Questions and Answers
The Golden Rule is part of the _______.
Preamble.
Can a REALTOR who follows the letter of the law find that he has violated the Code of Ethics?
True
Which of the following statements is true of mediation?
Concepts in the Preamble include all the following EXCEPT _______.
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Which of the following situations could result in arbitration?
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The Code of Ethics is referred to as a living document because _______.
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The primary purpose of the ______ is to protect the public.
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Complaints enforced by the local association/board of REALTORS are _______.
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Since the inception of the Code of Ethics, REALTORS have been required to _______.
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The Preamble of the Code of Ethics contains _______.
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The Articles of the Code of Ethics stress the REALTOR's obligation to _______.
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The Code of Ethics requires that REALTORS _______.
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Which of the following statements regarding procuring cause is false?
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The two types of complaints handled by the Grievance and Professional Standards Committees of the local board/association are _______.
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Which of the following is a correct statement regarding ethics and laws?
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The three categories of the Articles include _______.
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Procuring cause is determined by _______.
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Articles of the Code of Ethics do not address _______.
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Discipline for a violation of the Code of Ethics may include _______.
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In a mediation procedure, the agreement is determined by the _______.
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"Due process" includes all the following except _______.
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In a real estate company, an emphasis on sound ethical and moral behavior must begin with _______.
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The purpose of the Code of Ethics is _______.
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The Standards of Practice may not _______.
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Study Notes
Code of Ethics Overview
- The Golden Rule is incorporated in the Preamble of the Code of Ethics.
- REALTORS may find themselves in violation of the Code of Ethics even when adhering strictly to the law, as ethical reasoning can exceed legal requirements.
- Mediation is a cost-effective and informal alternative to arbitration.
Key Aspects of the Preamble
- The Preamble emphasizes protecting the public and includes aspirational concepts.
- Listing properties at market value is not included among the concepts in the Preamble.
Arbitration and Complaints
- Situations warranting arbitration include disputes over commissions between REALTORS.
- Local associations handle two types of complaints: ethics complaints and arbitration requests.
- REALTORS are mandated to arbitrate disputes rather than resort to litigation.
Articles of the Code of Ethics
- The Articles outline the obligation of REALTORS to formalize agreements in writing and to keep them updated.
- There are three categories within the Articles: duties to clients/customers, duties to the public, and duties to fellow REALTORS.
Understanding Procuring Cause
- Procuring cause determination is guided by Hearing Panel guidelines in the Code of Ethics and Arbitration Manual.
- Misconception: Procuring cause is subject to a specific set of rules; it is more nuanced and based on circumstances.
Ethical Behavior and Discipline
- Violation of the Code of Ethics can lead to expulsion from board membership for a duration of one to three years.
- Ethical and moral standards in a real estate company should be established by the owner and manager to ensure a strong culture.
Due Process and Mediation
- "Due process" does not include the right to appeal to the state licensing authority.
- In mediation, the resolution is ultimately determined by the parties involved.
Summary of Key Principles
- The primary purpose of the Code of Ethics is public protection.
- Ethical reasoning necessitates going beyond basic legal requirements, illustrating the depth of moral responsibility REALTORS hold.
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Description
Test your knowledge on the principles of real estate ethics with this quiz sourced from Chapter 44. Explore key concepts like the Golden Rule, mediation, and the Code of Ethics. Perfect for real estate professionals and students preparing for certification.
