Question 1

___ morality, characterized by obedience to rule, custom, and procedure, is most commonly found in adolescents.

Accepted Answer

The answer of ___ morality, characterized by obedience to rule,...

Question 2

___ morality, characterized by decision-making centered around the costs and benefits to the self, is most commonly found in children.

Accepted Answer

The answer of ___ morality, characterized by decision-making centered around...

Question 3

What action does the NAR Code of Ethics prescribe for situations in which a client asks for or requires legal counsel?

Accepted Answer

Agents are not qualified to give legal advice and should recommend that their clients seek professional legal counsel when necessary.

Question 4

What action should a member of NAR take if they want to provide a service for a client that is outside their area of competence?

Accepted Answer

A member of NAR (National Association of Realtors) should engage the assistance of someone competent in the area they are not familiar with and fully disclose this to the client, ensuring transparency and maintaining professional standards.

Question 5

Real estate agents and brokers in NAR are not permitted to accept compensation from more than one party.

Accepted Answer

Real estate agents and brokers in the National Association of Realtors (NAR) can accept compensation from more than one party in a transaction, but only with full disclosure to and with the informed consent of all parties involved.

Question 6

Article 6 of the NAR Code of Ethics requires agents and brokers to disclose any benefits they will receive from products and services they recommend.

Accepted Answer

Article 6 of the NAR (National Association of Realtors) Code of Ethics mandates that Realtors disclose any personal interest or benefit they may receive from recommending real estate products or services.

Question 7

As long as he is not participating in buying or selling, a real estate agent or broker in NAR can provide professional services without disclosing his interests.

Accepted Answer

A real estate agent or broker, even if not participating in buying or selling, must disclose any personal interest they have when providing professional services, as per the National Association of Realtors (NAR) Code of Ethics. This ensures transparency and maintains trust in the professional relationship.

Question 8

In selling property she owns, a real estate agent or broker in NAR must notify the purchaser or purchaser's representative about her ownership or interest in writing.

Accepted Answer

According to the National Association of Realtors (NAR) Code of Ethics, real estate professionals must disclose ownership interest in writing to the purchaser or the purchaser's representative when selling property they own.

Question 9

Real estate agents and brokers in NAR must not buy or present offers from themselves, their immediate family, their firms and the firm's members, or any entity in which they have an ownership interest without making their true position known to the owner or the owner's agent.

Accepted Answer

This is in accordance with the National Association of Realtors (NAR) Code of Ethics, which mandates that real estate professionals disclose their ownership interest or any other personal interest they have when buying property or presenting offers to ensure transparency and fairness in the transaction.

Question 10

NAR requires real estate agents and brokers to compensate all other real estate agents and brokers whose cooperation led to a commission.

Accepted Answer

NAR (National Association of Realtors) does not require real estate agents and brokers to compensate all other agents and brokers whose cooperation led to a commission. Compensation is typically determined by the listing agreement or local MLS (Multiple Listing Service) rules, not a blanket requirement by NAR.

Question 11

Real estate agents and brokers who are members of NAR are required to cooperate with one another, except when doing so is not in their client's best interest.

Accepted Answer

Members of the National Association of Realtors (NAR) are bound by a code of ethics which includes the duty to cooperate with other brokers/agents when it is in their client's best interest, but this obligation does not require them to act against their client's interests.

Question 12

NAR requires real estate agents and brokers to inspect properties so they are aware of defects, and further requires them to convey this information without exaggeration or misrepresentation to those who have a vested interest.

Accepted Answer

NAR (National Association of Realtors) does not require real estate agents and brokers to inspect properties themselves. Their duty is to disclose known material defects but they are not required to conduct inspections; that is typically the role of professional inspectors.

Question 13

If during the course of a transaction a property or the area around the property undergoes a dramatic change, a real estate agent or broker in NAR is ethically obligated to notify not only his client but also all the other stakeholders involved in the transaction.

Accepted Answer

According to the National Association of Realtors (NAR) Code of Ethics, real estate professionals are obligated to treat all parties honestly and to disclose material facts affecting the value or desirability of the property, which includes dramatic changes to the property or its surroundings.

Question 14

Real estate agents and brokers can provide specialized professional services outside their field of competence, as long as this fact is fully disclosed and acccepted by their client.

Accepted Answer

The answer of Real estate agents and brokers can provide...

Question 15

A real estate agent or broker in NAR need not disclose the fact that she is a real estate professional when soliciting for her firm through a mailing campaign.

Accepted Answer

According to the National Association of Realtors (NAR) Code of Ethics, real estate professionals must disclose their professional status in advertising, which includes solicitation through mailing campaigns.

Question 16

NAR members, as per the fifth amendment, are not obligated to cooperate with professional standards proceedings if doing so will implicate them in unethical behavior.

Accepted Answer

NAR members are obligated to cooperate with professional standards proceedings, even if doing so might implicate them in unethical behavior, as part of their commitment to uphold the standards of the National Association of Realtors.

Question 17

Which of the following is a legitimate reason for a real estate agent or broker to deny equal service under the NAR Code of Ethics?

Accepted Answer

The NAR Code of Ethics requires real estate agents and brokers to provide equal service to all clients, without discrimination based on religion, language proficiency, familial status, disability, or any other personal characteristic.

Question 18

Article 9 of the NAR Code of Ethics states that real estate agents and brokers shall assure agreements are written in clear and understandable language. What else does Article 9 require of agents and brokers?

Accepted Answer

Article 9 of the NAR Code of Ethics requires real estate agents and brokers to provide each party with a copy of all relevant agreements, ensuring transparency and clarity in transactions.

Question 19

Article 8 of the NAR Code of Ethics states that real estate agents and brokers should keep a separate account in an appropriate financial institution. What should be kept in this account?

Accepted Answer

Article 8 of the NAR Code of Ethics requires real estate agents and brokers to keep a separate account for monies coming into their possession in trust for other people, such as escrows and trust funds, to ensure these funds are handled properly and ethically.

Question 20

By the NAR Code of Ethics, what must an agent or broker do if they want to receive compensation from multiple parties?

Accepted Answer

The NAR Code of Ethics requires disclosure to all parties involved and written consent from the client for an agent or broker to receive compensation from multiple parties. This ensures transparency and maintains trust in the real estate transaction process.

Quiz 13: Code of Ethics in Real Estate Marketing