Chapter 3: Agency, brokerage and ethical considerations. Key Terms Part 3

Question 1

Standard of care

Answer 1

The confidence normally expected

Question 2

Code of ethics

Answer 2

Standards of conduct adopted by realtors

Question 3

Conflict of interest

Answer 3

Problem is one serving best interests of both the client and oneself.

Question 4

Errors and omissions insurance

Answer 4

Real estate equivalent of malpractice coverage, it does not cover fraud.

Question 5

Fraudulent misrepresentation

Answer 5

Intentional fraud

Question 6

Negligent misrepresentation

Answer 6

Fraud that is committed by someone who should have known better.

Question 7

Graduate, realtor Institute

Answer 7

The designation awarded for advanced study

Question 7

Innocent misrepresentation

Answer 7

Unintentional deception committed in ignorance

Question 9

National Association of realtors

Answer 9

A private nationwide organization of brokers and sales person’s

Question 10

The New Jersey Association of realtors

Answer 10

The state wide group of real estate licensees who choose to join.

Question 11

REALTOR

Answer 11

A member of a private national organization.