Module 8 Flashcards
Canons of Professional Ethics and Conduct
Part of the TREC rules requiring Fidelity, Integrity, Competency, the use of Consumer Information Notice, and the refraining of Discriminatory Practices
Competency
The broker or sales agent must be knowledgeable and competent as a real estate brokerage practitioner
National Association of REALTORS®
Founded in 1908, the largest trade association in the United States, the National Association of Realtors supports its members and protects the public through the association’s Code of Ethics
Fidelity
A real estate broker or sales agent, while acting as an agent for another, is a Fiduciary and must place the interest of the client above that of the agent/themselves
Consumer Information
A written notice published by TREC to be provided by a Broker or a sales person to a Consumer
Integrity
A real estate broker or sales agent has a special obligation to exercise Integrity in the discharge of the License Holder’s responsibilities by employing prudence of caution so as to avoid misrepresentation by acts of omission or commission
Discriminatory Practices
No real estate license holder shall inquire about, respond to, facilitate inquiries about, or make disclosure which is intended to indicate any preference, limitation, or discrimination of a protected class of people (race, color, religion, sex, nationality, ancestry, familial status, or disability)
The license holder is a fiduciary for his/her client
Fidelity
The license holder is obligated to be knowledgeable as a real estate brokerage practitioner
Competency
Display the TREC No. CN 1-4 in a prominent location in each place of business maintained by a broker
Consumer Information
Real estate professionals must employ prudence and caution in the discharge of his/her responsibilities
Integrity
Real estate license holders shall not facilitate inquiries about, or make a disclosure which indicates any preference, on race, color, religion, sex, national origin, ancestry, familial status, or disability of an owner, purchaser, etc.
Discriminatory Practices
The primary duty of a Fiduciary is to represent
the interests of the client
A real estate broker or sales agent has a special obligation to exercise ___________ in the discharge of his or her responsibilities, including employment of prudence and caution so as to avoid misrepresentation, in any way, by acts of commission or omission.
Integrity
Sales agent Maria, a residential area specialist, had the opportunity to represent a buyer on a high-rise apartment building. Even though Maria had never been involved in a transaction of this type, she agreed to represent the buyer and made some mistakes during the transaction. Which Canon of Professional Ethics did Maria violate?
Competency
Broker Jaime represented a buyer who was interested in a house for sale by owner. Jaime contacted the seller but failed to tell the seller that he represented a buyer. Which Canon of Professional Ethics did Jaime violate?
fidelity
Sales agent Lucy had a new listing that she just posted on the local Multiple Listing Service website. Because of the amenities in the neighborhood and the great schools, Lucy advertised that the house was great for a family with children. Which Canon of Professional Ethics did Lucy violate?
Sales agent Lucy violated Discriminatory Practices.
Broker Tony had a website about his real estate company. The website showed all of Tony’s listings and agents. It had sections about the type of real estate brokerage services that Tony and his agents provided. The website did not have a link to the TREC Consumer Information Notice. Which Canon of Professional Ethics did Tony violate?
Broker Tony violated Consumer Information.
Sales Agent Tammy represented a buyer who was interested in making an offer on a seller’s home that was for sale. The seller told Tammy that the house had a termite infestation. Concerned that her client would not make an offer if she knew of the termites, Tammy withheld the information. Which Canon of Professional Ethics did Tammy violate?
Sales agent Tammy violated Integrity.
A person may file a complaint with TREC against a real estate license holder if the person believes the license holder violated this act.
TRELA
Founded in 1908 and is America’s largest trade association.
NAR
Included for real estate license holders in the Rules of the Commission.
Canons of Professional Ethics
This must be displayed in a prominent location by a real estate inspector.
CN 1-3
When a real estate broker or sales agent, while acting as an agent for another.
Fiduciary
Acting in strict regard for what is considered right or proper.
Scrupulously
Marked by extreme or excessive care in the consideration or treatment of details; careful.
Meticulously
It is the obligation of a real estate agent to be knowledgeable as this position.
Real estate brokerage practitioner
Required to adopt procedures governing informal disposition of contested cases.
TREC
A possible disciplinary action.
Reprimand
