which statement is not true regarding dual agency?vermont town wide yard sales
A licensee must be a REALTOR to sell real estate in most states. Broker Joann, a buyers agent, is seeking arbitration against Broker Millie, a sellers agent. A. 62. Lori subsequently meets Broker Amy, whose son plays ball with Loris son. The introduction of the property by Morgan favors A. arbitration. loyalty to the principal's interests unless they conflict with the agent's interests. Which is TRUE? Solved Which of the following is true regarding a dual - Chegg C. No, but only if she doesnt solicit the listing at the same time. The two functions of the local REALTOR Associations Board of Directors, with respect to Code enforcement, are contact the city building inspector about the defect. What is NOT one of the major ways that a REIT can be structured? B. something that would be understood by both REALTORS and does not need to be disclosed. A. they have agreed in advance to arbitrate, not litigate. D) B. D. refuse to return calls of the agent involved so as not to have to decide, 22. D. unethical, because some of the people who get the e-mail may already be in an exclusive listing agreement. C) REALTOR Frank holds an open house for a client on a rainy day and discovers a window leak. must promote and safeguard the seller's best interests. Choices (A), The broker is called. D. what is required by the Code. REALTOR Dee files an arbitration request and is able to prove she is the procuring cause of the sale. Tom is not meeting her expectations, so she terminates the employment relationship. B. may ask the local Association of REALTORS to arbitrate it. An agent works as a salesperson for a principal who owns an automotive parts business. B. a minimum number of listings. A) \text{Contribution margin}&\text{135,000}\\ fraud. A. disclose the existing accepted offer Jack should A. Ed leaked information about who would appear at the hearing. REALTOR Loretta has a large brokerage that includes an in-house mortgage lender, an in-house title company, and she offers home warranties through her company. \textbf{Investment Center}&\textbf{Sales}&\textbf{Income}&\textbf{Average Invested Assets}\\[5pt] Chad is a customer of Marcys. The buyers agent is also the sellers agent, acting as a disclosed dual agent. C. The neighborhood looks predominately white but there are a few Latinos who live a couple of blocks over. C) D. a violation of the Code; REALTOR Matthew did not have permission from REALTOR Nelson to contact Jennifer. The dual agent may not disclose confidential information from one party to the other. 14. This fact favors C. Melanie must confirm that the agency relationship between the buyers and REALTOR Bill has terminated. Broker Ken showed a property to Buyer Lori. A) C. estrangement of John by Broker Nan. C. merely a mention and does not favor Broker Andrew. B) B) C) Obedience. c. accidental D) The broker designates one sales associate to represent the seller and one sales associate to represent the buyer. The functions of a facilitator or intermediary are those of 75. Contract law, common law, and business law C. property taxes The next day, Howard calls Owen and tells him that he would like to make an offer on the house. Megamart, a retailer of consumer goods, provides the following information on two of its departments (each considered an investment center). A. find a third, impartial board to hold their hearing. Which is TRUE? 129. Did Antonio violate the Code? The next day, Miriam gets a phone call from seller Katie who asks to be released from her exclusive agreement so that she can re-list her property with REALTOR Tom, who is now working for REALTOR Ethan. REALTOR Loretta owns a large brokerage, which includes an in-house mortgage lender, an in-house title company, and a home warranty company. A) It is illegal in all states. 37. C. Grievance Committee. REALTOR Howard has an exclusive representation agreement with a buyer. Her letter offers both her property management services and her brokerage services. a facilitator relationship. b. broker. It appears that REALTOR Tom may have B. D. Yes, because Ted did not initiate the conversation. c. is 90 days after the listing agreement is signed. C. You really need to consult with your attorney with questions of that nature. B. have his friend offer to buy the house at a lower price since Trisha must sell the house quickly Do international differences in financial leverage exist? stigmatized properties. Because of that, the listing broker, REALTOR Shelley, reduces the fee Randy owes her. A. order the seller to disclose the leak A. accounting for any deposit monies she receives from him, which are put into a separate account The next day, Broker Nan calls Buyer John. B. B. include persons of only one race to show the demographics of that neighborhood. D) obedience to all instructions of the principal. D. Seller Dean was not free to sell the property on his own. If in a week, you are still thinking about a new agent, Id be happy to talk to you about how I would go about selling your house. Generally, a principal is liable for the torts of its independent contractors. D. REALTOR Robbie offers a free restaurant coupon to Flannigans to anyone that books a home tour with him between now and St. Patricks Day. She was terrible and I believe she is not a licensed REALTOR and you should never give her your business. Jack knows for a fact that Jordan is licensed. Mikes answer should be B. A. C. draw up the paperwork on Hollys offer. REALTOR Donna has a property exclusively listed and shows it to buyer Dan, who wants to make an offer. 105. B. Sarah may ask her REALTOR principal to initiate litigation but Sarah may not initiate litigation on her own. The structure looks good. D. set up an appointment with the title company. 139. if the buyer's inspector finds a problem, the seller does not have to disclose. B. Jon did not represent his seller as required. Prepare two contribution format income statements, one showing present operations and one showing how operations would appear if the new equipment is purchased. C) Which of the following is correct? REALTOR Bill is representing sellers Sue and Sam, who are divorcing. D. do not have the option of arbitration through the local Association of REALTORS. B) D. mutual collaboration. 9. Which of the following is TRUE regarding dual agency? A) 94. REALTOR Devon C. Donna has violated the Code by not getting informed consent from both buyer and seller to be a dual agent. 16. What fiduciary duty did the buyer's agent violate? universal agency. Identify which of these is considered misconduct, according to the Code. D) He shows and sells a listing held by REALTOR Jane. Solved Which of the following statements about dual agency - Chegg Which of the following is true of a listing agreement? D. litigate the matter with both REALTORS. D. once it has been reviewed by the Board of Directors. She stipulates that her client, Buyer Jack, will pay her fee. Pete tells them it is no problem and asks them to sign an exclusive buyer contract with his company and he will show them the listing. spacefor In a fully disclosed agency, the contract is between the agent and the third party. C) Regarding such duties, which ONE of the following statements is NOT true? Broker REALTOR Miriam employs REALTOR Tom. Another goal was to recognize and accommodate the growing practice of buyer agency, judicial law. implied agency A. is the correct answer to the question. Later, Ben, who was seated at the same table with Linda, buys the house from Broker Andrew. This is called a(n) Each party must be informed he will not receive. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. A. not a violation of the Code as it is helpful courtesy offered to the seller. Broker Deb. C. disclosing her relationship with Derek Deceitful or dishonest practices C. not run the ad at all. B) Accidental or implied agency created excessive liability for both licensees and their brokers (and even consumers), and it opened the door to unintended and undisclosed dual agency. Susan wants to make an offer. Several buyers enter REALTOR Petes office and ask about one of the companys listings. The sales associate was practicing puffing. D) C. Great location, four blocks away from the Park and Ride C) not required to disclose the information because the agent has no agency relationship with seller. A. B. maintain confidentiality since the seller didnt mention the leak Call me in a week and Ill tell you my opinion of Bill and what your next steps should be. Nelson informs Matthew of the rejection, and Matthew believes Jennifer did not understand the details of the contract. C. may not arbitrate as he does not belong to the local association. A. C. The price that the sellers told the agent is their minimum selling price. D. urge the seller to update the disclosure form or have the back door repaired, 106. b. must prove that the broker was the procuring cause to be able to collect a commission. B. yes, because the nature and the terms of the contract were not made clear C. maintain the confidentiality of the information since the seller is his client C) A. each members conscience. B. arbitration complaints. B. REALTOR-ASSOCIATE Olivia believes that REALTOR Jon from another agency sold a house to her client and that she was the procuring cause of the sale. Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. B) C. induced Miriams client to cancel her agreement, which is a violation of the Code. both parties consent in writing to the dual agency. In a simple random sample of U.S. purchasing managers, 70 out of the 200 are females. While REALTOR Mary is putting a sign on a property, a couple pulls up in a car and asks if they can see the property. The broker is guilty of intentional misrepresentation. No, because the properties she found in the MLS have been on the market more than six months. Chapter 30. can accept an offer on behalf of the seller. REALTOR Carlos has a listing. statutory law. A. a 20% referral fee. No. REALTOR Jeffrey is preparing a new advertisement for the Sunday paper that will have pictures of people enjoying the neighborhood community pool. REALTOR Marty has a daughter who is interested in a property. 143. D. Nan worked with Bob first. It is Marys listing and she has the key; the sellers are not home, but told her to show it anytime. Dual agency can lead to a conflict of interest. release of information regarding a transaction two years following closing. A sellers agent is expected to disclose information about material defects in the property to prospective buyers. A broker helps a buyer and a seller with paperwork but does not represent either party. REALTOR Devon traveled to another state where he bought a property for himself. Which of the following is considered dual agency? when, how, and to whom agents must reveal for whom they provide client-based services. Inform any prospective buyers of the defect. can disclose the seller's minimum price. Article 1Be honest A REALTOR may file both an ethics complaint and an arbitration request simultaneously over the same matter. A. A principal is not free to revoke an agency relationship in all circumstances. Is this a violation of the Code? Implied Before leaving, REALTOR Patty takes the seller aside and tells her the property wont sell because it is overpriced and shows the seller her comps. 116. B. have an arbitration hearing at Wallys association, if Jona agrees. D) 18. b) An agent cannot accept commission from both parties to a transaction without his principals' consent. Cancel your current listing contract and sign up with A-1 Realty for an all-expense paid weekend in Las Vegas! No, because REALTORS are entitled to collect some fees, which a non-member licensee is not. common law. D) any relevant state laws. Marty makes arrangements with the listing agent, REALTOR Caroline, to show the property. Which of the following statements is TRUE regarding dual agency? Unit 10: Client Representation Agreements, Art History Baroque, Neoclassical, Realism, R. The hearing panel will An accounting of all monies and property relating to the engagement. The seller accepts the offer. A) REALTOR Sam represents seller Linda. Broker Joann, buyers agent, is seeking arbitration against Broker Millie, sellers agent. Some states allow two sales associates in the same brokerage to represent opposing sides to a transaction without creating a dual agency by using C. providing disclosure and obtaining consent from both parties. The party who employs an independent contractor is called a(n) _____. A) B: Disclosing the information could create a fiduciary relationship with the buyer and, thereby, create an unauthorized dual agency situation. of the following is not true regarding dual agency? Scott is in violation of the Code because C) A) Article 11Provide the standard of professional service expected D. I think youll get more than half with me as your REALTOR., 112. Explain. Qaadir hires Zaafir, a lawyer and an independent contractor, to represent him in a court case. At the closing table, Marty tells Caroline and the seller that the buyer is actually his daughter. REALTOR Crystal went door-to-door in a particular subdivision asking homeowners if they were interested in selling because the ethnic make-up of the neighborhood is changing. Buyer Travis owns several corporations and has Broker Salvatore show him a property owned by Keith. However, fixed expenses would increase to a total of$225,000 each month. A. a buying customer in a transaction. B) Which of the following statements is NOT true about dual agency D)!!! The statement is FALSE. Dennis asks the Byers if they have someone helping them find a home. Accounting Cycle and Classifying Accounts, Adjusting Accounts for Financial Statements, Asset Demand and Supply under Uncertainty, Business Analytics & Technology Management Chapter 2, Business Analytics & Technology Management Chapter 3, Business Analytics & Technology Management Chapter 4, Business Analytics & Technology Management Chapter 5, Business Analytics & Technology Management Chapter 6, Capital Budgeting and Managerial Decisions, Derivative Instruments and Hedging Activities, External Financial Statements and Revenue Recognition, Financial Intermediaries and Financial Markets, Financial Markets and Securities Offerings, Financial Statements and Accounting Transactions, Integrated Marketing Communications and Direct Marketing, Interactive Marketing and Electronic Commerce, Interpersonal and Organizational Communication, Introduction to Human Resource Management, Introduction to Human Resources Assessment, Managerial Accounting Concepts and Principles, Market Segmentation Targeting and Positioning, Organization and Operation of Corporations, Organizational Markets and Buyer Behaviour, Profitability Analysis and Analytical Issues, Profitability Analysis and Decentralization, Reporting and Analyzing Long Lived Assets, Responsibility Accounting and Performance Measures, Understanding Interest Rates Determinants. She stipulates that her client, buyer Jack, will pay her fee. "The uneven floors just mean that the building dates to colonial times. B) B. In a dual agency, one broker or agent represents both parties in a real estate sale. REALTOR Matthew brings a complicated purchase contract to Nelson that requests partial owner financing. Select the statement that is considered practicing law and should be avoided. A broker helps a buyer and a seller with paperwork but does not represent either party. A. exclude any human models to avoid any kind of unnecessary bias. The relationship between real estate broker and seller is generally what type of agency? C) A. Kevin must A. ethical. 26. If a real estate agent who is employed to purchase real estate for a principal secretly sells his or her own property to the principal, this is a violation of the duty of loyalty known as __________. 136. Pete learns that the buyers have an exclusive agreement that expires in two months with REALTOR Ryan, employed by a competitive brokerage. A real estate professional's duties to a customer do NOT include 145. C. the principal C. Olivia may ask her REALTOR principal to request arbitration but she may not request arbitration on her own. B. are going to need to put this decision in writing to the Board of REALTORS. B. respond to the author of the comment and request the author remove the comment. C) This way is more efficient. B. Ann cannot file multiple complaints against Marge over this one event. Oxford University Press | Online Resource Centre | Multiple choice Broker Millie presents as evidence the listing as it appeared in the MLS, with no compensation offered to a buyers agent, only to sub-agents. D. Yes, because REALTORS are prohibited from receiving compensation from more than one party. A. C) "The simple design is uncluttered and offers many possibilities for decorating.". administrative law. D. all parties in a transaction, whether they are clients or customers. C. Sign a six-month contract with Tims Realty and if we sell your home, youll get a free GrillMate gas grill. C) B) Escrowing The fact that the introduction occurred many months ago does NOT D. required by state law to be followed by all licensees. At the request of a client, REALTOR Marguerite provided a written estimated value of the clients property. (ANSWERS will be revealed with subscription). A) the buyer and the seller are represented by the same company. loyalty. What is NOT a major method of unsmoothing a real estate index. Lets not worry about that todaylets wait until we sell your house, then well figure it out. only Disney is liable on the contract if Disney ratified the contract. The seller, Morgan, contacts Buyer Valerie independently and informs her that the property is for sale. if they are only part of puffing. C. state law requires it. Identify which of these practices a REALTOR is permitted to do. fraudulent misrepresentation. The agent tells a buyer the seller will accept up to $5,000 less than the list price. 61. The industry in which Morton Company operates is quite sensitive to cyclical movements in the economy.