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Exam 13: Code of Ethics in Real Estate Marketing

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Question 1

Multiple Choice

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Which of the following are responsibilities that real estate agents and brokers have to clients and customers under the National Association for Realtors (NAR) ?

A) to discover latent defects on a property
B) to avoid exaggerating, misrepresenting, or concealing facts
C) to reveal their ownership or interest in applicable transactions
D) to keep a special account for monies that are left in their care
E) in the event of disputes between real estate agents or brokers associated with different firms, the disputing parties accept mediation if the board deems mediation as necessary

F) D) and E)
G) A) and B)

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B, C, D

Question 2

True/False

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Real estate agents and brokers in NAR must not buy or present offers from themselves, their immediate family, their firms and the firm's members, or any entity in which they have an ownership interest without making their true position known to the owner or the owner's agent.

A) True
B) False

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Question 3

Short Answer

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___ is the antithesis of competition.

NAR requires real estate agents and brokers to compensate all other real estate agents and brokers whose cooperation led to a commission.

___ is a group of ethical theories asserting that the consequences of one's action should be the basis for any judgment about the rightness or wrongness of that action.

The duties test is grounded in what ethicists refer to as ___ ethics.

Which of the following are responsibilities real estate agents and brokers have to other real estate agents and brokers and real estate businesses and business practices?

A real estate agent or broker in NAR need not disclose the fact that she is a real estate professional when soliciting for her firm through a mailing campaign.

Real estate agents associated with NAR are pledged to protect and promote the interests of their client alone and have no ethical obligations to other parties.

The National Association for Realtors (NAR) Code of Ethics is divided into three major sections based on the common stakeholders in real estate transactions. What are these three groups of stakeholders?

Real estate agents and brokers can provide specialized professional services outside their field of competence, as long as this fact is fully disclosed and acccepted by their client.

NAR requires real estate agents and brokers to inspect properties so they are aware of defects, and further requires them to convey this information without exaggeration or misrepresentation to those who have a vested interest.

Consumers can register complaints with the ___, a consumer advocacy group, if they feel they have been dealt with unfairly.

Misrepresentation of competitors is only unethical if the misrepresentation is done intentionally.

What action is prescribed by the NAR Code of Ethics if a real estate agent or broker wants to recommend a product or service that will result in their own financial compensation?

What should a real estate agent or broker who is a member of NAR do if they are accused of an ethical violation?

Which of the following are responsibilities real estate agents and brokers have to the public, as per the National Association of Realtors (NAR) Code of Ethics?

The ___ is refered to as 'preference utilitarianism' among philosophers and ethicists.

___ is essentially a psychological agreement by which the people band together for their own good.

Consequentialism is sometimes referred to as ___ ethics.