State the domain and range of each of the functions. d. file a civil suit against the developer for breach of contract. WebReal estate brokerage partnership Explanation: Under the RESA Law and its IRR Section 3 (g) 1-5, a real estate service practitioner should be a natural person, meaning the person must be an individual. Front Row sells all of its DVDs for $15 each and uses a perpetual inventory system. 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. \text{July 5}&\text{Sale}&135\\ Changes in cooperative compensation are covered by Article 3 and Standard of Practice 3-2. What are the two area of responsibility assigned to the Grievance Committee? 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. What is the responsibility of a REALTOR before entering into a representation agreement? What is the difference between diminishing returns and diseconomies of scale? chapter 18 Flashcards - Cram.com 0000283431 00000 n & \textbf{Item} & \textbf{Total Price} & \textbf{Price of One Unit}\\ %PDF-1.4 A broker may cooperate with other brokers in a transaction. If the broker-in-charge (BIC) is to act as one of the designated agents on a North Carolina in-house transaction, which of the following may be appointed as a designated agent for the other party to the transaction? c. no commission. <<94fb29068c007945a27558184a912f5d>]>> D) salespersons within the same office agreeing on a standard commission rate. Underline the verb phrase in each of the following sentences. C) paid by the sales associate's employing broker. a. four-bedroom house with only one bathroom. Code Comprehension: Article 16 Commissions Are Negotiable Why would privately owned power companies oppose the government's plan to build the TVA's hydroelectric dams? c. Criminal activity occurred on the property A broker who is the agent of the buyer should d. destruction of the listed property. Discipline for a violation of the Code of Ethics may include _______. A provisional broker sells another firm's listing for $150,000. Buyerunderstands that even if Brokeris compensated by a seller or a real estate licensee 0000025940 00000 n There is a spectacular house that a salesperson from Firm A has been trying for several weeks to list for sale. The listing broker tells a prospective buyer that the seller is on the verge of bankruptcy. disciplines such as probation suspension and license revocation. An Alabama lumberyard has four jobs on order, as shown in the following table. %%EOF 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. Ocean therapy involves group discussion and ________. A sales person may buy property listed with his/her firm if he/she: Discloses to owner in writing that he/she is licensed with the listing firm. Having the seller cancel his current excusive listing prior to entering into an agency agreement with the seller. Of this amount, 55 percent goes to the listing broker, and the remaining 45 percent belongs to the cooperating broker. a. a real estate assistant. c. the broker was employed to perform certain activities in the transaction. b. withhold appropriate local, state, and federal employment taxes. a. 0000014566 00000 n Based on these facts, the licensee will be treated by the IRS as The seller told the listing agent that during the past 10 winters, the sellers have been unable to rid the house of rodents. D) can be modified, if necessary, to insure compliance by large real estate firms. A listing agent has an obligation to disclose to the seller b. a dual agent. Broker will \hline {u-07/89x{+a_-"ME\058|?L}m,1{4?jmUb08epE* Broker John D) unless the exclusive agency listing is used, because the seller can compete with the broker. B) procuring cause. A) $193,746 B) $256,200 C) $387,492 D) $139,900, All of the following are pro hibited under the antitrust laws except A) real estate companies agreeing not to cooperate with a broker because of the fees that the broker charges B) competing brokers allocating markets based on the value of homes C) competing property management companies agreeing to standardized management fees D) a broker setting a company commission schedule, In order for a broker to be paid on an open listing, the broker must A) be the procuring cause of the sale B) split the commission with any other broker that listed the property C) put the property in MLS and offer other brokers a co-op D) notify all other listing brokers if they have an offer, Commissions are negotiable A) unless representing a buyer, when the listing broker offers co-op B) when using an exclusive listing agreement, but not an open listing C) in all causes D) unless the exclusive agency listing is used, because the seller can compete with the broker, Do-not-call registries and law s such as the Telephone Consumer Protection Act, Junk Fax Prevention Act, and rules of the Federal Communications Commission dictate A) how often a business person can contract a customer B) prohibited communications C) how many direct mail solicitations can e sent to a single address D) communications that are permitted, A licensed real estate salesperson has a written contract with his broker specifying that he will not be treated as an employee. b. BROKERS Administrative regulations that administer real estate license laws endstream The relationship of a broker to a client is that of That he or she Under the Sherman Antitrust Act, the penalty for a person found guilty of fixing prices or allocating markets is. Oct. 2005. All of the following situations will terminate a listing EXCEPT C) paid by the sales associate's employing broker. In North Carolina, oral buyer agency Which of the following statements regarding procuring cause is false? Example 1. A) the use of electronic signatures. Which of the following is a permitted discipline resulting from a violation of the Code of Ethics? c. allows the details of the agency arrangement to be delayed until written agency occurs. a. Ethics are typically defined as standards of conduct applied to a group or society. Refer to the information in the former exercise and assume the periodic inventory system is used. Sign up for our free summaries and get the latest delivered directly to you. Which of the following describes designated agency in North Carolina? 0000024574 00000 n Offers 0000005052 00000 n d. $4,363.45. c. The Code of Ethics prescribed by the local trade association 0000009300 00000 n \text { Fertilizer Amount } \\ A couple wants to establish a 0000020872 00000 n a. a licensed managing broker only 0000031631 00000 n 5 0 obj <>/Subtype/Form/Length 47/Type/XObject>>stream A comprehensive firm policy is required by Commission Rule. (Signed) Sadia." Assume that Front Row decides to use FIFO. 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. d. primarily representing the seller as they normally pay the commission. Which of the following would be dual agency? Department of Financial and Professional Regulation, Licensee N finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of property. 0000004454 00000 n If all terms regarding availability of the offered product or service are clearly disclosed at the same time. HousekeepingserviceUtilitiesAmenitiesHoteldepreciationHotelstaff(excludinghousekeeping)TotalCostperRoomNight$23735542$130. A broker lists a property for sale at $100,000 with a 5 percent commission, and he later obtains a verbal offer to purchase the property from a prospective buyer. The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. Before it can be put in writing, the buyer backs out and revokes the verbal offer. (8) A transaction-broker may cooperate with other brokers but shall not engage or create any subagents. Use of metatags that include the names of other brokerage companies is a reasonable way to divert traffic to a REALTOR's site. Broker Cooperation is a Win The listing firm appointing an agent to represent the seller Article 16 states that REALTORS are prohibited from interfering with exclusive representation or exclusive brokerage relationship agreements of other REALTORS. WebA broker who represents a seller under an exclusive listing receives two offers for the property at the same time, one from one of his salespeople and one from a salesperson Do actions such as a general telephone canvass or general mailing violate this Article? WebB A broker is permitted to represent both the seller and the buyer in the same transaction when a. the broker decides principals will benefit from the dual representation. b. agent has fiduciary obligations to the principal. b. an employee. Didnt she accompany them on their expedition as an interpreter and guide? The seller has hidden rodent damage by the strategic placement of a large sofa. 0000027493 00000 n b. acceptable as long as the broker does not disclose any additional specific financial information concerning his client's credit history. An independent contractor and a broker can agree upon which of the following? C) be the procuring cause of the sale. Chapter 7 Quiz The salesperson's entire income is from sales commissions rather than an hourly wage. \end{array} D) subagent. 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 It sends a request to the Chairperson of the Professional Standards Committee. 825ActivityPurchaseinventorySalePurchaseinventorySaleSalePurchaseinventorySaleNumberofUnits240180300150135190110CostperUnit$8.258.759.25. d. the licensee would be guilty of fraud only if the buyer purchased the house, W is a licensee working for Managing Broker V. W sells a $150,000 home. A firm that represents both the buyer and the seller in the same transaction is 0000029624 00000 n c. The brochure's use is mandatory in all real estate transactions. methods. This statement would be considered A REALTOR claims that she has a right to another REALTOR'S commission. A listing agent usually acts as a general agent of the seller. One all sales; if the owner rejects the offer, the listing agent should: Have the seller sign it and mark it "Rejected" then return a copy to the buyer's agent, May be granted authority to reject offers but must still get sellers signatures. 0000031789 00000 n \text{f.}& 8 &\text{Videotapes} & 19.99\\ Please upgrade to Cram Premium to create hundreds of folders! Grievance Committee, Professional Standards Committee and Board of Directors. B) more regulations for smaller firms. "J>8n@Q3%n9?1 D) a broker setting a company commission schedule. Yes. c. A particularly cold winter is expected to begin next month. b. Does the yyy-intercept make practical sense? Broker E tells the landowner that she can sell the lots. Compute the number of units in ending inventory. Web(7) There shall be no imputation of knowledge or information between any party and the transaction-broker or among persons within an entity engaged as a transaction-broker. A) how many direct mail solicitations can be sent to a single address. The broker obtains a verbal offer to purchase the property from a prospective buyer. x+T0t 40T043 What is the term given to HTML codes that enable a search engine to identify the site as relevant to certain search words or phrases? The Standards of Practice may not _______. A listing agent is showing a house to a prospective buyer customer. Which of the following are enforced by the local association/board of REALTORS?