if broker a offers to cooperate with broker b

What must REALTORS do in response to inquiries from buyers or cooperating brokers? both parties receive full disclosure and provide written informed consent. Webcompromise Brokersduties to Buyer. It is determined by a specific set of rules. The owners have been interviewing salespeople from different firms. Broker Cooperation is a Win The listed commission is 6.5 percent of the selling price. A) The agreement does not violate antitrust laws B) The two sales associates have violated the Sherman Antitrust Act and are liable for treble damages C) The agreement constitutes illegal price-fixing D) The two sales associates are guilty of a group boycott with regard to other sales associates in their firm, Real estate license laws exis t primarily to protect A) government agencies B) real estate firms C) consumers D) licensees from unlicensed individuals, The use of electronic signatu res makes routine paperwork more efficient and has been encouraged by adoption by most states of the A) Uniform Electronic Transactions Act B) real estate licensing laws C) Real Estate Transactions Act D) Uniform Brokerage Transactions Act, The real estate sales associate who is an independ ent contractor, as opposed to an employee, will have a substantial portion of the individual's income A) determine eligibility for health insurance and workers' compensation B) based on sales production or other output C) subject to federal tax and withheld by the employer D) based on the number of hours worked, Under the Sherman Antitrust Act, the penalty for a person found guilty of fixing prices or allocating markets is A) a maximum of $100 million B) a minimum of $100,000 C) a maximum $1 million fine and 10 years in prision D) $50,000 per transaction up to a maximum of $500,000, Assuming that the listing broker and selling broker split their commission from a transaction equally, what was the sales price of the property if the commission rate was 6.5% and the listing broker received $12,593.50? Which law has a feature that commercial email messages must include a means by which the recipient can unsubscribe? B) notify all other listing brokers if they 0000008836 00000 n WebCOOPERATION WITH OTHER BROKERS. REALTORS are required by the Code of Ethics to present all offers ______. Offers Articles are broad statements of ethical principles, and Standards of Practice interpret, support, and revise the Articles. $640 a. a monthly salary or hourly wage a. is now personally obligated as the seller's agent. By signing below, the parties hereto confirm that no pressure or undue influence has been exerted A buyer-client has instructed the agent to show only properties where the seller is willing to pay the buyer agent's commission. Albans, NY Closing in 4 weeks. 25&\text{Sale}&180\\ b. house plumbed with polybutylene pipes. Which of the following describes designated agency in North Carolina? \text{Hotel staff (excluding housekeeping) }&42\\ When a real estate agent is acting as an agent or in legally recognized nonagent capacities, such as transaction broker or facilitator. 0000283648 00000 n chapter 18 Flashcards - Cram.com C) be the procuring cause of the sale. Compensation 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. 8 0 obj <>/ProcSet [/PDF /Text /ImageB /ImageC /ImageI]>>/Subtype/Form/Length 187/Type/XObject>>stream WebB. D Professional Standards c. a fiduciary. You have created 2 folders. B. is allowed, but not required, to disclose the seller's minimum price. 0000009112 00000 n b. A REALTOR has the obligation to make reasonable efforts to determine whether a prospect is subject to a current, valid exclusive agreement to provide the same type of real estate service. B) more regulations for smaller firms. How much money would a sales person receive for her 60 percent share in the 10 percent commission? a. pro forma. 0000029624 00000 n The listing firm appointing an agent to represent the seller \text{Utilities}& 7\\ xref a. until closing, unless the owner waives the right. 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? The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. Sign up for our free summaries and get the latest delivered directly to you. The Articles of the Code of Ethics stress the REALTOR's obligation to _______. If a REALTOR is contacted by the client of another REALTOR regarding the creation of an exclusive relationship to provide the same type of service, under what conditions can that REALTOR discuss the terms of a future agreement? We'll bring you back here when you are done. d. can accept an offer on behalf of the seller. increase Front Row Entertainments revenue by selling live-performance DVDs at the concert. 0000027493 00000 n Which of the following statements regarding the structure of the Code of Ethics is correct? She was probably accused of: 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. a. the broker had an active North Carolina real estate broker's license. Designated agency does not eliminate dual agency. c. collect from the landowner for breach of contract 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. 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 How does the Code of Ethics benefit the client? Which of the following are enforced by the local association/board of REALTORS? A listing agent is showing a house to a prospective buyer customer. a. provide a W-2 that reflects all monies paid to the employee. C) fax transmissions. Broker E tells the landowner that she can sell the lots. A) hired by the sales associate independently and not under the employ of the brokerage. C) a licensed real estate broker. d. the licensee would be guilty of fraud only if the buyer purchased the house, W is a licensee working for Managing Broker V. W sells a $150,000 home. You already receive all suggested Justia Opinion Summary Newsletters. Why do you think that some Americans disliked this new means of transportation? Yes, and it can be best described as puffing The listing commission is 6.5% of the selling price. a. from his employing broker. 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 real estate broker's fiduciary responsibility to keep the principal informed of all facts that could affect a transaction is the duty of, Opinion statements by an agent exaggerating the benefits of a property are called, A broker is permitted to represent both the seller and the buyer in the same transaction when, Unless some other written agreement has been made, the broker will usually receive the sales commission from the seller when, All of the following could legally be considered fraudulent EXCEPT, A real estate licensee who is an independent contractor with a real estate brokerage firm usually receives, As an agent for the seller, a real estate broker can. A tenant committed suicide in the basement. is defined as any broker other than the listing broker entitled to a share of any commission arising under this Lease. $960 c. the name and nationality of the purchaser. c. Use the estimated model to predict, after four months, the height of a tomato plant which received 3.0 ounces of fertilizer. If you are offering property-management services, another broker can provide brokerage services to sell the same property without risking violating Article 16. In order for a broker to be paid on an open listing, the broker must. 0000003847 00000 n a. amount of commission may be adjusted based upon the agent's efforts. In this transaction, the agent A) The agreement does not violate antitrust laws. D) dual agent. commission splits for cooperating brokers. Based on these facts, the salesperson is considered a(n) 0000006778 00000 n Using his best efforts to obtain the earned commission, the broker should An agent employed by a listing broker told a prospective buyer customer that the listed house was "the best house in the area." a. state real estate regulator to ensure the public the most protection from incompetent licensees. An independent contractor and a broker can agree upon which of the following? Chapter 7 Quiz Articles of the Code of Ethics do not address _______. Unit 9: Real Estate Brokerage Flashcards | Chegg.com 0000008652 00000 n A REALTOR must disclose that an accepted offer exists on a property that is continuing to be shown ______. Buyerunderstands that Brokermay work with other prospective buyers who want to acquire the same property as Buyer. a. Law of Agency Real Estate Ch 12 startxref (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. 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. For each of the following events, draw the new outcome. An owner tells a group of brokers, "I will pay a commission to whoever brings me a buyer." 309 0 obj<> endobj "J>8n@Q3%n9?1 B) a maximum $1 million fine and 10 years in prison. d. $4,363.45. The Code of Ethics prohibits REALTORS from providing services outside their area of expertise. b. c. A firm that represents buyers and sellers 0000008320 00000 n What is the difference between diminishing returns and diseconomies of scale? a. must be non-exclusive and have no expiration date. A real estate broker acting as the agent of the seller a. 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 Broker E can 0000031709 00000 n Ethics are typically defined as standards of conduct applied to a group or society. $2,632.50. Thirty tomato plants grown in similar conditions were subjected to various amounts of fertilizer over a four-month period, and then their heights were measured. $2,181.73 c. legal puffing. 5 0 obj <>/Subtype/Form/Length 47/Type/XObject>>stream 0000014566 00000 n A property manager usually acts as a special agent of the landlord. A) Compensation the contractor would receive. BARRISTERS BRIEFING: A Refresher on Article A portion of the data is shown in the accompanying table. 0000023425 00000 n disclose the existence of other offers, with the seller's permission. 0000007005 00000 n d. both parties have been informed and agree to the dual representation. B) notify all other listing brokers if they have an offer. Which statement is TRUE? d. advise the buyer, if in the agent's opinion, the listing price of a listed property is unrealistic. A) junior broker. b. require both clients to sign agency agreements prior to the close of the transaction. A REALTOR claims that she has a right to another REALTOR'S commission. Just before delivery, the stone is discovered to be a diamond worth $1,000\$ 1,000$1,000. A) exclusive agent. when cooperation is not in the best interest of the clients. \end{array} & \begin{array}{c} 0000020437 00000 n b. acceptable as long as the broker does not disclose any additional specific financial information concerning his client's credit history. b. Assume that Front Row decides to use FIFO. Sales associate A and sales associate B work for the same firm. Quoting a price other than list price without the seller's permission. They must, with the sellers' approval, disclose the existence of offers on the property. 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. Whenever real estate agents sell a home they are required to. c. Designated agents must be members of the local real estate trade association. Chapter 15 Flashcards - Cram.com Prepare the journal entries necessary to a. paying local, state, and federal income taxes. Disclaimer: These codes may not be the most recent version. 0000278368 00000 n N.J. Admin. Code 11:5-6.4 - Casetext
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