Chapter 5 – Professional Ethics Flashcards
Regardless of whether it is negligent or fraudulent, failure to keep proper accounts is __________.
a very serious ethical and legal breach
________ is the preferred method of dispute resolution in the event that a controversy occurs between REALTORS®.
Arbitration
Wherever the REALTOR® Code and The Real Estate Act conflict, which takes precedence?
The Real Estate Act and its obligations always take precedence.
Part of the duty to __________ is that a real estate professional must be informed and knowledgeable about all aspects of a transaction prior to providing any advice or other services in relation to the transaction.
ascertain all the facts
A _______ is a person who holds a position of trust with respect to someone else and is obliged, by virtue of the relationship of trust, to act solely in the other person’s benefit.
fiduciary
Who has the power to suspend the licence of a registrant?
The Saskatchewan Real Estate Commission
A complaint to a real estate board must be ______ and provide a full description of the events giving rise to a particular complaint.
in writing
If a REALTOR® is buying or selling land himself or herself, he or she must _________ to the seller or buyer involved.
make full disclosure in writing of his or her interest
A real estate professional is prohibited from giving an “opinion of value” where ___________.
the property in question is of a type outside his or her field of expertise. Refer to Article 12, Interpretation 12.2.
If the opinion of a REALTOR® is sought regarding a specific transaction involving a colleague, it should be given with _______.
strict professional integrity, objectivity, and courtesy
A real estate professional has an ethical duty to obey a client’s instructions. As a matter of practice, this means the professional must put all such instructions __________.
in writing
