Add the window treatments to the exclusions section of paragraph 4 when doing a counteroffer. When REALTORS® provide consulting services to clients which involve advice or counsel for a fee, advice shall be rendered in a(n, Real estate is a reputation business. REALTORS®, in their real estate employment practices, shall not discriminate against any person or persons on the basis of race, color, religion, sex, handicap, familial status, national origin, sexual orientation, o. Not necessary. REALTORS® may represent both parties in the same transaction only after: full disclosure to and with informed consent of both parties. Specifying the housing available in the neighborhood is illegal, The Community Development Block Grant (CDBG) offers funding for. A key element in the practice of real estate is the contract. having a physical or mental impairment that limits a major life activity, the practice of denying or limiting financial services to specific residents or neighborhoods, an initiative to promote compliance with the Fair Housing Act design and construction requirements, during the process of a person searching for a home to rent or buy, If an insurer or lender targets minorities in order to charge more than they would to similar majority customers, they are practicing, One way to or prove lender discrimination is to show disparate treatment, which is, when a creditor treats an application differently for a prohibited reason, such as race or religion, The Equal Credit Opportunity Act (ECOA) outlines that a lender cannot refuse credit to an applicant based on, Anti-density zoning is a type of zoning that, Discrimination in home valuation occurs when the appraiser bases it on, the religious or racial makeup of the neighborhood, Inclusionary zoning teams the production of affordable housing to private development in order to, evenly distribute affordable housing throughout a region, The Fair Housing Initiative Program (FHIP) is, a program that funds organizations that help people who have experienced housing discrimination, One of the few requirements of receiving a Community Development Block Grant (CDBG) is, to hold public meetings to solicit input from the community. Agent Jones showed Sally comparable sold properties in a different neighborhood that averaged $5,000 less than Sally's property in an effort to list it. Which U.S. minority group experiences the greatest amount of residential segregation compared to other minority groups? What 1974 Act provided protection against discrimination in lending? Those standards of behavior or beliefs regarding right and wrong that define an individual's personal character are called. What section of a Counteroffer form states that all other terms and conditions of the contract of the Financing Supplement remain the same? All acts performed by a broker associate or provisional sales associate under the provisions of the Real Estate License Code must be done. The committee submits the complaint for resolution by an ethics hearing panel. prior to the parties signing a contract to purchase, lease, option, or exchange real estate, those services provided by a broker to a party in a transaction, if you use the terms "single party broker" and "transaction broker" you should clearly define the usage, since it is no longer defined in the law. An agreement that allows non-owners to occupy a space legally. What type of discrimination excludes certain people from living in the housing they choose and qualify for? only the actual structure of the building and grounds, not the possessions of tenants. What is the federal agency that charters and supervises federal credit unions? Arbitration is a well-established and widely used means to end disputes. When did the Association of REALTORS® adopt the first code of ethical conduct? must include a description of those steps in the transaction for which he or she will not provide brokerage services. allows a lender the opportunity to accept or reject the purchaser as a substitute borrower.B. How does a REALTOR® inform the Board he or she does not wish to arbitrate? Reimburse any person adjudged by a court to have suffered loss due to a licensee violating the Code. Do not tell people what you think—tell them what you know. What type of budget is used to show a plan for installing a game room? It does, however, give both arbitration complainants and respondents greater latitude in determining who the parties are and how any resulting award will be made. 3. How many days prior to the date the purchaser receives a copy can the Residential Property Disclosure Statement be completed? REALTORS® must disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation. What might be said of Jim's actions? A REALTOR® may contact a owner to determine when a listing terminates. What skill requires a manager to have a knowledge of space planning and floor design? In what Article would you find rules regarding deliberately misleading a property owner as to market value? Thoughts as to how licensees should conduct themselves, The National Association of REALTORS® Code of Ethics. What report lists any outstanding delinquent rents? It applies to housing that was designed or constructed for first occupancy after March 13, 1991. Article 17 does not require REALTORS® to mediate in those circumstances when all parties to the dispute advise the Board in writing that they choose not to mediate through the Board's facilities. Respect for the Public, Respect of Property, Respect for Peers. To seek the highest rate of return from the property. Conditioned on Sale-Presently Under Contract. In what management agreement section would you find information regarding under what conditions a property manager has the right to terminate an agreement? When a landlord terminates a lease due to abandonment, what is the status of the renter? "as soon as practicable" but no later than before the seller accepts an offer. How many Standards of Practice are in Article 12 of the Code of Ethics? Which of these statements about the terms transaction broker and single party broker is FALSE? The Enforcement of Title VI of the Civil Rights Act of 1964-National Origin Discrimination Against Persons with Limited English Proficiency. After November 1, 2013 what happens to currently active brokerage agreements that were entered into prior to that date? When are changes made to the Code and the Standards of Practice? According to Article 3-6, REALTORS® must disclose the existence of accepted offers, including offers with unresolved contingencies, t. not obligated to continue to market the property after an offer has been accepted. What lease form is a legally binding contract which lists and describes the tenant's responsibilities for the care of the premises? A seller must complete a Disclosure and Acknowledgment of Lead-Based Paint for properties built before. restore a system back to operating standards in the shortest possible time. What describes an attitude of ignoring undesirable behavior and leaving people living in low-income neighborhoods with high crime rates to fend for themselves? Rules of behavior based on ideas about what is morally good and bad. Allow buyers to enter listed property unaccompanied, When showing a property to a group, what should be your strategy. To help designers, builders, and developers understand and conform to fair housing design requirements. Neither A nor B. When a landlord defaults on the terms of the lease, the owner is the landlord, or lessor, and the renter is the tenant, or lessee. The practice of banks, governments, or other lending institutions denying loans to one or more groups of people primarily on the basis of race, ethnic origin, sex, religion, familial status, or disability, is referred to as. Zoning ordinances in suburban communities frequently include provisions that effectively bar the construction of affordable housing. Under what management skill set does the ability to execute and renew a lease fall? gives the lender an opportunity to eliminate low interest rate loans.C. What form should be used when all parties to a transaction have agreed to terminate the contract before consummation? What does NFHA stand for? This is an example of Respect for, An out-of-state REALTOR® requesting arbitration, must submit to the jurisdiction of, travel to, participate in, and be bound by any resulting award rendered in arbitration conducted by the respondent(s) REALTOR®'s association. The OK Real Estate Education and Recovery Fund assessment is $15 per three year period. The Equal Opportunity Actii. Before entering into a formal agreement, a property manager would submit a, The purpose of corrective maintenance is to. Which of the following should NOT be a factor that goes into evaluating the value of a home? Both A and B , each point is equal to 1% increase and each point increases the yield of the lender by 1/8 percentage point. Unless the parties agree in writing that the arbitrators shall be non-neutral, in which case such arbitrators need not be impartial or independent and shall not be subject to … When a broker is providing brokerage services, what must the parties do? How do you determine if a sales contact is a cash sale? II. By agreeing to binding arbitration,. Broker Sally was contacted by Al to perform property management services. What describes groups of people revolting because their neighborhoods would be disrupted by the proposal of new highways? How did George violate Article 2? a business entity that has been established to purchase and own investment property. real live person who is concerned with the needs of the consumer. Good practice dictates that broker jones put the agreement in writing. What 1968 Act forbids discrimination against an applicant or employee because he or she is not a U.S. Citizen? What section of a Back-Up Supplement states when the time periods for inspections, title, survey and financing will start? avoid exaggeration, misrepresentation, or concealment of pertinent facts relating to the property or the transaction, Under Standard of Practice 17-4, if a dispute is not resolved through mediation, the, does not impose upon the REALTOR® the obligation of expertise in other professional or technical disciplines. not have any obligation to discover latent defects in the property. Simply because one of the parties in a dispute desires to enter into arbitration does not take away another party's right to go to court. Property safety can be divided into what two areas? According to the Tenancy Guidelines, how many days does a tenant have to furnish keys to the owner if he or she changes the locks? (Amended 1/93) • Standard of Practice 17-3 REALTORS ®, when acting solely as principals in a real estate transaction, are not obligated to arbitrate disputes with other REALTORS ® absent a specific written … The Code of Ethics aids in protecting the public and helps Realtors® by improving the, professionalism and reliability of the real estate industry, Making an effort to identify and take action to aid in the elimination of practices that are damaging to the public or those actions which might discredit the real estate industry is an example of, an idea in the Preamble as to how real estate licensees should conduct themselves, Two groups of people are responsible for hearing complaints filed for violation of the Code of Ethics. The practice of creating zoning ordinances to exclude certain types of people from given areas in the community. A broker who is providing brokerage services to one or both parties must describe and disclose in writing the broker's duties and responsibilities prior to the party or parties signing a contract to sell, purchase, lease, option, or exchange real estate. Hold the file as pending until legal action is completed. "I think it's a shopping center but I'm not sure." When the purchase of real estate is financed through a contract for deed. What 1978 Act forbids discrimination on the basis of pregnancy? Which of the following property types would be a secondary market? Which three provisions allow space write in information that is specific to the lease contract? To protect the public and encourage licensee professionalism and honesty. Under Section 109 of Title I of the Housing and Community Development Act of 1974, who enforces the rights of individuals to live in Community Development Block Grant (CDBG) funded housing free from discrimination? What does it mean when the purchasers sign and date the appropriate spaces at the end of a Residential Property Disclosure Statement? What class is given to office buildings that are the least desirable and command the lowest rents? However, the Act actually created more racial segregation in housing since minorities made up a majority of the poor population, The Office of Fair Housing and Equal Opportunity (FHEO) is responsible for, administering and enforcing federal fair housing laws, The Home Mortgage Disclosure Act of 1975 required, lending institutions to annually disclose federally-related mortgage loan data. must still document that he or she has complied with the services provided disclosure requirements. According to the Preamble, how should opinions be presented? Hazard Insurance discusses the owner's responsibility to provide insurance. do not take precedence over the duties defined in the Oklahoma law. Which of the following statements is true? In those circumstances when all parties to the dispute advise the Board in writing that they choose not to mediate. What are the duties of broker following termination, expiration, or completion of performance? On the Sale Contract, if you leave Paragraph 7 - Investigations, Inspections and Reviews Section A blank, how many days does the buyer have to inspect the property? Article 17 is interpreted through four Standards of Practice among which is Standard of Practice 17-4 which enumerates four situations under which REALTORS Ò agree to arbitrate specified non-contractual disputes. What type of maintenance involves doing periodic inspections and determining when minor issues need to be repaired? utilizing various methods of enhancing an image to the public, such as community service, coaching athletic teams, volunteering to work in fund drives, etc. When the occupant is absent, leave the property as you found it (lights, heating, cooling, drapes, etc.). Broker Jim is in violation of Standards of Practice 12-10. Upon its wise utilization and widely allocated ownership depend the survival and growth of Under the conditions of the Oklahoma Residential Property Condition Disclosure Act, what form must be completed by a seller who has never lived on the property? Q: Assuming that you have knowledge about the following conditions and circumstances, you would be required to disclose which ones? What type of lease is based on the performance of price index? Both A and B: Repayment of loan is guaranteed if borrower defaults and VA loans are 100 percent of the property value established by the va. all of these : $50k for any one transaction; $25k for any one claimant; $50k for all claims against one licensee. Which Standard of Practice states that REALTORS® may not print, display or circulate any statement or advertisement with respect to selling or renting of a property that indicates any preference, limitations or discrimination based on race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity? Jim bought the property and later discovered the construction was for a new car factory. The REALTOR® shall abide by the By-Laws, Rules, ... 24.3 This Article does not require REALTORS® to ... their Board/Association in writing that they choose not to arbitrate before the Board/Association. Which class of office buildings command the highest rents? focuses on long-term strategic financial planning activities. The number of families living in a subdivision. Which of the following determines whether licensees have violated any laws? association’s jurisdiction, leaving the real estate business, relinquishing their status as a principal in the firm, or being insolvent or “judgment-proof.” The expansion of Article 17 does not require substantive changes to the way associations of REALTORS® conduct arbitration. When a new industry moves into a community, Development of real estate cannot respond to immediate demands, When the costs of inputs necessary to manufacture a product or offer a service increases, the resulting increase in price is known as, In dealings with the public, brokers may not. Which Board committee wrote a list of professional courtesies that agents should follow? Minimizes the capital gains tax burden on the sale of rental property. What Act prohibits discrimination based on a disability and gives similar protection against discrimination to Americans with disabilities as the Civil Rights Act of 1964? Acknowledgment and Confirmation of Disclosures, An Exclusive Right to Sell Agreement states that the buyer and/or seller cannot be held liable for the words or actions of the broker or, There are three supplements that deal with inspection of common elements, review of documents and association repair obligations for residences that have owner's associations. In website advertising, REALTORS® are prohibited from, deceptively using metatags, keywords or other devices/methods to direct, drive, or divert Internet traffic, As part of Article 12, REALTOR® firm websites must, must disclose the firm's name and state of licensure. Because the broker has not paid federal income taxes, Uncle Sam puts a lien on the checking account, which prevents the broker from withdrawing any money, including that of the ... (11676), A broker must open a separate escrow account for, The sales contract is silent as to who is to close the transaction. An Exclusive Buyer Representation Agreement. On which form does a buyer acknowledge receipt of a lead-based paint/hazards disclosure? What actions can the Commission take for violations of the Code? What is the name given to a lease that ends automatically and neither party is required to give notice? The Federal Deposit Insurance Corporation (FDIC), The two main government housing-related programs that enhance the enforcement of fair housing, prevent housing discrimination, and assist victims of housing discrimination are the Fair Housing Assistance Program and the. Which form of dispute resolution is typically used to resolve problems between broker members of an association? Report such activities to the authorities. Sally walked on the roof and told Ed that it looked sound. The expansion of Article 17 does not require substantive changes to the way associations of REALTORS® conduct arbitration. Under what condition must a licensee disclose real estate license status? What type of lease requires the tenant to pay all taxes, insurance, maintenance and repairs? A question that cannot be answered "yes" or "no" is probably a(n), One of the simplest and best responses to an objection is, Maslow heirarchy of needs include all of the following motivational factors, except, All of the following statements about FHA and VA Loans are correct except, If the original owner was released when their loan was assumed, this situation of liability is known as. What was the first U.S. federal law to ensure that all U.S. citizens were equally protected by law? If a tenant does not make a request for his or her security deposit within a six month period from move-out, the security deposit. How should a manager respond to any report of criminal activity? George stated. Which of the following may REALTORS® use in their advertising and in other representations as long as all terms are clearly disclosed at the same time? Thus, before an agreement to arbitrate can be enforced, the district court must rst determine whether such agreement exists between the parties. To support, interpret, and amplify a specific article. Learn vocabulary, terms, and more with flashcards, games, and other study tools. What type of property sells merchandise from name brand manufacturers at a discount? Article 17 does not require REALTORS® to arbitrate in those circumstances when all parties to the dispute advise the Board in writing that they choose not to arbitrate before the Board. A high deductible insurance policy is usually combined with a. What is the purpose of a standard of practice? Articles February 13, 2015 Many business owners and construction industry entities prefer, as a matter of course, that construction disputes be submitted to binding arbitration. How many Articles and related Standards of Practice make up the REALTOR® Code of Ethics? When someone files an ethics complaint against a licensee. That the opinion of value is the same as an appraisal. Installing a swimming pool would go under what budget heading? This would violate. Real estate companies, landlords, lending institutions, insurance companies, and other housing entities, According to federal anti-discrimination law, a protected class is, a characteristic of a person which cannot be targeted for discrimination, According to the Civil Rights Act of 1964, public funds, cannot be spent to encourage or result in racial discrimination. What is the best course of action when a manager becomes aware of criminal activities such as drug dealing on the property? When a homeowner refuses to pay, contractors have a powerful card to play: the mechanics lien. REALTORS® may use the term "free" in their advertising as long as all terms are clearly disclosed at the same time. an integral part of real estate wherein the agent is constantly seeking additional buyers and sellers to serve. Under what management skill set does the ability to conduct a property appraisal, determine depreciation, and identify market trends fall? What section of the Housing Act of 1937 authorizes the payment of rental housing assistance to private landlords on behalf of approximately 4.8 million low income households in the United States? What entity is created when an existing sole owner takes on a co-owner partner? When seeking information from another REALTOR® concerning property under a listing agreement, REALTORS®: must disclose their status and whether their interest is personal or on behalf of a client. What is a good practice to follow when instituting a rent increase? III. Which federal law defines a foreign-born seller?
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