NJVEC CE: Ethics

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NJVEC CE: Ethics

Please complete this short quiz in order to receive your Ethics CE credits.

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Email *

Quiz Questions

The only reason that ethical business practice is important for real estate professionals is that they are dealing with the largest investment most people will ever make. *

10 points

True

False

ARELLO is the organization responsible for *

10 points

requiring a good-faith estimate be given to all borrowers.

making amendments to the NAR Code of Ethics.

promoting uniform standards for administering and enforcing state license laws.

disclosing APR on real estate advertising.

Required

Prior to the advent of buyer agency, all agents worked to protect the best interests of the seller client and had no responsibility to the purchaser. *

10 points

True

False

Julio is representing both the buyer and the seller in the same transaction. In this case of disclosed dual agency, Julio has *

10 points

one customer.

one client.

two customers.

two clients.

Megan's Law requires real estate agents to provide full disclosure of released (registered) sex offenders who live near a property listed for sale. *

10 points

True

False

In a commercial transaction, all of the following could create problems for the agent EXCEPT *

10 points

multiple players in one transaction.

several transactions involved in one project.

request of the buyer to remain anonymous.

membership in more than one professional organization.

Based on rights of ownership, the owner of a rental property may establish any criteria she wishes to be used by the rental agent when accepting or rejecting prospective tenants. *

10 points

True

False

Jack is a licensed appraiser as well as a Realtor. He will be expected to follow *

10 points

the NAR Code of Ethics

the Uniform Standards of Professional Appraisal Practice (USPAP).

either the NAR Code of Ethics or USPAP.

both the NAR Code of Ethics and USPAP.

All real estate settlements or closings must be conducted by *

10 points

an escrow agent.

a real estate attorney.

a title and escrow company.

any of the above, depending on state law and local custom.

Lender X has just placed Mr. Garcia in a "B" paper loan by convincing Garcia that he does not qualify for an "A" loan with a lower interest rate due to the fact that he is a recent immigrant to this country. Lender X is a predatory lender. *

10 points

True

False

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