Stephanie is a real estate salesperson employed by Pacific Coast Properties. She sells
a home listed by another broker, Island View Realty. After escrow was opened, but
before closing, she asks the Island View broker for a $1,000 advance against her
commission. What happens if the Island View broker agrees? -----CORRECT
ANSWER--------A) It will be a violation of real estate law.
If the Island View broker acted as Stephanie asked, it would, in fact, be a violation
of the law on two counts. First, a licensee can only accept compensation from his
or her employing broker. Second, no commission is earned until closing, so an
"advance" against a specific sale can never take place.
Rhonda was the listing agent for a property that Dennis, a salesperson from another
brokerage, found a buyer for. At closing, Dennis' commission is for less than what he
believes was agreed to and a dispute arises. According to the Code of Ethics of the
National Association of REALTORS(NAR) how should they settle this matter? -----
CORRECT ANSWER--------A) Arbitration
The purpose of arbitration is to settle disputes as quickly, as simply and as costeffectively as possible. In a sense, it's the opposite of litigation which involves
attorneys, courts, high costs and drawn-out procedures. However, while the Code
of Ethics mandates arbitration as the first step, it does not deny a plaintive the
right to sue later if agreement cannot be reached or one party fails to live up to
the agreement.
Jacqueline suffered a large financial loss due to the wrongful act of Licensee Kristin in a
real estate transaction. Jacqueline may receive payment of damages and arbitration
from -----CORRECT ANSWER--------A) the Recovery Fund.
The Recovery Fund is an account established as a last resort for a consumer who
has obtained a final civil judgment or criminal restitution order against a real
estate licensee based on fraud or certain other grounds. The consumer, who has
suffered financial loss due to the wrongful act of a licensee in a real estate
transaction, can receive payment of damages and arbitration from this fund.
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