The Code of Ethics End of Course Test #2

Question 1 of 30

1. Question

Where does the selling broker go first with a commission dispute?

a. arbitration
b. the MREC
c. federal court

Question 2 of 30

2. Question

Do the Articles address the need for written extensions of listing agreements?

a. yes, it does
b. no, it does not
c. no, but it did until 2001

Question 3 of 30

3. Question

Does a licensee need to keep the client’s interest ahead of their own?

a. yes, always
b. yes, unless they are a buyer's agent
c. no, never

Question 4 of 30

4. Question

Is attention to details important per the Code?

a. no, it is not even addressed in the Code of Ethics
b. yes, but only for square footage
c. yes, always

Question 5 of 30

5. Question

Which of the following is a protected class in Article 10?

a. high school diploma
b. sexual orientation
c. types of occupation

Question 6 of 30

6. Question

Modifications to the Code of Ethics occurs:

a. never
b. once per decade
c. as needed

Question 7 of 30

7. Question

Lack of experience by a licensee needs to be:

a. disclosed to the client
b. hidden from all
c. only disclosed if asked

Question 8 of 30

8. Question

Exclusive representation to clients is:

a. discouraged in the code
b. encouraged in the Code
c. required by Article 12

Question 9 of 30

9. Question

Untruthful comments about other licensees is:

a. addressed in Article 15…it’s not ok
b. not addressed anywhere in the Code
c. part of industry as addressed in Article 21

Question 10 of 30

10. Question

Advertising and other public representation needs to be:

a. vague and colorful
b. truthful and not misleading
c. short and subjective

Question 11 of 30

11. Question

Licensees should not:

a. practice law
b. verify facts
c. disclose material facts

Question 12 of 30

12. Question

Licensees should:

a. never charge more than permitted by state law
b. take all disputes to civil court first
c. willingly participate in Code enforcement procedures

Question 13 of 30

13. Question

Exclusive representation agreements should be:

a. ignored
b. respected
c. disregarded

Question 14 of 30

14. Question

Dual Agency:

a. must be disclosed to all parties
b. is illegal, even if disclosed in writing
c. a position of neutrality and conflict

Question 15 of 30

15. Question

The Code of Ethics does not address duties to:

a. other Realtors
b. the public
c. evil spirits in haunted houses

Question 16 of 30

16. Question

Which groups are not addressed in Article 10?

a. race and religion
b. political affiliation and career
c. familial status and color

Question 17 of 30

17. Question

The Code is based on the concept of:

a. let the public be served
b. make money and have fun
c. play safe and be smart

Question 18 of 30

18. Question

Disciplinary action in an ethics violation may include:

a. a letter of reprimand
b. up to 10 years in federal prison
c. a manditory donation to a charitable cause

Question 19 of 30

19. Question

Per the Code, when preparing a CMA, a licensee needs:

a. to be a broker or an appraiser
b. to live in the immediate area
c. accurate data and knowledge about the area

Question 20 of 30

20. Question

Which is promoted in the Preamble?

a. all agents should be dual agents
b. staying informed on issues affecting real estate
c. be prepared to give legal advice

Question 21 of 30

21. Question

The Code applies to:

a. commercial real estate only
b. residential real estate only
c. all real estate

Question 22 of 30

22. Question

Which “Rule” is addressed in the Preamble?

a. the Golden Rule
b. the Rule of Six
c. O'Toole's Rule

Question 23 of 30

23. Question

If Anna wants to buy one of her listings, she must:

a. give part of her commission to the seller
b. disclose her status as a licensee purchasing it for herself
c. put her license in referral

Question 24 of 30

24. Question

Brenda and Brad are seeking legal advice. Is it ok for their listing agent to provide legal advice on matters addressed in the sales contract?

a. yes, if their agent knows the contract
b. yes, provided the licensee is a broker
c. no, a licensee is not allowed to give legal advice

Question 25 of 30

25. Question

If the listing agent’s listing is about to expire, what would be important to do to keep it active?

a. a written extension
b. a verbal extension
c. a verbal or written extension

Question 26 of 30

26. Question

The Code of Ethics promotes which of the following in the Preamble?

a. let the buyer be their own advocate
b. high integrity, compentency and fairness
c. keep buyers, sellers and your peers at arms length

Question 27 of 30

27. Question

Fines for a violation of the Code might go as high as:

a. $15,000
b. $50,000
c. $1,000,000

Question 28 of 30

28. Question

Is it ok for a licensee to accept compensation from more than one party?

a. never, it would be a federal crime
b. yes, with informed consent and full disclosure
c. yes, it never matters

Question 29 of 30

29. Question

Escrow accounts in real estate are:

a. for keeping the monies of clients and customers safe
b. illegal in most states
c. places investors place all profits from real estate sales

Question 30 of 30

30. Question

The Code of Ethics guides and obligates:

a. all Realtors®
b. lenders of commercial funds, when buying homes
c. the public, in residential rentals only