FIDUCIARY DUTIES
If you enter into a single agent relationship, you have a legal obligation to fulfill all the fiduciary duties to your principal. To help you to not forget those duties, you can use the memory aid "OLD CAR" to remember each of the fiduciary duties of a single agent:
O - Obedience L - Loyalty D - Disclosure C - Confidentiality A - Accounting R - Reasonable Care and Diligence
3. What does the Code of Ethics and Standards of Practice of the National Association of Realtors cover?
a. Duties to clients and customers b. Duties to the public c. Duties to other realtors d. All of the above.
1. What are three common forms of real estate dishonesty?
a. Misrepresentation, Omission, and Exaggeration b. Exaggeration, Lying, Theft c. Misrepresentation, Deception, and Extortion d. Omission, Lying, Money Laundering, and Denial
10. What is the memory aid that lists the fiduciary duties required of a single agent?
a. OLD WIFE b. OLD CAR c. NEW CAR d. CAR PARTS
2. Who is responsible for establishing and enforcing the Code of Ethics?
a. The individual licensed agent b. Your broker c. State Government d. National Association of Realtors®
4. True or False. You can accept a commission, rebate, transaction bonus without your client's consent.
a. True b. False
5. True or False. You can accept a commission, rebate, transaction bonus from more than one party without notifying the other parties to the transaction.
a. True b. False
8. True or False. After a closing, the agent is no longer under the fiduciary duty of confidentiality to their principal
a. True b. False
9. True or False. Before a seller enters into a listing contract, you must also advise her of the potential and the circumstances that would cause you to act as a dual agent or a transaction broker.
a. True b. False
True or False. As long as you have the seller's approval, you can disclose the existence of offers on the property.
a. True b. False
True or False. As long as you have the seller's approval, you can disclose the existence of offers on the property.
a. True - As long as you have the seller's approval, you can disclose the existence of offers on the property and that the offers were obtained by the listing licensee, another licensee in the listing firm, or by a cooperating broker. (NAR Standard of Practice 1-15)
7. You must disclose that you are a licensed real estate agent when _______ makes an offer on a property.
a. you b. a member of your immediate family c. an entity in which you or your immediate family has an ownership interest in d. All of the above.