WV: Ethical Excellence: Raising the Bar Quizzes Flashcards

WV: Ethical Excellence: Raising the Bar Quizzes Flashcards Lisa, a buyer, filed a complaint against REALTOR® Sam.Lisa requested arbitration. Must Sam comply?Yes, as long as Lisa agrees to be bound by the panel's decision.REALTOR® Kay approached seller Patrick and asked him if he were working with any other agents. Patrick said he had an agreement with ABC Realty, but it had expired.Which of the following is true?Kay can enter into a listing agreement with Patrick since the prior agreement has expired.Charlie's seller client asked him to pass along any offers to her, even after her property went under contract. Four days before closing, an offer arrived in Charlie's inbox. What should Charlie do?Present the offer to the seller.A licensee is working with four rather difficult clients but doesn't want to end any client relationships unless it's absolutely necessary. Which of these clients should the licensee consider releasing?An investor that used profanity and insulted the licensee's competence when their offer wasn't accepted.Felicity's referral deal from out of state fell through, and the out-of-state broker filed an ethics complaint about her.What do we know is true about this situation?They must arbitrate if the out-of-state broker agrees to travel to Felicity's board and abide by the panel's decision.Cara is involved in a dispute with another REALTOR®, Sue. Cara prefers ______ because she wants to preserve her working relationship with Sue.Mediation Panel member Dick recommended a potential disciplinary action that only state licensing authorities are permitted to hand down when a REALTOR® violates the Code of Ethics. What's the penalty he recommended?License suspension or termination Sarah's client Reggie saw his listing on her website and told her that he was concerned that his property's square footage appeared too small compared to other properties in the area. He asked Sarah to change the information on her website to add 500 square feet. What should Sarah do?Inform Reggie that as a real estate professional, she must avoid misrepresentation relating to the property or the transaction.Rudy's seller client is considering an offer from a buyer who would pay for the home using Bitcoin. How should Rudy advise his client?Bitcoin is a relatively untested form of currency, so she should proceed with caution.Article 1 of the NAR Code of Ethics requires REALTORS® to ______ the interests of their client.Protect and promote You've listed a condo and just received an offer from a notoriously unethical broker. According to the NAR Code of Ethics, which of the following is an acceptable reason not to cooperate with that broker?Working with the broker isn't in the seller's best interests.REALTOR® Janice wants to research how the NAR enforces the Code of Ethics. Which article of the code should she look to?Article 17

Jean, a REALTOR®, is preparing ad copy for her latest real estate listing. Which of the following is one reason she needs to be careful when creating her ad?Most laypersons don't know what's required in advertising, so they can be easily misled.What does the MAAP method help licensees determine?Which property facts they need to disclose If you see someone behaving rudely, it makes you more likely to be ______.Rude Licensee Sandra just accepted an offer on behalf of her seller client, Ben. When Sandra meets Ben at his home, she sees evidence on the kitchen ceiling that the previous day's rainstorm caused a pretty major roof leak. Ben tells Sandra that he'll have it fixed within the week and not to mention anything to the prospective buyers. What must Sandra do?The roof damage is a material fact; she must disclose the roof damage to the buyers, even if the damage is fixed before the contract is signed.REALTOR® Ryan is considering becoming a social media influencer to help build his business. Why might this be a good idea?Used the right way, it can be a great way to find clients.Read through the following scenarios and determine which licensee is abiding by the Code of Ethics.Even though Joe and Amelia haven't seen eye to eye in the past, he presents her client's offer to his seller client and says nothing about his relationship with Amelia.Noel's landlord client wants to amend the lease that the tenant just finished signing. What should Noel do?Tell the landlord that she can draw up an amendment, but caution that the tenant may not agree to it.Article 9 of the NAR Code of Ethics requires REALTORS® to assure that, whenever possible, all contracts are

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In writing Marsha holds an ethics refresher training every spring at her brokerage. She knows that ethics are tricky to navigate, especially considering that ______.22% of REALTORS® have had their license for less than three years REALTOR® Tim forwarded a text he received that mocked another agent's sales record, not realizing that the numbers were wrong and the agent was actually very successful.Tim may be guilty of an ethical violation per NAR because

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He passed along misleading information about another licensee Jackie's seller client told her that the water heater was three years old, but it was an excellent model so she disclosed it as "new" on the property disclosure form. What is Jackie's ethical obligation in this situation?Treat the other parties honestly, which means disclosing the actual age of the water heater.Jasmine is not a REALTOR®, but she is a real estate licensee. Has Jasmine agreed to abide by the conduct outlined in NAR's Code of Ethics?No; she isn't a REALTOR®, so she isn't bound by NAR's Code of Ethics.Jill's seller client told her that his house flooded last year, but that he doesn't want to include this on the property disclosure form because it might lower his property value.What ethical obligation does Jill have?Be honest with all parties and disclose the history of flooding.Arbitration is ______ all parties.Binding on

Due process is ______.Fair treatment of all parties and adherence to a set of guidelines REALTOR® Cheryl submitted a request for arbitration in a dispute with REALTOR® Stan. The circumstances surrounding the complaint call for voluntary arbitration.Which party has the right to decline arbitration?Stan The number of ethics complaints against licensees in Trent's firm are up 24% since last year. What's one of the most effective ways Trent can improve ethical behavior at his firm?Model appropriate ethics himself.NAR just hired Fiona to film some TV ads to highlight the association. Based on the NAR's goals, on what should Fiona's advertising focus?The NAR's high ethical standards for its members Which of the following ethics-related statements is true?Real estate transactions often present ethical predicaments due to their financial risks and inherent complexity.The NAR Code of Ethics is ______.Revised as needed to meet the changing needs of the industry REALTOR® Sheena has a lot of fixer-upper listings, so she paid a photographer to edit the photos on her website in such a way that shows their "potential." In one, she had the photographer edit out the decaying back steps, since they were an eyesore. According to the NAR Code of Ethics, is this acceptable?No; the altered photos do not present a true picture of the properties.Lorenzo had criminal charges filed against him in connection to his real estate practice. NAR policy dictates that his local REALTOR® association may ______.Investigate and hold a hearing even while his criminal trial is pending Which acronym is used to describe a method for determining if a fact is material and in need of disclosure?

MAAP ______ is one of the most effective tools a REALTOR® board can use in mending relationships and clearing up communication issues.Mediation Sarah just earned a new accreditation and is updating her advertising, website, and other outlets to include the credentials. To beef up her website, she also adds the credential she's currently working on. Has she committed any ethical violations?Yes; all advertising media, such as her website, must accurately reflect her credentials.If you agree to cooperate with another broker because it's best for your client, it's assumed that ______.Any commission sharing will be discussed and isn't a requirement of cooperation Martin's seller client requested that Martin do something for her, and Martin is hesitant to comply. What should he do?Take a moment to consider what about the request is making him hesitate.Beverly is editing some listing photos to post on her social media account. What should she be sure to do?Maintain a true representation of the property.Lily is getting ready for an ethics hearing. She should be prepared to ______.Give a concise presentation