1. C. When the Code of Ethics was adopted in 1913, the rule of law was “caveat emptor” (buyer beware). The Code took a different approach. Many of the Articles are founded on protecting the consumer.
2. A.
3. A. Notice the question said Preamble. It is aspirational based on the Golden Rule. Since it is subjective in nature, it cannot be used as a basis for disciplinary action against a Realtor. Only the Articles can be used for this purpose. (See Explanatory Notes at end of Code)
4. C.
5. C.
6. D.
7. B.
8. A.
9. A. There are guidelines set forth in the Code of Ethics and Arbitration Manual which contain these concepts. Only a lawyer would split hairs between a guideline and a rule. Who let the lawyers in anyway?
10. B. The balance is between protecting and promoting the clients interest and honesty to all parties. All’s fair in love and war…. and real estate?
11. B. The obligation to cooperate does not include the obligation to share commissions, fees or to otherwise compensate another broker. (Article 3, SP 3-1, in black & white)
12. D. Prior to closing, a cooperating broker may post a “sold” sign only with the listing broker’s consent. No mention of post closing permission, therefore it’s OK to do so without listing broker consent. (Standards 12-7)
13. D. All the other sanctions are permissible. An apology of any sort is not listed and cannot be mandated by a hearing panel. Real estate, like in love, means never having to say you’re sorry.
The quiz was created by Bruce Aydt, Esq., at the time (2005) a senior vice president and general counsel of Prudential Alliance, Realtors, in St. Louis, and a former chair of NAR’s Professional Standards Committee. He oughta know.
Download the 2006 NAR Code of Ethics here.
I missed 5 (but I think I deserved partial credit for two of the questions… okay one).
OK Todd you get the partial credit. But you get extra credit for putting your answers out there. Did you take the Brand Name quiz?
Darn! Why did I go back and change #3 from A to B? Just goes to show, you have to trust your first instinct answer.
I still got 9 right. Not bad for a “non-Realtor”.
Top of the class Ardell.
I didn’t see the brand name quiz. But after my poor showing on this one I’m a bit reluctant to take another quiz. But point me to it and I’ll give it a go.
Seriously though, these ‘code’ tests that I have to take every year to remain on the state pro standards committee make me nervous. By far they are the most difficult in real estate (although I’ve heard that the commercial stuff is not for brain dead folks either).