How to Handle Offers as a REALTOR®
21. When should a copy of an offer to purchase be given to the buyer?
a. promptly¸ but not later than 24 hours after the buyer signed the offer.
b. as soon as convenient for the REALTOR®.
c. upon the buyer signing the offer.
d. after the offer has been accepted by the seller.
22. What does the Code require REALTORS®' advertising to clearly identify?
a. the member's professional status or status as a REALTOR®.
b. the member's license number.
c. the name of the property owner.
d. none of the above.
23. What is the purpose of the Preamble to the Code of Ethics?
a. to be the basis for disciplinary action against a REALTOR®.
b. to establish ideals which all REALTORS® should strive to meet.
c. A and B.
d. neither A nor B.
24. True or False: Articles of the Code of Ethics are broad statements of ethical principles.
a. True
b. False
25. Is a "general" mailing to all homes in an area considered unethical?
a. Always unethical.
b. Not unethical even if the mailing reaches owners whose property is exclusively listed with other brokers.
c. Unethical if there is a "for sale" sign on the lawn.
d. Unethical if the property owner is on the "Do Not Call" registry.
21. Answer:
After the buyer signs the offer to purchase, the licensee must provide the buyer's signed copy as soon as possible.
22. Answer:
The Code requires REALTORS®' advertising to clearly identify the member's professional status or status as a REALTOR®.
23. Answer:
The Preamble to the Code of Ethics establishes ideals which all REALTORS® should strive to meet.
24. Answer:
True. Articles of the Code of Ethics are indeed broad statements of ethical principles.
25. Answer:
A "general" mailing to all homes in an area is not considered unethical, even if the mailing reaches owners whose property is exclusively listed with other brokers.
Handling offers as a REALTOR® requires adherence to the Code of Ethics and maintaining ethical standards in advertising and communication with buyers and sellers. When managing offers, it is essential to provide necessary documentation promptly and clearly identify professional status in advertising.
The Preamble to the Code of Ethics sets the tone for ethical behavior in the real estate industry and serves as a guide for all REALTORS® to uphold high ideals. Articles of the Code of Ethics provide a framework for ethical practices, with broad statements of principles that REALTORS® should follow.
It is important to remember the ethics involved in mailing to potential clients in a specific area and to ensure that all communication respects the privacy and preferences of property owners. By following the Code of Ethics and maintaining integrity in all dealings, REALTORS® can build trust with clients and uphold the reputation of the profession.