Unit 5 – Real Estate Practices Page 1 of 49 A client is the _______________________ in a transaction. principle principal only the seller only the buyer Page 2 of 49 Code of Ethics is very important because without ethics, _____________________.Defining characteristic of a profession. it would be like the wild west out there people would do whatever they wish with no regard to others it isn't a profession you do unto others before they do unto you Page 3 of 49 The Selling Agent represents ____________________________. the listing side the brokerage the firm the buying side Page 4 of 49 Always use proper care and effort to meet the agreed obligations is known as _______________________. duty of good faith due diligence misrepresentation fiduciary duties Page 5 of 49 Misrepresentation is _____________________________________________________. always using the proper care and effort to meet the agreed obligations of your clients and customers a contract in which a principal (owner/client) employs an agent (the broker) to find a buyer for the property they own a written agency agreement authorizing a firm to provide brokerage services to the client for the procurement of an interest in property and providing the terms whereby the firm may earn a commission a false statement or the concealment of a material fact with the intent of inducing another party to act Page 6 of 49 This listing may be giving to several agents, but only the agent to procure a ready, willing and able buyer will receive the commission. Net Listing Exclusive Agency Listing Exclusive Right-to-Sell Listing Open Listing Page 7 of 49 Licensees are not required to have the technical knowledge, skills or training possessed by competent third-party inspectors and investigators of real estate and related areas. COMPETENCE REQUIRED DISCRIMINATION PROHIBITED LEGAL COUNSEL NOT TO BE DISCOURAGED UNAUTHORIZED PRACTICE OF LAW PROHIBITED Page 8 of 49 An agreement may be void due to _________________________________. duty of good faith due diligence misrepresentation fiduciary duties Page 9 of 49 Licensees may not discriminate against, nor deny equal services to, nor be a party to any plan or agreement to discriminate against any person in any manner unlawful under applicable federal, state or local fair housing law. COMPETENCE REQUIRED DISCRIMINATION PROHIBITED LEGAL COUNSEL NOT TO BE DISCOURAGED UNAUTHORIZED PRACTICE OF LAW PROHIBITED Page 10 of 49 A licensee may not provide advice or opinions concerning the legal rights or obligations of parties to a transaction. True False Page 11 of 49 Licensees shall not act to protect the public against fraud, misrepresentation and unethical practices. True False Page 12 of 49 "Well, if the sellers don't provide you with a Real Estate condition report, you can sue them to get out of the contract." DISCRIMINATION PROHIBITED COMPETENCE REQUIRED NET LISTINGS UNAUTHORIZED PRACTICE OF LAW Page 13 of 49 This type of listing is Illegal in the state of Wisconsin. Net Listing Exclusive Agency Listing Exclusive Right-to-Sell Listing Open Listing Page 14 of 49 Licensees shall be knowledgeable regarding laws, public policies and current market conditions on real estate matters and assist, guide and advise the buying or selling public based upon these factors. COMPETENCE REQUIRED DISCRIMINATION PROHIBITED LEGAL COUNSEL NOT TO BE DISCOURAGED UNAUTHORIZED PRACTICE OF LAW PROHIBITED Page 15 of 49 Client confidentiality is always required, even ____________________________. once a notice is sent to the seller once the buyer completes the buyer information sheet once the transaction has been completed once the seller emails the listing agent. Page 16 of 49 The Listing Agent represents ____________________________. the listing side the brokerage the firm the buying side Page 17 of 49 The Firm and its Agents will keep confidential any information given to the Firm or its Agents in confidence, or any information obtained by the Firm and its Agents that they know a reasonable person would want to be kept confidential, unless the information must be disclosed by law or you authorize the Firm to disclose particular information. Which of the following must be disclosed? Designated Agency Relationship Material Adverse Facts Agency Agreement Net Listing Page 18 of 49 The Firm and its Agents will not place their interests ahead of your interests. Disclosure to All Parties Disclosure to Clients Disclosure to Customers Material Adverse Fact Page 19 of 49 The duty to exercise reasonable skill and care in providing brokerage services to you. Disclosure to All Principles Disclosure to Clients Disclosure to Customers Material Adverse Fact Page 20 of 49 A contract in which a principal (owner/client) employs one agent to find a buyer for the property they own. Sale Listing Agreement Exclusive Agency Listing Exclusive Right-to-Sell Listing Open Listing Page 21 of 49 The duty to provide you with accurate information about market conditions within a reasonable time if you request it, unless disclosure of the information is prohibited by law. Disclosure to All Parties Disclosure to Customers Disclosure to Clients Material Adverse Fact Page 22 of 49 The agent is entitled to a commission during the term of the contact if they or any other broker finds a ready, willing and able buyer to purchase the listed property, EXCEPT the owner finds a buyer on their own without the assistance of the agent and therefore not owe the listing agent/brokerage a commission. Sale Listing Agreement Exclusive Agency Listing Exclusive Right-to-Sell Listing Open Listing Page 23 of 49 A written listing con- tract making a firm the exclusive agent for the sale of property for a specific period of time, and which entitles the listing firm to a commission if the property is sold by the owner, by the firm, or by anyone else. Sale Listing Agreement Exclusive Agency Listing Exclusive Right-to-Sell Listing Open Listing Page 24 of 49 The Listing Agent represents ____________________________. the brokerage the seller the firm the buyer Page 25 of 49 The agent agrees to use their best efforts to locate a property that meets their needs at the best price for a stated commission. Sale Listing Agreement Buyer Agency Agreement Exclusive Agency Listing Broker Price Opinion Page 26 of 49 A written listing agreement, which may be given to any number of firms, with the first firm to secure a buyer under the terms of the listing agreement earning the commission. Net Listing Exclusive Agency Listing Exclusive Right-to-Sell Listing Open Listing Page 27 of 49 The _____________________ owns the agreement signed between the Principal and the Agent. Listing Agent Brokerage / Firm Association President Selling Agent Page 28 of 49 A listing agreement should include all the following except? Description of the property Sale Price Commission Purchase price range Page 29 of 49 The duty to safeguard trust funds and other property held by the Firm or its Agents. Disclosure to All People Disclosure to Clients Disclosure to Customers Material Adverse Fact Page 30 of 49 The Selling Agent represents ____________________________. the seller the buyer the brokerage the firm Page 31 of 49 A written agency agreement authorizing a firm to provide brokerage services to the client for the procurement of an interest in property and providing the terms whereby the firm may earn a commission. Sale Listing Agreement Exclusive Agency Listing Buyer Agency Agreement Open Listing Page 32 of 49 Agreeing to exclude certain other brokerages from seeing their own listings or prohibit their agents from showing their buyers the other broker’s listings is called _____________________. Price Fixing Market Allocation Group Boycotting Tie-in Agreements Page 33 of 49 A buyer agency agreement should include which of the following? Description of the property Purchase price range Sale Price Commission Page 34 of 49 Civil Rights Act of 1866 of provided all except: Right to hold, sell and lease real or personal property Right to own people Right to purchase Right to inherit Page 35 of 49 Civil Rights Act of 1964: Prohibits discrimination in housing with national origin Prohibits discrimination in housing with government assistance Prohibits discrimination in housing with religion Prohibits discrimination in housing with race Page 36 of 49 Civil Rights Act of 1968 of provided all except: prohibits discrimination based on color prohibits discrimination based on religion prohibits discrimination based on sex prohibits discrimination based on race Page 37 of 49 Civil Rights Act of 1974 did which of the following? Prohibits discrimination based on color Prohibits discrimination based on sex Prohibits discrimination based on religion Prohibits discrimination based on race Page 38 of 49 Agreeing to divide up the marketplace by geographical location or type of service provided since it reduces or eliminates competition is called _____________________. Price Fixing Market Allocation Group Boycotting Tie-in Agreements Page 39 of 49 Which of the following doesn't violate the Civil Rights Act of 1968? Steering a buyer to a specific neighborhood Block Busting Refusing to helping a buyer with a VA pre-approval Refusing to provide a loan to those living within certain areas Page 40 of 49 Civil Rights Act of 1988 did which of the following? Prohibits discrimination based on sex Prohibits discrimination based on familial status Prohibits discrimination based on religion Prohibits discrimination based on national origin Page 41 of 49 Refusal to show, rent or sell by falsely claiming that a property is not available violates which act? Civil Rights Act of 1866 Civil Rights Act of 1964 Civil Rights Act of 1968 Civil Rights Act of 1988 Page 42 of 49 Steering violates which act? Civil Rights Act of 1866 Civil Rights Act of 1964 Civil Rights Act of 1968 Civil Rights Act of 1988 Page 43 of 49 Refusal to show, rent or sell by falsely claiming that a property is not available violates which act? Civil Rights Act of 1866 Civil Rights Act of 1964 Civil Rights Act of 1964 Civil Rights Act of 1988 Page 44 of 49 The Fair Housing Amendments Act of 1988 added protections for all except: People with disabilities People with support animals People with children People with a heroin addiction Page 45 of 49 The Family Status in Wisconsin include all except: A person is pregnant A person's household includes one or more minor or adult relatives A person is in the process of securing sole or joint legal custody, periods of physical placement or visitation rights of a minor child A person's household which doesn't include one or more adults or minor children in his or her legal custody or physical placement or with whom he or she has visitation rights Page 46 of 49 Agreeing to set standard or minimum commission rates is called _____________________. Price Fixing Market Allocation Group Boycotting Tie-in Agreements Page 47 of 49 According to the state of Wisconsin a brokerage must retain documents related to a real estate transaction for _____________________. 7 years 2 years 5 years 10 years Page 48 of 49 As an agent you are not able to advertise a property in the following way except: Perfect for singles Just a short walk to Old Settler's Park Short distance from Forest Park Close to public transportation but no stripers Page 49 of 49 A broker tries to force a client to work with or buy specific goods or services in order to receive the broker’s goods or services is called _____________________. Price Fixing Market Allocation Group Boycotting Tie-in Agreements Please provide your contact information to proceed.First NameLast NameEmail Address *Consent *Yes, I agree not to share any of the questions or answers to this quiz with any current or future students of SENSBL Real Estate Academy. 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