Code of Ethics and Standards of Practice Reviewer Glicelle Anne P.

Lazo

Code of Ethics
and
Standards of
Practice
Reviewer

Prepared by:
GLICELLE ANNE P. LAZO

Subject:
Ethical Standars for Rem Practice

Professor:
Ann Villareal

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Code of Ethics and Standards of Practice Reviewer Glicelle Anne P. Lazo

Identify what is being asked for in each sentence. Encircle the letter of the correct answer.

1. It is their duty to not knowingly or recklessly make false or misleading statements about
other real estate professionals, their businesses, or their business practices.
a. Brokers
b. Realtors
c. Appraiser
d. Inspector

2. It establishes obligations that may be higher than those mandated by law.

a. Standard of Practice
b. Duties to the Public
c. Code of Ethics
d. Preamble

3. Realtors should recognize that?

a. The interests of the nation and its citizens require the highest and best use of the
land and the widest distribution of land ownership.
b. They require the creation of adequate housing, the building of functioning cities,
the development of productive industries and farms, and the preservation of a
healthful environment.
c. They impose grave social responsibility and a patriotic duty to which brokers
should dedicate themselves.
d. Are zealous to maintain and improve the standards of their calling and share
with their fellow inspectors.

4. It is the standard practice where Realtors shall not mislead buyers or tenants as to
savings or other benefits that might be realized through use of the Realtor’s services.
a. Standard Practice 1-4
b. Standard Practice 1-5
c. Standard Practice 1-6
d. Standard Practice 1-7

5. It is the standard practice where Realtors shall submit offers and counter-offers
objectively and as quickly as possible.
a. Standard Practice 1-4
b. Standard Practice 1-5

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Code of Ethics and Standards of Practice Reviewer Glicelle Anne P. Lazo

c. Standard Practice 1-6

d. Standard Practice 1-7

6. It is the standard practice where Realtors act as agents or brokers of buyers/tenants,

shall submit to buyers/tenants all offers and counter-offers until acceptance.
a. Standard Practice 1-6
b. Standard Practice 1-7
c. Standard Practice 1-8
d. Standard Practice 1-9

7. Realtors shall not knowingly, during or following the termination of professional

relationships with their clients except?
a. reveal confidential information of clients
b. shall not be parties to the naming of a false consideration in any document
c. use confidential information of clients to the disadvantage of clients
d. use confidential information of clients for the REALTOR®’s advantage or the
advantage of third parties

8. Realtors shall come to connote the following except?

a. competency
b. fairness
c. high integrity
d. kindness

9. What article number which Realtors shall cooperate with other brokers except when
cooperation is not in the client’s best interest>
a. Article 1
b. Article 2
c. Article 3
d. Article 4

10. It is one of the reasons that Realtors shall not deny equal professional services to any
person.
a. blood type
b. religion
c. address
d. eye color

11. When not involved in the sale or lease of a residence, Realtors may provide
demographic information related to a property, transaction or professional assignment
to a party if such demographic information is?
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a. does not preclude the listing broker and cooperating broker from entering into
an agreement to change cooperative compensation.
b. deemed by the Realtor to be needed to assist with or complete, in a manner
consistent with Article 10, a real estate transaction or professional assignment
c. is obtained or derived from a recognized, reliable, independent, and impartial
source
d. all of the above

12. Realtors shall be honest and truthful in their real estate communications and shall
present a true picture in their?
a. advertising
b. marketing
c. representations
d. all of the above

13. Realtors must not represent this services to a client or customer are free or available at
no cost to their clients.
a. Brokerage services
b. Land transfer services
c. Booking services
d. Viewing services

14. The offering of premiums, prizes, merchandise discounts or other inducements to list,
sell, purchase, or lease is not?
a. unethical
b. permitted
c. allowed
d. acceptable

15. In any such advertising, Realtors must exercise?

a. love and affection
b. care and candor
c. right and conduct
d. satisfactory and proper

16. An Article which is not intended to prohibit aggressive or innovative business practices.
a. Article 15-1
b. Article 15-2
c. Article 16-1
d. Article 16-2

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Code of Ethics and Standards of Practice Reviewer Glicelle Anne P. Lazo

17. An Article which does not preclude Realtors from making general announcements to
prospects describing their services and the terms of their availability.
a. Article 16-1
b. Article 16-2
c. Article 16-8
d. Article 16-9

18. Realtors, prior to entering into a representation agreement, have an affirmative

obligation to make reasonable efforts to determine whether the prospect is?
a. subject to a current, valid exclusive agreement to provide the same type of real
estate service
b. subject to a current, valid exclusive agreement to provide a variety of real estate
services
c. subject to a current, valid exclusive agreement to provide various types of real
estate services
d. none of the above

19. As a realtor, acting as buyer or tenant representatives or brokers, shall?

a. disclose that relationship to the buyer's representative in the first contact
b. disclose that relationship to the seller/landlord’s representative or broker at first
contact
c. disclose that relationship to the buyer's representative in the first contact
d. disclose that relationship to the attorney 's representative upon initial contact

20. On unlisted property, Realtors acting as buyer/tenant representatives or brokers shall?

a. disclose that relationship to the buyer in the first contact for the buyer/tenant
b. disclose that relationship to the buyer's relative at the first contact for the
buyer/tenant
c. disclose that relationship to the seller/landlord at first contact for that
buyer/tenant
d. disclose that relationship to the seller's sibling in the first contact for the
buyer/tenant

21. At the first contact, Realtors shall make any request for anticipated compensation from?
a. seller
b. buyer
c. broker
d. agent

22. Where a listing broker has compensated a cooperating broker and another cooperating
broker subsequently claims to be the?

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Code of Ethics and Standards of Practice Reviewer Glicelle Anne P. Lazo

a. procuring cause of the sale or lease

b. procuring cause of buying or renting
c. procuring cause of heritage
d. all of the above

23. If the complaint is brought against the listing broker, the listing broker may name the
first cooperating broker as?
a. a first-party respondent
b. a second-party respondent
c. a third-party respondent
d. a fourth-party respondent

24. Where a buyer or tenant representative is compensated by the seller or landlord, and
not by the listing broker, and the listing broker, as a result, reduces the commission
owed by the seller or landlord and, subsequent to such actions, another cooperating
broker claims to be the procuring cause of sale or lease. In such cases the complainant
may name the first cooperating broker as?
a. respondent
b. petitioner
c. complainant
d. none of the above

25. Where a buyer or tenant representative is compensated by the buyer or tenant and, as
a result?
a. The listing broker reduces the commission owed by the seller or landlord and,
subsequent to such actions, another cooperating broker claims to be the
procuring cause of sale or lease.
b. the listing broker reduces the TCP owed by the seller or landlord and, following
such actions, another cooperating broker claims to be the cause of the sale or
lease
c. the listing broker reduces the down payment owed by the seller or landlord and,
following such actions, another cooperating broker claims to be the reason for
the sale or lease.
d. the listing broker reduces the interest owed by the seller or landlord and,
following such actions, another cooperating broker claims to be the cause of the
sale or lease.

26. What will happen if the complaint is brought against the listing broker?
a. The listing broker may name the first cooperating broker as a third-party
respondent.

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b. The listing broker may name the second cooperating broker as a third-party
respondent.
c. The listing broker may name the first cooperating broker as a second-party
responder.
d. The listing broker may name the second cooperating broker as a second-party
responder.

27. When shall the Realtors ask prospects whether they are a party to any exclusive
representation agreement?
a. two days before providing substantive services
b. Before providing substantive services
c. After providing substantive services
d. both B and C

28. Realtors shall not knowingly provide substantive services concerning a prospective
transaction to prospects who are parties to exclusive representation agreements, except
with?
a. The consent of the exclusive representatives of the managing brokers
b. The consent of exclusive representatives of marketing directors
c. The consent of the prospects’ exclusive representatives or at the direction of
prospects
d. both A and B

29. Realtors are free to enter into contractual relationships or to negotiate with
sellers/landlords, buyers/tenants or others who are not subject to an exclusive
agreement but?
a. shall not knowingly obligate them to pay more than one commission except with
their informed consent
b. obliges them to pay more than one commission without their informed consent
c. does not obligate them to pay
d. none of the above
30. Realtor shall not intentionally impede the Board’s investigative or disciplinary
proceedings by?
a. filing a limited instance of an ethics complaint based on the same event or
transaction.
b. filing multiple ethics complaints based on different events or transactions.
c. filing multiple ethics complaints based on the same event or transaction
d. both A and C

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