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Law of Agency > Module 10 > Flashcards

Module 10 Flashcards

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1
Q

A set of principles or a system of values

A

ethics

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2
Q

The real estate agent should place no personal interest above that of his or her client

A

fidelity

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3
Q

an act permitted by law

A

legal

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4
Q

The real estate agent should employ prudence and caution so as to avoid misrepresentation in any way

A

Integrity

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5
Q

The real estate agent should be informed on market conditions affecting the real estate business

A

Competency

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6
Q

The Canons of Professional Ethics and Conduct, part of the TREC rules, requires the display of the Consumer Protection notice telling the consumer about TREC, how to file a complaint, and the Real Estate Recovery Fund

A

Consumer Information

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7
Q

A real estate agent must not respond to or facilitate inquiries about or make disclosure which indicates any racial or religious preference

A

Discriminatory Practices

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8
Q

The largest trade association in the United States, providing services to its members

A

National Association of REALTORS

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9
Q

The real estate agent should be informed on market conditions affecting the real estate business.

A

Competency

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10
Q

The real estate agent should employ prudence and caution so as to avoid misrepresentation in any way.

A

Integrity

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11
Q

The real estate agent should place no personal interest above that of his or her client.

A

Fidelity

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12
Q

A real estate agent must not respond to or facilitate inquiries about or make disclosure which indicates any racial, or religious preference.

A

Discriminatory Practices

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13
Q

A set of principles or a system of values.

A

Ethics

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14
Q

_________________ are habits that enable us to act accordingly as persons who are truthful, honest, courageous, compassionate, generous, tolerant, and possess integrity, fairness, self-control, and prudence.

A

Ethics

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15
Q

An ethical dilemma is when?

A

a person does not know the right course of action and find the wrong choice very tempting.

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16
Q

_____________ consisted of 282 laws etched into a large basalt slab that covered everything from the duties of workers and trade to slander, theft and divorce.

A

Hammurabi’s Code

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17
Q

Most brokerage firms have adopted a ___________ that license holders must follow.

A

Code of Ethics

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18
Q

___________ prohibits discrimination against those with disabilities by denying the the full and equal enjoyment of goods, facilities, accommodations, services and privileges

A

ADA

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19
Q

The Texas Real Estate Commission has included the ___________ for real estate license holders in the Rules of the Commission.

A

Canons of Professional Ethics and Conduct

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20
Q

Commission rates must always be a matter of negotiation between the

A

broker and the client

21
Q

The term _________________ is a registered collective membership mark identifying a real estate professional as a member of the National Association of REALTORS®

A

REALTOR®

22
Q

Enacted in 1968, this federal law that prohibits discrimination against certain protected classes of people in connection with the sale or leasing of real estate.

A

Federal Fair Housing Act

23
Q

Enacted in 1990, this federal law removed barriers and created access to public and commercial buildings for all. It also required employment decisions to be based on an applicant’s qualifications.

A

Americans with Disabilities Act

24
Q

Fidelity, Integrity, Competency, the Consumer Protection Notice, and Anti-Discrimination are all addressed in this part of the TREC Rules.

A

Canons of Professional Ethics and Conduct

25
Q

The federal law that prohibits monopolies and monopolistic practices. In real estate, this law says brokers cannot set commissions between companies and that commissions are always negotiable between a consumer and a service provider.

A

Sherman Anti-Trust Act

26
Q

This federal law, administered by the Consumer Financial Protection Bureau (the CFPB), concerns residential real estate transactions with federally related financing.

A

Real Estate Settlement Procedures Act

27
Q

This federal law requires that disclosure in advertising take place when the advertiser uses trigger terms like monthly payment, interest rate, down payment, or the number of payments or term.

A

Truth in Lending Act

28
Q

True or False: A business practice may not be ethical even if it is legal.

A

True

29
Q

True or False: It is legal for a real estate license holder to reveal the national origin and ancestry of a potential purchaser of real property.

A

False

30
Q

True or False: If there is evidence that establishes that a license holder violated TRELA, TREC may revoke or suspend his or her license.

A

True

31
Q

True or False: All license holders are REALTORS®.

A

False

32
Q

True or False: Texas members of the National Association of REALTORS® are not regulated by the Texas Real Estate Commission.

A

F

33
Q

True or False: Laws are always based upon common religious practices.

A

F

34
Q

True or False: Texas real estate license holders are obligated to disclose whether or not a current or former tenant of a property has or had AIDS or HIV-related illness to a potential buyer.

A

F

35
Q

True or False: Making good ethical decisions requires sensitivity to ethical issues.

A

T

36
Q

True or False: Article 4 of the Canons of Professional Ethics and Conduct of Real Estate License Holders states that brokers must display the Equal Housing sign in each place of business.

A

F

37
Q

True or False: Good ethics are good business.

A

T

38
Q

Articles 1 through 9 of the Code of Ethics and Standards of Practice of the National Association of Realtors addresses the agent’s duties to ____________________

A

clients and customers

39
Q

Articles 15 through 17 of the Code of Ethics and Standards of Practice of the National Association of Realtors addresses the agent’s duties to ___________________________ .

A

other REaltors

40
Q

Article 1 of the Code of Ethics requires that the agent pledge themselves to _____________________the interests of their client.

A

protect and promote

41
Q

Article 2 of the Code of Ethics prevents an agent from _____________________ pertinent facts relating to the property or the transaction.

A

exaggerating, misrepresenting or concealing

42
Q

Article 6 of the Code of Ethics requires a Realtor to have the consent of their _____________ before accepting commissions or rebates.

A

client

43
Q

True or False - Article 10 of the Code of Ethics prevents discrimination by Realtors against certain classes of people including based on sexual orientation and gender identity.

A

True

44
Q

True or False - Article 15 of the Code of Ethics allows a Realtor to make false or misleading statements about other real estate professionals.

A

False

45
Q

Which Source of Ethical Standards attempts to make ethical actions equal for and at least on a defensible standard?

A

The Fairness or Justice Approach

46
Q

Which Source of Ethical Standards focuses on common conditions that are important to the welfare or common good of all?

A

The Common Good Approach focuses

47
Q

Which source of Ethical Standards requires ethical actions that produce the greatest balance of good over harm to those who are affected?

A

The Utilitarian Approach

48
Q

The Texas Real Estate Commission has included the ____________ for real estate license holders in the Rules of the Commission.

A

Canons of Professional Ethics and Conduct

Law of Agency (13 decks)

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