R E Ch 11 Trade and professional organizations

Real estate professionals are expected to do which of the following?

Conform to accepted standards of co-brokerage practices.

John moves into his new home in Reno on July 19. On August 4, after talking with his next door neighbor, he is stunned to learn that his new house had been a well-known drug house with a "meth lab." He is furious that his agent, Chris, did not inform him of this before he committed to buying the property, and plans to sue Chris for non-disclosure of a material fact. Chris says that since all the methamphetamine materials and substances have been removed from the property by someone licensed to do so, the fact of the methamphetamine was considered a non-material fact, and John has no grounds for such a suit. Who is correct in this situation?

Chris is correct. As long as a home that was formerly the site of methamphetamine production is no longer used for that purpose, and provided that the substances have all been remediated by a licensed professional, the fact of the methamphetamine's former existence is not material to the transaction, and therefore, he had no duty to disclose it.

Under the NAR Code of Ethics, arbitration over commissions:

Can only take place between two brokers.

Based on the concept of practicing real estate according to the highest ethical standards, this set of standards is known as:

The NAR Code of Ethics.

Which of the following is not a real estate-related trade or professional organization?

The Multiple Listing Service (MLS).

The client is represented by the licensee and is therefore owed the six fiduciary duties. The fiduciary duties are:

Confidentiality; Obedience; Accounting; Loyalty; Disclosure; Care and Diligence

Nevada's law about stigmatized property says that if a death occurred on a property, it is considered not material to the transaction, except in which of the following situations:

If the death was caused by the property's condition.

The largest trade association in Nevada is:

The Nevada Association of REALTORS®.

The term REALTOR® can be used to refer to:

A member of the National Association of REALTORS®.

A voluntary nonprofit organization of independent and competing business units engaged in the same industry or trade, and formed to resolve the industry's problems, promote its progress and enhance its service is known as:

A trade association.

Professional conduct and high ethical standards are important to a licensee’s success and are often __________ when engaging in the business of real estate.

legal requirements

NAREB members are known as

REALTISTS