“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.

=== new == Florida Real Estate Ethics and Business Practice – 9/22

60. The Code of Ethics was adopted in 1913. In what year was the name revised to The National Association of Real Estate Boards?
A. 1913
B. 1916
C. 1949
D. 1980

61. Which of the following statements are true with regard to professional ethics?
A. They encompass the personal, organizational, and corporate standards of behavior expected of professionals.
B. How professionals use their knowledge in serving the public can be considered a legal issue.
C. Professionals in acknowledged professions are exempt from any ethical obligations.
D. All of the above.

62. What are the three major sections of the NAR Code of Ethics?
A. Duties to client and customers
B. Duties to the Public
C. Duties to Realtors
D. All of the above

63. The term “business ethics” applies to which of the following statements?
A. A form of applied ethics that reflect ethical principles of a profession.
B. A form of ethics that examines ethical principles that arise in a personal environment.
C. The preamble to a corporation’s statement of business purpose.
D. None of the above.

64. 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

65. A client wishes to amend the purchase and sale contract with a few clauses that provide him with some additional liability coverage; what should the REALTOR® do in this situation?
A. Just add them to the contract, making sure they are initialed by both parties as additions to the contract.
B. Refer the client to a real estate lawyer to review the clauses and the entire contract before agreeing to add anything to the contract.
C. Refuse to add any additional clauses to the contract as no changes are allowed.
D. None of the above.

66. REALTORS® must always adhere to truth in advertising and marketing; this applies to:
A. Newspapers
B. Signage
C. Social media, texting, email
D. All of the above

67. Article ____ states “REALTOR® shall not engage in any practice or take any action inconsistent with exclusive representation or exclusive brokerage relationship agreements that other REALTOR® have with clients.”
A. 14
B. 15
C. 16
D. 17

68. 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.

69. 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.

70. Broker Bob prefers to hire a female REALTOR®. Is this allowed?
A. Yes, Broker Bob may hire whomever he wants to.
B. No, real estate employment practices are also subject to nondiscrimination requirements.
C. Yes, employment practices are exempt from the Code of Ethics.
D. None of the above.

71) Broker Bob prefers to hire a female REALTOR. Is this allowed?
A. Yes, Broker Bob may hire whomever he wants to.
B. No, real estate employment practices are also subject to nondiscrimination requirements.
C. Yes, employment practices are exempt from the Code of Ethics.
D. None of the above.

72) Which of the following situations would be considered to be an unethical type of solicitation according to Article 16?
A. Any telephone or personal solicitation of a property owner who has been identified through a real estate sign or MLS listing as having exclusively listed their property with another Realtor®.
B. Any telephone or personal solicitation of a property owner who has been identified through a For Sale by Owner sign.
C. Sending a general mailing addressed to all prospects in a given geographical area that is received by a property owner who has exclusively listed their property with another Realtor®.
D. All of the above.

73) Which of the following would be a competence which would be reasonably expected of a REALTOR®?
A. Residential real estate brokerage
B. Real property management
C. Land brokerage
D. All of the above.

74) Which of the following would be a competence which would be reasonably expected of a REALTOR?
A. Residential real estate brokerage
B. Real property management
C. Land brokerage
D. All of the above.

75) Which of the following statements is FALSE?
A. Pathways to Professionalism details mandatory activities.
B. Pathways to Professionalism is for use on a voluntary basis.
C. Pathways to Professionalism was developed by NAR.
D. Pathways to Professionalism is a list of professional courtesies.

76) When showing an occupied home, according to Pathways to Professionalism, what are some things you should do?
A. Inform occupants that you are leaving after showings.
B. Make sure that pets are handled appropriately before you enter.
C. Always ring the doorbell or knock and announce yourself loudly before entering.
D. All of the above.

77) Who must insure that the procedural issues are correct in a request for arbitration?
A. NAR.
B. The Professional Standards Committee.
C. The Grievance Committee.
D. None of the above.

78) Which of the following statements is TRUE?
A. Principles are behaviors and actions.
B. Values are emotional and can change.
C. Ethics deal with comprehensive and fundamental laws, doctrines, and assumptions.
D. Principles are legal documents that set forth rules.

79) What type of hearing is held in the case of a request for arbitration?
A. A full due process hearing.
B. A partial due process hearing.
C. A jury trial.
D. None of the above.

80) How does a regulation differ from a standard?
A. A standard governs acceptable conduct; a regulation is a legal document setting forth rules governing a particular kind of activity.
B. A regulation is an authoritative rule; a standard is the ideal in terms of which something can be judged.
C. There is no difference; the terms are used interchangeably.
D. None of the above.

81) At what time in the buying or selling process must a REALTOR® disclose any personal interest in a property?
A. Prior to the signing of any contract.
B. After the offer has been accepted.
C. After the transaction has been completed.
D. None of the above.

82) At what time in the buying or selling process must a REALTOR disclose any personal interest in a property?
A. Prior to the signing of any contract.
B. After the offer has been accepted.
C. After the transaction has been completed.
D. None of the above.

83) Julie, an ambitious REALTOR® places an ad for a property with just her name and office number for identification. Is this allowed?
A. Yes, as long as all of the information is in the MLS that is fine.
B. No, Julie, as a Realtor®, must identify herself as a real estate professional in all advertising.
C. Yes, there are no regulations regarding advertising in real estate.
D. None of the above.

84) Julie, an ambitious REALTOR places an ad for a property with just her name and office number for identification. Is this allowed?
A. Yes, as long as all of the information is in the MLS that is fine.
B. No, Julie, as a Realtor®, must identify herself as a real estate professional in all advertising.
C. Yes, there are no regulations regarding advertising in real estate.
D. None of the above.

85) REALTOR® Renee refuses to disclose the expiration date and nature of a listing. What action(s) is another REALTOR® allowed to take in this instance?
A. No actions are allowed; all listings are assumed to be exclusive listings.
B. The REALTOR® may contact the owner to secure such information and may discuss the terms upon which the Realtor® may take a future listing.
C. The REALTOR® should file an ethics complaint against listing Realtor® Renee for refusing to provide the requested information.
D. All of the above.

86) REALTOR Renee refuses to disclose the expiration date and nature of a listing. What action(s) is another REALTOR allowed to take in this instance?
A. No actions are allowed; all listings are assumed to be exclusive listings.
B. The REALTOR may contact the owner to secure such information and may discuss the terms upon which the Realtor may take a future listing.
C. The REALTOR should file an ethics complaint against listing Realtor Renee for refusing to provide the requested information.
D. All of the above.

87) If a dispute is not resolved through mediation or if mediation is not required, how must a Realtor® proceed?
A. The next step in the process is to file a lawsuit.
B. The next step in the process is to file an ethics complaint in accordance with the policies of the Board.
C. The next step in the process is to submit the dispute to arbitration in accordance with the policies of the Board.
D. None of the answers shown is correct.

88) If a dispute is not resolved through mediation or if mediation is not required, how must a Realtor proceed?
A. The next step in the process is to file a lawsuit.
B. The next step in the process is to file an ethics complaint in accordance with the policies of the Board.
C. The next step in the process is to submit the dispute to arbitration in accordance with the policies of the Board.
D. None of the answers shown is correct.

89) Can a REALTOR® advertise their listings on Facebook?
A. Only licensees who are not REALTORS® can advertise on Facebook
B. Yes, as long as there is a clear link to the brokerage
C. Agent B
D. They must close the same amount of sales

90) Can a REALTOR advertise their listings on Facebook?
A. Only licensees who are not REALTORS can advertise on Facebook
B. Yes, as long as there is a clear link to the brokerage
C. Agent B
D. They must close the same amount of sales

91) According to Pathways to Professionalism, which of the following is a professional courtesy that a real estate agent does NOT have to extend to a peer?
A. Replace keys in the lockbox after showings.
B. Respond to other agents’ calls, faxes, and emails promptly.
C. Prospect at other real estate agents’ open houses. (Chapter 4: Respect for Peers)
D. Share important information about a property.

92) What is the purpose of internally enforced codes of ethics for professional organizations?
A. Prevent exploitation of the client.
B. Preserve the integrity of the profession.
C. Maintain the public’s trust in the profession.
D. All of the above.

93) According to Standard of Practice 1-3, when attempting to secure a listing, a Realtor® is prohibited from which of these actions?
A. Competing with other REALTORS® that listing.
B. Misleading the owner as to market value.
C. Competing with REALTORS® within his/her own brokerage.
D. All of the above.

94) According to Standard of Practice 1-3, when attempting to secure a listing, a Realtor is prohibited from which of these actions?
A. Competing with other REALTORS that listing.
B. Misleading the owner as to market value.
C. Competing with REALTORS within his/her own brokerage.
D. All of the above.

95) When an ethics complaint is filed, where does it go first?
A. The Professional Standards Committee.
B. The hearing panel.
C. The Grievance Committee.
D. None of the above.

96) Prior to the founding of the organization now known as NAR, what principle governed real estate transactions?
A. For the public good.
B. The Golden Rule.
C. To each their own.
D. Caveat emptor.

97) 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.

=== new == Ethics in the Age of Disruption– 9/22
1) The ______________ sets forth aspirational concepts from which the Code of Ethics has been formed.
A. Preamble
B. Duties
C. Standard of Practice 0-1
D. Opening paragraph

2) REALTOR® Ben advertised his business on Facebook with a post that said, “Want to get your house sold quick for Top Dollar? Call me today at 555-5555.” Using the term, “Top Dollar” could potentially be considered _______________.
A. Misrepresentation
B. Presupposition
C. A lie
D. Forgery

3) Articles 1 through 9 deal with the duties that are owed to _______________.
A. The Industry
B. Real estate appraisers
C. Other agents in the firm
D. All clients and customers

4) For real estate, the 1800’s real estate were known as the _________________ because no professional licensure or regulatory agencies existed regarding real estate.
A. Gilded Age of Schemes
B. End of an Era
C. Golden Era
D. Wild West

5) What are the four sections of the Code of Ethics?
A. Preamble, Duties to Community, Duties to the State, and Duties to Country
B. Duties to Business, Duties to the Firm, and Duties to Broker®, Epilogue
C. Prologue, Duties to Self, Duties to the Others, and Duties to Property
D. Preamble, Duties to Clients and Customers, Duties to the Public, and Duties to REALTORS®

6) In the “REALTORS®’ Pledge of Performance and Service,” the Code is reframed from what it means to real estate professionals to what it means to ______________.
A. The profession
B. The public
C. The government
D. The National Association of REALTORS®

7) Which articles identify Duties to Clients and Customers?
A. 18 through 23
B. 1 through 9
C. 10 through 14
D. 15 through 17

8) The Preamble cannot be cited as the basis for disciplinary action, as it is _____________________ and describes subjective ideals, not measurable standards.
A. Obvious
B. Visionary
C. Regulatory
D. Aspirational

9) How many pages is the “REALTORS®’ Pledge of Performance and Service?”
A. 3
B. 2
C. 4
D. 1

10) What are the minimum standards that a society will tolerate?
A. Ethics
B. Morals
C. Codes
D. Laws
11) ______________ graft is working only for your own interests.
A. A bespoke
B. A simple
C. A dishonest
D. An honest

12) REALTOR® Jemma cropped out the utility lines in a listing picture to make it look better before she posted the photo to MLS. This would be a violation of the Code because it is considered ________________.
A. Misrepresentation
B. Forgery
C. Realism
D. Falsification

13) Which brochure is a simplified version of the Code of Ethics that members and associations can use with their clients?
A. REALTORS®’ Pledge of Performance and Service
B. Working With Real Estate Agents
C. Due Diligence for Residential Buyers
D. Understanding Agency and It’s Meaning
14) The duties owed to fellow REALTORS® and to colleagues are covered by which Articles?
A. Articles 1 through 5
B. Articles 15 through 17
C. Articles 18 through 22
D. Articles 9 through 13

15) How many Articles are there in the Code of Ethics?
A. 15
B. 13
C. 17
D. 19

16) Which of the following would be a violation of Standard of Practice 12-10 which requires that REALTORS® must present a true picture in their advertising and representations to the public?
A. Placing a sold sign at a listing after closing
B. Telling another licensee about a “coming soon” listing you have
C. Writing an ad that says 2 year old appliances are new because they were so well cared for that they still look new
D. Requiring a home owner to give you written consent to advertise their home

17) Eleven leading members first met in Chicago on May 12, 1908 to form what organization?
A. National Association of Real Estate Professionals
B. National Association of Real Estate Exchanges
C. United States Real Estate Commission
D. United States Board of Real Estate Agents

18) Article 11 of the Code demands that real estate professionals act with reasonable _______________.
A. Competence
B. Intelligence
C. Manners
D. Duplicity

19) _________________ is best known for the quote, “I seen my opportunities, and I took ’em.”
A. Rodger White
B. Ira Rothman
C. Patrick Henry Mulligan
D. George Washington Plunkitt

20) Which choice means working for your interests and the interests of your friends?
A. Community
B. Honest graft
C. Representation
D. Team work

21) Who was known as the “vulture of real estate” because he defrauded thousands of real estate owners and cost the city of New York millions of dollars?
A. Robert J. Goldberg
B. Thomas Nast
C. William Magear Tweed
D. George Washington Plunkitt

22) Articles 10 through 14 deal with the duties that REALTORS® owe to ________________.
A. Their families
B. Their broker in charge
C. The general public
D. Each other

23) Business ethics reflect the philosophy of the _______________.
A. Community
B. Legal community
C. Business
D. Federal Government

24) In total, how many Standards of Practice are referenced throughout the 17 Articles?
A. 88
B. 76
C. 59
D. 34

25) REALTOR® Sal created a website to advertise his business. He wanted to keep the site very simple; so, it only shows his name and phone number and has a link to his services for buyers and a link to his service for sellers. This is a violation of Standard of Practice 12-9 because what is missing?
A. His E&O policy number
B. The state of licensure
C. His license number
D. His address

26) Who was the political cartoonist who brought attention to the real estate and political scams and created a major campaign against Boss Tweed that exposed Tammany Hall?
A. Gary Larson
B. Thomas Nast
C. Scott Adams
D. Jon Oliver

27) Real estate professionals should know never to share personal, financial, and motivational information regarding their clients because sharing confidential information is a violation of _____________.
A. Article 14.5
B. Article 23
C. Standard of Practice 1-9
D. The Preamble

28) What was designed to support, interpret, and amplify that Articles?
A. Ordinances
B. Standards of Practice
C. Statutes
D. Rules of the Road

29) The National Association of Real Estate Exchanges consisted of how many state associations?
A. 1
B. 13
C. 50
D. 52

30) ____________ presupposes that the actions of any one REALTOR® have an impact on us all.
A. The Code
B. The Policy and Procedures Manual
C. State statutes
D. Federal law

31) Which of the following is a topic included in the Profile of Home Buyers and Sellers?
A. Home décor
B. Financing the home purchase
C. Properly staging a home
D. Why people rent
31) What report includes useful information for all real estate professionals who are looking to understand their customers and clients better?
A. The Profile of Home Buyers and Sellers
B. REALTORS®’ Pledge of Performance and Service
C. Due Diligence for Residential Buyers
D. Understanding Agency and It’s Meaning
32) During _______________ all parties to openly and candidly discuss all issues and concerns giving rise to the inquiry or complaint, and to develop a resolution acceptable to all of the parties.
A. Mediation
B. Arbitration
C. Ethics hearings
D. Court rulings

33) What are the two essential purposes of an ethics proceeding?
A. Redemption and compensation
B. Education and vindication
C. Punishment and humiliation
D. Evaluation and remuneration
34) What part of the Code establishes specific obligations for which REALTORS® may be disciplined?
A. Articles 1 through 17
B. The Preamble
C. The Profile
D. Standards of Practice 2.0
35) What is available as an alternative to a formal ethics hearing provided that all parties agree to participate?
A. Arbitration hearings
B. Ethics mediation
C. Ethics arbitration
D. Morality hearings
36) Usually, the heart of most arbitration complaints is regarding _______________.
A. Closing contingencies
B. Fees
C. Advertisements
D. Agency

37) In the event the mediator concludes that a potential violation of the public trust may have occurred, the mediation process shall be immediately terminated, and the parties shall be advised that:
A. the law of double jeopardy is in effect.
B. only a judge can make a determination as to the validity of the complaint.
C. the matter may no longer be pursued
D. they have the right to pursue a formal ethics complaint.
38) Before taking any disciplinary action which may lead to the diminution of a member’s rights or privileges, it is strongly recommended that ___________________ be consulted.
A. The attorney general
B. The Board’s attorney
C. An impartial witness
D. A state mediator
39) The size of arbitration panels is at the discretion of the _____________ handling the matter.
A. Small Claims Court
B. Attorney General
C. Board
D. Judge

40) To ensure _________________, ethics mediators cannot refer concerns they have regarding the conduct of any party to mediation to the Grievance Committee, to the state real estate licensing authority or to any other regulatory body.
A. Reasonable doubt
B. Law and order
C. Impartiality
D. Bias

41) Procedures outlined in the ______________________________ will satisfy most requirements of due process.
A. REALTORS®’ Pledge of Performance and Service
B. Standards of Practice
C. Code of Ethics and Arbitration Manual
D. Profile of Home Buyers and Sellers

42) In filing a charge of an alleged violation of the Code of Ethics by a REALTOR®, the charge shall read as _______________ violation of one or more Articles of the Code.
A. An alleged
B. A perpetrated
C. A suspected
D. An accused

43) The ____________________________ provides a set of definitive guidelines for contractual and specific non-contractual dispute resolution that REALTORS® have agreed to as a condition of membership.
A. Code of Ethics and Arbitration Manual
B. Performance and Service Brochure
C. Profile of Home Buyers and Sellers
D. Guide to Real Estate Laws and Statutes

44) Where an informal inquiry or general letter of complaint is received, it will not be reviewed by the Grievance Committee but will be referred to _________________.
A. An arbitrator
B. An ethics mediator
C. A hearing moderator
D. An ethics attorney

45) ____________________ involves a dispute among two or more members individually, arising from some common transaction involving the rendering of real estate services.
A. Formal judiciary hearing
B. Code of ethics violation
C. An arbitration hearing
D. A mutual mediation

46) Who can file a complaint under the Code of Ethics?
A. Only REALTORS® who are attorneys
B. Only consumers who are not REALTORS®
C. Only REALTORS®
D. Anyone who is or has an issue with a REALTOR®

47) What is the best way to gain insight into the public’s view of the current state of ethics and professionalism in real estate?
A. Review scholarly articles on perception
B. Take a course on professionalism
C. Ask them directly
D. Conduct a research experiment

48) The first stage of dispute resolution is a review of the filed Complaints by a _____________________.
A. NAR® attorney
B. Jury of peers
C. Grievance Committee
D. Hearing Panel

49) Membership in a Board of REALTORS® has been recognized by the courts as a _______________________.
A. Irrefutable fact
B. A birth right
C. A property right
D. An inherent attribute
50) In complaints involving both charges of unethical conduct and request for arbitration, what must happen before hearing the ethics charges?
A. Hearing officers must be appointed by the Secretary
B. All parties must obtain legal representation
C. The dual complaint must be severed and arbitration heard
D. Witnesses must be sworn in and evidence notarized
51) Conscientious enforcement is essential if REALTORS® and REALTOR-ASSOCIATE®s are to be recognized as __________________.
A. Professionals
B. Tradesmen
C. Educated
D. Experts
52) What are the two different types of complaints that can occur under the Code?
A. Ethics complaints and arbitration requests
B. Mediation complaints and ethics requests
C. Rule violations and mediated arbitration
D. Litigation complaints and lawsuits

53) When is it appropriate for a Board, in an ethics proceeding, to award money damages to another REALTOR®?
A. Never
B. When the award is less than $1,000
C. When the award is greater than $1,000
D. When the REALTOR® can prove the monetary damages requested are fair and equitable

54) Failure to provide to a REALTOR® accused of a violation of the Code of Ethics can result in the reversal of the Board’s decision by the civil courts because of a lack of _____________.
A. Evidence
B. Witnesses
C. Legal representation
D. Due process

55) Which of the following is an example of potential parties when it comes to Code of Ethics complaints? Client vs. REALTOR®, REALTOR® vs. Client, Customer vs. REALTOR®, REALTOR® vs. Customer, REALTOR® vs. REALTOR®, Board vs. REALTOR®, and REALTOR® vs. Board.
A. REALTOR® vs. REALTOR®
B. Consumer vs. Client
C. Consumer vs. Customer
D. Board vs. Board

56) Every year the National Association of REALTORS® sends out over 100,000 questionnaires to consumers that were involved in real estate transactions. The results are collected by NAR®’s marketing and research department and published every year as __________________________.
A. The CoreLogic Survey
B. The Roy Morgan Image of Professions Survey
C. The Profile of Home Buyers and Sellers
D. The Gallup Poll

57) One of the most common types of arbitrations that Boards may have to deal with involves the issue of __________________.
A. Copyright infringement
B. Open house violations
C. Procuring cause
D. Coming Soon advertisement

58) ___________ is a London based iBuying platform that caters to both sellers and buyers.
A. Best Nester
B. Cozy Nest
C. Nested
D. Nestle
59) The iBuyer valuations can be done much quicker because they are based on data that is:
A. based on theories to produce hypothetical market scenarios.
B. simplified by using smaller market samples.
C. extremely limited so it is easier to analyze.
D. evaluated by artificial intelligence and machine learning techniques.
60) In Italy, there is a company called _____________ that was founded in 2017 with the mission to simplify the home buying and selling process.
A. Casanova
B. Casavo
C. Supernova
D. Ciao

61) The reason that Article 15 prohibits the making of false or misleading statements about other real estate professionals is because such remarks:
A. while true, could hurt someone’s feelings.
B. are damaging the reputation and integrity of the industry.
C. could hurt the person’s chances at a higher commission.
D. cannot be verified.

62) Offerpad also offers an option for those homeowners who decide to sell their home on the traditional open market. They provide free services to help get homes ready for listing with their program called _________________.
A. Hello New Home
B. Buy Buy Buy
C. Offerpad Rewards
D. Offerpad Concierge

63) Knock will advance the homeowner up to $_______________ of the home sale to clean, repair, and stage the home to maximize the eventual sale.
A. 50,000
B. 5,000
C. 100,000
D. 25,000
64) Bashing iBuying companies is a violation of Article _______ because it prohibits making false or misleading statements about other real estate professionals, their businesses, or their business practices.
A. 1
B. 7
C. 15
D. 21
65) Which iBuying company began with map-based real estate searches?
A. RedfinNow
B. Zillow
C. Trulia
D. Icon
66) Zillow Offers provide services for ________________________.
A. Sellers and buyers
B. Buyers only
C. Renters only
D. Sellers only
67) Many iBuying companies feature ___________________ which means that you can take a live tour of any of their listings without the assistance of a real estate agent.
A. Instant Access
B. Lockbox Entry
C. Security Access
D. Virtual Tours
68) Which of the following is advantage that Offerpad provides to homeowners who want to sell?
A. Interior decorating assistance
B. A live, local real estate agent
C. Flexible closing dates
D. Free moving

69)What is an advantage for a seller to work with an iBuying company?
A. There are no home showings
B. Reduced financing on the purchase of their next home
C. Help with the negotiation process
D. Free appliance upgrades to help the home sell faster

70) Zillow offers a variety of services that serve the real estate industry, including ________________, the company’s iBuying platform that launched in 2018 in the Phoenix, AZ and Las Vegas, Nevada markets.
A. Zillow Agent
B. Zillow Offers
C. Zillow Friends
D. Zillow Companion

71) When it comes to iBuyers, what should matter is:
A. that they are a fraud.
B. that their rates are higher than average commissions.
C. what is best for the consumer.
D. that they do not replace live real estate agents.

72) Posts about customary commissions could lead to questions about antitrust violations, and they are also in violation of which article?
A. 3
B. 2
C. 17
D. 15

73) _____________ was founded in 2015 by Jerry Coleman and Brian Bair and is based in Chandler, Arizona.
A. Offerpad
B. Short Sale
C. Ugg
D. Vine

74) In a post about the requirements regarding service animals and assistive animals, several licensees made comments that shared incorrect information. This is an example of ___________________.
A. Capability
B. Disregard
C. Insincerity
D. Incompetence

75) Discussions about “customary” compensation should be avoided because commissions need to be set _______________.
A. Jointly
B. Cooperatively
C. Collectively
D. Independently

76) The ______________________, which was created in 1890 and prohibits a conspiracy to fix prices, a conspiracy to boycott a competitor, and making false claims and statements against a competitor.
A. Truth in Lending Act
B. Federal Fair Housing Act
C. Sherman Antitrust Act
D. Real Estate License Act

77) There are industry experts that predict the iBuyer models could achieve as much as a __________% share of all sales and purchases in the next year.
A. 95
B. 75
C. 90
D. 60

78) In _________ the very first Code of Ethics was written to help elevate the professionalism of real estate.
A. 1973
B. 1967
C. 1942
D. 1913

79) The Code was written as ________________ that REALTORS® needed to live up to.
A. laws
B. A set of standards
C. A list of activities to avoid

80) Who were the highest ranked professionals in the Gallup poll?
A. Doctors
B. Lawyers
C. Nurses

81) Real estate agents ranked number ______ in the Gallup poll of professionals.
A. 10
B. 2
C. 8
D. 5

82) –

83) –

84) At the time the Code of Ethics was adopted, how many states had laws governing the real estate industry?
A. 33
B. 17
C. 0
D. 10

85) The Code was written to move real estate agents from treating real estate as a business to treating it as ______________.
A. A profession
B. A job
C. A burden

86) One principle from the NAR® Code of Ethics that many states adopt is to follow the _______________.
A. Epilogue
B. Silver Lining
C. Golden Rule

87) One principle from the NAR Code of Ethics that many states adopt is to follow the _______________.
A. Epilogue
B. Silver Lining
C. Golden Rule

88) The law of _________________ is a universal and simple concept that says to treat others the way you want to be treated.
A. Signs
B. Reciprocity
C. Attraction

89) From a real estate perspective, following the __________________ means acting in a professional and courteous manner to all parties involved in a transaction, including clients, customers, lenders, inspectors, and other licensees.
A. Guru
B. Law of Probability
C. Golden Rule

90) –

91) –

92) The heart of the Code of Ethics is aimed at developing a _____________ relationship with members of the public and the clients with whom we work.
A. Trusting
B. Working
C. Financial

93) –

94) General business ethics go beyond the minimum requirements of the law by demanding adherence to _________________.
A. A higher standard
B. Additional laws
C. A lower set of values

95) The ultimate goal of the NAR® Code of Ethics is to encourage the highest standard of ethical business practice by all ____________________.
A. Members of the association
B. Licensees
C. Brokers

96) The ultimate goal of the NAR Code of Ethics is to encourage the highest standard of ethical business practice by all ____________________.
A. Members of the association
B. Licensees
C. Brokers

97) The Code of Ethics requires disclosure of ____________ facts regarding properties and transactions.
A. Insignificant
B. Plausible
C. Material

98) What can be used as a helpful guide when describing the seventeen articles to consumers?
A. The Golden Rule
B. The NAR® Code of Ethics
C. REALTORS®’ Pledge of Performance and Service

99) When should you present your clients with the NAR® brochure, “REALTORS®’ Pledge of Performance and Service?”
A. When you meet them for the first time
B. At closing
C. After they sign an agency agreement

100) The Code of Ethics begins with an aspirational introduction that is contained in ______________.
A. The Preamble
B. The Epilogue
C. Article 1

101) The Preamble is _______________ in nature.
A. Passive
B. Material
C. Aspirational

102) The inspiring words of “Under all is the land…” appear at the beginning of ___________________.
A. The Golden Rule
B. Article 3
C. The Preamble

103) Which one ends with a statement that REALTORS® should pledge to observe the spirit of the Code in all of their activities, both personal and professional, and to conduct their business in accordance with the tenets presented in the Articles?
A. The REALTORS®’ Pledge of Performance and Service
B. The Preamble
C. Article 17

104) REALTOR® Beth advertised her business on Facebook with a post that said, “Want to get your house sold quickly? Call me today at 555-5555.” Which Article does this violate?
A. Articles 1 through 5
B. Article 12
C. Article 1

105) What do consumers feel is the most important factor when choosing an agent?
A. Trust, reputation, and experience
B. History, education, and firm
C. Age, experience, and annual sales

106) Much of the dissatisfaction with the selling process is related to what?
A. Commission discussions
B. Negotiating contracts
C. Reviewing agency agreements

107) What is the primary reason for purchasing a home?
A. Financial insecurity
B. Desire to own a home of their own
C. No roommates

108) How many real estate agents did most buyers interview during their home search?
A. 5
B. 2
C. 1
D. 13

109) –
110) What percent home sales were FSBO sales?
A. 27
B. 51
C. 8
D. 95

111) The best way to change the direction of the industry and elevate real estate agents is to:
A. live by The Code.
B. take additional CE courses.
C. take on only one client at a time.

112) In protecting and promoting the interests of the public, it is critical that REALTOR®’s provide a method and manner of effectively and fairly dealing with ____________ under the REALTOR® Code of Ethics.
A. Agency questions
B. Commission negotiations
C. Disputes

113) In protecting and promoting the interests of the public, it is critical that REALTOR’s provide a method and manner of effectively and fairly dealing with ____________ under the REALTOR Code of Ethics.
A. Agency questions
B. Commission negotiations
C. Disputes

114) Which of the following is an option for the typical consumer or REALTOR® who has a dispute with a member of the National Association of REALTORS®? has three basic options if they feel aggrieved and want to seek remedy or redress: 1. Contact a lawyer and pursue litigation, 2. File a disciplinary action or complaint with the state’s Real Estate Commission, or 3. Utilize the dispute resolution methods set up by the National Association of REALTORS®.
A. Hire NAR® to evaluate the complaint
B. Contact a lawyer and pursue litigation
C. Ask the broker in charge to mediate the complaint

115) Which of the following is an option for the typical consumer or REALTOR who has a dispute with a member of the National Association of REALTORS? has three basic options if they feel aggrieved and want to seek remedy or redress: 1. Contact a lawyer and pursue litigation, 2. File a disciplinary action or complaint with the state’s Real Estate Commission, or 3. Utilize the dispute resolution methods set up by the National Association of REALTORS.
A. Hire NAR to evaluate the complaint
B. Contact a lawyer and pursue litigation
C. Ask the broker in charge to mediate the complaint

116) Who is subject to the Code?
A. Only REALTORS® and clients
B. Only clients
C. Only REALTORS®

117) –

118) –

119) What is considered the first great bond between REALTORS® and REALTOR-ASSOCIATE®s throughout the country?
A. Adherence to the Code
B. Commission standardization
C. The National REALTOR® Convention

120) What is considered the first great bond between REALTORS and REALTOR-ASSOCIATEs throughout the country?
A. Adherence to the Code
B. Commission standardization
C. The National REALTOR® Convention

121) __________________ makes decisions on matters involving ethics or arbitration.
A. The Committee on Excellence
B. The Professional Standards Committee
C. The Ethics and Morals Committee

122) –

123) Which of the following is a responsibility of the Grievance Committee?
A. Hold meetings
B. Hold hearings
C. Mediate disputes

124) –

125) Upon receipt of an ethics complaint from the Board Secretary, the __________________ of the Grievance Committee shall review the complaint and any evidence and documentation attached.
A. Chairperson
B. Vice President
C. Treasurer

126) An ethics complaint shall be provided to the assigned members by the Board _______________ upon instruction from the Chairperson.
A. Secretary
B. President
C. Vice Chair

127) Who selects the ethics mediators that act on behalf of the committee?
A. The Grievance Committee Vice President
B. The Hearing Panel
C. The Chair of the Professional Standards Committee and/or the Board President

128) –

129) In what way can an ethics mediation process can be initiated?
A. Through Small Claims Court
B. By filing a complaint with the Better Business Bureau
C. Through a written complaint

130) –

131) After a homeowner accepts an offer from an iBuying company, who is responsible for selling the home?
A. NAR®
B. The iBuying company
C. The homeowner

132) iBuying companies use ___________________ to simplify the traditional home buying and selling process for consumers.
A. Internet advertising
B. Online negotiation meetings
C. Technology

133) –

134) What is an example of a repair that an iBuyers would be likely to make on a home?
A. Fixing a porch light that had a loose wire
B. Replacing a leaking swimming pool
C. Fixing a sinking foundation

135) _________________ buy homes and renovate them to sell them for significantly more than they purchased them.
A. Home flippers
B. iBuyers
C. Brokers