Ethics

Which of the following federal legislation does not cover the topic of race discrimination

Americans with disabilities act

The ethical standards of conduct that licensees must follow a rise out of all of the following except

Ancient dictum

What method of dispute resolution is encouraged by the national Association of realtors

Arbitration and mediation

Which of the following is not considered a conflict of interest

As a licensee, selling a represented buyers property after disclosing the property is owned by the licensees Uncle

Using phrases like free TV shows celebrity gossip and download software in multiple locations locations on your real estate website may be considered as

Keyword spamming

When is it permissible to make or repeat a false statement about another licensee in order to gain an advantage over him or her

Licensees may never make or repeat false or misleading statements about another licensee

Who enforces the NAR code of ethics and standards of practice

NAR local affiliates, through training and education of its members

Which of the following is an area of concern that has given rise to state laws being passed to protect the public from unscrupulous agents?

Nondisclosure of material facts

Referral fees from lenders escrow companies and home inspection

Not permitted under RESPA

When working with a potential new seller what can you do before the listing agreement has been signed

Nothing. The agreement needs to be signed first

A marketing newsletter is sent to all homes in a specific neighborhood which includes five listed homes is

Permitted. General announcements are permitted even if the marketing piece is communicated to a party already in an agency relationship with a licensee

Phil is holding an open house for his seller Mari and Bill come to the open house and begin asking Phil a number of questions about the property during the course of the conversation Mary and Bill share that they have been preapproved for the home amount is listed for an express their interest in making an offer on the property. Without any further discussion feel right at the offer has Marienville sign it and advise them that he will submit the offer to the seller that evening what violation has occurred

Phil did not disclose that he represented the seller and would be submitting the offer in a dual agency representation situation

The discussion of commission rates between brokers is considered ——— under the Sherman antitrust act of 1890

Price fixing

If a licensee owns a rental property and advertise it for sale in the local newspaper the code requires the licensee to do what?

The licensee must disclose on all advertisements that he or she is a real estate licensee

What is the definition of a material fact

A factors material if the offering party would not have entered into the contract or we have contracted for less had the fact been known

What is the definition of a prospect

A purchaser, seller, tenant, or landlord who is not subject to a representation relationship with the licensee

Which of the following is not an ethical according to the code of ethics

After an offer has been excepted, continuing to present offers to the seller until the closing date

Bob discovered upon reviewing his clients written offer that the time the seller was to respond to the offer had been left blank. Bob inserted the time of 6 PM without consulting his client and then sent the offer to the sellers real estate agent. Which of the following statements is correct

Bob may not make even a minor modification to a signed document without his clients consent

Sally is building a website to advertise her residential listings. Which of the following would be an appropriate website address she could register

Buy homes from sally.com

In a multiple offer situation in what order should the listing agent present the offers to the seller

By date and time of receipt

Which of the following is ethical conduct for realtors regarding their relationships with other realtors?

Checking to make sure a prospect is not an existing agency relationship with another realtor

A person or entity with whom the licensee has a legally recognized agency relationship with is called a

Client

Which fiduciary duty requires the agent to place the interests of the principal above all others including the agents and interests

Duty of loyalty

Which of the following would be considered an unethical method of soliciting business

Contact the owner of a commercial building that has another license is for lease sign posted

Someone who receives information or services from a licensee but who has no contractual relationship with the licensee is known as a

Customer

You've excepted a new listing for a vacation property that is 2 miles away from the scenic lake. What is the best way to advertise this property?

Describe your listing as accurate as possible and mention the distance from the lake

In 1988, the fair housing act was amended to include the additional protected classes of

Disability and familial status

In 1988 the fair housing act was amended to include the additional protected classes of

Disability handicap and familial status

You are about to take a listing for a house that you would love to own. If you plan on making an offer on the house, what must you do?

Disclose to your client that you were interested in purchasing the home

When working with a buyer client what types of advice can you give

Discussing a CMA you completed to help your client determine an offering price

While making a listing presentation to Jill Banks a real estate agent Jeff starts to discuss the options for making the home available for viewing by perspective buyers. Jill states I'm glad you brought that up Jeff I don't wanna lock box on my property because I won't have any control over who comes into my home. I want to make sure that no one from Iran buys my house or even enters my house what would you suggest. Jeff should

Explain to Jill that it is against federal and state law to discriminate or attempt to discriminate against any individual because their nationality or ethnic background

One of your longtime residential property investors wants to make an offer on his first commercial building. This will be your first commercial transaction to. What is the best way to help your client with the purchase

Find an experience commercial real estate agent to work with

Which of the following is not a primary source for regulating the conduct expected a real estate licensee's

Governors office

Treating clients in a fair and ethical manner

Helps prevent litigation and leads to referrals

Which of the following is not an example of puffing

I have a buyer ready willing and able to purchase your property as soon as you list it with me when there is no such fire. There's a point at which the line is cross from puffing to outright misrepresentation. An out right misrepresentation is a false representation by a licensee made with knowledge of its falsity or by making a representation without a reasonable basis for believing the truth of the statement

While touring the property, Colby has asked by her by her if she knows anything about the rumor that the listing agent, Marsha Brown, is impossible to do business with. Colby has never had a transaction with Marsha but has heard that she is arrogant and difficult to work with. Colby should tell her buyer

I really don't know anything negative about Marcia as I've never had a transaction with her

Jeff is representing a buyer who declared bankruptcy five years ago and has not been preapproved for a loan yet. The buyer tells Geoff that he has a friend who is a mortgage lender and guarantees that he can get any buyer approved for a loan if the buyer is employed. The buyer has found a house that he wants to make an offer on. What is Jeff's ethical responsibility when preparing and submitting the offer?

Jeff must disclose that his buyer has not been preapproved for a loan

You and your buyer are touring a property that borders a wetland preserve as the two of you stand on the back patio and look out towards the thriving wetland your buyer says I wonder where the backyard ends and the wetland begins what is the most ethical way to respond to your buyer

Recommend that any offer be contingent on a property boundary survey by a professional surveyor

Licensee Edgar has an active listing with seller Joe and licensee Sabine wants the listing when it expires if no sale has occurred. What should Sabin do if Edgar refuses to give the expiration date of the listing contract?

Sabin can contact the seller directly to ask about the contract expiration date

mari. is moving from ABC Realty to Bayshore Realty next week. Mr. and Mrs. Jones have called Mari to come to their home this evening to execute a listing contract. According to the code of ethics Mary

Should keep the appointment and write the listing under ABC Realty. A licensee must truthfully represent his or her brokerage and may not represent to a seller or buyer or to the public that here she is associated with a broker with that association does not exist

Real estate agent Larry was invited to a barbecue at his next-door neighbors house during a conversation with his neighbor Nan Larry mentioned that he was having a very difficult time finding buyers. Ned tells Larry that even though he was not interested in selling his property Larry could place a for sale sign on his property with a sale pending rider in order to put your perspective buyers. Larry should

Thank Ned for the offer but refuse based upon the grounds that to advertise our home that is not really for sale is against the code of ethics

What information can a listing broker give to a buyer broker without obtaining authorization from the seller

That foundation has a small crack but the seller has a structural report indicating the foundation is Sound

Which of the following is not considered to be confidential and must be disclosed to the buyer as a material fact

That the property being sold had a roof leak which has been repaired

What information about a neighborhood can you voluntarily give to a client

The agent income distributions of the neighborhood