Term
| article 1 - true or false? REALTORS® may act as dual agents only with the full disclosure and informed consent of both parties. |
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| article 1 - true or false? also addresses offer presentation. REALTORS® must submit offers and counter-offers objectively and as quickly as possible. Listing brokers must continue to submit all offers and counter-offers until closing or execution of a lease unless the seller or landlord waives the obligation in writing. REALTORS® are not obligated to continue to market the property after an offer has been accepted. |
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| true or false: In the past, some REALTORS® believed that it was always their duty to disclose the existence of other offers in response to cooperating brokers who were writing offers. Potential buyers were told to make their best offer because they were competing, and this often resulted in a higher offer price for the owner. In some situations, however, both buyers withdrew offers or decided not to offer, to avoid a bidding war. This left the seller with no offers. Article 1 requires REALTORS® to obtain seller’s permission prior to disclosing the existence of offers. |
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| what does article 2 say about exaggeration? |
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| REALTORS® are to avoid exaggeration, misrepresentation, or concealment of pertinent facts relating to the property or transaction. Factors defined as “non-material” by law or referenced in law as not being subject to disclosure are considered not “pertinent”. REALTORS® are to present the facts accurately and without exaggeration. |
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| true or false: Per Article 3, REALTORS® must cooperate with other brokers except when cooperation is not in the clients’ best interest. The obligation to cooperate does not include the obligation to share commissions, fees or compensation. |
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| article 3 - true or false? Changes in compensation offered for cooperative services must be communicated to the other REALTORS® prior to the time that REALTORS® submits an offer to purchase/lease the property. Nothing prohibits the listing broker and cooperating broker from entering into an agreement to change the cooperative compensation. |
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| When do the Code of Ethics rules apply? |
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Definition
| When a real estate agent is acting as an agent or in legally recognized nonagent capacities, such as transaction broker or facilitator |
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Term
| Under what circumstances may REALTORS® reveal confidential client information? |
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Definition
They can reveal confidential information:
required by court order, or
to prevent the client from committing a crime, or
to defend a REALTOR® against an accusation of wrongful conduct. |
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| What must REALTORS® do in response to inquiries from buyers or cooperating brokers? |
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Definition
| They must, with the sellers’ approval, disclose the existence of offers on the property |
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| Under what circumstances are REALTORS® not obligated to cooperate with other brokers? |
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Definition
| When cooperation is not in the clients’ best interest |
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