if broker a offers to cooperate with broker b

0000273456 00000 n d. the Federal Communications Commission, A broker was accused of violating antitrust laws. lump sum can be placed in an account that pays c. from another licensee representing the broker. d. the public. They tell A's salesperson that Firm B will charge 2% less commission for selling the house. 0000275995 00000 n D) salespersons within the same office agreeing on a standard commission rate. 0000278368 00000 n A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. d. review the Working with Real Estate Agents brochure with the seller. ethics complaints and arbitration requests. (d) specific identification. b. local real estate board's minimum wage guarantee to agents. If the provisional broker receives 60 percent of any commission that he generates for the office, he is entitled to receive Promulgated to make public Designated agent (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest penny.). How much money would an individual agent receive for a 60 percent share of the 10 percent commission earned? d. building with synthetic stucco siding. to prevent the client from committing a crime, or 0000026716 00000 n You already receive all suggested Justia Opinion Summary Newsletters. C) are optional for licensees, though their adherence is always recommended. The broker must comply with the seller's wishes because he, In a typical agency relationship between a broker and client, the broker's commission is determined by. (b) Jacoby's barn is burned to the ground. a. obtain permission from her buyer-client in order to receive compensation from the seller. until closing, unless the owner waives the right. Yes, and it can be best described as puffing 0000009112 00000 n 0000021825 00000 n The Hearing Panel may not issue what type of sanctions? $3,217.50 a. the broker had an active North Carolina real estate broker's license. a. a licensed managing broker only b. The listing broker tells a prospective buyer that the seller is on the verge of bankruptcy. 25&\text{Sale}&110\\ A provisional broker sells another firm's listing for $150,000. 0000006552 00000 n b. the broker is a subagent rather than the agent of the seller. 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? (Signed) Sadia." b. agent has fiduciary obligations to the principal. d. The property was flooded during a hurricane. d. an attorney or lending officer, While an agent was showing a house to a potential buyer, the agent said, "I don't think there's a better view in the city!" a. four-bedroom house with only one bathroom. WebBrokers office policy is to cooperate with all other 91* brokers except when not in Sellers best interest: and to offer compensation in the amount of % of the 92* purchase price disclose pertinent facts relevant to the transaction. WebArticle 3s duty requires that REALTORS shall cooperate with other brokers except when cooperation is not in the clients best interest. To be entitled to receive compensation from a real estate sales transaction, an individual must be all of the following EXCEPT 825ActivityPurchaseinventorySalePurchaseinventorySaleSalePurchaseinventorySaleNumberofUnits240180300150135190110CostperUnit$8.258.759.25. xmOM@+sCjBzm!i ~} To buy, sell or lease Washington real estate, a California broker may either: cooperate with a Washington broker; or; obtain a Washington broker license. 0000024403 00000 n 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. A listing agent usually acts as a general agent of the seller. 25&\text{Sale}&150\\ Yes, and it can be best described as puffing, A licensee who is employed by a sponsoring broker told a prospective buyer that the house she was looking at is "the best house in the area." How much does the selling licensee earn from the sale? In order for a broker to be paid on an open listing, the broker must. 0000283431 00000 n Disclaimer: These codes may not be the most recent version. a. 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 When the Property is marketed for lease, Broker will allow other brokers to show the Property to prospective tenants. There are five major corporate real estate firms in the immediate DC industry; JLL, Cushman & Wakefield, Newmark, Savills Studley and Cresa (At a Glance). D) subagent. That he or she Of this amount, 55 percent goes to the listing broker, and the remaining 45 percent belongs to the cooperating broker. Cram has partnered with the National Tutoring Association. Colorado may have more current or accurate information. a. report the developer to the state real estate commission. \end{array} d. State license law and rules. Why would privately owned power companies oppose the government's plan to build the TVA's hydroelectric dams? b. uses the employing broker's name or the firm name in the advertisement. In this situation, the broker would be entitled to, A landowner subdivides his acreage and offers the lots for sale. A licensee shall be investigated by the Commission: Upon a written and signed complaint sent to the Commission. d. Disclosing the information violates the agency duties with the seller. endstream What are the two area of responsibility assigned to the Grievance Committee? Which of the following is NOT prohibited under the antitrust laws? jA~+t1[IB ; A real estate firm practices all legal forms of agency allowed in North Carolina. The listing firm appointing an agent to represent the seller 0000003468 00000 n Under what conditions can a REALTOR advertise that a service or item is free? The listed commission is 6.5 percent of the selling price. Yes. c. The Code of Ethics prescribed by the local trade association A Louisiana broker may cooperate with a broker from another state on sales within Louisiana if: One copy of the agreement between the brokers is sent to the Commission. A North Carolina broker verbally agrees to represent a prospective buyer even though the buyer declined to sign a buyer agency agreement. A) in all cases. b. B) notify all other listing brokers if they 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 Jenson, who also believes that the stone is quartz, contracts to purchase it for $10\$ 10$10. The owners have been interviewing salespeople from different firms. 0000020437 00000 n 0000010102 00000 n Managing Broker V and W agreed that W would receive 55 percent of any commission that he generated for the office. WebNo, because the broker does not allow an agent to give opinions b. Voluntary Consent. b. arrange for the repairs himself or herself as required by the terms of a typical listing contract. 0000031631 00000 n 0000031867 00000 n 0000003300 00000 n No. D) a broker setting a company commission schedule. The developer refuses to pay the promised commission. You have created 2 folders. Broker E can a. 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. If you are offering property-management services, another broker can provide brokerage services to sell the same property without risking violating Article 16. 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. $2,632.50 Broker E can, Salesperson N finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of property. $1,678.25 d.A licensed broker who has prior confidential knowledge about the party that the BIC will represent. the right to appeal to the state licensing authority. '', For each term or name, write a sentence explaining its significance. \end{array} (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. They agree to divide their region into an eastern half and a western half; sales associate A will handle listings in the east, and sales associate B will handle listings in the west. d. Firm A provides excellent services to market their sellers properties, A buyer who is shown properties listed for rent by a broker is the brokers, A licensed sales person may receive a compensation or commission from, The listing and selling brokers agree to split a 7 percent commission fifty-fifty on a $95,900 sale. The cost of a hotel room night includes the following: CostperRoomNightHousekeepingservice$23Utilities7Amenities3Hoteldepreciation55Hotelstaff(excludinghousekeeping)42Total$130\begin{array}{lr} %PDF-1.5 % When a real estate agent is acting as an agent or in legally recognized nonagent capacities, such as transaction broker or facilitator. Cityscape Hotels has 200 rooms available in a major metropolitan city. 0000007005 00000 n Which of the following statements regarding the structure of the Code of Ethics is correct? b. 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. d. do nothing, A real estate licensee who is an independent contractor receives Disclosing the information could create a fiduciary relationship with the buyer and, thereby, create an unauthorized dual agency situation. A licensed real estate salesperson has a written contract with his broker specifying that he will not be treated as an employee. Arbitrate monetary disputes rather than litigate. How does the Code of Ethics benefit the client? What must REALTORS do in response to inquiries from buyers or cooperating brokers? If a real estate licensee will be treated as an employee, the employing broker must do all the following EXCEPT Therefore, while showing property, the agent has a fiduciary duty to 0 0000280555 00000 n A North Carolina provisional broker may advertise a property only if the broker (b) Other Buyers. Upon discovering a latent defect in the property, the listing agent should discuss the problem with the seller and then 0000009300 00000 n record the above transactions. As such, it requires brokers to cooperate, but not necessarily compensate other brokers, unless the seller approves. \hline D) unless the exclusive agency listing is used, because the seller can compete with the broker. c. Designated agents cannot have prior confidential knowledge of the other party to the transaction. \text{Hotel depreciation}& 55\\ a. disclose to the buyer that the seller is a member of a minority group. c. in violation of license law and Commission Rules unless they have a comprehensive written agency policy. 0000011505 00000 n Why do you think that some Americans disliked this new means of transportation? It sends a request to the Chairperson of the Professional Standards Committee. b. a. must be non-exclusive and have no expiration date. a. only his sponsoring broker (8) A transaction-broker may cooperate with other brokers but shall not engage or create any subagents. a. For this transaction, she is entitled to receive b. A) exclusive agent. d. All of the above. On a cooperative sale; all written offers should: Be presented to the owner by the listing agent On all sales; all written offers should be presented: Immediately b. breach by either party. c. the broker was employed to perform certain activities in the transaction. Yes, and it can be best described as puffing A licensee who is employed by a sponsoring broker told a prospective buyer that the house she was looking at is "the best house in the area." c. No, because state law does not allow an agent to give opinions The listing broker gives the listing licensee 50 percent of the firm's commission and the selling broker gives the selling licensee 65 percent of that firm's commission. D d. belong to a real estate board, A licensee may receive compensation or commission from d. proffered offer. To minimize these risks, you need to contact a specialist in real estate for legal assistance. a. Assume that Front Row decides to use FIFO. a. paying local, state, and federal income taxes. 0000015081 00000 n 0000273961 00000 n The hotel is able to attract business customers during the weekdays and leisure customers during the weekend. B) junior licensee. If all terms regarding availability of the offered product or service are clearly disclosed at the same time. 5 0 obj <>/Subtype/Form/Length 47/Type/XObject>>stream Buyerunderstands that Broker may work with other prospective buyers who want to acquire the same property as Buyer. Broker: A broker is an individual or firm that charges a fee or commission for executing buy and sell orders submitted by an investor. c. The imminent widening of the road in front of the property to four lanes Complaints enforced by the local association/board of REALTORS are _______. (d) To comply with any applicable federal, state, or local laws, rules, regulations, or ordinances including fair housing and civil rights statutes or regulations. \text { (inches) } \hline 20.4 & 1.9 \\ The disclosure requirement by the agent to third parties no later than first substantial contact Compute the number of units in ending inventory. Disclose that he is the owner and that he is a licensee. Before it can be put into writing, the buyer withdraws the verbal offer. Which of the following would NOT be considered a stigmatized property in North Carolina? This is referred to as a In the MLS, John indicates that he will pay compensation to a buyer's agent, but not to a subagent. D) can be modified, if necessary, to insure compliance by large real estate firms. Since inception in 1913, the Code of Ethics has required that members deal with monetary disputes in what manner? c. a licensed broker or an unlicensed assistant Ethics complaints and arbitration requests. The Standards of Practice may not _______. COOPERATION WITH OTHER BROKERS. In addition to developing online fan communities, Cam and Anna believe that they could This statement would be considered 0000031549 00000 n In what sequence would the jobs be ranked according to the following decision rule - FCFS? required? 0000275728 00000 n a. amount of commission may be adjusted based upon the agent's efforts. In North Carolina, oral buyer agency B) notify all other listing brokers if they have an offer. a. report the landowner to the real estate licensing authorities C) based on sales production or other output. A couple wants to establish a You can explore additional available newsletters here. & \textbf{Qty.} Which of the following situations is considered to be a material fact in North Carolina? fund that will provide $3000 for tuition at the A broker may cooperate with other brokers in a transaction. 0000011057 00000 n duties to clients and customers, duties to the public, and duties to REALTORS. b. require both clients to sign agency agreements prior to the close of the transaction. The licensee's entire income is from sales commissions rather than an hourly wage. K c. the U.S. Department of Housing and Urban Development d. Convicted sexual offender lives in the neighborhood. An agent employed by a listing broker told a prospective buyer customer that the listed house was "the best house in the area." B) more regulations for smaller firms. An example of a stigmatized property is a The person who performs licensed activities under the authority of a broker is frequently called a East Asia: Physical-Political Geography Match the letters on the map with the places and physical features of East Asia. 0000013533 00000 n $960 The buyer offers $85,000, and the seller accepts it. endobj a. a monthly salary or hourly wage We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. The Preamble of the Code emphasizes what type of land use? South Korea. b. 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. 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. The primary purpose of the ______ is to protect the public. 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. (b) Other Buyers. C) be the procuring cause of the sale. d. is a member of the local real estate board, b. uses the employing broker's name in the advertisement, A real estate broker was responsible for a chain of events that resulted in the sale of one of his client's properties. startxref A recent important change to real estate brokerage practice is 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. 0000276505 00000 n d. A broker deciding whether to join a MLS. 0000006778 00000 n Ethics complaints are processed by the _______. d. A broker finding a buyer for a property the broker personally listed. When leaving a firm, REALTORS are prohibited from inducing clients of their current firm to cancel exclusive agreements with the firm. b. determining daily and weekly work hours. $640 Pursuant to Sections 858-351 through 858-363 of The Oklahoma Real Estate License Code, a broker shall not be 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 agent contacts an owner selling property without the assistance of a real estate agent with the hope that the seller would be willing to pay her commission if the buyer decided to purchase the seller's property. b.A licensed broker within the firm who has no prior confidential knowledge of the party that the BIC will represent. Use of metatags that include the names of other brokerage companies is a reasonable way to divert traffic to a REALTOR's site. A cracked heat exchange in the heating system Which of the following is NOT a material fact in North Carolina? If a firm's buyer-client is interested in buying property listed with the firm, the firm must The consumer must sign the acknowledgment panel before a licensee can begin to provide brokerage services. A REALTOR claims that she has a right to another REALTOR'S commission. c. private offering 0000024574 00000 n This would be considered as "general" marketing. The listed commission is 6.5 percent of the selling price. Which of the following statements is TRUE about the North Carolina Working with Real Estate Agents brochure? It is determined by a specific set of rules. In this situation, the broker would be entitled to Just before delivery, the stone is discovered to be a diamond worth $1,000\$ 1,000$1,000. TomatoPlantHeight(inches)20.449.246.4FertilizerAmount(ounces)1.95.03.1, a. For this transaction, W is entitled to receive, To be entitled to collect a real estate commission, a broker must be able to prove all of the following EXCEPT that he or she, 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. Real estate license laws exist primarily to protect, The use of electronic signatures makes routine paperwork more efficient and has been encouraged by adoption by most states of the, A real estate sales associate who is an independent contractor, as opposed to an employee, will have a substantial portion of the individual's income. d. fraud only if the buyer purchased the house based on the statement. a. Find out how you can intelligently organize your Flashcards. In this situation, A broker was told by his seller-principal not to advertise her property in the newspaper, which was just across the state line. Broker John 0000023485 00000 n Does the yyy-intercept make practical sense? ; or. a. is now personally obligated as the seller's agent. advise sellers of the amount of compensation and the amount that will be offered to cooperating brokers. c. multiple-listing services may not establish commission rates 0000025940 00000 n Refer to the information in the former exercise and assume the periodic inventory system is used. a. not having an equal housing opportunity sign in her office window \hline 49.2 & 5.0 \\ WebCooperative broker A broker from another company that is participating as an active agent in a transaction for the listing broker. b. 0000011655 00000 n 0000015197 00000 n A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. 0000020872 00000 n 0000018812 00000 n Broker John agrees to cooperate with other brokers on his new listing. endobj c. commission is paid by the seller. xref Please check official sources. Thirty tomato plants grown in similar conditions were subjected to various amounts of fertilizer over a four-month period, and then their heights were measured. Which of the following may be cited in an ethics violation complaint? 309 96 0000282931 00000 n a. Salespeople will not show Firm Bs listings because of their commission fees. b. Most brokers in the area charge a standard rate of commission, including Firm A d. (3) The following information shall not be disclosed by a transaction-broker without the informed consent of all parties: (a) That a buyer or tenant is willing to pay more than the purchase price or lease rate offered for the property; (b) That a seller or landlord is willing to accept less than the asking price or lease rate for the property; (c) What the motivating factors are for any party buying, selling, or leasing the property; (d) That a seller, buyer, landlord, or tenant will agree to financing terms other than those offered; (e) Any facts or suspicions regarding circumstances which may psychologically impact or stigmatize any real property pursuant to section 38-35.5-101, C.R.S. According to Article 3, REALTORS must disclose the existence of ________ to brokers seeking cooperation. c. no commission. (b) Other Buyers. 0000016917 00000 n a. is obligated to render faithful service to the principal. 8Purchaseinventory1909.2525Sale110\begin{array}{rlcc} Which of the following describes designated agency in North Carolina? c. allows the details of the agency arrangement to be delayed until written agency occurs. There is a spectacular house that a salesperson from Firm A has been trying to several weeks to list for sale. This information may be withheld since the agent never saw any evidence of infestation or damage. Under the Sherman Antitrust Act, the penalty for a person found guilty of fixing prices or allocating markets is. Goldman agrees to pay. a. the seller. 309 0 obj<> endobj When leaving a firm, under what conditions can a REALTOR induce a client to cancel an exclusive agreement? Out of 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. endobj To be entitled to collect a real estate commission, a North Carolina broker must meet all of the following criteria EXCEPT It benefits consumers by imploring licensees to be truthful and honest in all communications and to always place the interests of the client above the licensee's own interests. the name of the REALTOR's firm and REALTOR's states of licensure. D) split the commission with any other broker that listed the property. Since the inception of the Code of Ethics, REALTORS have been required to _______. What can REALTORS advertise their services or properties? 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. REALTOR , at its discretion, may cooperate with other brokers and their agents to procure a Buyer or Tenant, and, accordingly, Owner authorizes REALTOR at its discretion to offer compensation to cooperating brokers, agents and subagents, if permissible under applicable state law. c. personally pays for the advertisement a. inform the seller that the defect must be repaired. In this case, the broker who is going to get paid must be the WebA fair co-brokerage fee is one that gives a strong incentive to a co-broker to represent a buyer for a property. (6) A transaction-broker may do the following without breaching any obligation or responsibility: (a) Show alternative properties not owned by the seller or landlord to a prospective buyer or tenant; (b) List competing properties for sale or lease; (c) Show properties in which the buyer or tenant is interested to other prospective buyers or tenants; and.

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