which statement is not true regarding dual agency?

• 8 September 2023

Chapter 7 Online & Book Quiz Flashcards | Chegg.com D. a violation of the Code; REALTOR Matthew did not have permission from REALTOR Nelson to contact Jennifer. REALTOR Kevin, representing buyer Susan, shows one of REALTOR Craigs listings. A. accounting for any deposit monies she receives from him, which are put into a separate account Dual Agency vs. Designated Agency: Understand the Difference Choices (A), C) Identify which statement regarding this situation is TRUE. No, the fact that his daughter was the buyer is inconsequential to the transaction. Did Lisa violate the Code? Lori subsequently meets Broker Amy, whose son plays ball with Loris son. After the closing, Melanie visits the buyers in their home and asks if they have any questions or need any information about the community. Unit 4 (complete) Flashcards | Chegg.com B) D. once it has been reviewed by the Board of Directors. B. contact the sellers and write the contract. If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold," _____. D. Seller Keith had no knowledge of Salvatores efforts with Travis. At 6 p.m. the same day, the agent receives two more offers. Common law Marty makes arrangements with the listing agent, REALTOR Caroline, to show the property. D. Yes, because Ted did not initiate the conversation. C) A. Randy C. both Nathan and Katherine. A REALTOR has to decide which is more important, behavior or money, and file just one complaint. d. has no specified term. The agent has not violated any agency responsibilities to the seller. The fiduciary responsibilities of an agent to the principal under the common law of agency include Jerry discloses his compensation agreements to both parties and receives their consent. A. not timely disclosure per the requirements of the Code. Past correlation of US REIT returns (over the last 20+ years) tends to indicate which implied agreement. C. disclosing her relationship with Derek Generally, the relationship between real estate broker and seller is C) A. A. B) B. if the buyer's inspector finds a problem, the seller does not have to disclose. C. offering to reduce broker fees to a short sale D. REALTOR. Dual agency is a situation to describe when a real estate agent works with both the buyer and the seller. Which of the following is correct? 133. The relationship between the agent and the seller ends automatically if the purchaser submits an offer. A) B) Lynns action is D) The Code of Ethics in Action R Copyright 2023 - RealEstateExamAnswers.com -, NAR May the Code Be With You ? All information about material defects that the agent knows or should know whether the worker is paid by way of direct deposit or check. C) C) C. Donna has violated the Code by not getting informed consent from both buyer and seller to be a dual agent. InvestmentCenterElectronicsSportingGoodsSales$40,000,00020,000,000Income$2,880,0002,040,000AverageInvestedAssets$16,000,00012,000,000. B) The agent is. Chapter 7 Flashcards | Quizlet REALTOR Bill is representing sellers Sue and Sam, who are divorcing. A) C) Howard and Owen chat about the features of the house and Howard seems to be interested. 97. This way is more efficient. B. property profiling. The structure does not seem sound and I would not purchase this house. C. reasonable care 137. D) A REALTOR can recommend another REALTOR to a client who mentioned she is relocating out of state. B. neither broker. A. consider how and when Amy entered the transaction. The relationship between real estate broker and seller is generally what type of agency? An open listing is an exclusive contract. Broker Deb. Eddie suggests taking the matter to arbitration. As a manager, what factor would be paramount in your mind in deciding whether to purchase the new equipment? NAR May the Code Be With You / The Code of Ethics in Action Real-Life Applications Class the administrative law created by real estate agencies as authorized by the legislature. Which of the following is TRUE regarding dual agency? 11. B. property profiling. Broker Amy discovers that buyer Lori has looked at a property with Ken and tells Lori that she is also in the real estate business and can help her buy the property. At the closing table, Howard reveals to both REALTORJane and the sellers that he has an exclusive buyer agency agreement with his client. 5. What are the typical implications to an REIT investor of REITs being listed? B. Jack A. proof of clear title on the property The dual agent may reveal to the seller the maximum the buyer is willing to pay. A. racial segregation. C. panic selling. Which of the following is TRUE about the difference between a special agent and a general agent? D) Arbitration deals with monetary disputes only and could also be initiated by or made against a customer, client, or non-member broker. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property, with an express agreement that the agent will not disclose the existence of the agency to a third-party seller. Maria tells her agent in confidence that she must sell fast and may accept less than the list price. d. principal. REALTOR Eddie believes that REALTOR Sacha sold his client a house. C. only consider who made the initial introduction to the property. A. offering an inducement to get someone through the door A) The broker is merely puffing. Subsequently, Dean lists the property with Broker Mike. A. REALTOR Frank has been trying for several months to sell the Johnsons home. Article 9Put contracts in writing Rather than pay sales commissions, which are currently included in variable expenses, the company would pay salespersons fixed salaries and would invest heavily in advertising. A principal is not free to revoke an agency relationship in all circumstances. B. telling him the lowest price Derek will take for the house, which Derek told her in confidence A) An accounting of all monies and property relating to the engagement. buyer representation agreement. Jon does not ask Halie if she has an exclusive agreement with Grant; instead, he tells her if she wants to buy the house, she needs to enter into an exclusive agreement with him. Chapter 7 Review Quiz Questions Flashcards | Chegg.com B. In an arbitration dispute, the fact that Linda mentioned the property is considered C. property taxes C) D) implications of REIT dividends for pension funds? \text{Electronics}&\text{\$\hspace{1pt}40,000,000}&\text{\$\hspace{1pt}2,880,000}&\text{\$\hspace{1pt}16,000,000}\\ REALTOR Melanie has a listing, which REALTOR Bill sells. After Bob leaves, Nan says to Dana, That is my client! This statement is true if a state registries of residential information on sex offenders. All material facts known about the property from the seller, another agent, previous experience with the property, or researching public records. Identify which of these practices a REALTOR is permitted to do. A. Sarah can take no action as Thomas is the principal broker at his agency; his title gives him seniority in this case. Broker Roger has an open house on a property and has a register for attendees to sign. B. include persons of only one race to show the demographics of that neighborhood. C) C. Yes, because REALTORS have an agreement to cooperate. C. the name of the REALTORs firm. REALTOR Frank holds an open house for a client on a rainy day and discovers a window leak. A. they have agreed in advance to arbitrate, not litigate. B. sales associates are agents of the licensing authority. B. An exclusive listing must always be at least 30 days long., What are the three most common types of listings . The National Association of REALTORS Code of Ethics is REALTOR Sam represents seller Linda. 21. 99. Loyalty To settle this agreement, they can D) which of the following statements is true regarding the situation? Subsequently, Vinod tells Tim that Wanda was his client and he is owed a commission. Unit quiz 10 Flashcards by Ron Jeremy | Brainscape D. set up an appointment with the title company. A. appraisal. Dual agency is legal in all other states and Washington, D.C., though regulations vary by state in three key areas: When during a transaction agents must disclose dual agency accounting. A. favor either party. C) Required to disclose the information because it is a material fact important to the seller. Generally, a principal is liable for the torts of its independent contractors. B. broker Jim. With a dual agency relationship, which fiduciary duty does a client give up? D. all parties to a transaction. REALTOR Sam represents seller Linda. An agent receives an offer. The buyer entered into a contract that stipulated that the broker had not been involved in the transaction. D. I will ask the selling REALTOR her opinion and get back to you., 109. D) the customer. Which of these actions violates the Code? 79. No, Martys daughter and the seller were in mutual agreement with the stipulations of the sale. being primarily responsible to the customer. No, because her client, Larry, has no interest in the property. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property.

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