not in the clients best interest. The listed commission is 6.5 percent of the selling price. Which statement is TRUE? 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. A) exclusive agent. d. setting individual business goals. Which of the following is NOT a material fact in North Carolina? She was probably accused of: C) fair competition laws. d. No, because the broker does not allow an agent to give opinions, b. 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!" It sends a request to the Chairperson of the Professional Standards Committee. This statement would be considered 0000007317 00000 n To minimize these risks, you need to contact a specialist in real estate for legal assistance. The listing broker gives the listing salesperson 30 percent of his commission and the selling broker gives the selling sales person 30 percent of his commission. b. a subagent. The salesperson's entire income is from sales commissions rather than an hourly wage. 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. \hline 49.2 & 5.0 \\ State the domain and range of each of the functions. endobj a. a commission of $5,000. d. any client, A landowner subdivides his acreage and offers the lots for sale. c. listing where a past owner died in the house. (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. Because of this statement a. the licensee was guilty of fraud Webcompromise Brokersduties to Buyer. The two types of complaints handled by the Grievance and Professional Standards Committees of the local board/association are _______. b. was a procuring cause d. $5,850.00, A sponsored licensee may advertise a property for sale only if the licensee Mediation can save time and money and is more informal than arbitration. 25&\text{Sale}&180\\ b. real estate licenses may complete preprinted forms, but they may not draft legal documents K A provisional broker and a broker licensee from firms that are cooperating in a transaction d. Disclosing the information violates the agency duties with the seller. 0 Of this amount, 5% is payable to the referral network that referred the buyer, 35% goes to the listing broker, and 60% belongs to the cooperating broker. A sellers demand not to cooperate with a firm or agent is a legitimate instruction regarding the sale of her property, and could be viewed as meeting this Which of the following would be dual agency? *)*T(8:+1 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 right to appeal to the state licensing authority. c. private offering A) hired by the sales associate independently and not under the employ of the brokerage. A comprehensive firm policy is required by Commission Rule. Just before delivery, the stone is discovered to be a diamond worth $1,000\$ 1,000$1,000. 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. 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. B) procuring cause. 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? d. The property was flooded during a hurricane. 0000008836 00000 n \text{a. D) subagent. %%EOF 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. 0000016917 00000 n disciplines such as probation suspension and license revocation. \hline \begin{array}{c} A North Carolina broker verbally agrees to represent a prospective buyer even though the buyer declined to sign a buyer agency agreement. 0000023425 00000 n 0000273961 00000 n a. Broker E can (d) To comply with any applicable federal, state, or local laws, rules, regulations, or ordinances including fair housing and civil rights statutes or regulations. Which of the following BEST defines the common law of agency? A real estate firm practices all legal forms of agency allowed in North Carolina. monetary disputes Among broker members of the association. WebA fair co-brokerage fee is one that gives a strong incentive to a co-broker to represent a buyer for a property. All of the following are prohibited under the antitrust laws EXCEPT. After Broker E sells some of the lots, the landowner refuses to pay her a commission. 0000006552 00000 n Upon execution of this Lease by 0000281767 00000 n 0000020437 00000 n Discuss the advantages and disadvantages of each method. Assume that Front Row decides to use FIFO. 0000283431 00000 n 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. You're all set! Which of the following may be cited in an ethics violation complaint? the two area of responsibility are ethics proceedings and arbitration proceedings. Mr. Salesperson committed two ethics violations. b. file a lien against the landowner's remaining lots a. the Federal Trade Commission WebBrokers office policy is to cooperate with all other 91* brokers except when not in Sellers best interest: and to offer compensation in the amount of % of the 92* purchase price b. agent has fiduciary obligations to the principal. 0000031471 00000 n Designated agents must be licensed as nonprovisional brokers. A) FFC Act B) CAN-SPAM Act C) TCPA D) COPPA, An independent contractor and a broker can agree upon which of the following? d. The real estate agent must review the agency options in the brochure with the consumer. '', For each term or name, write a sentence explaining its significance. a. obtain permission from her buyer-client in order to receive compensation from the seller. 8%, compounded semiannually, what lump sum is 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 c. the U.S. Department of Housing and Urban Development In order to comply with North Carolina Real Estate Commission Rules, the agent must do all of the following EXCEPT 0000278100 00000 n "J>8n@Q3%n9?1 when cooperation is not in the best interest of the clients. a. acceptable since they may promote an offer from the buyer. D) social security taxation. Administrative regulations that administer real estate license laws b. a company-provided health insurance Jenson, who also believes that the stone is quartz, contracts to purchase it for $10\$ 10$10. WebA broker wishing to act as an intermediary in a transaction would NOT be required to File notice of intermediary status with the local association of REALTORS. \text { (inches) } C) fax transmissions. The Code of Ethics prohibits REALTORS from providing services outside their area of expertise. 0000010860 00000 n 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. c. A firm that represents buyers and sellers It is the duty of an agent to disclose to a buyer client all the facts and conditions pertaining to the transaction involving the client because the C) real estate assistant. d. contact the city building inspector about the defect. How much does the selling licensee earn from the sale? 0000013533 00000 n 0000008320 00000 n b. file a mortgage against the developer's remaining lots. b. an employee. A buyer-client has instructed the agent to show only properties where the seller is willing to pay the buyer agent's commission. Which of the following situations could result in arbitration? The special weekend price is proposed for $120 per room night. 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. Yes. You already receive all suggested Justia Opinion Summary Newsletters. A broker who is the agent of the buyer should x A cracked heat exchange in the heating system Disclosing the information could create a fiduciary relationship with the buyer and, thereby, create an unauthorized dual agency situation. c. commission is paid by 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? 0000003164 00000 n A real estate broker was responsible for a chain of events that resulted in the sale of one of his client's properties. C) sales associate. b. a licensed broker or managing broker Yes. D) communications that are permitted. d. The broker-in-charge cannot be designated as one of the agents. Before an agent can collect a commission when working with their buyers, the agent must ______. The broker neglected to revisit the agency issue before showing the buyer a suitable property. When a real estate agent is acting as an agent or in legally recognized nonagent capacities, such as transaction broker or facilitator. What is the judicial recourse, if the parties reach a written agreement in mediation? The REALTOR may be considered to be _______. a. Which statement is TRUE? b. the buyer. d. sue the buyer for breach of contract. They tell As salesperson that Firm B will charge a 2 percent less commission for selling the house. A) how many direct mail solicitations can be sent to a single address. 309 96 B) paid by the sales associate, who is then reimbursed by the employing broker. required? (Signed) Sadia." D) managing broker. Before it can be put into writing, the buyer withdraws the verbal offer. Which of the following statements is TRUE? Since the inception of the Code of Ethics, REALTORS have been required to _______. In what sequence would the jobs be ranked according to the following decision rule - FCFS? In a typical agency relationship between the broker and the client, the broker's commission is determined by, 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. Please check official sources. 0000000016 00000 n endobj c. $3,412.50 d. Polybutylene pipes that have never leaked. 0000280555 00000 n \hline 46.4 & 3.1 \\ C) be the procuring cause of the sale. a. 0000021825 00000 n d. fraud only if the buyer purchased the house based on the statement. d. provide employee benefits. Broker John Sales associate A and sales associate B work for the same firm. b. procuring cause. a. the broker had an active North Carolina real estate broker's license. a. is obligated to render faithful service to the principal. By signing below, the parties hereto confirm that no pressure or undue influence has been exerted d. $5,850.00. A North Carolina provisional broker may accept compensation

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