GRI Brokerage

Ethics complaints must be filed within:

180 DAYS OF THE DISCOVERY OF THE FACTS OF THE CASE.

Before filing a lawsuit under TDTPA, a consumer must give how many days of written notice to the defendant?

60

The Texas statute concerning commericial e-mails requires you to place what at the beginning of the SUBJECT line?

ADV (unless there is an established business relationship)

Sound agency policies/best practices are:

ALWAYS ENTER INTO A WRITTEN REPRESENTATION AGREEMENT, ASK THE BUYER TO SIGN THE AGREEMENT UP FRONT, SHARE THE BENEFITS OF BUYERS REP, ALL OF THE ABOVE.

The Code of Ethics is reviewed how frequently?

ANNUALLY

What are duties of the principal?

AVAILABILITY, INFORMATION, COMPENSATION, ALL OF THE ABOVE.

When is IBS disclosure is required?

Before a substantive discussion (relating to a specific property).

Regarding Antitrust: T/F

Brokers cannot agree to segment customers by geography. TRUE

TREC investigates all except:

Brokers, Salespersons, Inspectors, Timeshares, APARTMENT OWNERS

What would not be included in a file audit checklist?

CMAs performed for seller, CMAs performed for buyer, buyer's estimate of closing costs, seller's est of closing costs, SSN.

Preparing for the listing appointment includes all except:

Develop a marketing strategy that you can convey to the seller, anticipate the seller's needs and concerns, Have literature about yourself and your services that you can leave with the seller, prepare a CMA and net sheet, Staging, STRENGTHEN THE BUYER'S NEGOTIATING POSITION.

How can you limit your liability?

Document, Know office policies and procedures, Continue your education, Use proper forms. ALL OF THESE

When shopping for E&O coverage, consider which of the following?

Does deductible apply to first dollar defense costs, exclusions or acts not covered, prior acts coverage, ALL OF THE ABOVE

The TDTPA is intended to protect consumers against:

False and misleading practices, Unconscionable actions, Breaches of warranty, ALL OF THE ABOVE

Under TDTPA, agents are prohibited from misrepresenting that:

Goods and services have characteristics, uses or benefits that they don't have, Something is new when it is not, Not disclosing material facts, ALL OF THE ABOVE

What should a privacy policy address?

How is personal information collected?, How and when is the personal information used?, How is the personal information collected?, ALL OF THE ABOVE

What is special agency?

IT HAS A LIMITED SET OF CLEARLY PRESCRIBED ACTIVITIES IN ONE SPECIFIC TRANSACTION OR BUSINESS ACTIVITY. (LISTING AGREEMENT APPOINTS US AS SPECIAL AGENTS.)

TDTPA and citing the source of data:

If the defendant had reason to know the info was inaccurate, then they had a duty to disclose what they knew or suspected to be inaccurate.

When must a Broker carry E&O coverage?

If they own less than 10%.

What are goals of the IBS form?

Inform consumers in a timely, meaningful, and written way that they have the right to be represented in a real estate transaction.

Which of the following is not true regarding implementation of the Code of Ethics?

Keep a current copy of the COE in your office, Read the updated COE annually when it becomes available, Refer to the COE periodically or for guidance about the best way to proceed, Share it with others as appropriate, THERE WILL BE AN OBVIOUS WRONG CHOICE

Which disciplinary action cannot result from a hearing?

Letter of warning Additional Education Fine not to exceed $5000 REVOCATION OF LICENSE

The TAR 2301 Independent Contractor Agreement addresses bonuses and states that all fees, bonuses, and other compensation must be paid to Broker for distribution IAW the agreement. Can a builder directly pay an associate?

NO

If you leave the brokerage before closing a transaction are you entitled to a commission?

NO (all contracts are in the name of the Broker)

What is imputed notice?

NOTIFYING THE PRINCIPAL'S AGENT IS THE SAME AS NOTIFYING THE PRINCIPAL

What would not be an agent duty in a fiduciary relationship?

Obedience, Loyalty, Confidentiality, Disclosure, Accounting, Reasonable care, BEING OBNOXIOUS WITH OTHER PARTIES TO TRANSACTION

Which of the following is not an agent responsibility to the Broker?

Owes any fees that broker sets to the broker, includes broker's name and company name on all personal or property specific marketing materials, requests permission to negotiate the commission, maintains complete files for each transaction, DO WHATEVER IT TAKES TO CLOSE THE TRANSACTION.

The structure of the Code of Ethics includes:

Preamble, Articles 1-9, is based on the Golden Rule, ALL OF THE ABOVE

Which is not a part of a hearing's due process?

Receive a copy of the complaint, Be allowed to present evidence, witness, and testimony, Have the right to an impartial hearing panel, SOME OBVIOUS WRONG CHOICE

A sound policy for brokers is

Review all documents, have a "go to" person for questions, have agents go to the Broker with difficult situations, ALL OF THE ABOVE

Over the years, the Code of Ethics has grown and changed, but it has maintained the basic premise on which it was written:

SERVICE TO THE PUBLIC.

A family member doesn't want to sign, what should you do?

TREAT THEM LIKE EVERYONE ELSE.

File auditing is a great risk reduction tool (use a checklist).

TRUE

If you plan to limit any duties in any way those limits must be stated in writing.

TRUE

Policies are rules that you must abide by to retain your working relationship with your broker.

TRUE

T/F: When a complaint is filed, TAR notifies the REALTOR's broker along with the respondent

TRUE

TRUE OR FALSE? Ombudsman services are offered at the point of inquiry when a party first calls in with a complaint before the parties go to mediation or hearing.

TRUE

The TAR 2301 Independent Contractor Agreement states that all advertising related to the Broker's business, including brokerage services performed by Associate, may be placed only by the Broker or only with the Broker's knowledge and consent.

TRUE

The TAR 2301 Independent Contractor Agreement states that all listings and representation agreements in which the Broker is named as a party are owned exclusively by the Broker.

TRUE

The TAR Statement of Understanding (concerning the Independent Contractor Agreement) should be executed annually.

TRUE

The listing agreement confidentiality clause survives the agreement.

TRUE

There are no standard wordings for E&O coverage. The same policy will not work for everyone.

TRUE

Regarding anonymous complaints:

The grievance tribunal will process an anonymous complaint provided there is sufficient documentation of the violation. If the violation involves an Article listed in the citation schedule, it may be cited. If not in the citation schedule, the complaint will be dismissed. The same procedures for hearings follow for anonymous complaints, except if the respondent denies the citation, and there is enough evidence for a hearing, the tribunal takes the place of the complainant at the hearing for anonymity. ALL OF THE ABOVE

When choosing a brokerage you should consider:

Training or meetings, lead generation, fees or expenses, marketing items provided, ALL OF THE ABOVE

When is disclosure required?

Unrepresented buyer, when appt with listing agent you must disclose you are the buyer's agent, calling listing agent with questions on the buyer's behalf, ALL OF THE ABOVE.

What are some exceptions to the Do Not Call procedures?

You or your broker has an existing business relationship with the consumer (within the last 18 months), the consumer has made a business inquiry with you or your broker within the past 3 months.

Ethics complaints can be filed by:

a client, the public, a Realtor or ALL OF THE ABOVE

For risk reduction:

double check MLS entries, get mortgage payoff info, explain intermediary at listing appointments, ALL OF THE ABOVE

Regarding record-keeping, you should maintain:

logs of your conversations, all properties shown and notes, client meeting notes, CMAs, est of closing costs, copies of all written contracts/addenda for clients, ALL OF THE ABOVE

What does TRELA do?

protects the public, sets qualifications for brokers and salespeople, protects licensee from unfair competition, ALL OF THE ABOVE

Which would not be a benefit of a written agreement?

specifies your compensation, contains a consent clause for competing clients, limits liability, BINDS THEM FOREVER.