Professional Ethics & Standards Flashcards

A REALTOR® who is also a property owner advertises their own rental unit. What must the ad disclose?

Answer: That the owner is a real estate licensee or REALTOR®

Article 4 and related Standards require disclosing licensee status when buying, selling, or leasing one's own property.

Under Article 9, what should a REALTOR® do with lease agreements in a transaction they handle?

Answer: Ensure terms are in writing and provide copies to each party upon signing

Article 9 requires agreements to be in writing in clear terms with copies furnished to all parties.

A manager receives two management fees—one from the owner and one from the tenant—for the same lease. When is this permissible?

Answer: Only with informed consent of all parties

Article 7 permits compensation from more than one party only with full disclosure to and informed consent of all clients.

An ethics complaint against a REALTOR® must generally be filed within what time frame after the facts became known?

Answer: 180 days

NAR procedures require ethics complaints to be filed within 180 days after the facts could reasonably have been known.

Which inquiry by a leasing agent during a showing could create a fair housing problem?

Answer: 'Where were you born?'

Questions about birthplace can suggest national origin discrimination and should be avoided.

A property manager discovers that a maintenance employee is entering units without notice. What is the manager's best ethical response?

Answer: Stop the practice and ensure entries follow lease and state notice requirements

Managers must protect tenants' right to quiet enjoyment and comply with legal notice rules for entry.

A REALTOR® is asked to provide a rental market analysis for a fee. What must it avoid under the Code?

Answer: Making the fee contingent on reaching a predetermined result

Article 11 standards prohibit contingent fees tied to the amount of a valuation or opinion.