Module 8

Question 1

Canons of Professional Ethics and Conduct

Answer 1

Part of the TREC rules requiring Fidelity, Integrity, Competency, the use of Consumer Information Notice, and the refraining of Discriminatory Practices

Question 2

Competency

Answer 2

The broker or sales agent must be knowledgeable and competent as a real estate brokerage practitioner

Question 3

National Association of REALTORS®

Answer 3

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

Question 4

Fidelity

Answer 4

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

Question 5

Consumer Information

Answer 5

A written notice published by TREC to be provided by a Broker or a sales person to a Consumer

Question 6

Integrity

Answer 6

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

Question 7

Discriminatory Practices

Answer 7

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)

Question 8

The license holder is a fiduciary for his/her client

Answer 8

Fidelity

Question 9

The license holder is obligated to be knowledgeable as a real estate brokerage practitioner

Answer 9

Competency

Question 10

Display the TREC No. CN 1-4 in a prominent location in each place of business maintained by a broker

Answer 10

Consumer Information

Question 11

Real estate professionals must employ prudence and caution in the discharge of his/her responsibilities

Answer 11

Integrity

Question 12

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.

Answer 12

Discriminatory Practices

Question 13

The primary duty of a Fiduciary is to represent

Answer 13

the interests of the client

Question 14

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.

Answer 14

Integrity

Question 15

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?

Answer 15

Competency

Question 16

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?

Answer 16

fidelity

Question 17

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?

Answer 17

Sales agent Lucy violated Discriminatory Practices.

Question 18

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?

Answer 18

Broker Tony violated Consumer Information.

Question 19

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?

Answer 19

Sales agent Tammy violated Integrity.

Question 20

A person may file a complaint with TREC against a real estate license holder if the person believes the license holder violated this act.

Answer 20

TRELA

Question 21

Founded in 1908 and is America’s largest trade association.

Answer 21

NAR

Question 22

Included for real estate license holders in the Rules of the Commission.

Answer 22

Canons of Professional Ethics

Question 23

This must be displayed in a prominent location by a real estate inspector.

Answer 23

CN 1-3

Question 24

When a real estate broker or sales agent, while acting as an agent for another.

Answer 24

Fiduciary

Question 25

Acting in strict regard for what is considered right or proper.

Answer 25

Scrupulously

Question 26

Marked by extreme or excessive care in the consideration or treatment of details; careful.

Answer 26

Meticulously

Question 26

It is the obligation of a real estate agent to be knowledgeable as this position.

Answer 26

Real estate brokerage practitioner

Question 27

Required to adopt procedures governing informal disposition of contested cases.

Answer 27

TREC

Question 28

A possible disciplinary action.

Answer 28

Reprimand