Podcast
Questions and Answers
What is the primary requirement for REALTORS® regarding trust funds?
What is the primary requirement for REALTORS® regarding trust funds?
- They must keep them in a separate account from their personal funds. (correct)
- They must invest those funds for personal gain.
- They can combine them with their own funds if tracked accurately.
- They should only keep them if they exceed a certain amount.
Which statement best describes the intent of Article 9?
Which statement best describes the intent of Article 9?
- To ensure all real estate agreements are documented in writing. (correct)
- To mandate electronic agreements without physical copies.
- To allow REALTORS® flexibility in documenting agreements.
- To require REALTORS® to provide verbal agreements only.
What is prohibited under Standard of Practice 10-5?
What is prohibited under Standard of Practice 10-5?
- Negotiating with clients directly in public places.
- Employing discriminatory language in communications. (correct)
- Using technical jargon in agreements.
- Providing less than full disclosure to clients.
What must REALTORS® ensure regarding agreements signed by parties?
What must REALTORS® ensure regarding agreements signed by parties?
Which of the following groups is not protected under the provisions of Standard of Practice 10-5?
Which of the following groups is not protected under the provisions of Standard of Practice 10-5?
In an arbitration involving two or more cooperating brokers, what is the maximum amount that can be claimed in dispute?
In an arbitration involving two or more cooperating brokers, what is the maximum amount that can be claimed in dispute?
What happens if a buyer or tenant representative is compensated by the seller and not by the listing broker?
What happens if a buyer or tenant representative is compensated by the seller and not by the listing broker?
When can the listing broker name the first cooperating broker as a third-party respondent?
When can the listing broker name the first cooperating broker as a third-party respondent?
What must a seller or landlord do in order to participate in arbitration with multiple listing brokers?
What must a seller or landlord do in order to participate in arbitration with multiple listing brokers?
Which of the following best describes the outcome of a hearing panel's decision regarding procuring cause?
Which of the following best describes the outcome of a hearing panel's decision regarding procuring cause?
What are REALTORS® obligated to discover and disclose?
What are REALTORS® obligated to discover and disclose?
Which standard relates to the disclosure of accepted offers?
Which standard relates to the disclosure of accepted offers?
What is NOT imposed on REALTORS® by Article 2?
What is NOT imposed on REALTORS® by Article 2?
What must REALTORS® disclose when seeking information from another REALTOR®?
What must REALTORS® disclose when seeking information from another REALTOR®?
According to Standard of Practice 3-8, what should REALTORS® avoid misrepresenting?
According to Standard of Practice 3-8, what should REALTORS® avoid misrepresenting?
In relation to false considerations, what are REALTORS® prohibited from being a party to?
In relation to false considerations, what are REALTORS® prohibited from being a party to?
What does Standard of Practice 3-9 state about access to listed property?
What does Standard of Practice 3-9 state about access to listed property?
What is the focus of Standard of Practice 2-4?
What is the focus of Standard of Practice 2-4?
What must REALTORS® do when acting as a buyer/tenant representative regarding benefits of their services?
What must REALTORS® do when acting as a buyer/tenant representative regarding benefits of their services?
What is required for REALTORS® to represent both the seller/landlord and buyer/tenant in the same transaction?
What is required for REALTORS® to represent both the seller/landlord and buyer/tenant in the same transaction?
What obligation do REALTORS® have regarding offers and counter-offers when acting as listing brokers?
What obligation do REALTORS® have regarding offers and counter-offers when acting as listing brokers?
What is the main duty of REALTORS® regarding property management under Standard of Practice 1-10?
What is the main duty of REALTORS® regarding property management under Standard of Practice 1-10?
What does Standard of Practice 1-11 require REALTORS® to do when managing a client's property?
What does Standard of Practice 1-11 require REALTORS® to do when managing a client's property?
When entering into listing contracts, what must REALTORS® inform sellers/landlords about?
When entering into listing contracts, what must REALTORS® inform sellers/landlords about?
What is the significance of submitting offers and counter-offers objectively?
What is the significance of submitting offers and counter-offers objectively?
How should REALTORS® handle dual representation between a seller and a buyer?
How should REALTORS® handle dual representation between a seller and a buyer?
What is deemed 'general' for the purposes of the standard?
What is deemed 'general' for the purposes of the standard?
What type of solicitation is considered unethical under Article 16?
What type of solicitation is considered unethical under Article 16?
What actions are REALTORS® prohibited from taking during professional standards proceedings?
What actions are REALTORS® prohibited from taking during professional standards proceedings?
What does Standard of Practice 14-2 specifically prohibit?
What does Standard of Practice 14-2 specifically prohibit?
Which of the following is not a method of solicitation recognized as unethical?
Which of the following is not a method of solicitation recognized as unethical?
Under what circumstances may REALTORS® disclose information about ethics findings?
Under what circumstances may REALTORS® disclose information about ethics findings?
What is a distinguishing feature of 'telephone or personal solicitations' deemed unethical?
What is a distinguishing feature of 'telephone or personal solicitations' deemed unethical?
Which action would not violate Standard of Practice 14-3?
Which action would not violate Standard of Practice 14-3?
Study Notes
Realtor Standards of Practice
- Realtor Responsibilities to Buyers and Tenants
- Realtors must not mislead buyers or tenants about potential benefits of using their services.
- Realtors can represent both the seller/landlord and buyer/tenant in the same transaction, but only with full disclosure and informed consent from both parties.
- Realtors must submit offers and counter-offers objectively and promptly.
- When acting as a listing broker, Realtors must continue to submit all offers and counter-offers until the closing or execution of a lease, unless the seller/landlord waives this obligation in writing.
Realtor Responsibilities to Property Management
- Property Management Responsibilities
- Realtors managing property must protect the rights, health, and safety of tenants and visitors.
- Realtors must exercise due diligence to protect the property from reasonably foreseeable risks and losses.
- When entering listing contracts, Realtors must advise sellers/landlords of their company's policies regarding cooperation and compensation amounts to be offered.
Realtor Responsibilities to Other Brokers
- Disclosure of Offers
- Realtors must disclose the existence of any accepted offers, including those with unresolved contingencies, to any broker seeking cooperation.
- When seeking information from another Realtor concerning property under management or listing agreement, Realtors must disclose their status and whether their interest is personal or on behalf of a client.
- Realtors must not misrepresent the availability of access to show or inspect a listed property.
- Realtors must not provide access to listed property on terms other than those established by the owner or seller.
Realtor Responsibilities: Real Estate Employment Practices
- Harassment in the Workplace
- Realtors must not use any form of harassing speech, hate speech, epithets, or slurs based on a person's protected characteristics including race, color, religion, sex, disability, familial status, national origin, sexual orientation, or gender identity.
Realtor Responsibilities: Solicitations & Arbitration
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Solicitation of Listings
- General telephone canvassing, mailings, or distributions addressed to all prospects in a given area or profession are considered "general" solicitations.
- Specific solicitations of property owners who have exclusively listed their property with another Realtor, identified through real estate signs, multiple listing compilations, or other information services, are unethical.
- Mail or written solicitations of prospects exclusively listed with another Realtor, not part of a general mailing, are unethical.
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Arbitration and Procuring Cause
- In arbitration cases, the listing broker can be named as a respondent and arbitration is limited to the amount paid to the respondent by the listing broker, plus any amounts credited or paid to a party to the transaction at the respondent's direction.
- If the complaint is brought against the listing broker, the listing broker can name the first cooperating broker as a third-party respondent.
- The hearing panel's decision regarding procuring cause is binding for all parties, regardless of any future claims for compensation related to the transaction.
- When a buyer or tenant representative is compensated by the seller or landlord, but not by the listing broker, and subsequently claims procuring cause, the listing broker may name the first cooperating broker as a respondent.
Realtor Responsibilities: Ethics Violations
- Ethics Hearing Disclosure
- Realtors must not disclose details of allegations, findings, or decisions in ethics hearings, appeals, or arbitration proceedings.
- Realtors cannot impede investigations or proceedings by threatening or filing libel or slander suits against parties or witnesses.
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Description
Test your understanding of the responsibilities and duties of Realtors towards both buyers and tenants, as well as property management. This quiz covers essential standards that ensure ethical practices in real estate transactions and property management. Assess your knowledge and stay informed on key practices in the real estate industry.
