Unit 8: Ethics for Real Estate Professionals

Question 1

What is meant by the ethics for real estate professionals?

Answer 1

A system of moral principles, rules, and standards of conduct.

Question 2

What are the 5 expectations of brokers and salespersons?

Answer 2

1. Exhibit a high level of knowledge and competency.
2. Protect the interests of clients
3. Complete disclosures in a timely fashion.
4. Explain the obligations of parties in a transaction
5. Disclose all material facts

Question 3

T/F All real estate professionals are expected to know when they are not competent to perform a task.

Answer 3

True

Question 4

Should a real estate professional practice outside of their area of expertise or complete and present legal documents that they do not fully understand?

Answer 4

No

Question 5

What are real estate professionals expected to fully disclose?

Answer 5

1. Whom they represent in a transaction.
2. The obligations of all parties in a disclosure.
3. If they are a principle in the transaction.
4. If there are environmental, material, or other issues requiring disclosures that may impact the property.

Question 6

T/F Real estate professionals can recommend legal advice to their clients.

Answer 6

False. Real estate professionals must know when they need to recommend that the party seek legal advice.

Question 7

What is the National Do Not Call Registry?

Answer 7

A list of phone numbers that telemarketers are not allowed to call.

Question 8

What must real estate professionals check before cold calling?

Answer 8

The National Do No Call Registry

Question 9

How many months after a customer inquiry can a real estate professional continue to contact?

Answer 9

3 months

Question 10

How many months after a purchase can a real estate professional continue to contact a client whom they have “an established business realtionship”?

Answer 10

up to 18 months