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99 Cards in this Set
- Front
- Back
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People in the real estate business who primarily focus on creating new properties are
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b. developers |
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The term "commercial property" generally refers to
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b. retail, office and industrial properties. |
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Which of the following professionals involved in the real estate business are most concerned about procuring buyers and sellers for clients? a. Brokers and agents b. Property managers. c. Corporate real estate managers. d. Appraisers.
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a. Brokers and agents. |
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Property management and real estate asset management are both real estate management professions. The primary distinction between the two is that a. property managers always reports to a asset manager. b. asset managers have a greater knowledge of a property's finances. c. property managers handle day-to-day operations while asset managers manage portfolios of properties. d. asset managers are primarily responsible for maintenance technicians. |
c. property managers handle day-to-day operations while asset managers manage portfolios of properties. |
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Which of the following ways of specializing is common in the real estate brokerage business? a. By type of house. b. By geography. c. By financial background of client. d. By type of mortgage. |
b. By geography. |
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What is an advisory service provider? a. A broker of fee simple titles. b. A corporate real estate broker. c. A broker performing non-transactional service for a commission. d. A broker who renders real estate services for a fee. |
d. A broker who renders real estate services for a fee. |
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The level of government which is most active in regulating real estate licensees is the a. federal government. b. state government. c. county government. d. municipal government where the person resides. |
b. state government. |
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What guarantees the right of private ownership of real estate in the United States? a. Common law. b. Local Statutes. c. The Napoleonic Code. d. The constitution. |
d. The constitution. |
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Which of the following is the best definition of real estate? a. Land and personal property. b. Unimproved land. c. Land and everything permanently attached to it. d. An ownership interest in land and improvements. |
c. Land and everything permanently attached to it. |
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Which of the following is included in the legal concept of land? a. The surface of the earth and all natural things permanently attached to the earth. b. Only the surface of the earth that is delineated by boundaries. c. The surface of the earth except for lakes and streams. d. Everything above , on and below the surface of the earth. |
a. The surface of the earth and all natural things permanently attached to the earth. |
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What are the three unique physical characteristics of land? a. Fixed, unchangeable, homogeneous. b. Immobile, indestructible, heterogeneous. c.Three-dimensional, buildable, marketable. d. Natural, measurable, inorganic. |
b. Immobile, indestructible, heterogeneous. |
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The primary distinction between the legal concepts of land and real estate is that a. real estate includes air above the surface and minerals below the surface. b. real estate is indestructible. c. land has no defined boundaries. d. land does not include man-made structures. |
d. land does not include man-made structures. |
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The primary distinction between the legal concepts of real estate and real property is that a. real property includes ownership of a bundle of rights. b. real property includes improvements. c. real property is physical, not abstract. d. real estate can be owned. |
a. real property includes ownership of a bundle of rights. |
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Which of the following is included in the bundle of rights inherent in ownership? a. To inherit. b. To tax. c. To transfer. d. To vote. |
c. To transfer. |
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Which of the following is an example of intangible property? a. Real estate. b. Personal property. c. Artwork. d. Stock. |
d. Stock. |
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The right to use real property is limited by a. the right of others to use and enjoy their property. b. the police. c. taxation and subordination. d. Title 12 of the U.S. Civil Code. |
a. the right of others to use and enjoy their property. |
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Surface rights, air rights and subsurface rights are a. Inviolable. b. unrelated. c. separable. d. no transferrable. |
c. separable. |
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Which of the following terms refers to the rights of a property that abuts a stream or river? a. Allodial. b. Alluvial. c. Littoral. d. Riparian. |
d. Riparian. |
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What part of a non-navigable waterway does the owner of a abutting property own? a. To the low-water mark. b. To the middle of the waterway. c. To the high-water mark. d. None. |
b. To the middle of the waterway. |
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What is the "Doctrine of Prior Appropriation?" a. A pre-emptive zoning ordinance. b. The right of government to confiscate land and improvements. c. A doctrine that gives the state control of water use and the supply. d. A real estate tax applied to owners of water rights. |
c. A doctrine that gives the state control of water use and the supply. |
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Which of the following is considered real property? a. A tree growing on a parcel of land. b. A tree that has been cut down and is lying on the parcel of land. c. A Tractor used to mow grass on a parcel of land. d. A prefabricated shed not yet assembled on a parcel of land. |
a. A tree growing on a parcel of land. |
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The overriding test of whether an item is a fixture or personal property is a. how long it has been attached to the real estate. b. its definition as one or the other in a sale or lease contract. c. how essential it is to the functioning of the property. d. how it was treated in previous transactions. |
b. its definition as one or the other in a sale or lease contract. |
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What is an emblement? a. A piece of equipment affixed to the earth. b. A limited right to use personal property. c. A sign sign indicating a property boundaries. d. A plant or crop that is considered personal property. |
d. A plant or crop that is considered personal property. |
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An item can be converted from real to personal property and vice versa by means of which process? a. Assemblage and plottage. b. Application and dissolution. c. Affixing and severance. d. Personalty and severalty. |
c. Affixing and severance. |
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The major sources of real estate law are legislation at federal, state and local level, and a. court decisions. b. profesional real estate association. c. real estate commissions. d. local practices. |
a. court decisions. |
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What is the primary thrust of federal involvement in the real estate law? a. Taxation. b. Licensing. c. Broad regulation of usage. d. Zoning. |
c. Broad regulation of usage. |
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Which level of government controls zoning laws? a. State. b. Taxing authorities. c. Federal. d. County and local. |
d. County and local. |
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A grocer temporarily installs special fruit and vegetable coolers in a leased grocery store in order to prevent spoilage. The coolers would be considered which of the following? a. Trade fixtures that are real property. b. Trade fixtures that are personal property. c. Permanent fixtures that are real property. d. Permanent fixtures that are personal property. |
b. Trade fixtures that are personal property. |
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Under the doctrine of littoral rights, an owner claims ownership of all of the land underlying a lake where there are three other abutting property owners. Which of the following is true? a. The owner's claim is invalid, because the state owns the underlying land. b. The owner's claim is invalid, because the underlying land is shared equally with the other owners. c. The owner's claim is invalid, because he may only own underlying land to the middle of the lake. d. The owner's claim is valid, because the lake is the navigable. |
a. The owner's claim is invalid, because the state owns the underlying land. |
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The essence of the agency relationship between an agent and a principal can best be described as a relationship of a. mutual consent, consideration, and acceptance. b. diligence, results, and compensation. c. service, dignity, and respect. d. trust, confidence, and good faith. |
d. trust, confidence, and good faith. |
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In an agency relationship, the principal is required to a. promote the agent's best interests. b. accept the advice of the agent. c. provide sufficient information for the agent to complete the agent's tasks. d. maintain confidentially. |
c. provide sufficient information for the agent to complete the agent's tasks. |
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A principal empowers an agent to conduct the ongoing activities of one of her business enterprises. This is an example of a. limited agency. b. general agency. c. universal agency. d. special agency. |
b. general agency. |
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A property seller empowers an agent to market and sell a property on his behalf. This is an example of. a. general agency. b. special agency. c. universal agency. d. no agency. |
b. special agency. |
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Implied agency arises when a. an agent accepts an oral listing. b. a principal accepts an oral listing. c. a party creates an agency relationship outside of a express agreement. d. a principal agrees to all terms of a written listing agreement, whether express or implied. |
c. a party creates an agency relationship outside of a express agreement. |
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An Agency relationship may be involuntarily terminated for which of the following reasons? a. Death or incapacity of the agent. b. Mutual consent. c. Full performance. d. Renewal of agent's license. |
a. Death or incapacity of the agent. |
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A principal discloses that she would sell a property for $150,000. During the listing period, the house is marketed for $180,000. No offers come in, and the listing expires. Two weeks later, the agent grumbles to a customer that the seller would have sold for less than the listed price. Which of the following is true? a. The agent has violated the duty of confidentiality. b. The agent has fulfilled all fiduciary duties, including confidentiality, since the listings had expired. c. The agent is violating the duties owed this customer. d. The agent has created a dual agency situation with the customer. |
a. The agent has violated the duty of confidentiality. |
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A principal instructs an agent to market a property only to families on the north side of town. The agent refuses to comply. In this case, a. the agent has violated fiduciary duty. b. the agent has not violated fiduciary duty. c. the agent is liable for breaching the listing terms. d. the agent should obey the instruction to salvage the listing. |
b. the agent has not violated fiduciary duty. |
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An owner's agent is showing a buyer an apartment building. The buyer notices water stains on the ceiling, and informs the agent. The agent's best course of action is to a. immediately contract to paint the ceiling. b. immediately contract to repair the roof. c. suggest the buyer make a lower-price offer. d. inform the seller. |
d. inform the seller. |
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An agent owes customers several duties. These may best described as a. fairness, care, and honesty. b. obedience, confidentiality, and accounting. c. diligence, care, and loyalty. d. honesty, diligence, and skill. |
a. fairness, care, and honesty. |
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An agent fails to discover flood marks on the walls in the basement of the property. The agent sells the property, and the buyer later sues the agent for failing to mention the problem. In this case, the agent a. may be guilty of intentional misrepresentation. b. has an exposure to a charge of negligent misrepresentation. c. has little exposure, since the problem was not mentioned on the signed disclosure form. d. is not vulnerable, since the problem was not discovered. |
b. has an exposure to a charge of negligent misrepresentation. |
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An agent informs a buyer that a clause in a contract is standard language. After explaining the clause, the agent assures the buyer that the clause does not mean anything significant. If something goes wrong with the transaction, the agent could be liable for a. violating duties owed a customer. b. misinterpreting the clause. c. intentional misrepresentation. d. practicing law without a license. |
d. practicing law without a license. |
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An outside broker locates a seller for a buyer representative's client. In this instance, the outside broker is acting as a. a single agent. b. a dual agent. c. a subagent. d. a secret agent. |
c. a subagent. |
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Agent Bob, who works for a Broker Bill, obtains an owner listing to lease a building. Bill's other agent, Sue, locates a tenant for Bob's listing. In the absence of any arrangement to the contrary. Broker Bill in this instance is a. an implied agent. b. a dual agent. c. a single agent. d. a subagent. |
b. a dual agent. |
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An agent is operating as a disclosed dual agent on a transaction. In this case, the agent a. may not represent one party's interests to the detriment of the other. b. must withdraw from the relationships. c. must be obedient and loyal to both parties. d. must require that the principals share equally in paying the commission. |
a. may not represent one party's interests to the detriment of the other. |
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The duties of an agent acting as a facilitator are most similar to those of a a. subagent. b. single agent. c. dual agent. d. implies agent. |
c. dual agent. |
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The meaning and import of the agency relationship should be disclosed to the client a. prior to completing a listing agreement. b. prior to or upon completion of an offer. c. upon the initial contact with the person. d. whenever a dual agency relationship is indicated. |
a. prior to completing a listing agreement. |
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Owner agents must disclose their agency relationship to tenants or buyers a. immediately prior to the initial contact. b. upon initial contact. c. whenever substantive contact is made. d. immediately following any offer executed by the customer. |
c. whenever substantive contact is made. |
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A tenant representative should disclose his or her agency relationship to the owner's agent a. immediately prior to the initial contact. b. upon initial contact. c. immediately prior to substantive contact. d. immediately following any offer executed by the landlord. |
b. upon initial contact. |
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A transaction broker should disclose his or her agency relationship to the transaction principals a. upon first substantive contact. b. upon completion of the listing agreement. c. immediately following completion of any offer. d. upon initial contact of any kind. |
a. upon first substantive contact. |
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To be valid, a listing agreement a. must be in writing. b. may be oral or written. c. must be an express agreement. c. must be enforceable. |
b. may be oral or written. |
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The type of listing that assures a broker of compensation for procuring a customer, regardless of the procuring party, is a(n) a. exclusive right-to sell agreement. b. exclusive agency agreement. c. open listing. d. net listing. |
a. exclusive right-to sell agreement. |
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An owner agrees to pay a broker for a procuring a tenant unless it is the owner who finds the tenant. This is an example of a(n). a. exclusive right-to sell agreement. b. exclusive agency agreement. c. open listing. d. net listing. |
b. exclusive agency agreement. |
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A landlord promises to compensate a broker for procuring a tenant, provided the broker is the procuring cause. This is an example of a(n) a. exclusive right-to sell agreement. b. exclusive agency agreement. c. open listing. d. net listing. |
c. open listing. |
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A property owner agrees to pay a broker a commission, provided the owner receives a minimum amount of proceeds from the sale at closing. This is an example of a(n) a. exclusive right-to sell agreement. b. exclusive agency agreement. c. open listing. d. net listing. |
d. net listing. |
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The most significant difference between an owner representation agreement and a buyer representation agreement is a. the client b. the commission amount. c. agency law applications. d. contract law applications. |
a. the client |
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A multiple listing authorization gives a broker what authority? a. To list the owner's property in a multiple listing service. b. To sell several properties for the owner at once. c. To sell or lease the property. d. To delegate the listing responsibilities to other agents. |
a. To list the owner's property in a multiple listing service. |
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A Broker is hired to procure a customer for a client. In order to earn compensation, the agent must procure a customer who a. has seen the property and reviewed all documents. b. is ready, willing, and able to transact. c. has completed an acceptable sale or lease contract. d. will successfully complete the transaction at closing. |
b. is ready, willing, and able to transact. |
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One of the most important actions an owner's agent is authorized to perform under an exclusive listing agreement is a. showing the property. b. assisting the customer in evaluating the relative merits of other properties. c. authorizing price adjustments in a timely manner. d. executing the sale or lease agreement. |
a. showing the property. |
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An agent't performance of due diligence concerning a listing can best be described as a. initiating the marketing plan on or before a deadline. b. expending an amount of effort that is commensurate with the nature and size of the transaction. c. ascertaining the facts about the client and the property at the onset of the listing period. d. helping customers satisfy their needs to the extent they are entitled. |
c. ascertaining the facts about the client and the property at the onset of the listing period. |
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The amount of a real estate broker's commission is a. established among competing brokers. b. established through negotiation with clients. c. established by the Board of Realtors. d. established by state real estate license law. |
b. established through negotiation with clients. |
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A client suddenly decides to revoke an exclusive right-to-sell listing midway through the listing term. The reason stated: the client did not like the agent. In this case, a. the client is criminally liable for discrimination on the basis of the cause for cancellation. b. the client may be liable for commission and marketing expenses. c. the agent can sue the client for specific performance, even if no customer had been located. d. the agent has no recourse but to accept the revocation. |
b. the client may be liable for commission and marketing expenses. |
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A "protection period" clause in an exclusive listing provides that a. the owner is protected from all liabilities arising from the agent's actions performed within the agent's scope of duties. b. the agent has a claim to a commission if the owner sells or leases to a party within a certain time following the listing's expiration. c. agents are entitled to extend a listing agreement's term if a transaction is imminent. d. an owner is not liable for a commission if a prospective customer delays in completing an acceptable offer. |
b. the agent has a claim to a commission if the owner sells or leases to a party within a certain time following the listing's expiration. |
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Which of the following represents the core activity of real estate brokerage? a. Prospecting for and qualifying potential customers. b. Buying and selling properties for one's company. c. Procuring customers for clients and effecting transactions. d. negotiating sale or lease terms for a client. |
c. Procuring customers for clients and effecting transactions. |
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What is a co-brokerage? a. An owner agent and a buyer agent combine efforts to complete a sale. b. Outside brokers acting as subagents assist a listing agent in procuring a customer. c. An owner or buyer lists with several brokers to complete a transaction. d. Agents from a single agency cooperate to generate listings for the broker. |
b. Outside brokers acting as subagents assist a listing agent in procuring a customer. |
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which of the following best summarizes the critical skills in real estate brokerage? a. Communication, market knowledge, mathematics, and analysis. b. Selling skills, law, and qualification. c. Fiduciary duties. d. Listing, ,marketing, facilitating transactions, and managing information |
d. Listing, ,marketing, facilitating transactions, and managing information |
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Which of the following is a valid distinction between a corporation and a proprietorship? a. A corporation has a perpetual existence; a proprietorship terminates upon the owner's death. b. Proprietorship are liable for their actions, while corporations are not. c. Proprietorships may broker real estate, while corporations may not. d. Corporations are not subject to taxation, while proprietorships are. |
a. A corporation has a perpetual existence; a proprietorship terminates upon the owner's death. |
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One similarity between a general partnership and a limited partnership is that a. both are subject to double-taxation. b. both may broker real estate if properly licensed. c. the partners in both organizations take a active role in managing the business. d. all partners bear full liability for debts to the extent of the debt. |
b. both may broker real estate if properly licensed. |
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Two real estate companies agree to conjoin their resources for the development and sale of an apartment complex, for which profits will be shared equally. This is an example of a. a cooperative association. b. a real estate investment trust. c. a limited partnership. d. a joint venture. |
d. a joint venture. |
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Which of the following characterizes a real estate franchisee? a. A local brokerage owned and operated by national franchisor. b. A locally-owned brokerage affiliated with a national franchisor for purposes of enhanced image and resources. c. A national brokerage company which charges local brokers fees for membership. d. A national firm which contracts with local franchisors to promote the national identity. |
b. A locally-owned brokerage affiliated with a national franchisor for purposes of enhanced image and resources. |
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The term "Realtor" a. is the generic name used by brokers throughout the country as a trade identity. b. is the identity for any duly licensed, active agent or broker. c. is the trade identity for all members of any properly chartered real estate trade organizations. d. may only be used by brokers belonging to the National Association of Realtors. |
d. may only be used by brokers belonging to the National Association of Realtors. |
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Real estate sales agents are legally authorized to a. represent their employing broker in procuring clients and customers. b. act directly on a client's behalf to discharge the broker's listing responsibilities. c. negotiate and execute contracts for sale on behalf of the client. d. take on the listing responsibilities for other listings in MLS. |
a. represent their employing broker in procuring clients and customers. |
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An import distinction between an independent contractor salesperson (IC) and a employee salesperson is a. the IC is responsible for taxes; the broker does not withhold. b. the IC must obtain his or her own training; it is not provided by the broker. c. the employee is not entitled to company benefits. d. the IC must abide by all office policies and meeting schedules. |
c. the employee is not entitled to company benefits. |
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A salesperson's commission rate and structure is established by a. state regulation. b. competitive conditions. c. agreement with other brokers in the market. d. negotiations with the client. |
b. competitive conditions. |
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Three of the most important skills involved in the listing process are a. persuasion, appraisal, and market analysis. b. communicating, co-brokering, and timing. c. marketing, advertising, and conducting open houses. d. locating clients, pricing property, and marking listing presentations. |
d. locating clients, pricing property, and marking listing presentations. |
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Pricing property correctly is pivotal to marketing listings, because a. underpriced properties do not require the broker's service. b. overpricing a property will lengthen the time required to receive compensation for services. c. underpricing a property does not serve the best interests of a client. d. overpricing a property does not serve the best interests of the customer. |
c. underpricing a property does not serve the best interests of a client. |
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The objective of the listing presentation is to a. explain how the agent and the agency enjoy a competitive advantage over other companies. b. condition the owner to price the property at the lowest possible level. c. provide all information necessary for the owner to execute the listing. d. execute he listing agreement, then explain its provisions. |
c. provide all information necessary for the owner to execute the listing. |
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In marketing an owner's property, the objective of an agent's marketing plan is to a. actively participate in the multiple listing service. b. expose the property to the maximum number of prospects in relation to marketing expenses and efforts. c. ensure that a transaction occurs that will compensate the agent. d. convince prospects of the property's superiority over other properties. |
b. expose the property to the maximum number of prospects in relation to marketing expenses and efforts. |
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In obtaining offers from a buyer, an agent must be careful to a. pursue only those offers which are at or near the listing price. b. balance the owner's price expectations with the buyer's opinion of value. c. avoid disclosing what price the owner will accept. d. avoid completing offers that are beneath market value. |
c. avoid disclosing what price the owner will accept. |
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When a property is "under contract," a. the principals have agreed to an option to purchase, provided the buyer can obtain financing. b. the buyer and the seller are engaged in negotiations to complete a sale contract. c. the principals have entered into a sale contract and must satisfy any contingencies prior to closing. d. certain contingencies must be satisfied before the buyer or seller will agree to sign the sales contract. |
c. the principals have entered into a sale contract and must satisfy any contingencies prior to closing. |
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Conversion is the act of a. mixing escrow funds with the broker's operating funds. b. appropriating client or customer deposits for use in the agency's business. c. converting an offer into a biding contract. d. converting escrow funds into equity funds in a property at the closing. |
b. appropriating client or customer deposits for use in the agency's business. |
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Commingling is the practice of a. blending escrow funds on a number of properties in one escrow account. b. mixing socially with prospects at open houses or other marketing functions. c. appropriating client or customer deposits for use in the agency business. d. mixing escrow funds with the broker's operating funds. |
d. mixing escrow funds with the broker's operating funds. |
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Real estate advertising is a regulated activity. One important restriction in placing ads is a. a broker may only place blind ads in approved publications. b. a broker must have all advertising approved by the proper state regulatory agency. c. the advertising must not be misleading. d. sales agents may only advertise in their own name. |
c. the advertising must not be misleading. |
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The three principal brokerage firms in a market agree to pay sales agents 15% more than any other competitor currently in practice. This is an example of a. collusion. b. price fixing. c. allocation of markets. d. steering. |
a. collusion. |
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Two leading agencies jointly agree to raise commissions charged a certain class of client to 8% of the sales price. Which of the following is true? a. This is a perfectly legitimate business practice. b. The brokers have illegally fixed prices. c. The brokers have allocated markets. d. The brokers have engaged in legal collusion. |
b. The brokers have illegally fixed prices. |
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A corporation would like an agent to sell its country grocery store. Included in the sale are the inventory, equipment, and real property. The agent locates a full-priced buyer who does not want to acquire any of the business's actual or potential liabilities. To do this transaction, the corporation would mot likely a. propose a asset sale. b. undertake a stock sale. c. propose an exchange. d. enter into a sale-leaseback transaction. |
a. propose a asset sale. |
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A broker is reviewing the balance sheet of her new listing to sell a business. Three of the entries on the books are licenses, trademarks, and goodwill. These would be examples of a. tangible assets. b. intangible assets. c. short-term liabilities. d. long-term liabilities. |
b. intangible assets. |
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In business brokerage, the notion of goodwill is best defined as a. the commitment by the agent to expend maximum effort on the listing. b. establishing pricing levels that will generate the good will of prospective customers. c. the value or price of the business over and above the value of its other assets. d. the portion of the sale price that is depreciable. |
c. the value or price of the business over and above the value of its other assets. |
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A syndication is a. a group of general partners who invest in and manage real estate for a profit. b. a group of inactive investors who join with a number of active partners to purchase, manage, and sell properties for a profit. c. a network of active brokers who purchase and sell properties. d. an organization engaged in illegal property acquisition and sale. |
b. a group of inactive investors who join with a number of active partners to purchase, manage, and sell properties for a profit. |
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In order to sell interests in a syndication, an agent must a. obtain a Series 39 securities license. b. obtain a Series 22 securities license. c. obtain a real estate broker's license. d. obtain a syndicator's license. |
b. obtain a Series 22 securities license. |
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The principal theme of federal fair housing laws is to a. ensure all Americans a fair chance to own a home. b. prohibit discrimination in housing transactions. c. ensure that housing transactions are negotiated fairly. d. prohibit agents from dealing unfairly with clients and customers. |
b. prohibit discrimination in housing transactions. |
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It is illegal to discriminate in selling a house based on race, color, religion, or national origin. This is provided for through
a. the Civil Rights Act of 1866. b. Executive Order 11063. c. the Civil Rights Act of 1968. d. the Fair Housing Amendments Act of 1988. |
c. the Civil Rights Act of 1968. |
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Which of the following laws or rulings extended discrimination to include gender, handicapped status, and family status? a. Executive Order 11063. b. the Civil Rights Act of 1968. c. the fait Housing Amendments Act of 1988. d. Jones v Mayer |
c. the fait Housing Amendments Act of 1988. |
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An agent informs numerous families in a neighborhood that several minority families are planning to move into the immediate area, and that the trend could have adverse effects on property values. This activity is a. blockbusting. b. legal but unprofessional redlining. c. discriminatory misrepresentation. d. negligent misrepresentation. |
a. blockbusting. |
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A minority family would like to buy a home in a certain price range. The agent shows the family all available properties in a neighborhood of families with similar backgrounds. The agent did not mention a number of homes in the family's price range in other neighborhoods. This agent could be liable for a. blockbusting. b. providing unequal services. c. steering. d. nothing; his services were legal and acceptable. |
c. steering. |
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An agent does not like a particular minority buyer, and is very short with that person, refusing to engage in lengthy conversation or show him any properties. A second minority party visits the office the next day. The agent is very forthcoming, and show the person five perspective properties. The agent could be liable for a. providing unequal services. b. steering. c. misrepresentation. d. nothing; both parties were minorities, and therefore no discrimination occurred. |
a. providing unequal services. |
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Following the client's recommendation, an agent conceals the availability of a property from an employed but pregnant and unmarried minority woman. This agent could be liable for a. discriminatory misrepresentation. b. steering. c. violating fiduciary duty. d. nothing: an agent may show or not show any property at his or her discretion. |
a. discriminatory misrepresentation. |
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A condominium complex prohibits ownership of any unit by persons under 55 years of age. The association claims it has made the prohibition properly. Which of the following is true? a. They are violating the Civil Rights Act of 1866. b. They are violating the Fair Housing Amendment Act of 1988. c. They are guilty of age discrimination. d.The prohibition may be legal. |
d.The prohibition may be legal. |
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An owner suddenly pulls a property off the market after hearing from the agent on the phone that the agent had received a full-price offer from a minority party. The agent the informs the offeror that the home has been removed from the market and its unavailable. Which party or parties, if any, have violated fair housing laws? a. The agent only. b. The owner only. c. The agent and the owner. d. Neither agent nor owner. |
c. The agent and the owner. |
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Real estate trade associations promote a code of ethics primarily to establish a. minimum standards of practice as imposed by law. b. fair housing law. c. high standards of practice for all facets of the business. d. grounds for license revocation. |
c. high standards of practice for all facets of the business. |
