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examples:

The Code of Ethics was adopted in 1913. In what year was the name revised to The National Association of Real Estate Boards?


  1. 1913

  2. 1916

  3. 1949

  4. 1980

 

61. Which of the following statements are true with regard to professional ethics?


  1. They encompass the personal, organizational, and corporate standards of behavior expected of professionals.

  2. How professionals use their knowledge in serving the public can be considered a legal issue.

  3. Professionals in acknowledged professions are exempt from any ethical obligations.

  4. All of the above.

 

62. What are the three major sections of the NAR Code of Ethics?


  1. Duties to client and customers

  2. Duties to the Public

  3. Duties to Realtors

  4. All of the above

 

63. The term “business ethics” applies to which of the following statements?


  1. A form of applied ethics that reflect ethical principles of a profession.

  2. A form of ethics that examines ethical principles that arise in a personal environment.

  3. The preamble to a corporation’s statement of business purpose.

  4. None of the above.

 

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


  1. 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;

  2. 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

  3. 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)

  4. 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?


  1. Just add them to the contract, making sure they are initialed by both parties as additions to the contract.

  2. Refer the client to a real estate lawyer to review the clauses and the entire contract before agreeing to add anything to the contract.

  3. Refuse to add any additional clauses to the contract as no changes are allowed.

  4. None of the above.

 

66. REALTORS® must always adhere to truth in advertising and marketing; this applies to:


  1. Newspapers

  2. Signage

  3. Social media, texting, email

  4. 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.”


  1. 14

  2. 15

  3. 16

  4. 17

 

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


  1. Arbitration is required.

  2. Arbitration is voluntary.

  3. Arbitration is not sufficient.

  4. 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?


  1. Apologize publicly to the competitor.

  2. Nothing; the article is not his responsibility.

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

  4. None of the above.

 

70. Broker Bob prefers to hire a female REALTOR®. Is this allowed?


  1. Yes, Broker Bob may hire whomever he wants to.

  2. No, real estate employment practices are also subject to nondiscrimination requirements.

  3. Yes, employment practices are exempt from the Code of Ethics.

  4. None of the above.

 

71) Broker Bob prefers to hire a female REALTOR. Is this allowed?


  1. Yes, Broker Bob may hire whomever he wants to.

  2. No, real estate employment practices are also subject to nondiscrimination requirements.

  3. Yes, employment practices are exempt from the Code of Ethics.

  4. None of the above.

 

72) Which of the following situations would be considered to be an unethical type of solicitation according to Article 16?


  1. 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®.

  2. Any telephone or personal solicitation of a property owner who has been identified through a For Sale by Owner sign.

  3. 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®.

  4. All of the above.

 

73) Which of the following would be a competence which would be reasonably expected of a REALTOR®?


  1. Residential real estate brokerage

  2. Real property management

  3. Land brokerage

  4. All of the above.

 

74) Which of the following would be a competence which would be reasonably expected of a REALTOR?


  1. Residential real estate brokerage

  2. Real property management

  3. Land brokerage

  4. All of the above.

 

75) Which of the following statements is FALSE?


  1. Pathways to Professionalism details mandatory activities.

  2. Pathways to Professionalism is for use on a voluntary basis.

  3. Pathways to Professionalism was developed by NAR.

  4. 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?


  1. Inform occupants that you are leaving after showings.

  2. Make sure that pets are handled appropriately before you enter.

  3. Always ring the doorbell or knock and announce yourself loudly before entering.

  4. All of the above.

 

77) Who must insure that the procedural issues are correct in a request for arbitration?


  1. NAR.

  2. The Professional Standards Committee.

  3. The Grievance Committee.

  4. None of the above.

 

78) Which of the following statements is TRUE?


  1. Principles are behaviors and actions.

  2. Values are emotional and can change.

  3. Ethics deal with comprehensive and fundamental laws, doctrines, and assumptions.

  4. Principles are legal documents that set forth rules.

 

79) What type of hearing is held in the case of a request for arbitration?


  1. A full due process hearing.

  2. A partial due process hearing.

  3. A jury trial.

  4. None of the above.

 

80) How does a regulation differ from a standard?


  1. A standard governs acceptable conduct; a regulation is a legal document setting forth rules governing a particular kind of activity.

  2. A regulation is an authoritative rule; a standard is the ideal in terms of which something can be judged.

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

  4. None of the above.

 

81) At what time in the buying or selling process must a REALTOR® disclose any personal interest in a property?


  1. Prior to the signing of any contract.

  2. After the offer has been accepted.

  3. After the transaction has been completed.

  4. None of the above.

 

82) At what time in the buying or selling process must a REALTOR disclose any personal interest in a property?


  1. Prior to the signing of any contract.

  2. After the offer has been accepted.

  3. After the transaction has been completed.

  4. 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?


  1. Yes, as long as all of the information is in the MLS that is fine.

  2. No, Julie, as a Realtor®, must identify herself as a real estate professional in all advertising.

  3. Yes, there are no regulations regarding advertising in real estate.

  4. 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?


  1. Yes, as long as all of the information is in the MLS that is fine.

  2. No, Julie, as a Realtor®, must identify herself as a real estate professional in all advertising.

  3. Yes, there are no regulations regarding advertising in real estate.

  4. 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?


  1. No actions are allowed; all listings are assumed to be exclusive listings.

  2. The REALTOR® may contact the owner to secure such information and may discuss the terms upon which the Realtor® may take a future listing.

  3. The REALTOR® should file an ethics complaint against listing Realtor® Renee for refusing to provide the requested information.

  4. 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?


  1. No actions are allowed; all listings are assumed to be exclusive listings.

  2. The REALTOR may contact the owner to secure such information and may discuss the terms upon which the Realtor may take a future listing.

  3. The REALTOR should file an ethics complaint against listing Realtor Renee for refusing to provide the requested information.

  4. All of the above.

 

87) If a dispute is not resolved through mediation or if mediation is not required, how must a Realtor® proceed?


  1. The next step in the process is to file a lawsuit.

  2. The next step in the process is to file an ethics complaint in accordance with the policies of the Board.

  3. The next step in the process is to submit the dispute to arbitration in accordance with the policies of the Board.

  4. 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?


  1. The next step in the process is to file a lawsuit.

  2. The next step in the process is to file an ethics complaint in accordance with the policies of the Board.

  3. The next step in the process is to submit the dispute to arbitration in accordance with the policies of the Board.

  4. None of the answers shown is correct.

 

89) Can a REALTOR® advertise their listings on Facebook?


  1. Only licensees who are not REALTORS® can advertise on Facebook

  2. Yes, as long as there is a clear link to the brokerage

  3. Agent B

  4. They must close the same amount of sales

 

90) Can a REALTOR advertise their listings on Facebook?


  1. Only licensees who are not REALTORS can advertise on Facebook

  2. Yes, as long as there is a clear link to the brokerage

  3. Agent B

  4. 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?


  1. Replace keys in the lockbox after showings.

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

  3. Prospect at other real estate agents’ open houses. (Chapter 4: Respect for Peers)

  4. Share important information about a property.

 

92) What is the purpose of internally enforced codes of ethics for professional organizations?


  1. Prevent exploitation of the client.

  2. Preserve the integrity of the profession.

  3. Maintain the public’s trust in the profession.

  4. 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?


  1. Competing with other REALTORS® that listing.

  2. Misleading the owner as to market value.

  3. Competing with REALTORS® within his/her own brokerage.

  4. 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?


  1. Competing with other REALTORS that listing.

  2. Misleading the owner as to market value.

  3. Competing with REALTORS within his/her own brokerage.

  4. All of the above.

 

95) When an ethics complaint is filed, where does it go first?


  1. The Professional Standards Committee.

  2. The hearing panel.

  3. The Grievance Committee.

  4. None of the above.

 

96) Prior to the founding of the organization now known as NAR, what principle governed real estate transactions?


  1. For the public good.

  2. The Golden Rule.

  3. To each their own.

  4. 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?


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

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

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

  4. 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.


  1. Preamble

  2. Duties

  3. Standard of Practice 0-1

  4. Opening paragraph

 

EXPLANATION: The Preamble sets forth aspirational concepts from which the Code of Ethics has been formed.

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 _______________.


  1. Misrepresentation

  2. Presupposition

  3. A lie

  4. Forgery

 

EXPLANATION: 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 misrepresentation.

3) Articles 1 through 9 deal with the duties that are owed to _______________.


  1. The Industry

  2. Real estate appraisers

  3. Other agents in the firm

  4. All clients and customers

 

EXPLANATION: Articles 1 through 9 deal with the duties that are owed to 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.


  1. Gilded Age of Schemes

  2. End of an Era

  3. Golden Era

  4. Wild West

 

EXPLANATION: In the 1800's real estate was host to the Gilded Age of Schemes. No professional licensure or regulatory agencies existed regarding real estate.

5) What are the four sections of the Code of Ethics?


  1. Preamble, Duties to Community, Duties to the State, and Duties to Country

  2. Duties to Business, Duties to the Firm, and Duties to Broker®, Epilogue

  3. Prologue, Duties to Self, Duties to the Others, and Duties to Property

  4. Preamble, Duties to Clients and Customers, Duties to the Public, and Duties to REALTORS®

 

EXPLANATION: The Code is comprised of four sections: Preamble, Duties to Clients and Customers (Articles 1 through 9), Duties to the Public (Articles 10 through 14), and Duties to REALTORS® (Articles 15 through 17).

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 ______________.


  1. The profession

  2. The public

  3. The government

  4. The National Association of REALTORS®

 

7) Which articles identify Duties to Clients and Customers?


  1. 18 through 23

  2. 1 through 9

  3. 10 through 14

  4. 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.


  1. Obvious

  2. Visionary

  3. Regulatory

  4. Aspirational

 

EXPLANATION: The Preamble cannot be cited as the basis for disciplinary action, as it is "aspirational" and describes subjective ideals, not measurable standards.

9) How many pages is the "REALTORS®' Pledge of Performance and Service?"


  1. 3

  2. 2

  3. 4

  4. 1

 

EXPLANATION: The National Association of REALTORS® has reduced the Code of Ethics to a single page called the "REALTORS®' Pledge of Performance and Service."

10) What are the minimum standards that a society will tolerate?


  1. Ethics

  2. Morals

  3. Codes

  4. Laws

 

EXPLANATION: Laws are the minimum standards that a society will tolerate.

 

11) ______________ graft is working only for your own interests.


  1. A bespoke

  2. A simple

  3. A dishonest

  4. An honest

 

EXPLANATION: A dishonest graft is working only for your own interests.

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 ________________.


  1. Misrepresentation

  2. Forgery

  3. Realism

  4. Falsification

 

EXPLANATION: 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 misrepresentation.

13) Which brochure is a simplified version of the Code of Ethics that members and associations can use with their clients?


  1. REALTORS®' Pledge of Performance and Service

  2. Working With Real Estate Agents

  3. Due Diligence for Residential Buyers

  4. Understanding Agency and It's Meaning

 

EXPLANATION: The "REALTORS®' Pledge of Performance and Service" brochure is a simplified version of the Code of Ethics that members and associations can use with their clients.

 

14) The duties owed to fellow REALTORS® and to colleagues are covered by which Articles?


  1. Articles 1 through 5

  2. Articles 15 through 17

  3. Articles 18 through 22

  4. Articles 9 through 13

 

15) How many Articles are there in the Code of Ethics?


  1. 15

  2. 13

  3. 17

  4. 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?


  1. Placing a sold sign at a listing after closing

  2. Telling another licensee about a "coming soon" listing you have

  3. Writing an ad that says 2 year old appliances are new because they were so well cared for that they still look new

  4. 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?


  1. National Association of Real Estate Professionals

  2. National Association of Real Estate Exchanges

  3. United States Real Estate Commission

  4. United States Board of Real Estate Agents

 

18) Article 11 of the Code demands that real estate professionals act with reasonable _______________.


  1. Competence

  2. Intelligence

  3. Manners

  4. Duplicity

 

19) _________________ is best known for the quote, "I seen my opportunities, and I took 'em."


  1. Rodger White

  2. Ira Rothman

  3. Patrick Henry Mulligan

  4. George Washington Plunkitt

 

20) Which choice means working for your interests and the interests of your friends?


  1. Community

  2. Honest graft

  3. Representation

  4. 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?


  1. Robert J. Goldberg

  2. Thomas Nast

  3. William Magear Tweed

  4. George Washington Plunkitt

 

22) Articles 10 through 14 deal with the duties that REALTORS® owe to ________________.


  1. Their families

  2. Their broker in charge

  3. The general public

  4. Each other

 

23) Business ethics reflect the philosophy of the _______________.


  1. Community

  2. Legal community

  3. Business

  4. Federal Government

 

24) In total, how many Standards of Practice are referenced throughout the 17 Articles?


  1. 88

  2. 76

  3. 59

  4. 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?


  1. His E&O policy number

  2. The state of licensure

  3. His license number

  4. 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?


  1. Gary Larson

  2. Thomas Nast

  3. Scott Adams

  4. 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 _____________.


  1. Article 14.5

  2. Article 23

  3. Standard of Practice 1-9

  4. The Preamble

 

28) What was designed to support, interpret, and amplify that Articles?


  1. Ordinances

  2. Standards of Practice

  3. Statutes

  4. Rules of the Road

 

29) The National Association of Real Estate Exchanges consisted of how many state associations?


  1. 1

  2. 13

  3. 50

  4. 52

 

30) ____________ presupposes that the actions of any one REALTOR® have an impact on us all.


  1. The Code

  2. The Policy and Procedures Manual

  3. State statutes

  4. Federal law

 

EXPLANATION: The Code presupposes that the actions of any one REALTOR® have an impact on us all.

31) Which of the following is a topic included in the Profile of Home Buyers and Sellers?


  1. Home décor

  2. Financing the home purchase

  3. Properly staging a home

  4. Why people rent

 

EXPLANATION: Some of the topics included in the Profile are the home search process, home buyer and real estate professionals, financing the home purchase, and home sellers and their selling experience.

31) What report includes useful information for all real estate professionals who are looking to understand their customers and clients better?


  1. The Profile of Home Buyers and Sellers

  2. REALTORS®' Pledge of Performance and Service

  3. Due Diligence for Residential Buyers

  4. Understanding Agency and It's Meaning

 

EXPLANATION: The Profile of Home Buyers and Sellers report includes useful information for all real estate professionals who are looking to understand their customers and clients better.

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.


  1. Mediation

  2. Arbitration

  3. Ethics hearings

  4. Court rulings

 

33) What are the two essential purposes of an ethics proceeding?


  1. Redemption and compensation

  2. Education and vindication

  3. Punishment and humiliation

  4. Evaluation and remuneration

 

EXPLANATION: An ethics proceeding has two essential purposes, education and vindication.

34) What part of the Code establishes specific obligations for which REALTORS® may be disciplined?


  1. Articles 1 through 17

  2. The Preamble

  3. The Profile

  4. Standards of Practice 2.0

 

EXPLANATION: Articles 1 through 17 establish specific obligations for which REALTORS® may be disciplined.

35) What is available as an alternative to a formal ethics hearing provided that all parties agree to participate?


  1. Arbitration hearings

  2. Ethics mediation

  3. Ethics arbitration

  4. Morality hearings

 

EXPLANATION: Persons inquiring about the process for filing ethics complaints will be advised that ethics mediation is available as an alternative to a formal ethics hearing provided that all parties agree to participate, and also be advised they may decline or withdraw from mediation and have their complaint considered at a formal ethics hearing.

36) Usually, the heart of most arbitration complaints is regarding _______________.


  1. Closing contingencies

  2. Fees

  3. Advertisements

  4. Agency

 

EXPLANATION: Requests for arbitration are separate from Code of Ethics complaints. As mentioned earlier, they are usually disputes arising between the parties regarding the providing of some type of real estate services. Usually, the heart of most arbitration complaints is regarding fees.

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:


  1. the law of double jeopardy is in effect.

  2. only a judge can make a determination as to the validity of the complaint.

  3. the matter may no longer be pursued

  4. they have the right to pursue a formal ethics complaint.

 

EXPLANATION: 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 of their right to pursue a formal ethics complaint, to pursue a complaint with any appropriate governmental or regulatory body, to pursue litigation, or to pursue any other available remedy.

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.


  1. The attorney general

  2. The Board’s attorney

  3. An impartial witness

  4. A state mediator

 

EXPLANATION: Before taking any disciplinary action which may lead to the diminution of a member’s rights or privileges, it is strongly recommended that the Board’s attorney be consulted.

 

39) The size of arbitration panels is at the discretion of the _____________ handling the matter.


  1. Small Claims Court

  2. Attorney General

  3. Board

  4. 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.


  1. Reasonable doubt

  2. Law and order

  3. Impartiality

  4. Bias

 

41) Procedures outlined in the ______________________________ will satisfy most requirements of due process.


  1. REALTORS®' Pledge of Performance and Service

  2. Standards of Practice

  3. Code of Ethics and Arbitration Manual

  4. 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.


  1. An alleged

  2. A perpetrated

  3. A suspected

  4. 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.


  1. Code of Ethics and Arbitration Manual

  2. Performance and Service Brochure

  3. Profile of Home Buyers and Sellers

  4. 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 _________________.


  1. An arbitrator

  2. An ethics mediator

  3. A hearing moderator

  4. 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.


  1. Formal judiciary hearing

  2. Code of ethics violation

  3. An arbitration hearing

  4. A mutual mediation

 

46) Who can file a complaint under the Code of Ethics?


  1. Only REALTORS® who are attorneys

  2. Only consumers who are not REALTORS®

  3. Only REALTORS®

  4. 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?


  1. Review scholarly articles on perception

  2. Take a course on professionalism

  3. Ask them directly

  4. Conduct a research experiment

 

48) The first stage of dispute resolution is a review of the filed Complaints by a _____________________.


  1. NAR® attorney

  2. Jury of peers

  3. Grievance Committee

  4. Hearing Panel

 

49) Membership in a Board of REALTORS® has been recognized by the courts as a _______________________.


  1. Irrefutable fact

  2. A birth right

  3. A property right

  4. An inherent attribute

50) In complaints involving both charges of unethical conduct and request for arbitration, what must happen before hearing the ethics charges?


  1. Hearing officers must be appointed by the Secretary

  2. All parties must obtain legal representation

  3. The dual complaint must be severed and arbitration heard

  4. Witnesses must be sworn in and evidence notarized

51) Conscientious enforcement is essential if REALTORS® and REALTOR-ASSOCIATE®s are to be recognized as __________________.


  1. Professionals

  2. Tradesmen

  3. Educated

  4. Experts

52) What are the two different types of complaints that can occur under the Code?


  1. Ethics complaints and arbitration requests

  2. Mediation complaints and ethics requests

  3. Rule violations and mediated arbitration

  4. Litigation complaints and lawsuits

 

53) When is it appropriate for a Board, in an ethics proceeding, to award money damages to another REALTOR®?


  1. Never

  2. When the award is less than $1,000

  3. When the award is greater than $1,000

  4. 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 _____________.


  1. Evidence

  2. Witnesses

  3. Legal representation

  4. 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.


  1. REALTOR® vs. REALTOR®

  2. Consumer vs. Client

  3. Consumer vs. Customer

  4. 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 __________________________.


  1. The CoreLogic Survey

  2. The Roy Morgan Image of Professions Survey

  3. The Profile of Home Buyers and Sellers

  4. The Gallup Poll

 

57) One of the most common types of arbitrations that Boards may have to deal with involves the issue of __________________.


  1. Copyright infringement

  2. Open house violations

  3. Procuring cause

  4. Coming Soon advertisement

 

58) ___________ is a London based iBuying platform that caters to both sellers and buyers.


  1. Best Nester

  2. Cozy Nest

  3. Nested

  4. Nestle

 

EXPLANATION: Nested is a London based iBuying platform that caters to both sellers and buyers. Their model is slightly different as they do sell homes using agents, but they set themselves apart by offering an advance of up to 95% of the home value before it is sold.

59) The iBuyer valuations can be done much quicker because they are based on data that is:


  1. based on theories to produce hypothetical market scenarios.

  2. simplified by using smaller market samples.

  3. extremely limited so it is easier to analyze.

  4. evaluated by artificial intelligence and machine learning techniques.

 

EXPLANATION: The iBuyer valuations can be done much quicker because they are based on data that is 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.


  1. Casanova

  2. Casavo

  3. Supernova

  4. Ciao

 

61) The reason that Article 15 prohibits the making of false or misleading statements about other real estate professionals is because such remarks:


  1. while true, could hurt someone's feelings.

  2. are damaging the reputation and integrity of the industry.

  3. could hurt the person's chances at a higher commission.

  4. cannot be verified.

 

EXPLANATION: The reason that Article 15 prohibits the making of false or misleading statements about other real estate professionals is because such remarks are damaging the reputation and integrity of the industry.

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 _________________.


  1. Hello New Home

  2. Buy Buy Buy

  3. Offerpad Rewards

  4. Offerpad Concierge

 

EXPLANATION: 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 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.


  1. 50,000

  2. 5,000

  3. 100,000

  4. 25,000

 

EXPLANATION: Knock will advance the homeowner up to $25,000 of the home sale to clean, repair, and stage the home to maximize the eventual sale.

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.


  1. 1

  2. 7

  3. 15

  4. 21

 

EXPLANATION: Bashing iBuying companies is a violation of Article 15 because it prohibits making false or misleading statements about other real estate professionals, their businesses, or their business practices.

65) Which iBuying company began with map-based real estate searches?


  1. RedfinNow

  2. Zillow

  3. Trulia

  4. Icon

 

EXPLANATION: Redfin began with map-based real estate searches and has now evolved to iBuying with its brand RedfinNow which launched in 2017 in Inland Empire and San Diego, California.

66) Zillow Offers provide services for ________________________.


  1. Sellers and buyers

  2. Buyers only

  3. Renters only

  4. Sellers only

 

EXPLANATION: Zillow Offers does not provide services for buyers at this time, as many of Zillow’s other brands cater to buyer clients.

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.


  1. Instant Access

  2. Lockbox Entry

  3. Security Access

  4. Virtual Tours

 

EXPLANATION: Many iBuying companies feature “Instant Access,” which means that you can take a tour of any of their listings without the assistance of a real estate agent.

 

68) Which of the following is advantage that Offerpad provides to homeowners who want to sell?


  1. Interior decorating assistance

  2. A live, local real estate agent

  3. Flexible closing dates

  4. Free moving

 

69)What is an advantage for a seller to work with an iBuying company?


  1. There are no home showings

  2. Reduced financing on the purchase of their next home

  3. Help with the negotiation process

  4. 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.


  1. Zillow Agent

  2. Zillow Offers

  3. Zillow Friends

  4. Zillow Companion

 

71) When it comes to iBuyers, what should matter is:


  1. that they are a fraud.

  2. that their rates are higher than average commissions.

  3. what is best for the consumer.

  4. 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?


  1. 3

  2. 2

  3. 17

  4. 15

 

73) _____________ was founded in 2015 by Jerry Coleman and Brian Bair and is based in Chandler, Arizona.


  1. Offerpad

  2. Short Sale

  3. Ugg

  4. 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 ___________________.


  1. Capability

  2. Disregard

  3. Insincerity

  4. Incompetence

 

75) Discussions about “customary” compensation should be avoided because commissions need to be set _______________.


  1. Jointly

  2. Cooperatively

  3. Collectively

  4. 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.


  1. Truth in Lending Act

  2. Federal Fair Housing Act

  3. Sherman Antitrust Act

  4. 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.


  1. 95

  2. 75

  3. 90

  4. 60

 

 

78) In _________ the very first Code of Ethics was written to help elevate the professionalism of real estate.


  1. 1973

  2. 1967

  3. 1942

  4. 1913

 

 

79) The Code was written as ________________ that REALTORS® needed to live up to.


  1. laws

  2. A set of standards

  3. A list of activities to avoid

 

80) Who were the highest ranked professionals in the Gallup poll?


  1. Doctors

  2. Lawyers

  3. Nurses

 

81) Real estate agents ranked number ______ in the Gallup poll of professionals.


  1. 10

  2. 2

  3. 8

  4. 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 ________________.


  1. Meet their financial goals

  2. Get good online reviews

  3. Get better ratings

  4. 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 ________________.


  1. Meet their financial goals

  2. x-Get good online reviews

  3. ?Get better ratings

 

84) At the time the Code of Ethics was adopted, how many states had laws governing the real estate industry?


  1. 33

  2. 17

  3. 0

  4. 10

 

85) The Code was written to move real estate agents from treating real estate as a business to treating it as ______________.


  1. A profession

  2. A job

  3. A burden

 

86) One principle from the NAR® Code of Ethics that many states adopt is to follow the _______________.


  1. Epilogue

  2. Silver Lining

  3. Golden Rule

 

87) One principle from the NAR Code of Ethics that many states adopt is to follow the _______________.


  1. Epilogue

  2. Silver Lining

  3. Golden Rule

 

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


  1. Signs

  2. Reciprocity

  3. 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.


  1. Guru

  2. Law of Probability

  3. Golden Rule

 

 

90) What is a core element of the foundation of the NAR® Code of Ethics?


  1. ?The Law of Appropriation

  2. The Law of Bias

  3. x-The Silver Standard

 

91) What is a core element of the foundation of the NAR Code of Ethics?


  1. ?The Law of Appropriation

  2. The Law of Bias

  3. 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.


  1. Trusting

  2. Working

  3. 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.


  1. Standard of Ideology

  2. Dogma

  3. Philosophy

  4. Code of ethics

 

94) General business ethics go beyond the minimum requirements of the law by demanding adherence to _________________.


  1. A higher standard

  2. Additional laws

  3. 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 ____________________.


  1. Members of the association

  2. Licensees

  3. Brokers

 

96) The ultimate goal of the NAR Code of Ethics is to encourage the highest standard of ethical business practice by all ____________________.


  1. Members of the association

  2. Licensees

  3. Brokers

 

97) The Code of Ethics requires disclosure of ____________ facts regarding properties and transactions.


  1. Insignificant

  2. Plausible

  3. Material

 

98) What can be used as a helpful guide when describing the seventeen articles to consumers?


  1. The Golden Rule

  2. The NAR® Code of Ethics

  3. REALTORS®' Pledge of Performance and Service

 

99) When should you present your clients with the NAR® brochure, "REALTORS®' Pledge of Performance and Service?"


  1. When you meet them for the first time

  2. At closing

  3. After they sign an agency agreement

 

100) The Code of Ethics begins with an aspirational introduction that is contained in ______________.


  1. The Preamble

  2. The Epilogue

  3. Article 1

 

101) The Preamble is _______________ in nature.


  1. Passive

  2. Material

  3. Aspirational

 

102) The inspiring words of "Under all is the land..." appear at the beginning of ___________________.


  1. The Golden Rule

  2. Article 3

  3. 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?


  1. The REALTORS®' Pledge of Performance and Service

  2. The Preamble

  3. 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?


  1. Articles 1 through 5

  2. Article 12

  3. Article 1

 

105) What do consumers feel is the most important factor when choosing an agent?


  1. Trust, reputation, and experience

  2. History, education, and firm

  3. Age, experience, and annual sales

 

106) Much of the dissatisfaction with the selling process is related to what?


  1. Commission discussions

  2. Negotiating contracts

  3. Reviewing agency agreements

 

107) What is the primary reason for purchasing a home?


  1. Financial insecurity

  2. Desire to own a home of their own

  3. No roommates

 

108) How many real estate agents did most buyers interview during their home search?


  1. 5

  2. 2

  3. 1

  4. 13

 

109) What were the most important environmental features for recent home buyers?


  1. Window efficiency

  2. Water conservation

  3. Xeriscaping

  4. Heating and cooling costs

 

110) What percent home sales were FSBO sales?


  1. 27

  2. 51

  3. 8

  4. 95

 

111) The best way to change the direction of the industry and elevate real estate agents is to:


  1. live by The Code.

  2. take additional CE courses.

  3. 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.


  1. Agency questions

  2. Commission negotiations

  3. 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.


  1. Agency questions

  2. Commission negotiations

  3. 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®.


  1. Hire NAR® to evaluate the complaint

  2. Contact a lawyer and pursue litigation

  3. 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.


  1. Hire NAR to evaluate the complaint

  2. Contact a lawyer and pursue litigation

  3. Ask the broker in charge to mediate the complaint

 

116) Who is subject to the Code?


  1. Only REALTORS® and clients

  2. Only clients

  3. 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?


  1. Federal Fair Housing Laws

  2. State real estate statutes

  3. Local business laws

  4. 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?


  1. Federal Fair Housing Laws

  2. State real estate statutes

  3. Local business laws

  4. The Code of Ethics

 

119) What is considered the first great bond between REALTORS® and REALTOR-ASSOCIATE®s throughout the country?


  1. Adherence to the Code

  2. Commission standardization

  3. The National REALTOR® Convention

 

120) What is considered the first great bond between REALTORS and REALTOR-ASSOCIATEs throughout the country?


  1. Adherence to the Code

  2. Commission standardization

  3. The National REALTOR® Convention

 

121) __________________ makes decisions on matters involving ethics or arbitration.


  1. The Committee on Excellence

  2. The Professional Standards Committee

  3. 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.


  1. Hearing judge

  2. Local Association

  3. Board

  4. Grievance Committee

 

123) Which of the following is a responsibility of the Grievance Committee?


  1. Hold meetings

  2. Hold hearings

  3. Mediate disputes

 

124) How often does the Grievance Committee hold meetings?


  1. As determined by the local association

  2. Weekly

  3. Once a year

  4. 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 documentati

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