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Ethics and Brokerage Flashcards | Quizlet endobj d. contact the city building inspector about the defect. c. unacceptable unless there are multiple offers on the property. b. In North Carolina, oral buyer agency D You can explore additional available newsletters here. D) salespersons within the same office agreeing on a standard commission rate. c. Use the estimated model to predict, after four months, the height of a tomato plant which received 3.0 ounces of fertilizer. Using his best efforts to obtain the earned commission, the broker should 0000010578 00000 n Front Row records the following activity between May and August 2019 for one of its artists: DateActivityNumberofUnitsCostperUnitMay10Purchaseinventory240$8.2525Sale180June5Purchaseinventory3008.7525Sale150July5Sale135Aug. And if your owner had two properties and you only managed one, another broker could provide property-management services for the home you dont have an exclusive agreement for. Received from Bo $1,000 on account of $75,000 purchase price of Lot No. b.A licensed broker within the firm who has no prior confidential knowledge of the party that the BIC will represent. (b) Other Buyers. In order to advertise a property the broker MUST: All advertisements for the sale of real estate MUST contain the: All the following are true about advertising EXCEPT: Advertising by salespeople can be by phone number alone. (b) Jacoby's barn is burned to the ground. What can REALTORS advertise their services or properties? (1) A broker engaged as a transaction-broker is not an agent for either party. HousekeepingserviceUtilitiesAmenitiesHoteldepreciationHotelstaff(excludinghousekeeping)TotalCostperRoomNight$23735542$130. 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? A) hired by the sales associate independently and not under the employ of the brokerage. The licensee in this transaction, b. acts on behalf of the sponsoring broker, Unless some other written agreement has been made, the broker will usually receive the sales commission when. WebWella sells a $150,000 home listed with another brokerage. a. the Federal Trade Commission A) have the same force and effect as statutory law. d. A broker-in-charge appointing one agent to exclusively represent the seller as the client and appointing a different agent to exclusively represent the buyer as a client while the firm remains in dual agency. Which of the following is false regarding metatags? \hline 20.4 & 1.9 \\ National Topic Tester - Laws of Agency proletariat Bolsheviks Lenin Rasputin provisional government soviet Communist Party Joseph Stalin. Oct. 2005. The relationship of a broker to a client is that of WebArticle 3s duty requires that REALTORS shall cooperate with other brokers except when cooperation is not in the clients best interest. b. a dual agent. Suspension or termination of MLS privileges. d. All of the above. endstream C) be the procuring cause of the sale. \hline \vdots & \vdots \\ c. in violation of license law and Commission Rules unless they have a comprehensive written agency policy. A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. The three categories of the Articles include _______. Buyerunderstands that even if Brokeris compensated by a seller or a real estate licensee \text{Total}& \$130\\ The person who performs licensed activities under the authority of a broker is frequently called a A) junior licensee B) managing broker C) junior broker D) sales associate, A real estate sales associate h as a license personal assistant who usually must be A) paid by the sales associate's employing brokerd B) paid by the sales associate, who is then reimbursed by the employing broker C) hired by the sales associate independently and not under the employ of the brokerage D) subject to all federal requirements applicable to an employee, A recent important change to real estate brokerage practices is A) digital communication in all its forms B) fax transmissions C) use of personal assistants D) the use of electronic signatures, To be entitled to receive compens ation from a real estate sales transaction, an individual must be all of the following except A) the procuring cause of the sale B) a licensed real estate broker C) employed by the buyer or the seller under a valid contract D) unrelated to either the buyer or the seller. b. an employee. The Standards of Practice may not _______. If a firm's buyer-client is interested in buying property listed with the firm, the firm must When a real estate agent is acting as an agent or in legally recognized nonagent capacities, such as transaction broker or facilitator. In this situation, the broker would be entitled to, A landowner subdivides his acreage and offers the lots for sale. You're all set! C) paid by the sales associate's employing broker. c. death of the individual listing licensee. Based on these facts, the salesperson is considered a(n) A) independent contractor B) real estate assistant C) subagent D) employee, An owner tells a group of brokers, "I will pay a commission to whoever brings me a buyer." The Law of Agency d. any client, A landowner subdivides his acreage and offers the lots for sale. D) managing broker. b. 0000000016 00000 n WebA. A real estate firm practices all legal forms of agency allowed in North Carolina.