What fiduciary duty did the buyer's agent violate? "The uneven floors just mean that the building dates to colonial times." A) A. bait and switch. C. may not arbitrate as he does not belong to the local association. A. D. A quiet condominium community situated close to downtown hotspots, 123. \text{Net operating income}&\underline{\underline{\text{\$\hspace{5pt}45,000}}}\\ Todds actions are considered REALTOR Frank has been trying for several months to sell the Johnsons home. The agents fiduciary relationship of trust and confidence with the principal means that the broker owes the principal certain specific duties. D. Yes, I have tons of experience selling all types of properties! REALTOR-ASSOCIATE Olivia believes that REALTOR Jon from another brokerage sold a house to her client and that she was the procuring cause of the sale. B. D. unethical behavior between two REALTORS. In a real estate brokerage, C. prepare a CMA which demonstrates the accuracy of the price. C. Paula is in violation of Article 15 for posting misleading statements. A. Nan did not sign a contract with Bob. implied agreement. B. maintain confidentiality since the seller didnt mention the leak D. set up an appointment with the title company. REALTOR Smitty has an exclusive listing on seller Teds house. C) B) The first thing Sam should do is As a manager, what factor would be paramount in your mind in deciding whether to purchase the new equipment? A) D. Jon is simply being aggressive, which is permissible. At the closing table, Howard reveals to both REALTORJane and the sellers that he has an exclusive buyer agency agreement with his client. premisesthe Chad is a customer of Marcys. C. Professional Standards Committee Dual agency requires nothing less than written, informed consent from both parties. Which of these items is NOT required to be provided with the opinion of value? A young couple is looking for a new house. Most people familiar with the housing market know that a buyer's agent . (B), and (D) are true statements about dual agency, so they are incorrect answers to the question. negligent misrepresentation. A sales associate of a broker told a prospective buyer that the house being shown is "the best house in the area." C. state law requires it. B. Which of the following statements is NOT true about dual agency an offer made on the property. A. Katherine, as the selling broker 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. Absolutelythis is a community property state. Another goal was to recognize and accommodate the growing practice of buyer agency, Contract law, common law, and business law Chad is a customer of Marcys. B. consider how and when Amy entered the transaction. Dennis asks the Byers if they have someone helping them find a home. A) B. respond to the author of the comment and request the author remove the comment. Trisha wants to sell her house quickly because her new job in another city begins next month. the death of either party. B. comfortable home near the community recreation center I recently toured this home with REALTOR Jordan. A) Question: Which of the following statements Is true reqarding the practice of designated agency under North Carolina Real Estate Commission rules?O A Designated agency provides an optional method of practicing dual agency for real estate firms.O B.The designated agency concept may be utilized by a firm that does not practice dual agency. C. D. neither Jane nor Paul. B) C) It is one of the rules of society enacted by legislatures and other governing bodies. The functions of a facilitator or intermediary are those of A. Melanie can only talk to these buyers if they contact her. 66. 2. 147. What is the carrying value of Mineviks total inventory as of December 31, 2013? D. I think you should list with me as soon as that week is up. D. what is required by the Code. As of November 2020, dual agency is illegal in eight states: Alaska, Colorado, Florida, Kansas, Oklahoma, Texas, Vermont, and Wyoming. Donna, representing the seller, holds firm and gets Dan to buy at asking price. B) In most states, a REALTOR is not required to have a license to sell real estate. D. set up an appointment with the title company. A licensed broker obtained an exclusive right-to-sell listing from an owner. B. contact the sellers and write the contract. While doing so, the agent also works as a salesperson for a competing seller of automotive parts. B) a nonagency. A. the co-operating commission originally offered by Nelson. The seller accepts the offer. To get the answers she needs, Jane may His boss is Bud, whose wife is Broker Nan. Jones owns a small auto dealership, which he wants to relocate closer to his new home. never. REALTOR Jon has an open house, which buyer Halie attends. common law. A. find out if Holly is in an exclusive relationship with a REALTOR and explain to Holly that Sam represents only Linda in this transaction D. Olivias client would have to request arbitration on her behalf; she may not request arbitration on her own. Tom is not meeting her expectations, so she terminates the employment relationship. Mikes answer should be This way is more efficient. even if unintentional. However, listings are currently thin in his market. \text{Sales (15,000 units X \$30 per unit)}&\text{\$450,000}\\ Buyer Bill acknowledges that he signed and understood an exclusive buyer agency contract with Broker Anne that provided that he would pay her a commission if he purchased a property within the time indicated by the contract, which he did. Which statement is correct? D. all parties in a transaction, whether they are clients or customers. disclosure of all facts that the real estate professional knows or should reasonably be expected to know that materially affect the value or desirability of the property. A) required to disclose the information because it is a material fact important to the seller. 94. Jun 5, 2022. In the common law of agency, an agent owes the principal all of the following EXCEPT A. proof of clear title on the property C. a violation of the Code, despite the fact that REALTOR Nelson did have permission from REALTOR Matthew. C. Donna has violated the Code by not getting informed consent from both buyer and seller to be a dual agent. B. REALTORS Jona and Wally are from different states where their boards do not have an established inter-association arbitration agreement. Which of the following is TRUE about the difference between a special agent and a general agent? Being primarily responsible to the customer. a. broker. Inform any prospective buyers of the defect. D. Professional Standards Committee. Seller George paid for a home inspection on his house for a prospective buyer. A. once it has been filed D. sending a mass mailing out to potential clients, 122. Broker Steve. C. call the sellers directly only if she has a buyer client who wishes to see the house. both parties consent in writing to the dual agency. B. required to disclose the information under the Fair Credit Registry Act. A. disclose the existing accepted offer the codified law that is a legacy of French rule. C. litigate any differences. The agent is. sales associates are agents of the licensing authority. REALTOR Lisa, a property manager, researchs county records to determine the owners of multi-unit buildings. D) A REALTOR may file both an ethics complaint and an arbitration request simultaneously over the same matter. I know Bill, and hes got a reputation for only working hard on his million-dollar listings. Eddie suggests taking the matter to arbitration. A. completely unlike state licensing laws. Solved Which of the following is true regarding a dual - Chegg A) A real estate professional's representing more than one principal B) Two brokerage companies cooperating with each other C) A real estate professional's acting for both the buyer and the seller in the same transaction D) A real estate professional's listing and then selling the same property A After the closing, Dan expressed his confusion because he thought Donna was representing him in the sale. A seller can sell his or her own home and owe no commission if he or she signs an exclusive agency listing. the possible reaction of potential buyers or tenants. 76. When a broker places trust funds of others into the company's operating account and then withdraws funds for the firm's use, what illegal practice has taken place? C. Olivia may ask her REALTOR principal to request arbitration but she may not request arbitration on her own. A. find a third, impartial board to hold their hearing. 43. After the closing, Melanie visits the buyers in their home and asks if they have any questions or need any information about the community. Patty prepares a CMA prior to the appointment, then shows the property to her prospect, buyer Larry. REALTOR Bill finds out about the contact and accuses Melanie of trying to steal his client. Based on these facts, which statement is TRUE? The broker is obligated to render loyalty to the seller. C. offer to pay a bonus commission to REALTOR Millie if REALTOR John sells the house. Principals are generally liable if an agent's frolic and detour is substantial. The industry in which Morton Company operates is quite sensitive to cyclical movements in the economy. B. Jon did not represent his seller as required. An agent who represents both the buyer and the seller in a transaction is known as a: a. dual agency. B. Sarah may ask her REALTOR principal to initiate litigation but Sarah may not initiate litigation on her own. The agent, without informing the principal, purchases the land for personal use. A real estate broker's responsibility to keep the principal informed of all the facts that might affect a transaction is the duty of All of these Broker Anne. D. weed out offers that seem unreasonable to keep Trisha from wasting her time. A) A. another broker showed the property to Travis. The basic framework of the agency law that governs the legal responsibilities of real estate brokers to the people they represent is known as, Designated agency is MOST likely to occur when. unless it was considered puffing. The agent has not violated any agency responsibilities to the seller. 70. B) B. have two brokers sign off on it. REALTOR Dee shows a property listed by REALTOR Nelson. D. use the comment in other places on his website to help drum up new business. A. exclude any human models to avoid any kind of unnecessary bias. A person who may be affected by the terms of an agreement, but who is not a party to the agreement is known as the: A. 25. She negotiates the offer with buyer Dan, who offered less than asking price. D. Joe should not talk to Ralph until after the hearing. C. once it has been reviewed by the Ethics committee 4. Broker Jim introduces buyer Ken to a property and keeps in touch with him. B. advise Holly that Linda will only take listing price; since he is Lindas agent, he has the right to do so. It is Marys listing and she has the key; the sellers are not home but told her to show it anytime. needs but spent about an hour at the property asking many questions about other homes for sale. Agents are prohibited from using general information, knowledge, or experience acquired during the course of an agency in later employment. Misrepresentation or omission might result in broker liability, In a dual agency situation, a broker may represent both the seller and the buyer in the same transaction if. 56. A. Brianna REALTOR Kara posts an ad claiming the most you will be charged is a $5,000 commission. In a dual agency, one broker or agent represents both parties in a real estate sale. B. providing the standard professional service expected A) Betty could be released from the agency agreement and seek representation from another broker. A. disclosing his true position. Which of the following duties does Marcy NOT owe to Chad? A. encourage the sellers to update the disclosure form and/or have the window repaired D. ratifying the findings of the Professional Standards Hearing Panel and hearing appeals from either party. C. REALTOR principal and REALTOR-ASSOCIATES jointly B. Donna has violated the Code by not disclosing to the seller that she was representing buyer Dan. Broker Paul introduces tenant Elizabeth to a property. Common law, statutory law, and administrative law, Real estate agency relationships are governed by which kinds of law? loyalty. A broker engaged by a buyer has the responsibility to. REALTOR Erin has been selling and listing residential properties for about a year. spacefor 117. B. property profiling. Ethics Committee. 44. Seller Tim has offered an open listing on his property to a number of brokers in the area. If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold," _____. care and skill in performance. An agent must supply a written Agency Disclosure: b. to a seller before listing a property or to a buyer before writing an offer. C. Article 12Be truthful in advertising C. draw up the paperwork on Hollys offer. if they are only part of puffing. In a dual agency situation, if it is permitted by state law, a broker may represent both the seller and the buyer in the same transaction provided

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