RE test
What is the MOST likely recommended order?
$250 to $1,000 administrative fine and 30-day suspension to revocation
If a landlord does not intend to impose a claim on the tenant's security deposit, the landlord must return the deposit within
15 days.
If a landlord claims part of the tenant's deposit, the landlord must give written notice by certified mail to the tenant's last known mailing address within ....days after the tenant vacates the premises.
30
With respect to the shortage in the broker's escrow account, what is the MOST likely wording of the charges in the administrative complaint against the broker?
A) Failure to deposit any money in an escrow account immediately upon receipt until disbursement is properly authorized
Civil Rights Act of 1968
Blockbusting Title VIII Familial status
refers to rules that come from an external source.
Ethics
A lender has up to five business days after loan application to give the borrower a Loan Estimate.
False
A real estate broker may not legally prepare a real estate appraisal, even if the broker complies with USPAP.
False
Buyers of a resale condominium have 15 days to rescind a purchase contract.
False
When all parties to an escrow dispute select mediation as a settlement procedure, the decision of the mediator is binding on all parties.
False
Brokerages that don't use social media will generally have a marketing advantage with younger buyers.
False Most buyers will think that brokers who do not use social media in their advertising mix are outdated.
Phishing is a common way that an email address or website is disguised to deliberately mislead and appear to be from a credible source?
False Spoofing is a common way that information, such as an email, sender name, phone number, or a website address, is disguised to deliberately mislead and appear to be from a credible or trusted source like a title company, real estate agent or broker, or a mortgage lender.
A successful associate tends to think about the next sale rather than the long-term impact of a transaction on his business.
False Successful associates tend to focus on the long-term rather than the short term and how what happens today affects their overall success.
Business Email Compromise complaints have not increased since 2018.
False The Business Email Compromise (BEC) and the Email Account Compromise (EAC) complaints increased from 20,373 victims and over $1.2 billion in losses in 2018 to 23,775 victims and over $1.7 billion in losses in 2019.
A broker wants to be sure that a certain brand of coffee is always purchased by the receptionist for the office. This belongs in the broker's marketing plan. True
False The marketing plan should address product, price, place, and promotion of the business—not "daily work" items like ordering supplies.
If a consumer who made a purchase from a company is on the National Do Not Call Registry, the company may not call that consumer 12 months after the purchase.
False Unless waived by signature, a company may call a consumer, even if that consumer is on the registry, for no more than 18 months after that consumer's last purchase, delivery, or payment.
The FREC's rules about team advertising allow a team to advertise without mentioning the team's registered broker.
False Whether an associate is operating alone or as a team, a broker must always be involved, and the brokerage name must be included in all advertisements.
Civil Rights Act of 1866
Jones v. Mayer Racial Discrimination
.........refers to an individual's own principles regarding right and wrong
Morals
What is the MOST likely charge against the respondent?
Obtaining a license by fraud, misrepresentation, or concealment
....... is more responsive to circumstances and cultural traditions
Situation ethics
The Facts: A REALTOR®'s client wanted to list a vacant lot and believed it was worth about $100,000 based on some other sales in the area. The REALTOR® said that the lot wasn't exactly similar to the other sales and should be listed at $82,000. The client agreed to list the property at $82,000. About two weeks later, an offer came in at the listed price and the REALTOR® strongly urged the seller to accept based on market conditions. The seller accepted the offer. A month later, the seller learned that the original buyer of his lot had sold it for $105,000 several days after buying it. Additionally, the seller learned that the original buyer was the REALTOR®'s brother. The seller filed an ethics complaint against the REALTOR®. Which most closely fits this case?
The answer is Article 4—Disclose personal interests when buying or selling. Article 4 says that REALTORS® shall not buy for their own account of for members of their immediate families, their firms, or any entities in which they have any ownership interest, any real property without disclosure.
The Facts: REALTOR® Fred had a listing priced at $450,000. REALTOR® Mary called and told him she had a buyer coming to town in a week and needed more information. When she asked whether Fred would pay a portion of the listing commission, Fred said, "Yes, I have a 7% commission agreement from the seller and I'll split it 50-50 with you. The seller really needs to sell, so see what you can do." Two weeks later, Mary wrote an offer for the property at the asking price and delivered it to Fred. Fred said they could present it together that evening. Then he told Mary, "By the way, I meant to call you about the commission amount. The seller is having some financial difficulties, and I agreed to reduce my commission to 6%. We'll still do the 50-50 split if that's okay." Mary said that was not okay, but she agreed to present the contract that evening. The contract was accepted that evening. The next day, Mary filed an ethics complaint against Fred. What Standard of Practice under Article 3 applies to this case?
The answer is Standard of Practice 3-2 (changes in compensation offers). A broker may not change the compensation after a cooperating REALTOR® has submitted an offer.
Facts: On March 27, 2018, four nonprofit organizations—the National Fair Housing Alliance (NFHA), New York City-based Fair Housing Justice Center (FHJC); Housing Opportunities Project for Excellence, Inc. (HOPE) in Miami, Florida; and the Fair Housing Council of Greater San Antonio (FHCGSA)—were plaintiffs in a lawsuit against Facebook, Inc., filed in federal court in New York City, "alleging that Facebook's advertising platform enables landlords and real estate brokers to exclude families with children, women, and other protected classes of people from receiving housing ads." Those who have developed Facebook ads for their products and services know that Facebook allows advertisers to exclude and include various characteristics in order to target their advertisements to those who are most likely to want the goods or services offered by the advertiser. In this case, the plaintiffs claimed that real estate brokers and landlords could use this functionality to create ads that could exclude gender or family status, in addition to other Facebook users. This would result in advertising in violation of the Fair Housing Act.12 A broker who develops an ad for one of the brokerage's listings that will be used on Facebook would be in violation of the Fair Housing Act if the ad excluded certain classes of people who would see the ad. Which groups may the broker legally exclude?
The answer is attorneys. The other groups are covered under the protected classes of religion, familial status, and disability.
With respect to the broker's failure to pay the judgment debt representing the sales associate's commission, what is the MOST likely wording of the charges in the administrative complaint against the broker?
The answer is failure to account or deliver to any person, as required by agreement or law, escrowed property. The broker was required to pay the sales associate by agreement and failed to do so.
REALTOR® Henry, having been charged with a violation of Article 1 of the Code of Ethics, was requested by the grievance committee to provide a specific document. Henry denied the charge and said he wouldn't give the committee the document until the time of the professional standards hearing. This is permissible under Article 14.
The answer is false. Article 14 requires REALTORS® to place all pertinent facts before the proper tribunals of the Member Board and take no action to obstruct such processes. Henry has agreed to abide by the Code of Ethics and must provide the document.
A real estate licensee, while working to find a home for her client, sees an MLS listing that offers a $10,000 bonus to the selling brokerage firm. After the buyer sees the home, the licensee convinces the buyer that the home is just right for her and is likely to be the best home available on the market. The licensee does not tell the buyer about the bonus. There are several other homes that match the buyer's tastes, but the licensee does not show them. The listing agent mentions the bonus at the closing, which is a surprise to the buyer. The licensee's actions are aligned with Article 7.
The answer is false. Article 7 prohibits REALTORS® from accepting compensation from more than one party, even if permitted by law, without disclosure and the informed consent of the REALTOR®'s client.
William, a Miami broker, lists a house for $375,000. The seller, Robert, mentions that he might be flexible in that price, but he would prefer selling at full price. William tells a buyer that it's very likely that the seller might take a lower offer because the seller said he was flexible. William is protecting and promoting his client's interests as presented in Article 1.
The answer is false. Because the statement would encourage a lower offer from the buyer, William is not acting in the best interests of his client.
A buyer states that the listing agent failed to disclose that the house was connected to a septic tank rather than the city sewer. All of the other houses in the neighborhood were connected to sewer, and the seller had told the listing agent that this house was connected also. Even though the buyer and the listing agent had not discussed sewers, and the listing agent had not advertised that the house was connected, the buyer felt that this was an important omission and should have been disclosed. The listing agent's actions violate Article 2 by failing to disclose a material fact.
The answer is false. It is not possible to determine whether the house is connected to the city sewer from a visual inspection. Additionally, the seller had told the listing agent that the house was connected. Standard 2.1 states, "REALTORS® shall only be obligated to discover and disclose adverse factors reasonably apparent to someone with expertise in those areas required by their real estate licensing authority."
REALTOR® Jack saw a deteriorated For Sale sign on a nonresidential property. Jack called REALTOR® Lori, whose sign was on the property, and asked whether there was an exclusive listing on the property. REALTOR® Lori said, "that's not your business," and refused to give the information. REALTOR® Jack then contacted the seller directly and sold the property. REALTOR® Lori immediately filed an ethics complaint, citing Article 16 of the Code of Ethics. The result will be that REALTOR® Jack violated Article 16.
The answer is false. Standards of Practice 16-4 and 16-5 say if the listing broker, when asked by a REALTOR®, refuses to disclose the expiration date and nature of the agreement, the other REALTOR® is allowed to contact the client to secure such information and may discuss the terms upon which the REALTOR® might take a future listing or provide services to the buyer. Jack followed the Code.
The three categories of ethical violations are deception, lying, and stealing.
The answer is false. The three categories of ethical violations are deception, stealing, and harming.
Maxine, a licensed real estate broker, received a $1,000 good-faith deposit from Clifford, a buyer, who was to purchase a home owned by Ralph. The contract was contingent upon Clifford's obtaining financing for the purchase through a bank, and the closing date was set for June 30. Clifford failed to obtain the loan, so the closing did not take place. In October, Maxine disbursed the deposit to Ralph without Clifford's consent. When Clifford requested the return of his deposit, Maxine told him that he had forfeited the deposit because of his failure to obtain the required loan. In November, three years later, Maxine notified the DRE that there was a dispute over who should get the deposit. The Division brought an administrative complaint against Maxine. What do you believe should be the recommended order of the administrative law judge?
The answer is fine and probation. A fine and probation is the appropriate order.
Can landlords charge a pet fee for persons with disabilities who have a service dog?
The answer is no. This would be discrimination against persons with disabilities.
Which charge was most likely levied against Maxine?
The answer is she failed to promptly notify the FREC about conflicting demands or a good-faith doubt about an escrow deposit. In this situation, Maxine failed to promptly notify the FREC about conflicting demands or a good-faith doubt about an escrow deposit.
Why is it difficult for a prospective homebuyer to know that an advertiser on Facebook has discriminated against them in violation of the Fair Housing Act?
The answer is since the parameters of who sees the ad are set by the advertiser, a buyer who is not included in the targeted group would never know that the ad had even existed. These individuals are excluded without their knowledge, preventing them from having the same opportunities as others.
What would be the best course of action if a REALTOR® wants to show and sell property of his client to his relative?
The answer is the REALTOR® should disclose the facts of the relationship to the seller and terminate the client relationship before selling the property. Article 4 says, among other things, that REALTORS® shall not acquire an interest in property for themselves or any member of their immediate families, their firms without making their true position known to the owner.
Facts: The complainant, a black man, saw a house with a For Rent sign. He asked the two women on the porch if the house was still for rent. The older white female introduced herself as the owner and said it was not yet rented, but the lady she was with had first choice. The complainant left. Later the complainant spoke to his supervisor at work, a white female, who offered to call the respondent. First the complainant called, got her voice mail, and left a message. His supervisor called immediately afterward and started to leave a message, but was interrupted when the respondent answered the phone. The complainant's supervisor told the respondent she was inquiring about the rental for a friend. The respondent asked, "What color is he, black or white?" The supervisor responded that it was illegal to ask such a question. The respondent stated that she did not want a black person renting the house. Finally, the respondent agreed to talk with the complainant by phone, and the supervisor listened in on an extension. The respondent then asked a long series of questions, including who the complainant intended to vote for in the upcoming presidential election. After many requests, the respondent agreed to show the property the next day at 5 pm. The complainant met the respondent, who said she required a down payment that included the application fee in cash, but refused to give a receipt. The complainant said he needed a receipt, but the respondent said he would have to have more trust. The respondent also stated that she would need $35 for an extensive background check and could find out information that "only the FBI would have." What is the violation here, if any?
The answer is the respondent violated the law by discriminating based on race. This is an illegal act called "steering."
What is the MOST likely determination by the federal administrative law judge?
The answer is to award damages and fine the respondent for the violation. The judge cannot suspend or revoke the license of the respondent.
A REALTOR® shows a property to her buyer and writes an offer that is accepted by the seller. The closing date is set for September 30. On September 28, the buyer tells the REALTOR® that a family emergency requires that she travel to California, and that she would like to close on October 15, if that's agreeable to the seller. The REALTOR® calls the listing agent, who later says, "The seller says that'll be fine." On October 3, the seller receives a new offer for a substantially higher price. The seller accepts the offer and terminates the original contract. If the REALTOR®'s buyer makes an ethics complaint, the Professional Standards committee will find that the REALTOR® violated Article 9.
The answer is true. Article 9 directs that all agreements related to real estate transactions including, but not limited to, listing and representation agreements, purchase contracts, and leases be in writing. Standard of Practice 9.1 says extensions should be in writing.
Courts have occasionally applied the standards of conduct in the Code of Ethics to real estate licensees who are not members of the National Association of REALTORS®
The answer is true. Courts have applied the standards of conduct in the Code of Ethics even to real estate licensees who are not members of the National Association of REALTORS®. Many standards in the Code have later been made into legal requirements by state licensing boards.
Florida licensees must take three hours of business ethics and practices training as part of the 14-hour continuing education requirement.
The answer is true. Florida requires that all licensees complete three hours of Business Ethics and Practices as part of the 14-hour continuing education requirement.
The Volkswagen story demonstrates the importance of training and the publication of a mission statement and an ethical code.
The answer is true. In an article titled "VW: No Mission, No Vision, No Hope," Ann Skeet describes the lack of a written mission statement in Volkswagen publications as a contributing cause to its huge losses from Dieselgate.
When REALTOR® John listed a property, the seller asked that he not put a sign on the property or advertise it. He wanted the sale handled privately so that the buyers would be more likely to "fit into the neighborhood." Based on the request, John's only marketing was a letter to the residents of the neighborhood inviting them to "choose your new neighbor" by referring friends and associates. REALTOR® John's actions are a violation of Article 10.
The answer is true. It does not matter that that the seller instructed REALTOR® John to join in the discriminatory behavior. Article 10 says that REALTORS® shall not be parties to any plan or agreement to discriminate against a person or persons based on race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity.
It is possible that an action might be prudential, but not ethical.
The answer is true. Prudential choices are not always legal or ethical choices.
Many people believe there is no universal truth in situation ethics.
The answer is true. Situation ethics means variable ethics because whether something is ethical always depends on the circumstances. There's no universal truth, results are unpredictable, and there's a lack of consistency from one situation to the next.
Sally's sister has sold her home and must move out by next week. She is buying a new home, but unfortunately it won't be ready to move into for another month. Sally has a vacant listing with a two-car garage and gives her sister the keys so she can store her furniture there. Sally did not get permission from the seller to do this. This practice is NOT aligned with the standards of Article 1.
The answer is true. Standard of Practice 1-16 prohibits the use of property in any way not authorized by the owner.
The Code of Ethics strives for REALTORS® to have higher standards of ethical behavior than state law.
The answer is true. The code must be reasonable and consistently construed with the law, but it usually imposes higher standards than those imposed by the law.
A prospect saw a sign on a house reading "For Sale—Call 224-8200." When he called the number, REALTOR® Sam answered the phone and offered to give details on the listing. The prospect thought he would be calling a For Sale By Owner. REALTOR® Sam's actions are a violation of Article 12.
The answer is true. The sign was an advertisement within the meaning of Article 12 and so it violates the Code.
Has Fred violated the Code?
The answer is yes. He didn't timely communicate the change of compensation before Mary produced an offer to purchase. Fred must communicate a change to the compensation before a cooperating REALTOR® has submitted an offer.
Does the landlord have to allow Martha to keep her service dog?
The answer is yes. Many people with disabilities require the assistance of an animal to carry out major daily activities.
A married couple who have owned their home for seven years sell it and have a gain on the sale of $350,000. They must pay capital gains tax on $100,000.
The statement is false. A married couple filing jointly are entitled to a $500,000 exclusion from taxes on gain on a home sale. The home must be owned and used as a personal residence for a period of two of the past five years to qualify.
Brokers and sales associates should forward any wire instructions that they receive from the title company to the buyer and/or seller.
The statement is false. Brokers and sales associates should not send or forward wire instructions or financial information through email, especially if using public Wi-Fi or hotspots.
Cary is working with his client, Ray, to list Ray's 30-acre parcel. Ray told Cary that he wanted a net price of $200,000 for the property, and that Cary should put his commission on top of that. Cary felt the property was worth at least $250,000 and listed it at that price. The property sold at the listed price. At closing, Cary received a commission of $50,000 and Ray got his $200,000. Ray calculated that this represented a 20% commission and filed an ethics complaint. Cary's actions are aligned with the standards of Article 1.
The statement is false. Cary had a duty to disclose the full value of the property before taking the net listing. Cary has unjustly enriched himself at his client's expense.
A licensee who has been found guilty of a misdemeanor has six months to notify the DBPR.
The statement is false. Florida licensees who are found guilty of, or plead nolo contendere to, any crime (misdemeanors included) must report this fact to the FREC within 30 days after the plea or after being found guilty.
It is a first-degree misdemeanor for an unlicensed person to perform real estate services for another person for compensation.
The statement is false. It is a third-degree felony for an unlicensed person to perform real estate services for others for compensation unless that person is exempt from licensing.
Homeowners can transfer their Save Our Homes benefit to a new home if they had the homestead exemption on the old home in any of the previous five years.
The statement is false. Portability of the SOH benefit is available for homeowners who had homestead exemptions on their old home after 2006, and who purchase a new homestead. Homeowners can transfer their SOH benefit to a new home if they had the homestead exemption on the old home in any of the previous three years.
If asked, a real estate sales associate must tell a buyer whether an occupant of a house has been infected with the AIDS virus.
The statement is false. Such disclosure would violate the law that prohibits discrimination against people who have AIDS and an HIV infection. Any person with or perceived as having AIDS or HIV is entitled to every protection available to people with disabilities, including fair housing protections.
The maximum fine that the FREC may impose on a licensee for each violation is $2,500.
The statement is false. The FREC may impose an administrative fine not to exceed $5,000 for each separate offense.
A real estate licensee managed a large apartment building for his client. The licensee arranged to have several vending machines installed in the building without the owner's knowledge, and he made a small profit from the machine sales. The licensee's actions are aligned with Article 6.
The statement is false. The REALTOR® profited from the client relationship and was required to disclose the installation of the machines and get the owner's consent.
Since the Sherman Act was passed in 1890, federal sunset provisions have invalidated this law.
The statement is false. The Sherman Act of 1890 is still in effect. It has no sunset provision built into its law.
The maximum amount that the FREC will pay from the recovery fund for one transaction is $150,000.
The statement is false. The fund will reimburse compensatory damages, but not punitive damages, up to $50,000 for judgments in one transaction against a licensee, regardless of the number of claimants.
A REALTOR® brought an offer on the commercial listing of another REALTOR®. The offer was accepted by the seller. At closing, the selling broker claimed that she was owed half of the commission. The listing REALTOR® disagreed, saying, "I thought you were being paid by the buyer." The listing REALTOR® has violated Article 3.
The statement is false. The selling REALTOR® should not assume that any compensation will be paid and is responsible for checking the amount of compensation offered before submitting an offer on property.
It is illegal for a licensee to rebate all or a portion of a commission to a buyer or a seller in a real estate transaction.
The statement is false. The statement is false. A real estate licensee may rebate all or a portion of the commission to the buyer or the seller in a transaction. The licensee must disclose the rebate to all interested parties (especially the lender).
A person who operates a hotel for transient occupants must abide by the requirements of the Residential Landlord and Tenant Act.
The statement is false. Transient occupancy in a hotel or other public lodging is not covered under the Residential Landlord and Tenant Act.
A real estate sales associate is authorized by an owner to hire several contractors to perform repairs on a listed home. The total of all bids is $4,250. The sales associate must have a general contractor's license before hiring subcontractors to complete the work.
The statement is false. When a licensee, as agent for an owner, contracts for repairs, maintenance, remodeling, or improvements that total less than $5,000, the licensee is exempt from the contractor's license requirement.
The terms ethical and legal mean the same thing.
The statement is false. While the terms seem related, they are different. An individual's action may be legal and ethical, legal but unethical, illegal but ethical, or illegal and unethical.
A listing broker has no obligation to pay a non-MLS member unless there was a separate agreement between the brokers.
The statement is true. A broker who is not a member of the MLS should not expect to receive the same commission split that the listing broker has offered to MLS participants. The MLS split is a result of a blanket offer to MLS participants. A non-member of the MLS has no agreement from the listing broker for payment.
One of the major life activities as defined by the ADA is learning.
The statement is true. A disability is defined by the ADA as a physical or mental impairment that substantially limits a major life activity, such as walking, seeing, hearing, learning, breathing, caring for oneself, or working.
A written listing agreement may not have wording that makes it self-renewing, or the listing will be void.
The statement is true. A written listing agreement may not have wording that makes it self-renewing, or the listing will be void.
Associates of the same brokerage, regardless of which of the brokerage's offices they are registered with, are permitted to discuss commission rates to be charged by their brokerage.
The statement is true. Any broker or associate registered with the same brokerage may discuss commission rates to be charged by their brokerage.
One way to protect home buyers from wire fraud is to educate them about the possible scams.
The statement is true. Educate home buyers and sellers about potential wire fraud schemes and how they work. Many real estate brokers require a wire fraud disclosure to be signed or acknowledged by all parties in the transaction.
A landlord of an apartment complex may not refuse to rent to a family because the family has children.
The statement is true. Families with children or pregnant women are protected under the law. Advertisements that limit the number or ages of children violate the law.
An additional $25,000 homestead tax exemption is granted from property value between $50,000 and $75,000, and it applies to all taxing authorities except school board taxes.
The statement is true. Florida offers exemptions from property tax assessments of up to $50,000 on homestead property. The first $25,000 of assessed value is exempt from all property taxes, including school district taxes. An additional $25,000 exemption is granted from the property value between $50,000 and $75,000, and applies to all taxing authorities except school board taxes.
A landlord has 30 days to notify the tenant about claiming all or part of the security deposit.
The statement is true. If the landlord claims part of the tenant's deposit, the landlord must give written notice by certified mail to the tenant's last known mailing address within 30 days after the tenant vacates the premises.
An emotional support animal is an animal that is not required to be trained to assist a person with a disability.
The statement is true. It defines an emotional support animal as an animal that is not required to be trained to assist a person with a disability but, by virtue of its presence, provides support to alleviate one or more identified symptoms or effects of a person's disability.
The contractor's law allows unlicensed persons to perform work in which the total contract price is less than $1,000.
The statement is true. The contractor's law allows unlicensed persons to perform any work of a minor nature in which the total contract prices for labor, materials, and all other items are less than $1,000. The exemption does not apply if the construction or repairs are part of a larger operation with several bills from the same or a different person for the purposes of evading this limitation.
A community can qualify for the status of "housing for older persons" if the property is specifically designed and operated to assist elderly persons and is intended for, and solely occupied by, persons 62 years of age or older
The statement is true. The housing must be specifically designed and operated to assist elderly persons and is intended for, and solely occupied by, persons 62 years of age or older. There are other provisions that also qualify the property.
At least once annually, the landlord must repair screens.
The statement is true. The landlord, at the beginning of a tenancy must ensure that screens are installed in a reasonable condition. At least once annually, the landlord must repair screens.
A REALTOR® who uses the terms of an offer to modify a commission split violates the REALTORS® Code of Ethics
The statement is true. The selling broker has violated Standard of Practice 16-16, which says, REALTORS® shall not use the terms of an offer to attempt to modify the listing broker's offer of compensation or make the submission of an executed offer contingent on the listing broker's agreement to modify the offer of compensation.
Under the Foreign Investment in Real Property Tax Act of 1980, when a foreign person sells real property, the purchaser may be required to withhold up to 15% of the sale price.
The statement is true. Under the Foreign Investment in Real Property Tax Act of 1980, when a foreign person sells real property, the purchaser may be required to withhold up to 15% of the sale price.
A broker may deposit up to $5,000 of personal funds into the property management escrow account.
True
A sales associate may be registered with the DBPR as a professional corporation.
True
An applicant for a real estate license need not pay a fee if she was honorably discharged from the military four years earlier.
True
Licensees who list resale time-shares must disclose to sellers in writing that there is no guarantee that the time-share can be sold at a particular price or within any particular time.
True
REALTOR® Joe met a potential seller at a restaurant. The seller owned a 20-unit apartment building and wondered what kind of selling price he might get for it. Because Joe had no experience in multifamily valuation, he drove several of his associates by the property and asked what they thought the building was worth. He averaged their estimates and told the owner that the best price he could get would be around $250,000, offering to list it at that price. The owner thought the price was a little low and ordered an appraisal. When the appraisal came back at $325,000, the owner filed an ethics complaint against Joe. REALTOR® Joe's actions are a violation of Article 11.
True
Sales associates who change their personal mailing address must notify the DBPR within 10 days.
True
The most important part of a credit score is the applicant's payment history.
True
According to the National Association of REALTORS®, wire fraud is one of the fastest-growing cybercrimes in the United States.
True According to the National Association of REALTORS® wire fraud is one of the fastest-growing cybercrimes in the United States.
Broker and associate mission statements should complement each other so that the broker can assist and direct the associate.
True If both the broker and the associate are not in harmony as to the business they are each pursuing, the broker may be unable to fulfill the statutory obligations to the associate and the associate will not have a knowledgeable person to whom questions may be addressed.
A broker who wishes to determine the cost to advertise his listings and services on his brokerage's Facebook page should consider not only the expense of paid advertising, but also the hours that need to be spent in administration of the page.
True Posting a listing—even if it is not paid advertising—still requires the broker's involvement to review the listing and the appointed administrator's time in placing it on the page, updating it as changes are made to the listing, and removing it when it is no longer available.
Under the Florida Do-Not-Call Program, a FSBO on the Florida list may be contacted by a broker or an associate to solicit a listing.
True The federal law does not permit a FSBO to be contacted if on the national registry unless the licensee has a buyer who needs information about the property or to set up a showing on the property. The Florida law allows the licensee to contact a FSBO to solicit a listing as long as the FSBO is not on the national registry.
When the name of a licensee is used in advertising, the licensee's last name as registered with the DBPR must be included at least once.
True The licensee's last name as registered with the DBPR must always appear, whether the licensee's first name is included or not. Keep in mind that the brokerage's name must always be included in all advertising.
Wire fraud is the crime of transmitting or causing to be transmitted using the internet with the intent to defraud or scheme to defraud someone.
True Wire fraud is the crime that applies to anyone who transmits or causes to be transmitted using an interstate wire, television or radio communications, or the internet, with the intent to defraud or scheme to defraud someone.
William "Rick" Singer was a self-styled "college admissions counselor" who helped many wealthy families cheat their children's way into elite colleges. His sales pitch taught parents that there are three ways to get their kids into Harvard, Stanford, or USC. The front door is entered by merit: the kids getting good grades and SAT scores. This method is not always successful for the wealthy because they must compete with a bigger pool of talent. The back door is entered by giving lots of money to the colleges and hoping for good results. This is helpful, but not guaranteed; some colleges separate their admissions policies from the endowment section. The side door was his specialty: cheating, lying, and bribing. This involved falsifying test scores and faking the sports abilities of the non-athletic children to get them sports scholarships. It also meant bribing some of the coaches so they would award a scholarship. Two well-known actors cheated to get their children into USC—Lori Loughlin and Felicity Huffman. Felicity Huffman allegedly paid Singer $15,000 to falsify her daughter's SAT scores. Loughlin and her husband paid more than $500,000 to Singer to get their two daughters scholarships on the crew team. Neither daughter could row.
are guilty of criminal conduct and should be fined and imprisoned.
Many people believe that situation ethics means no ethics at all because whether something is ethical always depends on the
circumstances
Harriett has a large listing inventory. She finds sellers who are motivated to sell because they are relocating and recommends listing prices that are substantially higher than the market value. This practice helps her to get more listings than her competitors. She knows that the motivated owner will reduce the price later. This practice is aligned with the standards of Article 1.
he answer is false. Standard of Practice 1-3 says "REALTORS®, in attempting to secure a listing, shall not deliberately mislead the owner as to market value."
A real estate broker who accepts a tenant's rental deposits may, by posting a surety bond, commingle the funds with the broker's operating funds.
he statement is false. A broker may never commingle a tenant's rental deposits with the broker's own funds, even if the broker posts a surety bond.
The ADA covers temporary impairments such as broken bones.
he statement is false. The ADA does not cover temporary impairments such as broken bones or sexual or behavioral disorders.
A broker who has an exclusive right of sale will automatically be the procuring cause of the sale.
he statement is true. The listing is given to one broker who is due a commission regardless of who sells the property. This automatically makes the broker the procuring cause of any sale. If the owner sells the property during the contract period, the broker has earned a commission.
A source of ethics might include codes of conduct in workplaces or..........in religions.
principles
