10 Questions
What is the Golden Rule of Real Estate as stated in Art.I, Section 5?
Do unto others as you would have them do unto you.
The Golden Rule of Real Estate is limited to meeting fellow brokers.
False
What is the importance of building and nurturing relationships in real estate?
These relationships could be beneficial to you in the long run.
The Practitioner shall act for and in behalf of a client with _______________________, loyalty, fidelity, and good faith.
prudence, integrity
Match the following sections of the RESA Law with their corresponding responsibilities:
Art.I, Section 5 = The Golden Rule of Real Estate Art.III, Section 3a = Responsibilities to the client Art.III, Section 3c = Standard professional fees
The Practitioner can charge or collect lower professional fees than the agreed minimum.
False
What should the Practitioner prioritize in protecting and promoting the interest of the client?
The interest of the client without sacrificing the legitimate interest of the other party
What should the Practitioner ensure in protecting and promoting the interest of the client?
It does not contrary to the law, good morals and public interest.
The Practitioner shall act with _______________________ and good faith in protecting and promoting the interest of the client.
prudence, integrity, loyalty, fidelity
The Golden Rule of Real Estate is only applicable to real estate professionals.
False
Study Notes
Importance of Integrity
- Integrity should be at the forefront of every move a real estate professional makes to earn trust and respect from clients and others.
- A balance between catering to clients' needs and sellers' wants must be maintained.
Responsibilities to Fellow Practitioners
- Practitioners should not engage in slander, gossip, or criticize fellow practitioners publicly or privately.
- If an opinion is sought, it should be given with prudence, truth, and respect to fellow practitioners.
- Practitioners should not seek unfair advantage over others by organizing discord or spreading negative rumors.
- The goal is to establish a culture of cooperation, encouragement, and respect among practitioners.
Responsibilities to the Public
- Practitioners should cooperate with the government to protect the public against deceit, misrepresentation, and unfair practices.
- Brokers should be aware of and avoid unethical practices from clients that could jeopardize their work and reputation.
- They can warn others about dubious clients to maintain a safer real estate industry.
Sanctions
- Violations of the Code of Ethics may result in suspensions of 2 to 4 months or even cancellation of license.
- Ethical violations may also result in sanctions from real estate networks and organizations.
The Golden Rule of Real Estate
- The Golden Rule is "Do unto others as you would have them do unto you" and should be observed in all dealings with clients, fellow practitioners, organizations, and the public.
- It's a reminder to treat others with respect, kindness, and empathy, and to value each connection made.
Responsibilities to Clients
- Practitioners should act with prudence, integrity, loyalty, and good faith in protecting and promoting clients' interests.
- They should charge fair and reasonable professional fees, not lower than the agreed minimum standard.
This quiz assesses your understanding of the ethics and responsibilities of real estate professionals, including integrity, professionalism, and responsibilities to clients and fellow practitioners.
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