“Ethics and Business Practices” Class Chapter 1 quiz questions with no answers.
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1. A REALTOR, who is the designated broker for a firm, has one company business account and keeps all company and client funds in the one business account that he uses for all business expenditures and transfers client funds out at appropriate times during a transaction, is this allowable?

A.    No, a REALTOR, who is the designated broker for the firm, must keep monies coming into their possession in trust for other persons in separate special accounts in an appropriate financial institution.

B.     That’s allowable, as long as he keeps careful track of the funds.

C.     Yes, as long as everyone gets paid at the appropriate time, that’s fine.

D.    None of the above.

2. What is the difference between the Articles of the Code and the Standards of Practice?

A.    The Articles are broad statements of ethical principles while the Standards support, interpret, and amplify the Articles under which they are included.

B.     The Standards are broad statements of ethical principles while the Articles support, interpret, and amplify the Standards under which they are included.

C.     Violations of the Standards can result in disciplinary while violation of the Articles will not.

D.    None of the above.

3. When reviewing disciplinary action for violations of the Code, when might the Preamble be used as the basis for disciplinary action?

A.    Never, it only describes subjective ideals, not measurable standards.

B.     Only in cases of general violations of moral conduct in business relations.

C.     In any case where there are allegations of unfair business practices.

D.    None of the above.

4. What happens if a Realtor or Realtor-Associate member violates the NAR Code of Ethics?

A.    They will be referred to the courts for legal action.

B.     They can be subject to sanctions by their local Association through procedures established by NAR.

C.     They may be brought up on charges by the Attorney General in their state.

D.    None of the above.

5. When entering into listing contracts, Realtors must advise sellers/landlords of:

A.    The Realtor’s company policies regarding cooperation and the amount(s) of any compensation that will be offered to subagents, buyer/tenant agents, and/or brokers acting in legally recognized non-agency capacities;

B.     The fact that buyer/tenant agents or brokers, even if compensated by listing brokers, or by sellers/landlords may represent the interests of buyers/tenants; and

C.     Any potential for listing brokers to act as disclosed dual agents, e.g., buyer/tenant agents. (Adopted 1/93, Renumbered 1/98, Amended 1/03)

D.    All of the answers

6. According to Article 2, which of the following statements are TRUE?

A.    Realtors must disclose all known material facts and are also obligated to discover latent defects in the property.

B.     Realtors must disclose all known material facts but are not obligated to discover latent defects in the property.

C.     Realtors are obligated to advise on matters outside of the scope of their real estate license.

D.    None of the above.

7. Which of the following principles are included in the Preamble to the Code of Ethics?

A.    Honesty and integrity

B.     Fairness

C.     Moral conduct in business relations

D.    All of the above

8. According to Article 1, what is the primary obligation of a Realtor?

A.    To make their brokerage as profitable as possible.

B.     To cooperate with all other Realtors.

C.     To protect and promote the interests of their client and to treat all parties honestly.

D.    All of the above.

9. Business ethics applies to the conduct of whom?

A.    Only individuals.

B.     Only corporations.

C.     Only the Board of Directors

D.    Individuals and the entire organization.

10. Which of the following is the correct definition of “ethics,” according to Merriam Webster?

A.    Something (as a principle or quality) intrinsically valuable or desirable.

B.     Dealing with what is good and bad and with moral duty and obligation.

C.     A comprehensive and fundamental law, doctrine, or assumption.

D.    None of the above.

11. Which of the following does Article 2 obligate a licensee to perform?

A.    Advise on matters outside the scope of their license

B.     Disclose Confidential information

C.     Discover latent defects

D.    None of the answers are correct

12. What is the primary difference between personal ethics and business ethics?

A.    Personal ethics reflect general expectations of any person in any society while business ethics reflect required behavior within the context of a professional practice.

B.     There is no difference between the two.

C.     Business ethics is governed entirely by each company’s business mandate.

D.    None of the answers shown are correct.

13. A Realtor knows his friend wants to make an offer on a property he has listed so he holds another offer he has received to present to the client until his friend’s offer arrives. Is this allowed?

A.    Yes, as long as both offers are presented at the same time.

B.     No, offers must be submitted objectively and as quickly as possible.

C.     Yes, as long as he tells the client which offer came in first.

D.    None of the above

14. A REALTOR, who is the designated broker for a firm, has one company business account and keeps all company and client funds in the one business account that he uses for all business expenditures and transfers client funds out at appropriate times during a transaction, is this allowable?

A.    No, a REALTOR, who is the designated broker for the firm, must keep monies coming into their possession in trust for other persons in separate special accounts in an appropriate financial institution.

B.     That’s allowable, as long as he keeps careful track of the funds.

C.     Yes, as long as everyone gets paid at the appropriate time, that’s fine.

D.    None of the above.

15.  Which of the following statements are TRUE with regard to ethics?

A.    Ethics are the ideal in terms of which something can be judged.

B.     Ethics are a basis for comparison.

C.     Ethics are the principles or conditions that customarily govern.

D.    Ethics are a system of principles governing morality and acceptable conduct.

16. According to Article 1, what is the primary obligation of a Realtor?

A.    To make their brokerage as profitable as possible.

B.     To cooperate with all other Realtors

C.     To protect and promote the interests of their client and to treat all parties honestly.

D.    All of the above.

17. According to Article 2, which of the following statements are TRUE?

A.    Realtors must disclose all known material facts and are also obligated to discover latent defects in the property.

B.     Realtors must disclose all known material facts but are not obligated to discover latent defects in the property.

C.     Realtors are obligated to advise on matters outside of the scope of their real estate license.

D.    None of the above.

18.  When entering into listing contracts, Realtors must advise sellers/landlords of:

A.    The Realtor’s company policies regarding cooperation and the amount(s) of any compensation that will be offered to subagents, buyer/tenant agents, and/or brokers acting in legally recognized non-agency capacities;

B.     The fact that buyer/tenant agents or brokers, even if compensated by listing brokers, or by sellers/landlords may represent the interests of buyers/tenants; and

C.     Any potential for listing brokers to act as disclosed dual agents, e.g., buyer/tenant agents. (Adopted 1/93, Renumbered 1/98, Amended 1/03)

D.    All of the answers

19.  REALTORS shall avoid _______________________of pertinent facts relating to the property or the transaction

A.    Exaggeration

B.     Misrepresentation,

C.     Concealment

D.    All of the answers

20.  What is the difference between the Articles of the Code and the Standards of Practice?

A.    The Articles are broad statements of ethical principles while the Standards support, interpret, and amplify the Articles under which they are included.

B.     The Standards are broad statements of ethical principles while the Articles support, interpret, and amplify the Standards under which they are included.

C.     Violations of the Standards can result in disciplinary while violation of the Articles will not.

D.    None of the above.

21. What are some of the benefits to professions like real estate having an internally enforced code of ethics that members of the profession must follow?

A.    It prevents exploitation of the client.

B.     It preserves the integrity of the profession.

C.     It allows the profession to define a standard of conduct and ensure that individual practitioners meet this standard.

D.    All of the above.

22. Business ethics applies to the conduct of whom?

A.    Only individuals.

B.     Only corporations.

C.     Only the Board of Directors

D.    Individuals and the entire organization.

E.     You answered incorrectly

23. Can a Realtor represent both parties in the same transaction?

A.    Never, that would be a violation of the Ethics Code.

B.     Yes but only when it’s that Realtor’s own listing.

C.     Yes, but only after full disclosure to and with informed consent of both parties.

D.    None of the above.

24. What happens if a Realtor or Realtor-Associate member violates the NAR Code of Ethics?

A.    They will be referred to the courts for legal action.

B.     They can be subject to sanctions by their local Association through procedures established by NAR.

C.     They may be brought up on charges by the Attorney General in their state.

D.    None of the above.

25.  REALTORS shall avoid _______________________of pertinent facts relating to the property or the transaction

A.    Exaggeration

B.     Misrepresentation,

C.     Concealment

D.    All of the answers

26. What was the original name of the National Association of REALTORS when it was first founded?

A.    The National Association of Real Estate Exchanges

B.     The National Association of Real Estate Professionals

C.     The National Association of Real Estate Boards

D.    None of the above

27. According to Article 1, what is the primary obligation of a Realtor?

A.    To make their brokerage as profitable as possible.

B.     To cooperate with all other Realtors.

C.     To protect and promote the interests of their client and to treat all parties honestly.

D.    All of the above.

28.  A Realtor is preparing a valuation of a property for a fee on a sliding scale depending on what value of the property he comes up with. Is this allowed?

A.    Yes, as long as the contract is in writing, a sliding fee scale based on the value of the property is allowed.

B.     No, fees for preparing appraisals or other valuations must not be contingent upon the amount of the appraisal or valuation.

C.     Yes, property valuations are not covered in the Code of Ethics.

D.    None of the above.

29.  A REALTOR, who is the designated broker for a firm, has one company business account and keeps all company and client funds in the one business account that he uses for all business expenditures and transfers client funds out at appropriate times during a transaction, is this allowable?

A.    No, a REALTOR, who is the designated broker for the firm, must keep monies coming into their possession in trust for other persons in separate special accounts in an appropriate financial institution.

B.     That’s allowable, as long as he keeps careful track of the funds.

C.     Yes, as long as everyone gets paid at the appropriate time, that’s fine.

D.    None of the above.

30. When entering into listing contracts, Realtors must advise sellers/landlords of:

A.    The Realtor’s company policies regarding cooperation and the amount(s) of any compensation that will be offered to subagents, buyer/tenant agents, and/or brokers acting in legally recognized non-agency capacities;

B.     The fact that buyer/tenant agents or brokers, even if compensated by listing brokers, or by sellers/landlords may represent the interests of buyers/tenants; and

C.     Any potential for listing brokers to act as disclosed dual agents, e.g., buyer/tenant agents. (Adopted 1/93, Renumbered 1/98, Amended 1/03)

D.    All of the answers

“Ethics and Business Practices” Class Chapter 2 quiz questions with no answers.
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1. Which of the following repairs or home improvements would you recommend to a seller before listing?

A.    Add a swimming pool

B.     Add an addition to gain more square footage

C.     Replace a roof damaged by hail

D.    Replace the patio furniture

2. The term “Won’t Last” is:

A.    Used to describe homes that should be torn down

B.     An often employed term that will not, by itself, increase the sense of urgency for the buyer

C.     Effective when using a limited time marketing period

D.    Used in marketing distressed homes where foreclosure is imminent

3. Which is NOT a seller’s alternative in deciding how to sell his/her home?

A.    Discount brokerages

B.     Traditional full service real estate brokerages

C.     For sale by owner (FSBO)

D.    Your brother who just passed his real estate exam

4. What do you tell a seller who needs to buy another home in a hot sellers’ market?

A.    Consider moving out now to give buyers the maximum options for moving

B.     Suggest a contingency for the seller securing a replacement home when an offer is received

C.     Suggest looking for replacement housing, including temporary housing and storage, in order to take advantage of the best offer

D.    Help the seller find a new home before putting theirs on the market

5 of 10 Are open houses necessary in a hot market?

A.    They are still an effective marketing method of exposure if approved by the seller

B.     No, but they are a good way to capture potential buyers for clients

C.     They are no longer safe for licensees

D.    Depends – The seller should have the option of input into the marketing plan

6. Is asking for feedback too aggressive for an open house?

A.    Yes – potential buyers will immediately think they are being “sold”

B.     No – most people like to give their opinion

C.     Yes – in a hot sellers’ market, you should not let a buyer take charge

D.    It may be, but you are working for the seller, and if you don’t ask, you likely won’t get any feedback

7. In a hot sellers’ market, can a rookie or part-time agent get listings?

A.    Not likely; there are too many experienced full-time agents out there

B.     They will need to cut their teeth on buyers before going after listings

C.     A licensee can demonstrate that he/she has access to resources (team or partner or broker) that more than makes up for a lack of experience or full time status

D.    Only distressed listings

8. Factors contributing to making the best first impression of a home on the internet are:

A.    High quality photos highlighting the home’s best features only

B.     High quality photos featuring complete views of every room and all exterior elevations

C.     Dynamic marketing remarks using key catch phrases and creating the sense of urgency to move quickly as a buyer

D.    Timing the listings to appear on Friday

9. Use of “Sold” or “Under Contract” riders:

A.    Is great for business as neighbors will see how fast you sold the home

B.     Help eliminate unwanted sign calls from neighbors and unqualified buyers

C.     Should not be used as deals fail

D.    Should be used only with the permission of the seller after consideration of the merits and disadvantages

10. Sellers use the internet to do all of the following EXCEPT:

A.    Determine the value of their home through valuation sites

B.     Review websites in screening potential listing companies

C.     Check out the competition

D.    Prepare and submit the real estate contract

11. The MLS entry should be:

A.    Carefully crafted and complete with the best and most complete photos possible

B.     Entered as soon as possible, even if photos are not available yet

C.     Timed to hit the market before the weekend

D.    Hyped with catch phrases like “won’t last” to induce a sense of urgency

12. Are open houses necessary in a hot market?

A.    They are still an effective marketing method of exposure if approved by the seller

B.     No, but they are a good way to capture potential buyers for clients

C.     They are no longer safe for licensees

D.    Depends – The seller should have the option of input into the marketing plan

13. What has greatly contributed to new discount brokerage businesses?

A.    Foreclosures

B.     Buyers who are unable to obtain mortgage loans

C.     Homes going under contract quickly

D.    High priced agents who are unsuccessful in obtaining buyers

14. High quality and expensive brochures:

A.    Are needed only for high-end homes in the hot market

B.     Are a waste of time and money as the home will go under contract before they can be printed

C.     Can be produced quickly and should not be overlooked as a valid marketing tool

D.    Should be a stock format and quickly and cheaply produced

15. What do you tell a seller who needs to buy another home in a hot sellers’ market?

A.    Consider moving out now to give buyers the maximum options for moving

B.     Suggest a contingency for the seller securing a replacement home when an offer is received

C.     Suggest looking for replacement housing, including temporary housing and storage, in order to take advantage of the best offer

D.    Help the seller find a new home before putting theirs on the market

16. Are real estate agent professional designations important?

A.    Not really, as 75% of all real estate agents have at least one designation

B.     The public is not even aware of them

C.     They demonstrate that the real estate agent has taken additional, specialized real estate training, which helps to set that agent apart

D.    In a hot sellers’ market, the seller only wants exposure, not expertise

17.  Course correction should be considered when:

A.    You have a lot of showings but not offers

B.     Deals keep falling through because of financing

C.     School is back in session

D.    An election results in a new administration

18. What should a licensee NOT do for an open house?

A.    Provide access inspection reports or appraisals

B.     Put out refreshments

C.     Use air fresheners

D.    Use balloons

19. If the seller’s home is not going to show well because of clutter and cleanliness:

A.    The licensee should be honest and open about the benefits of de-cluttering and cleaning

B.     Grin and bear it as you don’t want to offend the seller in your listing presentation

C.     Let the feedback provide the incentive to remedy the issues

D.    Suggest a reduced price

20. Examples of social media include all of the following EXCEPT:

A.    Facebook

B.     Pinterest

C.     YouTube

D.    Turbo Tax

21. Are sellers concerned about loyalty or exclusivity?

A.    No – sellers are concerned about the bottom line only

B.     If fully informed, the seller may not object to the licensee representing both parties

C.     The listing agent should never try to represent both parties as it breaches fiduciary responsibility

D.    The seller has no choice if the buyer requests dual/transaction representation

“Ethics and Business Practices” Class Chapter 3 quiz questions with no answers.
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1. How does the reputation of the buyer’s agent influence contract acceptance?

A.    A bad experience or reputation can influence the listing agent’s willingness to promote acceptance of a perfectly good offer

B.     Aggressive brokers have an advantage as the listing broker and seller know that the transaction will be handled quickly

C.     The seller doesn’t care about the buyer’s agent and will look exclusively at the proposal

D.    The listing broker cannot mention previous bad experiences with the buyer’s agent under MLS rules

2. Should the licensee “hand off” repeatedly unsuccessful buyer clients?

A.    Yes – a referral fee is better than nothing

B.     Don’t worry, the agent will be fired anyway

C.     No – too much time is already invested and a deal must be struck sometime

D.    If the licensee is competent, communicative, and has established a good relationship with the buyer, there is no need to switch, unless of course the buyer makes that call

3. Which is NOT a factor that can help offset the advantage of a cash offer over a loan contingent offer?

A.    Appraisal contingency waiver

B.     Inspection waiver

C.     Dates more attractive to the seller

D.    Earnest money promissory note

4. Should an offer include a “story”?

A.    If the buyer wishes to communicate directly to the seller in their own format in this manner to plead their case

B.     No – it only muddies the water and causes the offer to be burdened and therefore less likely to be considered

C.     Yes – a standard cover letter should be prepared by the agent to accompany each offer

D.    No – the only factors a seller cares about are financial

5. When showing properties:

A.    Stay on track and don’t waste time on homes that don’t appeal to the buyer

B.     Limit showing time to 15 minutes each

C.     More is better

D.    Encourage buyers to take pictures

6. What is NOT a necessary tool of a successful flipper?

A.    Market savvy

B.     Ability and temperament to take risks

C.     Financial capability

D.    Government connections

7. A “story” that might be of influence on a seller should NOT look like this:

A.    I grew up in this neighborhood and would love to return to raise my children here

B.     I am a new teacher at the high school in the neighborhood and would love to live this close to work and amongst the children I will be teaching

C.     We have missed out on the last 15 offers we made and are absolutely desperate to buy something, anything

D.    We have always admired your front garden and commented on how well your home is maintained, just the way we would keep it

8. Contract software and electronic signatures:

A.    Can reduce the effort needed to make offers and enhance chances for success

B.     Don’t change anything as far as the buyer is concerned

C.     Aren’t worth the extra investment needed

D.    Are approved in all states

9. Should sellers’ agents reveal the competing bids on their listings?

A.    It is inappropriate for the selling agent to ask

B.     That would be up to the seller to authorize, but should be encouraged

C.     Listing agents should never reveal their cards

D.    Local MLS regulations govern this in rules and regulations

10. Should buyers be encouraged to bid over the price supported by comps?

A.    No – there will always be appraisal repercussions

B.     Only if the buyer is willing to waive the appraisal contingency

C.     If buyer and agent are comfortable with and believe that mitigating circumstances support a higher price and the contract contingencies are acceptable to the buyer

D.    Yes, it may be the only way to secure a desirable home

11. Can the licensee avoid contract rejection in a hot sellers’ market?

A.    Probably not – the key is to move on and learn lessons

B.     Yes – always insist on an escalation clause

C.     Yes – if buyer expectations are lowered and lower-priced homes needing work are bid on

D.    Yes – with pre-negotiation with the seller’s agent

12. Hesitation in making offers:

A.    Is prudent; always recommend that the buyer sleep on the decision

B.     Will let the seller know that the buyer is not desperate

C.     If the buyer is prepared and knowledgeable, is not necessary if the home seems right

D.    Will usually mean that the licensee is not pushing hard enough

13. Technology in prospecting is:

A.    Greatly improved and the best tool an agent has to keep up with the market

B.     Available to buyers directly and thus reduces the time that needs to be spent prospecting

C.     Not sophisticated enough to replace the old techniques

D.    Only available at a great investment into hardware

14.  According to a Trulia study, in a hot sellers’ market, what are the most common mistakes buyers make?

A.    Insulting the seller by offering less than the sales price

B.     Paying too large of an earnest deposit

C.     Acting too quickly

D.    Acting out of desperation

15. Working with portfolio investors:

A.    Should be limited to firms that also offer property management

B.     Should be left to commercial brokers

C.     Should be undertaken only if the licensee also owns rental properties

D.    Requires a high degree of skill and ingenuity

16. What are two types of investors in residential real estate?

A.    Fix and flippers and portfolio investors

B.     Owner occupants and renters

C.     Government users and institutional

D.    Land speculators and farmers

17. What is NOT a necessary tool of a successful flipper?

A.    Market savvy

B.     Ability and temperament to take risks

C.     Financial capability

D.    Government connections

18. In a hot sellers’ market, the licensee should set up MLS search parameters to:

A.    Stick to specific and narrow parameters specified by the buyer in order to stay focused only on properties truly meeting their goals

B.     Keep an open mind and include overlapping areas and expanded or contracted requirements so as to provide the most number of prospects to consider

C.     Encourage buyers to stay off the Internet

D.    Contact buyers on a 24/7 basis with new prospects for review

19. Buyers who are not completely ready and qualified to buy:

A.    Should be avoided

B.     Can always catch up after the contract is accepted

C.     Should be encouraged to do what is necessary to put themselves in a position to buy

D.    Should be pestered

20. Why is it a good idea to team up with an investor?

A.    They require less work as they tend to be more sophisticated

B.     You should not, as they will not be loyal and will often go with the listing company to save money

C.     You can develop skills and resources to make you more valuable

D.    You can learn techniques to better compete with them on future deals

21. How can a variable commission affect the chances for contract acceptance?

A.    The listing broker cannot charge a commission if representing the buyer in any capacity

B.     Licensees will be hesitant to show properties with variable commissions and there will be less competition

C.     A buyer competing with an in-house sale with a variable commission will be at a disadvantage

D.    Variable commissions are not allowed by MLS

“Ethics and Business Practices” Class Chapter 4 quiz question with no answers.
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1. Although the items included in Pathways to Professionalism may seem elementary, these simple courtesies are often overlooked. Neglecting any of them can cause which of the following?

A.    Ill will

B.     Ruined reputations

C.     Failed transactions

D.    All of the above

2. What happens if the Grievance Committee finds that there is a potential ethics violation and that the complaint has been appropriately filed?

A.    The complaint is forwarded to the local Association.

B.     The complaint is forwarded to the district attorney.

C.     The complaint is forwarded to a hearing panel of the Professional Standards Committee.

D.    None of the above.

3. What is the purpose of the Pathways to Professionalism document?

A.    To provide additional compulsory ethical requirements for Realtors.

B.     A list of professional courtesies to use on a voluntary basis.

C.     A list of things not to do in your real estate practice.

D.    All of the above.

4. An ethics complaint can also be considered what type of complaint?

A.    A monetary complaint

B.     An arbitration request

C.     A conduct complaint

D.    None of the above

5. The obligation of the local or state Association of Realtors includes which of the following?

A.    Addressing licensing violations.

B.     Providing mediation services and conducting arbitration hearings.

C.     Determining whether the law has been violated.

D.    All of the above.

6. Which of the following items listed in Pathways to Professionalism would be considered to belong under “Respect for Peers?”

A.    Respond to other agents’ calls, faxes, and emails promptly and courteously.

B.     Never allow unaccompanied access to property without permission.

C.     When showing property, keep all members of the group together.

D.    All of the above.

7. Who first reviews the request for arbitration?

A.    NAR

B.     The President of the Association

C.     The Grievance Committee

D.    The Professional Standards Committee

8. What happens if the Grievance Committee finds that there is a basis for arbitration?

A.    The case moves forward to the Professional Standards Committee.

B.     The case is referred to the District Attorney.

C.     The appropriate penalties are determined.

D.    None of the above.

9. Which of the following statements are TRUE with regard to mediation?

A.    Mediation is a voluntary process.

B.     Every Association must provide mediation services to the members.

C.     Many disputes can be resolved through mediation before ever going to arbitration or litigation.

D.    All of the above.

10. For a dispute to qualify for required arbitration, which of the following conditions must be met?

A.    It must be a contractual dispute or a non-contractual dispute as specified in Standard of Practice 17-4.

B.     It must be between REALTORS associated with different firms.

C.     It must be a real estate related dispute.

D.    All of the above.

11. Who may file an ethics complaint with NAR?

A.    Only another REALTOR may file an ethics complaint.

B.     Anyone may file an ethics complaint.

C.     Only a licensed broker may file an ethics complaint.

D.    None of the above.

12. Arbitration refers to what type of claim?

A.    A conduct claim.

B.     A money claim.

C.     A license violation claim.

D.    None of the above.

13. Which of the following would be a type of authorized discipline that may be issued by NAR in the case of an ethics violation?

A.    License revocation.

B.     Letter of Warning or Letter of Reprimand.

C.     Fine of $30,000.

D.    All of the above.

14.  Which category does the Golden Rule fit under in Pathways to Professionalism?

A.    Respect for the Public

B.     Respect for Peers

C.     Respect for Property

D.    All of the above.

15. The list of professional courtesies in Pathways to Professionalism may be supplemented by which of the following?

A.    Additional laws and regulations.

B.     Local custom and practice.

C.     Additional Ethics Code requirements.

D.    All of the above.

16. Which of the following would be considered items that need to be included in a due process hearing?

A.    Advance notification of the nature of the complaint.

B.     Adequate time to prepare a defense.

C.     The right to present witnesses, testimony, and evidence.

D.    All of the above.

17. Which of the following items listed in Pathways to Professionalism would NOT be considered to belong under “Respect for Property?”

A.    Leave your business card if not prohibited by local rules.

B.     Never criticize the property in the presence of the occupant.

C.     Inform occupants that you are leaving after showings.

D.    None of the above belong under “Respect for Property.”

18. What happens if the Grievance Committee finds there is no basis for arbitration?

A.    The case moves forward to the Professional Standards Committee.

B.     The case is dismissed.

C.     The case is referred to the District Attorney.

D.    None of the above.

19. The preponderance of evidence is defined as:

A.    Less than Likely

B.     Significantly less than likely

C.     More like than not

D.    None of the answers

20. In order for a dispute to qualify for arbitration what type of dispute must it be?

A.    A contractual dispute or a non-contractual dispute as specified in Standard of Practice 17-4.

B.     A money dispute.

C.     A dispute between Realtors in the same firm.

D.    None of the above.

21.  The National Association of REALTORS (NAR) is responsible for which of the following activities:

A.    Creating and amending the Code of Ethics.

B.     Enforcement of the Code of Ethics.

C.     Enforcement of licensing violations.

D.    All of the above.

“Ethics and Business Practices” Class Chapter 5 quiz questions with no answers.
Answers will be revealed with proper subscription in “ANSWER” pages

Tip: to find a certain word or key term,  press at the same time, the buttons:

( Ctrl and F ) on Windows computers

(Command and F ) on Mac computer

to bring up the in-page search box

1. What is a measure that can be taken to make a website ADA compliant

A.    Add text descriptions to pictures and graphics

B.     Print descriptions using braille

C.     It is not necessary to make websites ADA compliant

D.    Use Large Fonts on the website

2. Which of the following CANNOT be included in a real Estate Team or Group name?

A.    Team

B.     Associates

C.     Partnership

D.    Both B and C

3.  What is the difference between a Licensee and a REALTOR?

A.    Only REALTORS need to abide by a Code of Ethics.

B.     There is no difference between a Licensee and a REALTOR

C.     Unless a licensee joins the National Association of REALTORS through affiliation with a local association, they are not a REALTOR.

D.    All licenses become REALTORS after they successfully complete their post license course

4. Do ADA reasonable accommodation regulations apply to Short term rentals?

A.    They do not apply if the rental is less than a week

B.     They may apply if Florida Statutes 509 is not applicable

C.     All rentals are subject to ADA standards

D.    Only VRBO rentals need to comply

5. Which of the following is recognized as an electronic signature?

A.    Personal cell phone ringtone

B.     An electronic sound, symbol or process

C.     A text on a cell phone

D.    Electronic Signatures are not legal

6. What laws would a broker be violating by failing to display a Fair Housing Poster?

A.    ADA

B.     Fair Housing

C.     FREC

D.    DRE

7. What does the acronym UETA stand for?

A.    Unidentified Extra-Terrestrial Attacks

B.     Unilateral Economic Trade Agreement

C.     Uniform Electronic Transmissions Act

D.    Unauthorized Electronic Transmission Act

8. What is the best description of the Golden Rule?

A.    “Do as you would be done by”

B.     The best investment for any portfolio is Gold

C.     Your broker’s mission statement

D.    The most important goal that a licensee sets for themselves.

9. Who usually pays for reasonable accommodation, the landlord or the tenant?

A.    The landlord

B.     The tenant

C.     They share the cost

D.    In many cases, these are handled by the tenants as part of their rental agreements.

10. Which of the following is a requirement for Internet ads?

A.    A link to the licensee’s Social Media pages

B.     The licensee’s e-mail address

C.     The licensee’s cell number

D.    The name of the brokerage firm

11. When was the DMCA law passed?

A.    There is no such law

B.     1998

C.     2002

D.    1943

12. What part of the Code of Ethics motivated all states to create real estate laws?

A.    Standard 3

B.     Standard 13

C.     Standard 18

D.    The Preamble to the Code.

13. Which Standard refers to the way you write or talk about licensees?

A.    Standard 1

B.     Standard 15

C.     Standard 16

D.    There is no Standard for this since licensees are not REALTORS

14 All of the following are measures to safeguard against wire fraud EXCEPT?

A.    Using unsecured free Wi-Fi access

B.     Build a standard warning about wire scams into your e-mail signature

C.     Discuss preferred methods of communication with your customer or client

D.    Inclusion of a section in the broker’s policy manual regarding wire fraud prevention

15. Which of the following can be used for electronic signing?

A.    DocuSign

B.     PowerPoint

C.     Pandora

D.    Minesweeper

16. All of the following are measures to safeguard against wire fraud EXCEPT?

A.    Using unsecured free Wi-Fi access

B.     Build a standard warning about wire scams into your e-mail signature

C.     Discuss preferred methods of communication with your customer or client

D.    Inclusion of a section in the broker’s policy manual regarding wire fraud prevention

“Ethics and Business Practices” Class Final EXAMPLE question with no answers.
Answers will be revealed with proper subscription in “ANSWER” pages

Tip: to find a certain word or key term,  press at the same time, the buttons:

( Ctrl and F ) on Windows computers

(Command and F ) on Mac computer

to bring up the in-page search box

1. John, A REALTOR, owns a property management business that recommends to his clients to manage their investment properties. Does he have to disclose his interest in the business he is recommending?

A.    No, as long as there are other options presented to the client.

B.     Yes, a REALTOR must disclose interest in any recommended business entity at the time of the recommendation.

C.     No, it doesn’t matter if he owns the property management business he is recommending.

D.    None of the above.

2. Who may advertise or claim to have sold a property?

A.    Anyone from the brokerage where the transaction occurred.

B.     Any MLS member.

C.     Only Realtors who participated in the transaction as the listing broker or cooperating broker.

D.    None of the above.

3. Which of the following statements is(are) true?

A.    A principle is emotional and can change.

B.     Principles are behaviors and actions.

C.     Ethics are behaviors and actions.

D.    All of the above

4. Which of the following would be an example of authorized discipline that may be issued by NAR when there is an ethics violation?

A.    Education requirements.

B.     Fine not to exceed $15,000.

C.     Probation for one year or less.

D.    All of the above.

5. You’re showing a home and the window coverings are closed. You open them to show the house. According to Pathways to Professionalism, what should you do before you leave?

A.    Close the window coverings to leave the house as you found it.

B.     Leave the window coverings open since it looks so much better that way.

C.     Call the broker to tell her that she needs to close the window coverings later.

D.    None of the above.

6. Business ethics apply to what aspect(s) of business conduct?

A.    Only in how a business treats their customers.

B.     Only in how a business treats their employees.

C.     All aspects of business conduct.

D.    None of the above.

7. Which of the following is NOT a Real Estate goal?

A.    I want to earn $50,000 per year

B.     I want to earn a professional designation.

C.     I want to buy a 2-seat sports car.

D.    I want 3 listings.

8. Which of the following items should be included in an opinion of value or price according to Standard of Practice 11-1?

A.    Identification of subject property.

B.     Date prepared.

C.     Defined value or price.

D.    All of the above.

9. Which Article prohibits making false or misleading statements about other real estate professionals?

A.    Article 10.

B.     Article 15.

C.     Article 3

D.    Article 7.

10. Who enforces the NAR Code of Ethics?

A.    NAR.

B.     The state licensing board.

C.     Either the local or state Association of Realtors.

D.    None of the above.

11. When may a REALTOR receive compensation from more than one party?

A.    Never, it’s illegal.

B.     Only if he/she has actually served both clients.

C.     When permitted by law and with full disclosure to all parties.

D.    When permitted by law, with full disclosure to all parties and the informed consent of his/her client.

12. Is holding a press conference to address ethical violation charges allowed?

A.    Yes, anyone can hold a press conference.

B.     No, a Realtor is not allowed to make any unauthorized disclosure of allegations developed in connection with an ethics hearing or appeal.

C.     Yes, as long as the Realtor has a lawyer present.

D.    None of the above.

13. Which of the following statements is FALSE with regard to ethics?

A.    Ethics are the principles of right and wrong an individual accepts.

B.     Ethics are the principles of right and wrong a social group accepts.

C.     Ethics are the principles or conditions that customarily govern.

D.    All of the above are true

14. If a dispute is between REALTORS in the same firm, which of the following statements is TRUE with regard to arbitration?

A.    Arbitration is required.

B.     Arbitration is voluntary.

C.     Arbitration is not sufficient.

D.    None of the above.

15. Claire is showing a home on a 90-degree afternoon and the air conditioning is off. Claire turns the air conditioning on to show the house. According to Pathways to Professionalism, what should Claire do before she leaves?

A.    Leave the air conditioning on since the home is much more comfortable that way.

B.     Turn the air conditioning off to leave the house as she found it.

C.     Call the broker to tell her that she needs to turn the air conditioning off later.

D.    None of the above.

16. What does the acronym UETA stand for?

A.    Unauthorized Electronic Transmission Act

B.     Unilateral Economic Trade Agreement

C.     Unidentified Extra-Terrestrial Attacks

D.    Uniform Electronic Transmissions Act

17. Which of the following items would be considered a violation of the requirement to not knowingly or recklessly make false or misleading statements about other real estate professionals?

A.    Filing a false or unfounded ethics complaint.

B.     Filing multiple ethics complaints for different transactions.

C.     Both A and B

D.    None of the above.

18. Who is responsible for providing mediation services and conducting arbitration hearings?

A.    NAR.

B.     Either the local or state Association of Realtors.

C.     Local law enforcement.

D.    None of the above.

19. In a money claim, the complaint is called what?

A.    Request for Arbitration.

B.     Request for Litigation.

C.     Request for Hearing.

D.    Request for Dismissal.

20. Which of the following may real estate agents give to their clients?

A.    Legal advice.

B.     POA authorization.

C.     Carte blanche.

D.    None of the above.

21. A Realtor’s client accepts one offer but wants him to keep marketing the property in case there’s a better offer forthcoming. Is this permitted?

A.    Yes, you can always accept the better offer and cancel the lesser offer.

B.     Yes, the client can do whatever they want.

C.     No, the Realtor is not obligated to continue to market the property after an offer has been accepted.

D.    None of the above.

22. Realtor James discovers that an unflattering article he republished from the original source about a competitor on his website is false. What is James required to do according to Article 15?

A.    Apologize publicly to the competitor.

B.     Nothing; the article is not his responsibility.

C.     Remove the article and any reference to it from his website.

D.    None of the above.

23. Which of the following statements is(are) TRUE with regard to the term “laws”?

A.    Laws are the principles or conditions that customarily govern.

B.     Laws are legal documents setting forth rules governing a particular kind of activity.

C.     Laws are a reference point against which other things can be evaluated.

D.    All of the above.

24. When mediating disputes, who assists the disputing parties to come to a mutually acceptable resolution?

A.    The President of the Association

B.     The lawyers for each of the parties

C.     A trained neutral party

D.    None of the above.

25. According to “Pathways to Professionalism,” what should a real estate agent do if he/she is running late or needs to cancel a scheduled showing?

A.    Nothing; people understand that schedules change.

B.     Call his/her broker.

C.     Call the listing agent and/or the seller to let them know his/her plans have changed.

D.    None of the above.

26. What is considered to be a general announcement to prospects describing a Realtor’s  services and the terms of his/her availability?

A.    A general telephone canvass in a given geographical area.

B.     A general mailing addressed to all prospects in a given geographical area.

C.     A general distribution addressed to all prospects in a given geographical area.

D.    All of the above.

27. Who determines which party is entitled to the disputed funds in a request for arbitration hearing?

A.    A federal judge

B.     The hearing panel of the Professional Standards Committee.

C.     NAR.

D.    None of the above.

28. What is the primary difference between ethics and standards?

A.    Ethics are a system of principles governing morality; standards are legal documents setting forth rules governing a particular kind of activity.

B.     Ethics are a system of principles governing morality; standards are a reference point against which other things can be evaluated.

C.     There is no difference; the terms are used interchangeably.

D.    None of the above.

29. What is a core element of the NAR Code of Ethics?

A.    Caveat emptor.

B.     Do No Harm.

C.     The Golden Rule.

D.    All of the above.

30. Who is responsible for determining whether there has been a violation of a law or a real estate regulation?

A.    NAR.

B.     Either the local or state Association of REALTOR

C.     Regulatory authorities or courts.

D.    None of the above.

==== ethics class 2 ==

1. Which of the following is an example of a difference between an Article and a Standard of Practice?

A.    An Article supports, interprets, and amplifies the Standard it represents.

B.     Only violations of an Article may result in disciplinary action.

C.     Only a Standard of Practice violation may result in disciplinary action.

D.    None of the above.

2. When may a Realtor® accept a rebate for services or suggest the use of services of a business entity in which they have direct interest?

A.    Never.

B.     Only with their client’s knowledge and consent.

C.     As long as they let the client know, it doesn’t matter if the client consents or not.

D.    None of the above.

3. According to Article 3, what does cooperating with other brokers involve?

A.    Sharing information about listings and making listings available for showing.

B.     Being polite.

C.     Compensating them for their time and effort.

D.    All of the above.

4. Which of the following would be an example of personal ethics?

A.    Respect for the autonomy of others.

B.     Openness and full disclosure.

C.     Due diligence and duty of care.

D.    All of the above.

5. Which of the following statements are TRUE with regard to the Preamble to the Code of Ethics?

A.    The Preamble is aspirational in nature.

B.     The Preamble begins with the words, “Under all is the land…”

C.     The Preamble describes subjective ideas rather than measurable standards.

D.    All of the above.

6. As used in Article 10 “real estate employment practices” relates to all of the following EXCEPT_______________?

A.    Employees providing real estate services

B.     Independent Contractors providing real estate services

C.     Administrative Staff support licensees

D.    Office cleaning

7. Article 14 and its Standards of Practice provide the guidelines for _____ related to the violation of the Code of Ethics.

A.    Advertising standards

B.     Consultive services

C.     Disciplinary action

D.    Employment practices

8. When may a REALTOR® provide demographic information related to a property?

A.    When they are not involved in the sale of a residence

B.     When they are not involved in the lease of a residence

C.     Both A and B

D.    Neither A or B

9. REALTORS ® shall 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 ________________?

A.    Sexual Orientation

B.     Gender Identity

C.     Handicap

D.    All of the answers

10. A residential REALTOR® with no commercial real experience has a new client who wants her to list his commercial real estate. What must the REALTOR® do before taking the listing?

A.    Take a commercial real estate course.

B.     Nothing, the REALTOR® may take any type of listing that is available.

C.     Inform the client of her lack of expertise in commercial real estate.

D.    None of the above.

11. REALTORS ® shall not engage in activities that constitute the __________practice of law.

A.    Illegal

B.     Beneficial

C.     Unauthorized

D.    All of the answers

12. Which Article defines clear standards to provide real estate services in areas, which they are competent to uphold the reputation of the profession and to serve the public with integrity?

A.    Article 10

B.     Article 11

C.     Article 12

D.    Article 13

13. A REALTOR® enlists the services of a real estate appraisal expert to help with a valuation. What must she disclose to the client?

A.    Nothing.

B.     That the person was engaged by the REALTOR®, their identity and their contribution to the assignment.

C.     That she had some help completing the valuation.

D.    None of the above.

14. The services which REALTORS® provide to their clients and customers shall conform to the Standards of Practice and competence which are reasonably expected in the specific real estate disciplines in which they engage. What is not an applicable discipline?

A.    Industrial Brokerage

B.     Real Estate Counseling

C.     Therapeutic Counseling

D.    Residential Brokerage

15. REALTORS ® shall not offer for sale/lease or advertise property without_____________.

A.    Advertising

B.     Compensation

C.     Authorization

D.    All of the answers

16. When faced with a charge of unethical practice, what are the REALTOR®’s duties according to Article 14?

A.    Provide full disclosure of all pertinent facts.

B.     May not obstruct the proceedings in any way.

C.     May not intentionally impede the proceedings by filing multiple ethics complaints based on the same event or transaction.

D.    All of the above.

17. REALTORS ®, when advertising unlisted real property for sale/lease in which they have an ownership interest, shall disclose their status as:_________________?

A.    Owners/landlords

B.     REALTORS®

C.     Real estate licensees

D.    All of the answers

18. REALTORS® may give clients _____, but must advise them to seek legal counsel when applicable.

A.    Legal advice

B.     POA authorization

C.     Carte blanche

D.    None of the above.

19. A REALTOR® is providing both consultative and transactional services to a client; can the transactional compensation be paid on a commission basis?

A.    Yes, the transactional services may be paid separately as a value-based commission as long as the fee-based services are not based on the substance of the advice of counsel given.

B.     No, when consulting services are provided, no fee may be a value-based commission.

C.     No, if brokerage or transaction services are to be provided in addition to consulting services, the exact compensation must be agreed to in advance and not be based on the substance of the advice or counsel given.

D.    None of the above.

20. REALTORS ® shall not intentionally impede the Board’s investigative or disciplinary proceedings by filing multiple ethics complaints based on ______________?

A.    Different Transactions

B.     Out of State Transactions

C.     Unlicensed Transactions

D.    The Same transaction

21. A protected class includes all of the following EXCEPT:

A.    Race

B.     Religion

C.     A minor

D.    Familial Status

22. When involved in the sale or lease of a residence, REALTOR® shall not volunteer information regarding the _________________of any neighborhood nor shall they engage in any activity which may result in panic selling, however, REALTOR® may provide other demographic information.?

A.    Racial

B.     Religious

C.     Ethnic composition

D.    All of the answers

23. Chapter Two discussed Articles 10-14-___________________?

A.    Duties to Clients

B.     Duties to Other REALTOR®

C.     Duties to Broker

D.    Duties To The Public

24. When may a REALTOR® provide information regarding the racial, religious or ethnic composition of a neighborhood when involved in a residential transaction?

A.    Never.

B.     When requested by the seller.

C.     When requested by the buyer.

D.    None of the above.

25. REALTORS® may use the term “free” and similar terms in their advertising and in other representations provided that:?

A.    All terms governing availability of the offered product or service are clearly disclosed at the same time.

B.     All terms governing availability of the offered product or service are clearly disclosed at a week later

C.     No terms governing availability of the offered product or service disclosed at the same time

D.    None of the answers

26. REALTORS ® shall not obstruct the Board’s investigative or professional standards proceedings by instituting or threatening to institute actions for _________________

A.    Libel

B.     Defamation

C.     Slander

D.    All of the answers

27. Article 10 mandates that REALTOR® may not deny professional services on the basis of any of the protected classes. What areas of their practice does this Article apply to?

A.    Only their hiring practices.

B.     Only their real estate client practices.

C.     This applies to both the public services they provide and in their real estate employment practices.

D.    None of the above.

28. REALTOR® firm websites shall disclose the ___________________in a reasonable and readily apparent manner.

A.    The Firm’s Name

B.     State(s) of licensure

C.     TAX ID

D.    Both A and B

29. When a REALTOR® prepares an opinion of real property value or price, which of the following criteria must be met (and lack thereof be disclosed in advance)?

A.    They must be knowledgeable about the type of property being valued.

B.     They must have access to the information and resources necessary to formulate an accurate opinion.

C.     They must be familiar with the area where the subject property is located.

D.    All of the above.

30. The obligation to refrain from making false or misleading statements about other real estate professionals includes which of the following?

A.    Not publishing false or misleading statements made by others.

B.     Not repeating false or misleading statements made by others in a personal conversation.

C.     Not publishing false or misleading statements made by others on the internet

D.    All of the above.

31. REALTORS®, acting as buyer or tenant representatives or brokers, shall disclose all of the following except:

A.    All of the answers

B.     Written confirmation of that disclosure to the seller/landlord representative no later than the execution of a purchase agreement or lease

C.     Oral confirmation of that disclosure to the seller/landlord representative no earlier than the execution of a purchase agreement or lease

D.    That existing relationship to the seller/landlord at first contact

32. _____ states that REALTORS® agree to arbitration in the case of a violation of the Code of Ethics and agree to be bound by any resulting agreement or award.

A.    None of the above.

B.     Article 17

C.     Article 16

D.    Article 15

33. Which of the following statements is TRUE about Article 16?

A.    Article 16 prohibits disagreements with other REALTORS ® involving commission, fees, compensation or other forms of payment or expenses.

B.     None of the above.

C.     Article 16 does not prohibit aggressive or innovative business practices which are otherwise ethical.

D.    Article 16 prohibits any aggressive or innovative business practices.

34. If misleading statements are made by a real estate professional about another, what must they do to rectify the problem?

A.    Both A and C

B.     Publish a clarification

C.     Video Tape an apology

D.    Remove Statements made by others on electronic media

35. Article 16 recognizes which of the following unethical solicitations?

A.    Telephone or personal solicitations of property owners who have been identified by a real estate sign, MLS compilation, or other service as having exclusively listed their property with another REALTOR®

B.     Mail or other forms of written solicitations of prospects whose properties are exclusively listed with another REALTOR® when not part of a general mailing but directed specifically to property owners of current listings.

C.     Mail or other forms of written solicitations of prospects whose properties are “For Sale” or “For Rent” signs, or other sources of information required by Article 3 and MLS rules made available to other REALTORS® for subagency or cooperation.

D.    All of the answers

36. Before providing substantive services (such as writing a purchase offer or presenting a CMA) to prospects, REALTORS® shall ask prospects what?

A.    Whether they are a party to any exclusive representation agreement

B.     Whether they have family members who are real estate licensees

C.     If they are first time homebuyers

D.    Whether they hold a real estate license

37. When should REALTORS® make any request for anticipated compensation from the seller/landlord?

A.    At closing

B.     At walk-through

C.     At first contact

D.    At contract

38. In the event of contractual disputes or specific non-contractual disputes between REALTORS® associated with different firms, REALTORS® are required to do what?

A.    None of the above.

B.     File ethics complaints against all REALTORS® involved.

C.     Present the matter to the Real Estate Board in their state for review.

D.    Mediate or arbitrate the dispute in accordance with the policies of the Board rather than litigate the matter.

39. A buyer’s agent or tenant’s representative is compensated by the seller or landlord, and not by the listing broker. The listing broker, as a result, reduces the commission owed by the seller or landlord and, subsequent to such actions, claims to be the procuring cause of sale or lease. In this non-contractual dispute case, arbitration shall be between _____ .

A.    The seller and the buyer’s agent

B.     The listing broker and the buyer’s agent

C.     The landlord and the tenant representative

D.    The listing broker and the seller

40. Which article “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. The fact that all parties decline to participate in mediation does not relieve REALTORS® of the duty to arbitrate.”

A.    Article 14

B.     Article 15

C.     Article 16

D.    Article 17

41. The fact that a client has retained a Realtor® as an agent or in another exclusive relationship in one or more past transactions indicates which of the following?

A.    This does not preclude other REALTORS® from seeking such former client’s future business.

B.     This does not allow other REALTORS® to seek such former client’s future business.

C.     This only allows other REALTORS® contact that former client about unrelated business.

D.    None of the above.

42. When are REALTORS® not obligated to arbitrate disputes with other REALTORS® absent a specific written agreement to the contrary?

A.    When acting as brokers

B.     When acting as attorneys

C.     When acting solely as principles in a real estate transaction

D.    All of the answers

43. Which Standard of Practice requires REALTOR® to not knowingly or recklessly file false or unfounded ethics complaints?

A.    Article 14-1

B.     Article 15-1

C.     Article 16-1

D.    None of the answers

44. The obligation to refrain from making false or misleading statements about other real estate professionals, their businesses, and their business practices includes the duty to not knowingly or recklessly ___________ or misleading statements made by others.

A.    Publish

B.     Repeat

C.     Retransmit

D.    All of the answers

45. A REALTOR® files a lawsuit against another REALTOR® and refuses to withdraw from it in an arbitral manner. This action is considered to be what?

A.    Illegal.

B.     A refusal to arbitrate.

C.     Against the state standards of practice.

D.    None of the above.

46. REALTORS® shall not knowingly or recklessly make false or misleading statements about?

A.    Other Real Estate Professionals

B.     Other Real Estate Businesses

C.     Other Real Estate Business Practices

D.    All of the answers shown

47. Article 16 _______________________.

A.    Is not intended to prohibit aggressive or innovative business practices, which are otherwise ethical

B.     Does not prohibit disagreements with other Realtors® involving commission, fees, compensation, or other forms of payment or expenses.

C.     Both A and B

D.    Neither A or B

48. REALTORS® shall not _________________________________.

A.    Knowingly file true ethics complaints

B.     File founded ethics complaints

C.     Knowingly file unfounded ethics complaints

D.    All of the answers

49. When does Article 17 not require REALTORS® to arbitrate?

A.    Article 17 always requires arbitration.

B.     If a lawsuit has already been filed.

C.     When all parties to the dispute advise the Board in writing that they choose not to arbitrate.

D.    None of the above.

50. If a REALTOR® is contacted by the client of another Realtor® regarding the creation of an exclusive relationship to provide the same type of service, and the REALTOR® did not directly or indirectly initiate the discussion, what is allowed?

A.    Nothing, the REALTOR® must tell the client they may not discuss any services while they are in an exclusive relationship to provide services to another REALTOR®.

B.     The REALTOR® is allowed to discuss the terms upon which they might enter into a future agreement.

C.     The Realtor® must inform the other Realtor® of the conversation immediately.

D.    None of the above.

51. The fact that an exclusive agreement has been entered into with a REALTOR® shall not preclude or inhibit any other REALTOR® from entering into a similar agreement _____ .

A.    At any time

B.     Before the expiration of the prior agreement

C.     After the expiration of the prior agreement

D.    With the verbal okay of the client

52. Which of the following statements is (are) TRUE with regard to Article 15?

A.    REALTORS® must not knowingly or recklessly make false or misleading statements about other real estate professionals.

B.     REALTORS® must not file false or unfounded ethics complaints against other real estate professionals.

C.     REALTORS® must not publish, repeat or republish false or misleading statements made by others.

D.    All of the above.

53. REALTORS® prior to entering into a representation agreement, have an affirmative obligation to __________________?

A.    Make reasonable efforts to determine whether the prospect is subject to a current exclusive agreement of the same type of real estate service

B.     Make reasonable efforts to determine whether the prospect is subject to a valid exclusive agreement of the same type of real estate service

C.     Make reasonable efforts to determine whether the prospect is subject to a retroactive exclusive agreement of the same type of real estate service

D.    Both A and B

54. If a REALTOR® discovers a statement he/she has made on electronic media he/she controls about another REALTOR® is false or misleading, what is the Realtor® required to do, according to Article 15?

A.    Apologize to the other REALTORS® publically.

B.     Publish a clarification about the statement or remove it.

C.     Nothing is required.

D.    None of the above.

55. Article 16 ________________ REALTOR® from contacting the client of another broker for the purpose of offering to provide, or entering into a contract to provide, a different type of real estate service unrelated to the type of service currently being provided (e.g., property management as opposed to brokerage) or from offering the same type of service for property not subject to other brokers’ exclusive agreements. However, information received through a Multiple Listing Service or any other offer of cooperation may not be used to target clients of other Realtors® to whom such offers to provide services may be made.

A.    Precludes

B.     Does not preclude

C.     Prevents

D.    All of the answers

56. The panel must find that there is “clear, strong, and convincing” proof that an ethics, conduct or monetary complaint occurred in order to find a Realtor® in violation of the Code.

A.    All of the above.

B.     Convincing

C.     Strong

D.    Clear

57. What is the difference between Pathways to Professionalism and the NAR Code of Ethics?

A.    The Code of Ethics is an enforceable set of standards that govern the professional conduct of Realtors® while Pathways to Professionalism is a list of professional courtesies for use by Realtors® on a voluntary basis.

B.     There is no difference, they are pretty much the same document.

C.     The Code of Ethics is voluntary, Pathways to Professionalism is required.

D.    None of the above.

58. Who holds the actual hearings on the cases that are reviewed by and forwarded on from the Grievance Committee?

A.    The Professional Standards Committee

B.     NAR

C.     The Supreme Court

D.    None of the above

59. What types of violations can be brought under the NAR Code of Ethics?

A.    Ethics violations

B.     Conduct complaints

C.     Monetary disputes

D.    All of the above.