CALIFORNIA “Ethics in the Age of Disruption” Questions only (no answers)
Answers will be revealed with proper subscription
== Ethics in the Age of Disruption– 9/22-FLL-base
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
CALIFORNIA Ethics in the Age of Disruption Questions only
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) Real estate licensees should pay attention to their fiduciary duties, follow the REALTOR® Code of Ethics, and act with professionalism in order to ________________.
A. Meet their financial goals
B. Get good online reviews
C. Get better ratings
D. Build Trust
83) Real estate licensees should pay attention to their fiduciary duties, follow the REALTOR Code of Ethics, and act with professionalism in order to ________________.
A. Meet their financial goals
B. x-Get good online reviews
C. ?Get better ratings
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) What is a core element of the foundation of the NAR® Code of Ethics?
A. ?The Law of Appropriation
B. The Law of Bias
C. x-The Silver Standard
91) What is a core element of the foundation of the NAR Code of Ethics?
A. ?The Law of Appropriation
B. The Law of Bias
C. x-The Silver Standard
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) A _________________ is a set of principles of conduct based on ideas of what is morally good or bad that guide decision making and behavior.
A. Standard of Ideology
B. Dogma
C. Philosophy
D. Code of ethics
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) What were the most important environmental features for recent home buyers?
A. Window efficiency
B. Water conservation
C. Xeriscaping
D. Heating and cooling costs
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) What was designed to establish a public and professional consensus against which the practice and conduct of REALTORS® and REALTOR-ASSOCIATE®s may be judged?
A. Federal Fair Housing Laws
B. State real estate statutes
C. Local business laws
D. The Code of Ethics
118) What was designed to establish a public and professional consensus against which the practice and conduct of REALTORS and REALTOR-ASSOCIATEs may be judged?
A. Federal Fair Housing Laws
B. State real estate statutes
C. Local business laws
D. The Code of Ethics
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) The ___________________ receives ethics complaints and arbitration requests to determine if, taken as true on their face, a hearing is to be warranted.
A. Hearing judge
B. Local Association
C. Board
D. Grievance Committee
123) Which of the following is a responsibility of the Grievance Committee?
A. Hold meetings
B. Hold hearings
C. Mediate disputes
124) How often does the Grievance Committee hold meetings?
A. As determined by the local association
B. Weekly
C. Once a year
D. Often enough to ensure timely review of ethics complaints and arbitration requests
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) Which of the following CANNOT be resolved through mediation?
A. Complaints brought by other REALTORS®
B. Complaints brought by the clients
C. Complaints brought by the consumers
D. Complaints brought by the Grievance Committee
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) In the arbitration, the _________________has full authority to make an award in any manner which it determines is just and equitable based on the Findings of Fact.
A. Chairman
B. Secretary
C. Grievance Committee
D. Hearing Panel
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) Many of the iBuying companies in business today make money by:
A. Requiring sellers to purchase memberships
B. Selling homes above their market value
C. Charging commissions
D. Collecting service fees
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
= Ethics in the Age of Disruption- added 2.23 for NY ==
1. ______________ are rules of conduct or accepted behavior based on moral principles.
a. Ethics
b. Ethos
c. Statutes
d. Laws
2. What term means nothing more or less than the right to a full and fair hearing before an impartial tribunal with full and complete knowledge of the charges made and with adequate opportunity to prepare a defense?
a. Due process
b. Due diligence
c. Procedural abandonment
d. Procedural process
3. Offerpad guarantees that they will present homeowners with ____________ within 24 hours.
a. Cash offers
b. Refinancing plans
c. Interest-free loans
d. Multiple buyers
4. The “i” in iBuyer stands for what word?
a. Instant
b. Important
c. Incredible
d. Improved
5. An iBuyer is a real estate company that focuses on using ________________ throughout the process of buying and selling homes.
a. Teams
b. Technology
c. Unlicensed agents
d. Virtual assistants
6. The following text is proposed as a new Standard of Practice for which Article? REALTORS® may not refuse to cooperate on the basis of a broker’s race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity.
a. 3
b. 18
c. 16
d. 1
7. Traditional real estate agents have a stronghold in a presumed iBuyer world because:
a. their guidance can help sellers make educated decisions.
b. they can do better math than computers.
c. technology has no place in the current real estate market.
d. computers do not have a Code of Ethics.
8. These iBuyer companies provide homeowners with an estimate of their home’s value, and then they:
a. schedule an open house.
b. make an offer to purchase the home.
c. sell the home at an auction.
d. put together a detailed marketing plan for a quick sale.
9. The amended provision for SOP 12-1 will state the following. REALTORS® must not represent that their brokerage services to a client or customer are __________ or available at no cost to their clients, unless the REALTOR® will receive no financial compensation from any source for those services.
a. Free
b. Discount
c. Commission
d. Trade
10. Which of the following is one of the steps in the Zillow Offers process for sellers?
a. Appraisal
b. Home inspection
c. Evaluation
d. Marketing
11. Why do many seasoned real estate professionals feel that iBuying valuations are flawed?
a. Because machines are too fast
b. Because there is no human element
c. Because machines cannot do math
d. Because valuations require emotional intelligence
12. Posting negative comments about alternative real estate business models like iBuyers is:
a. a violation of federal anti-trust laws.
b. not a violation because REALTORS® have a right to free speech.
c. only a violation of the Code if someone complains.
d. a violation of the spirit and the intent of the Code.
13. ! A _________________ is a set of principles of conduct based on ideas of what is morally good or bad that guide decision making and behavior.
a. Standard of Ideology
b. Dogma
c. Philosophy
d. Code of ethics
14. ! Real estate licensees should pay attention to their fiduciary duties, follow the REALTOR® Code of Ethics, and act with professionalism in order to ________________.
a. Meet their financial goals
b. Get good online reviews
c. Get better ratings
d. Build trust
15. What company was founded in 2014 by Keith Rabois and Eric Wu and is based in San Francisco, California?
a. VRBO
b. Opendoor
c. Dollhouse
d. Homes R Us
16. Each home sold through Opendoor comes with what?
a. $5000 to spend on upgrades
b. A 90-day buyback guarantee
c. A new home starter kit
d. An interest-free mortgage
17. Article 15 states that it is a violation to make false and misleading comments about _________________.
a. Brokers only
b. Any real estate professional
c. REALTORS® only
d. Licensees only
18. If the function of the Professional Standards Committee is understood as similar to a court, the function of the Grievance Committee can then be understood as similar to that of the _______________.
a. Judge
b. Grand jury
c. Expert witness
d. Prosecuting attorney
19. When Opendoor accepts a bid, it means that they will purchase the property:
a. above market value.
b. after repairs are made.
c. as-is.
d. at less than market value.
20. _____________ advertises itself as a home swap company that lets consumers “skip the stress and uncertainty of buying and selling a house the old way.”
a. Frontdoor
b. Doorbell
c. Knock
d. Ding
21. As part of the sale process, Opendoor charges a transaction fee as compensation for:
a. their home assessment.
b. their marketing package.
c. their patented open house program.
d. the convenience of a quick sale.
22. To address a growing use of off-MLS listings, the National Association of REALTORS® (NAR®) Board of Directors voted 729-70 to approve a new rule affecting off-MLS listings, saying they must be submitted to the MLS within ______________ after first marketing them to the public.
a. 7 calendar days
b. 7 business days
c. 1 business day
d. 1 calendar day
23. 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.
d. avoid advances in technology.
24. ! In the arbitration, the _________________has full authority to make an award in any manner which it determines is just and equitable based on the Findings of Fact.
a. Chairman
b. Secretary
c. Grievance Committee
d. Hearing Panel
25. ! The ___________________ receives ethics complaints and arbitration requests to determine if, taken as true on their face, a hearing is to be warranted.
a. Hearing judge
b. Local Association
c. Board
d. Grievance Committee
26. ! Many of the iBuying companies in business today make money by:
a. Requiring sellers to purchase memberships
b. Selling homes above their market value
c. Charging commissions
d. Collecting service fees
27. Opendoor tries to sell all of the homes that they purchase within ____ days of the purchase dates.
a. 30
b. 180
c. 90
d. 360
28. ! Which of the following CANNOT be resolved through mediation?
a. Complaints brought by other REALTORS®
b. Complaints brought by the clients
c. Complaints brought by the consumers
d. Complaints brought by the Grievance Committee
29. Instead of charging commissions, how do iBuyers make a profit?
a. With their extensive virtual advertising packages
b. The sell mortgage discount points
c. They sell homes above market value
d. They charge service fees
30. ___________ allows homeowners to purchase a new home before they list their current home.
a. SwapNow
b. Switch
c. Moving On Up
d. Knock
31. ! What was designed to establish a public and professional consensus against which the practice and conduct of REALTORS® and REALTOR-ASSOCIATE®s may be judged?
a. Federal Fair Housing Laws
b. State real estate statutes
c. Local business laws
d. The Code of Ethics
32. ! How often does the Grievance Committee hold meetings?
a. As determined by the local association
b. Weekly
c. Once a year
d. Often enough to ensure timely review of ethics complaints and arbitration requests
33. ! What were the most important environmental features for recent home buyers?
a. Window efficiency
b. Water conservation
c. Xeriscaping
d. Heating and cooling costs
34. The business model of a home flipper is to:
a. buy a property at a high price and sell it at a lower price.
b. buy a property at a low price and sell it at a lower price.
c. buy a property at a low price and sell it at a high price.
d. buy a property at a high price and sell it at a higher price.
35. iBuying companies use ___________________ to simplify the traditional home buying and selling process for consumers.
a. Internet advertising
b. Online negotiation meetings
c. Technology
d. Robots
36. Which iBuying company also provides services to buyers?
a. Monster
b. Home Sweet Home
c. Opendoor
d. Bye-Bye-Home
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