If an Illinois real estate licensee has an ownership interest in a property being sold and has failed to informthe purchaser of such interest, the licensee A. cannot collect a sales commission on the self-owned portion.B. has acted unethically, but not illegally. C. has committed an illegal act and is subject to disciplinaryaction. D. has not erred unless the licensee ownership interest is greater than 50%.

Real estate licensees are expected to adhere to ethical standards and legal requirements when…

Answered: If an Illinois real estate licensee has…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Employees are prohibited from receiving any form of payments, gifts, favor, or use of services or entertainment or gratuities given by third parties that may compromise our integrity or affect our business judgment. Which of the following topic in the Code covers the above? (I) Conflict of Interest (II) Receiving and Giving Business Courtesy (III) Business Dealings With Others (IV) Embracing Good Practice (V) Purchasing & Procurement
Choose the individual who would be eligible for membership in the Florida Real Estate Commission. member of the general public who had a real estate license 15 years ago broker who held an active license for ten ears and has been retired (inactive license) for the past two years active sales associate who got her license one year ago broker who has had an active license for the past five years and is over the age of 65
11) Non-compliance with the provisions of the Privacy Act, Canada, is first monitored by a. the federal Privacy Commissioner. b. the courts. c. the Privacy Commissioner of the province in which the individual whose information is disclosed resides. d. the executive branch of the federal government. e. the Commissioner of Intergovernmental Affairs. 12) A breach of the provisions of the Ontario Freedom of Information and Privacy Act can result in a. a reprimand of the Ontario government by the Premier of Ontario. b. liability in damages for the provincial crown. c. a reprimand of the Ontario government by an Ontario high court. d. only a finding that the Ontario Statute has been breached. e. both a finding that the Ontario Statute has been breached and a reprimand by the Premier of Ontario. 13) Privacy legislation covering municipalities puts enforcement of a breach of privacy by municipal governments in the hands of a. the particular municipal Privacy…
A friend of the court: a. Is a party to the court proceeding b. Has greater rights in the court proceeding than an added party c. Has the right to introduce evidence and to appeal an adverse ruling d. Has the right to present oral and/or written submissions to the court
in which of the following situation has a licensee satisficed their duties relating to the use of the north Carolina real estate commission working with real estate agents publications? A. a licensee working with a buyer gives the buyer the publication immedidaetly after buyer signs buyer agency agreement and uses it for ecplain the licensee agency duties B. A licensee gives the publication and explains it when seller begins to explain their motives for listing the property for sell C.A licensee working with a prospective seller gives the seller at the time of making a listing the publication and instructs them to read it D. a licensee working with a prospective buyer the publication prior to showing any properties and direct
46 which of the following creditor policies is permissible under the Equal Credit Opportunity Act (ECOA A) 20-year-old married applicant is individually creditworthy, but the creditor requires a spousal signature on the security instrument is located in a community property state B) A 20-year-old single applicant is individually creditworthy, but the creditor requires a parental co-signer due to the applicant's C) A 75-year-old marred applicant is individually creditworthy, but the creditor requires a spousel signature because the spouse is younger more likely to outlive the loan term. D) A 75-year-old single applicant is individually creditworthy, but the creditor requires a co- signer because a portion of the applicant qualifying income from public assistance.
The provisions of the Real Estate License Law apply to which of the following individuals? A. a regular employee of a property owner who conducts lease transactions on the property O.B. a licensed person who for a fee receives a referral from a licensed broker ⒸC. a property manager who handles the sale of units within a managed condominium complex OD. salespersons who sell their primary residences
Will is an appraiser. He accepts compensation based on the value of the property he is appraising. In doing so, Will: violated FHA ethics standards violated USPAP ethics standards followed FHA ethics standards followed USPAP ethics standards
A mortgage loan originator (MLO) is prohibited from taking which of the following actions? A) Collecting an application fee prior to ordering a credit report B) Assisting a mortgage loan applicant in completing a mortgage application by filling out the form with the MLO's best assumptions C) Accepting a check for the appraisal before the borrower receives the Loan Estimate and intent to proceed D) Accepting a check payable to a title company and forwarding the check to the title company as payment for a title search
45 which of the following actions should a mortgage loan originator take when discovering that a borrower's application lists debt that is not showing on the borrower's credit report? A)obtain a new credit report B mark the undisclosed debt as a cosigned debt C) Disregard the debt as the debt is not shown on the credit report D) Accept the existence of the debt listed on the application and document accordingly

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