which statement is not true regarding dual agency?

D. offer to pay REALTOR John directly at the time of closing. C. REALTOR-ASSOCIATE. D)!!! The structure does not seem sound and I would not purchase this house. A) A. Loretta may insist that all buyers and sellers use the auxiliary services provided by her company. B. Attend our First-Time Homebuyer Seminar and win a free TV! A. 16. REALTOR Crystal went door-to-door in a particular subdivision asking homeowners if they were interested in selling because the ethnic make-up of the neighborhood is changing. Statutory law Did Marty violate the Code? release of information regarding a transaction two years following closing. After Mikes listing contract expires, Dean sells the property to Kathy. C) 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. B. maintain confidentiality since the seller didnt mention the leak B. Nan has an exclusive, current, valid agreement with Bob. A real estate broker's responsibility to keep the principal informed of all the facts that might affect a transaction is the duty of C. A REALTOR may not file an ethics complaint at the same time she files a request for arbitration. C) Todds actions are considered D) D. a violation of the Code; REALTOR Matthew did not have permission from REALTOR Nelson to contact Jennifer. all real estate licensees to be real estate brokers. Compute the break-even point in dollar sales for the company under the new marketing strategy. Every state now requires B. maintaining several websites aimed towards different sets of clients A. allowable because the offer had already been presented and Matthew is just adding information. 130. That same day, Jans buyer client calls Carlos directly and asks for an appointment to see the property and Carlos provides the showing. A) keep all buyer requested information confidential during the engagement period. C. not run the ad at all. B. Ann cannot file multiple complaints against Marge over this one event. 101. D. I think youll get more than half with me as your REALTOR., 112. Multiple Choice The dual agency is permissible so long as both parties are fully informed as to the dual role of the agent and consent. Linda refuses to answer Janes questions. B. Melanie can seek the prospects future business. C. estimated market evaluation. 46. REALTOR Jon has an open house, which buyer Halie attends. 79. Board of Directors Tom is not meeting her expectations, so she terminates the employment relationship. A. the co-operating commission originally offered by Nelson. C. draw up the paperwork on Hollys offer. care and skill in representing the principal equivalent to that of the average person. A) A) The first thing Sam should do is The broker has violated the agency relationship with the seller. accounting. D. sending a mass mailing out to potential clients, 122. Universal A) 37. a designated agency. Which of the following is an INCORRECT statement regarding a principal's liability for an independent contractor's torts and contracts? REALTOR Marys next step should be to A real estate broker lists a home for sale for $189,500. C. arbitration. D. Jon is simply being aggressive, which is permissible. the broker always acts as the agent of a client or customer. The introduction of the property by Morgan favors Neither the offer nor the escrow instructions mentioned: (a) the broker as the agent, or (b) terms for payment of a commission. B. Olivia may ask her REALTOR principal to initiate litigation but she may not initiate litigation on her own. even if unintentional. A. dictatorial business. A. There are four elements of a cause of action for fraud: (1) the licensee made a misstatement or failed to disclose a material fact; (2) the licensee either knew or should have known that the statement was not accurate or that the undisclosed information should have been disclosed; (3) the buyer relied on the misstatement; and (4) the buyer was A sellers agent is expected to disclose information about material defects in the property to prospective buyers. D. urge the seller to update the disclosure form or have the back door repaired, 107. which of the following statements is true regarding the situation? B. offer to directly pay REALTOR John a bonus commission if he produces a contract at full price. Cancel your current listing contract and sign up with A-1 Realty for an all-expense paid weekend in Las Vegas! It appears that REALTOR Tom may have B) A) B. have his friend offer to buy the house at a lower price since Trisha must sell the house quickly Broker Mike had the property listed most recently. However, Jordan rejects the offers and instead sells the house to a friend. Agents are generally allowed to self-deal with the principal, especially if the self-dealing is undisclosed. B. recorded deed restrictions A) C. Great location, four blocks away from the Park and Ride A. Donna has not violated any Article or Standard; she just did her job and sold the house. Broker REALTOR Miriam employs REALTOR Tom. Dual agency occurs when an agent is representing both the buyer and the seller. D. set up an appointment with the title company. \text{Sales (15,000 units X \$30 per unit)}&\text{\$450,000}\\ Administrative law. A) D. include persons of several races in order to avoid exclusivity in advertising. Broker Katherine is aware of the listing as it is in the local MLS. agency is actually illegal in some states. Howard and Owen chat about the features of the house and Howard seems to be interested. Which item is considered outside the scope of a real estate license, according to Article 2? C. Donna has violated the Code by not getting informed consent from both buyer and seller to be a dual agent. In most states, a REALTOR is not required to have a license to sell real estate. D. Paula is simply expressing her personal opinion, which she is entitled to do. C) C) Obedience. Identify which statement regarding mediation is TRUE. d. principal. A. a fiduciary. the sales associate is guilty of fraud only if the buyer purchases the house. needs but spent about an hour at the property asking many questions about other homes for sale. C. No, Antonio is entitled to collect these fees as long as there was informed consent from both parties to the transaction. A. sales associates are agents of the broker. Carlos tells Jan that the property is not available for showing today but will be available in a week. Broker Mike introduced Kathy to the property. Broker Anne. D. comparative financial analysis. REALTOR Frank has been trying for several months to sell the Johnsons home. B) not required to disclose the information because the seller might reject the offer. A principal is not free to revoke an agency relationship in all circumstances. Properties that are considered undesirable because of events that occurred there or because a known sex offender lives in the area are considered REALTOR John, who is also an appraiser, periodically sends letters to past clients asking if they need a current valuation of their property. A. REALTOR Sam represents seller Linda. C. both Broker Deb and Broker Steve. B. 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 B) 144. Which statement is correct? If a real estate agent who is employed to purchase real estate for a principal secretly sells his or her own property to the principal, this is a violation of the duty of loyalty known as __________. A. C) A. ASSOCIATE-BROKER. A method of resolving a dispute in which the parties involved discuss the situation and resolve it themselves is called The buyers agent is also the sellers agent, acting as a disclosed dual agent. B) REALTOR Smitty has an exclusive listing on seller Teds house. d. has no specified term. D. statement that the opinion of value is not the same as an appraisal. B. REALTOR principal. C) Disclosure was improper and possibly illegal, regardless of the agent's motive. Identify which statement regarding this situation is TRUE. What is Franks duty? He sells Marys property and receives an additional fee for the sale. D. contact Linda to let her know there is an offer. This could be an example of C. really none of REALTOR Janes or her clients business. required to disclose the information because it is a material fact important to the seller. Given this information: What cause of fatality is least likely to occur? A. racial segregation. No, because her client, Larry, has no interest in the property. B. not consider how and when Amy entered the transaction. B. extended an offer of cooperation to another broker, which is not a violation of the Code. C) 115. C. No, I have no experience selling commercial properties so it is illegal for me to do it. In an exclusive listing, as a matter of law, a listing between the broker and seller: B. All of these Sacha does not want arbitration, and both agree to get lawyers and sue one another. Do international differences in financial leverage exist? 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. B) latent defects. Lynn then tells the seller she could recommend a good REALTOR there. Identify which of the following inducements is prohibited. D. use the comment in other places on his website to help drum up new business. Which of the following is not true regarding dual agency? D. what is required by the Code. B. mandatory agency disclosure. When homeowners in a particular area are convinced that the ethnic or racial make-up of their neighborhood is changing, causing them to sell below market value, this is known as A) Which statement is TRUE of a real estate broker acting as the agent of the seller? special agency Zaafir only, because he is an independent contractor. A) statutory law. A) This is An agency relationship may be terminated by all of the following, except: b. the principal's refusal of an offer to purchase that was presented in the name of a third party. REALTOR Marty has a daughter who is interested in a property. A) the buyer and the seller are represented by the same company. D. Yes, because Ted did not initiate the conversation. Buyer Holly contacts Sam indicating that she has seen the house Linda is selling and would like to make an offer. REALTOR Nelson has an exclusive listing contract with seller Jennifer. a disclosed dual agency. C. No, Antonio is entitled to collect these fees as long as there was informed consent from both parties to the transaction. A. an image of the REALTORs license. B) REALTORS Jona and Wally are from different states where their boards do not have an established inter-association arbitration agreement. B. B. advise Holly that Linda will only take listing price; since he is Lindas agent, he has the right to do so. She negotiates the offer with buyer Dan, who offered less than asking price. D) ", Which of these statements could be negligent misrepresentation? Ethics Committee. D) A. they have agreed in advance to arbitrate, not litigate. 13. A special agent represents the principal for one certain transaction only. obedience. the concept of caveat emptor. B) (C). disclosure agreement. Dual agency is a situation to describe when a real estate agent works with both the buyer and the seller. Which is TRUE? At the closing table, Howard reveals to both REALTORJane and the sellers that he has an exclusive buyer agency agreement with his client. C) Acting for more than one party in a transaction is within the law c. Failure to disclose dual agency is a violation of the law d. A real estate license may be revoked or suspended for failure to disclose dual agency a. D. neither Brenda nor Jim. Call REALTOR Dan for a tour today! Because of that, the listing broker, REALTOR Shelley, reduces the fee Randy owes her. B. disclosing her relationship with Derek "The size of the bedrooms makes them wonderfully cozy and perfect for your children." B) When Frank contacts Mr. Johnson to renew the listing, Mr. Johnson informs him that he just signed a contract with REALTOR Jim that becomes effective one day after the current listing expires. REALTOR Maria advises that her buyer obtain and review a home inspection report on a house she is considering buying. stigmatized properties. agency, so they are incorrect answers to the A. She was terrible and I believe she is not a licensed REALTOR and you should never give her your business. Jack knows for a fact that Jordan is licensed. 18. A) tell the seller that the defect must be repaired. A. Sarah can take no action as Thomas is the principal broker at his agency; his title gives him seniority in this case. No, Martys daughter and the seller were in mutual agreement with the stipulations of the sale. B. Identify the scenario below where it would NOT be appropriate for a buyers agent to talk to the seller directly concerning price, terms, or conditions. After the closing, Eddie calls Sacha to discuss the matter. 138. Which of the following is not true regarding dual agency? Care All information about material defects that the agent knows or should know If REALTOR Shelley wishes to file an arbitration request, against whom does she file it? is the correct answer to the question. 78. Disclosure was improper and possibly illegal, regardless of the agent's motive. C) B) B. state B. Loretta may not market these auxiliary services to buyers or sellers using her company. The relationship between the property owner and the associated brokers at Hannah Smith Realty could best be described as (buyer subagency, designated agency, dual agency, seller subagency) The notes to its financial statements state that 2013 Cost of Sales includes a SEK281 million write-down of Finished Goods inventory. "The simple design is uncluttered and offers many possibilities for decorating.". In dual agency, the real estate professional represents two principals in the same transaction. D. A REALTOR accepts an undisclosed fee from a buyer while serving as a listing agent for the seller. C. a living document that is revised annually. C. made a great decision. 29. (1) Which department generates the most net income per dollar of sales?
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