Aceable Agent Level 23: Ethical Real
Estate Practice Questions And Answers
With Verified Solutions Latest Updated
2024
Laws - ANSWER✔✔ rules that are enforced by a local, state, or federal
government authority to help create order in society by establishing a "social
contract" between citizens and the government
Ethics - ANSWER✔✔ standards of conduct agreed upon and recognized by a
particular group or culture
We behave ethically, however, because it is the right thing to do, whether by
society's standards, or by the standards of our industry, or by the standards of
whatever group we belong to. Ethics depend on the opinions of others for
definition and consensus.
Morals - ANSWER✔✔ the personal values derived from a system of beliefs
morals are held internally & vary by the individual
The National Association of REALTORS (NAR) - ANSWER✔✔ created the Code
of Ethics in 1913 to establish a widely held code for conducting business in a
proper fashion
trick: the titanic sunk in 1912, think "NAR-ver let go, Jack!"
The Code of Ethics consists of a *Preamble* (an introduction) and *17 Articles*.
These articles cover *three main categories of duties*:
, -The first nine Articles are *Duties to Clients and Customers*
-Articles 10 through 14 are *Duties to the Public*
-Articles 15, 16, 17 are *Duties to REALTORS®*
liability - ANSWER✔✔ the state of being responsible for something
Tips to protect yourself from lawsuits - ANSWER✔✔ 1. Work in a brokerage
covered by Errors and Omissions insurance
2. Obtain a written Seller's Disclosure
3. Knowledge of the laws & continue to educate yourself
4. Recommend Inspections and Warranties
5.. Good Record Keeping
Errors and Omissions Insurance - ANSWER✔✔ protects agents and brokers in the
event of accidental legal violations; include mistakes and failures to complete
required tasks (negligence)
*NOT protection for intentional wrongdoing*
General Liability Insurance - ANSWER✔✔ insurance that protects the company's
assets in the event that someone gets injured on company property; NOT intended
to specifically cover employees (from wage loss or on-the-job injury) and it's not a
substitute for auto insurance to cover crashes related to property viewings
antitrust laws - ANSWER✔✔ legislation aimed at promoting competition and
preventing unfair trade practices and monopoly, including collusion, price fixing,
and allocation of markets
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller classhub. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
