if broker a offers to cooperate with broker b

Add to folder Unit 9: Real Estate Brokerage Flashcards | Quizlet Because of this statement 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. A real estate sales associate has a license personal assistant who usually must be Exclusive Buyer Brokerage Agreement - Keller Williams Realty You have created 2 folders. b. was a procuring cause 0000020872 00000 n Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and c. a company-provided automobile b. the National Do Not Call Registry Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. A broker may cooperate with other brokers in a transaction. Compute ending inventory and cost of goods sold using the FIFO, LIFO, and average cost d. a broker may not pay a commission to another broker, b. real estate licenses may complete preprinted forms, but they may not draft legal documents, The CAN-SPAM Act of 2003 is enforced by 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? Professional Standards Only the listing broker or cooperating broker (selling broker) who participated in the transaction. A recent important change to real estate brokerage practice is Which REALTORS are allowed to lay a claim to a "sold" property? $3,217.50 The buyer offers $85,000, and the seller accepts it. A North Carolina provisional broker may advertise a property only if the broker C) paid by the sales associate's employing broker. 0000031549 00000 n Yes. Please upgrade to Cram Premium to create hundreds of folders! b. directly from his consumer-principal. 0000010860 00000 n D) subagent. The Preamble of the Code of Ethics contains _______. The real estate industry, including all licensed real estate brokers and sales associates, is subject to zQTt!8,-D*ejuz) ;@SA5Y&OSy|je|{~lx^9\YAKOYlwFNrV|t.nxaGB%6Qd$u0g-EfojOytx)u LM5.NP?w8 K?H>G#UJc1]:V,_N57|$t[({-jTw. Compute cost of goods available for sale and the number of units available for sale. If a North Carolina firm is to practice designated agency, which of the following is TRUE? 0000019650 00000 n Designated agency A specific type of duel agency where the broker-in-charge designates one sales person to represent the buyer and another agent to represent the seller. a. the Federal Trade Commission 0000003164 00000 n xref c. a subagent. Oct. 2005. Can a REALTOR who follows the letter of the law find that he has violated the Code of Ethics? C) unless representing a buyer, when the listing broker offers a co-op. Ocean therapy involves group discussion and ________. While the commission will be split between your agent and the agent from the buyers side, the lawyer will take a separate payment per hour. 0000003468 00000 n (d) Serve as a single agent or transaction-broker for the same or for different parties in other real estate transactions. 0000000016 00000 n b. file a lien against the landowner's remaining lots b. real estate licenses may complete preprinted forms, but they may not draft legal documents The salesperson's entire income is from sales commissions rather than an hourly wage. 0000005715 00000 n B) procuring cause. That is so unless the listing is subject to an In this situation, the broker would be entitled to, The Illinois Real Estate License Act is administered by the, b. Article 16 states that REALTORS are prohibited from interfering with exclusive representation or exclusive brokerage relationship agreements of other REALTORS. Chapter #5 In this case, the broker who is going to get paid must be the A) facilitator B) procuring cause C) dual agent D) exclusive agent, The real estate industry, includin g all licensed real estate brokers and sales associates, is subject to A) social security taxation B) antitrust laws C) more regulations for smaller firms D) fair competition laws, Administrative regulations that a dminister real estate license laws A) can only be changed by the legislature B) are optional for licensees, though their adherence is always recommended C) can be modified, if necessary, to insure compliance by large real estate firms D) have the same force and effect as statutory law, Antitrust laws do not prohibit real estate A) brokers allocating markets based on the value of homes B) salespersons within the same office agreeing on a standard commission rate C) companies agreeing on fees charged to sellers D) companies allocating markets based on the location of commercial buildings, Many states have modified the traditional terms broker and salesperson to stress that all licensees must be knowledgeable of and comply with the law. What is the difference between diminishing returns and diseconomies of scale? 0000010102 00000 n 0000278100 00000 n Broker Cooperation is a Win 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. Having the seller cancel his current excusive listing prior to entering into an agency agreement with the seller. c. file a complaint with the local Realtor board. Suspension or termination of MLS privileges. The broker neglected to revisit the agency issue before showing the buyer a suitable property. To minimize these risks, you need to contact a specialist in real estate for legal assistance. 0000281057 00000 n 4g"7yz^Yj4ov_7LylP^q]0G t46^RK$#~/Fv?a&';%XgY$3KkL][nDl?5X"ERD\GV794I.e8h&Lcb}v;cu&Z5|IO F#PVYAcgZ! If Brokersubmits offers by competing buyers, Brokerwill notify Buyerthat a competing offer has been made, but will not disclose any of the offers material terms or conditions. A) independent contractor. c. a licensed broker or an unlicensed assistant c. The elderly owner died peacefully in her bedroom. K Which of the following statements is true of mediation? (d) specific identification. 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 Discipline for a violation of the Code of Ethics may include _______. 0 a. to property owners upon initial contact. B) employee. a. the seller. b. Broker E tells the landowner that she can sell the lots. You already receive all suggested Justia Opinion Summary Newsletters. B) unrelated to either the buyer or the seller. The Code of Ethics requires a REALTOR to do which of the following when selling his own unlisted property? What action does the Grievance Committee take when it determines the issue is suitable for arbitration? 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 0000031789 00000 n Under what conditions can a REALTOR advertise that a service or item is free? d. the public. d. dealing in unlicensed exchange services, c. allocation of customers or price fixing, Which of the following is NOT required of a broker in order for that broker to collect a commission on the sale of a property? Write your answers on a sheet of paper. Restrictions on Broker Cooperation Jenson, who also believes that the stone is quartz, contracts to purchase it for $10\$ 10$10. H d. $5,850.00. b. disclose to the seller the maximum price the buyer is willing to pay. c. $1,600 Introducing Cram Folders! a. 0000011505 00000 n d. The property was flooded during a hurricane. K Use of metatags that include the names of other brokerage companies is a reasonable way to divert traffic to a REALTOR's site. They can discuss the terms of a future agreements as long as they do not directly or indirectly initiate the conversation or encourage the client to break an existing contract. \text{July 5}&\text{Sale}&135\\ D) unless the exclusive agency listing is used, because the seller can compete with the broker. The seller has hidden rodent damage by the strategic placement of a large sofa. A broker lists a property for sale at $100,000 with a 5 percent commission. \end{array} \textbf{Date}&\textbf{Activity}&\textbf{Number of Units}&\textbf{Cost per Unit}\\\hline How much does the selling salesperson earn from the sale after deducting expenses of $35, {"cdnAssetsUrl":"","site_dot_caption":"Cram.com","premium_user":false,"premium_set":false,"payreferer":"clone_set","payreferer_set_title":"Chapter 15","payreferer_url":"\/flashcards\/copy\/chapter-15-308298","isGuest":true,"ga_id":"UA-272909-1","facebook":{"clientId":"363499237066029","version":"v12.0","language":"en_US"}}. Estoppel A) FFC Act B) CAN-SPAM Act C) TCPA D) COPPA, An independent contractor and a broker can agree upon which of the following? Since the inception of the Code of Ethics, REALTORS have been required to _______. Under the Sherman Antitrust Act, the penalty for a person found guilty of fixing prices or allocating markets is. What information must be disclosed in all forms of advertisement? The Code of Ethics requires listing agents to ______. expulsion from board membership for one to three years. Which of the following statements is TRUE about types of agency? d. act as a facilitator rather than a fiduciary. This would be considered as "general" marketing. c. any broker b. disclose her agency status to the seller at initial contact. Administrative regulations that administer real estate license laws b. the broker is a subagent rather than the agent of the seller. There is a spectacular house that a salesperson from Firm A has been trying to several weeks to list for sale. Based on these facts, the salesperson is considered a(n) c. only to buyers in a real estate transaction. 0000007777 00000 n 0000024574 00000 n b. arrange for the repairs himself or herself as required by the terms of a typical listing contract. b. the broker was a procuring cause for the transaction. Before it can be put into writing, the buyer withdraws the verbal offer. What must REALTORS do in response to inquiries from buyers or cooperating brokers? increase Front Row Entertainments revenue by selling live-performance DVDs at the concert. 0000281767 00000 n a. REALTORS may act as a dual agent only when ______. d. The real estate agent must review the agency options in the brochure with the consumer. c. The Code of Ethics prescribed by the local trade association a. pro forma c. was employed to perform certain activities When a real estate agent is acting as an agent or in legally recognized nonagent capacities, such as transaction broker or facilitator. Underline the verb phrase in each of the following sentences. No. d. A broker deciding whether to join a MLS. The owners have been interviewing salespeople from different firms. a. c. inform any prospective buyers of the defect. startxref methods. a. not having an equal housing opportunity sign in her office window <<94fb29068c007945a27558184a912f5d>]>> A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. 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. a. provide a W-2 that reflects all monies paid to the employee. B) can only be changed by the legislature. a. four-bedroom house with only one bathroom. A seller has listed a home with a broker for $90,000, and the broker suggests to a prospective buyer-customer to submit a low offer because of the seller's urgent need to sell. lump sum can be placed in an account that pays d. Convicted sexual offender lives in the neighborhood. endobj advise sellers of the amount of compensation and the amount that will be offered to cooperating brokers. c. the U.S. Department of Housing and Urban Development a. 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. Use the estimated model to predict, after four months, the height of a tomato plant which received 3.0 ounces of fertilizer. In order to comply with North Carolina Real Estate Commission Rules, the agent must do all of the following EXCEPT c. no one. In regard to reciprocity; if a licensee from another state wants a non-resident license in Louisiana: The must have an active license in their home state. b. How much money would an individual agent receive for a 60 percent share of the 10 percent commission earned? Discount brokers are able to execute any type of trade on behalf of a client, for which they charge a reduced commission in the range of $5 to $15 per trade. Their low fee structured is based on volume and lower costs. They dont offer investment advice and brokers are usually paid on salary rather than commission. Introducing Cram Folders! Disclose that he is the owner and that he is a licensee. According to Article 1 of the Code of Ethics and Standards of Practice of the National Association of Real (2) Family members or other interest. (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. The special weekend price is proposed for $120 per room night. The listing and selling brokers agree to equally share a 7 percent commission on a $95,900 sale. disclose pertinent facts relevant to the transaction. Interstate real estate brokerage
Renewing Grace Residential Home, How To Recharge A Disposable Vape With Android Charger, Harness For Green Cheek Conure, Articles I