CYCLE 8 - NAR REALTOR® Code of Ethics with Brent Lancaster

Final Exam

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1. Name: (Required.)

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2. LIBOR Member Number (Matrix Log In): (Required.)

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3. Under Standard of Practice 10-1, when involved in the sale or lease of a residence, what information is a REALTOR® prohibited from volunteering? (Required.)

Proximity to public transportation, parks, and municipal facilities.

Information regarding the racial, religious, or ethnic composition of any neighborhood.

School district performance ratings and local school boundaries.

Historical sales data and average days on market for the neighborhood.

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4. Under Standard of Practice 1-7, how long must a listing broker continue to submit all offers and counter-offers to the seller/landlord? (Required.)

Only until the first solid, non-contingent offer is received.

Until closing or execution of a lease, unless the seller/landlord has waived this obligation in writing.

Until a verbal agreement on price is reached between the parties.

For a maximum of 30 days after the property is officially listed.

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5. What is a REALTOR®'s affirmative obligation under Standard of Practice 16-9 prior to entering into a representation agreement? (Required.)

To ask the prospect to sign a non-disclosure agreement regarding any future listings.

To check the MLS archive to see if the prospect has bought a home in the last 10 years.

To make reasonable efforts to determine whether the prospect is subject to a current, valid exclusive agreement to provide the same type of real estate service.

To perform a credit check and verify the prospect's pre-approval status.

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6. According to Article 4, if a REALTOR® has a present ownership interest in a property for sale or lease, when must they disclose this interest in writing to all parties? (Required.)

Within 24 hours of the property going under contract.

Immediately upon submitting the listing to the local MLS.

Prior to any party signing any agreement.

At the closing table, as part of the settlement statement.

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7. Under Standard of Practice 4-2, when disclosing an ownership interest under Article 4, what is the REALTOR® required to share? (Required.)

Only the fact that an ownership interest exists, without being required to name the client/customer or the specific nature of the interest.

A copy of the deed proving the legal chain of title.

The exact percentage of ownership and the financial details of the acquisition.

The name, relationship, and legal identity of the family member who owns the property.

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8. According to the structure of the Code of Ethics, which of the following statements is true regarding the Preamble? (Required.)

Violations of the Preamble can result in a fine of up to $15,000.

The Preamble has the same disciplinary weight as any of the 17 Articles.

Alleged violations of the Preamble may not be the basis for disciplining a REALTOR®.

State regulatory boards enforce Preamble violations through license suspension.

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9. Under Standard of Practice 1-9, how long does the obligation of a REALTOR® to preserve a client's confidential information continue? (Required.)

It lasts until the REALTOR® changes brokerages or affiliations.

It continues indefinitely even after the termination of professional relationships.

It terminates immediately upon the expiration of the representation agreement.

It ends exactly one year after the transaction successfully closes.

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10. According to Article 6, when recommending real estate products or services (such as homeowner's insurance, mortgage financing, or title insurance) to a client or customer, what must a REALTOR® disclose? (Required.)

Only financial benefits that exceed a total value of $1,000 per transaction.

The average market rate of the recommended service provider.

Any financial benefits or fees (other than real estate referral fees) the REALTOR® or their firm may receive as a result of the recommendation.

Whether any other REALTOR® has used that same vendor in the past 90 days.

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11. Under Article 9, to ensure the protection of all parties, when must a REALTOR® furnish a copy of a written agreement (such as a listing contract, buyer representation agreement, or lease) to each signing party? (Required.)

Only after the transaction has been fully completed and closed.

Within 3 business days of the document's execution.

Upon their signing or initialing of the agreement.

When the managing broker officially logs the transaction into the database.

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12. According to Standard of Practice 6-1, what is required of a REALTOR® who recommends or suggests the services of an organization in which they have a direct interest? (Required.)

They must disclose their direct interest at the time of the recommendation or suggestion.

They must obtain their managing broker's written approval before making the referral.

They are completely prohibited from recommending any business in which they hold a direct interest.

They must offer at least two alternative options that they have no interest in.

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13. Student Attestation Disclaimer: By typing my name and clicking the “Submit” button below, I acknowledge and certify that I have watched and completed LIBOR’s CYCLE 8 NAR REALTOR® Code of Ethics course with Brent Lancaster in its entirety. I understand LIBOR is relying on my certification and will notify NAR of my successful completion of the NAR Mandatory REALTOR® Ethics training requirement for the period ending December 31, 2027.

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100% of survey complete.

CYCLE 8 - NAR REALTOR® Code of Ethics with Brent Lancaster

Final Exam

Question Title

* 1. Name: (Required.)

Question Title

* 2. LIBOR Member Number (Matrix Log In): (Required.)

Question Title

* 3. Under Standard of Practice 10-1, when involved in the sale or lease of a residence, what information is a REALTOR® prohibited from volunteering? (Required.)

Question Title

* 4. Under Standard of Practice 1-7, how long must a listing broker continue to submit all offers and counter-offers to the seller/landlord? (Required.)

Question Title

* 5. What is a REALTOR®'s affirmative obligation under Standard of Practice 16-9 prior to entering into a representation agreement? (Required.)

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* 6. According to Article 4, if a REALTOR® has a present ownership interest in a property for sale or lease, when must they disclose this interest in writing to all parties? (Required.)

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* 7. Under Standard of Practice 4-2, when disclosing an ownership interest under Article 4, what is the REALTOR® required to share? (Required.)

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* 8. According to the structure of the Code of Ethics, which of the following statements is true regarding the Preamble? (Required.)

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* 9. Under Standard of Practice 1-9, how long does the obligation of a REALTOR® to preserve a client's confidential information continue? (Required.)

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* 10. According to Article 6, when recommending real estate products or services (such as homeowner's insurance, mortgage financing, or title insurance) to a client or customer, what must a REALTOR® disclose? (Required.)

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* 11. Under Article 9, to ensure the protection of all parties, when must a REALTOR® furnish a copy of a written agreement (such as a listing contract, buyer representation agreement, or lease) to each signing party? (Required.)

Question Title

* 12. According to Standard of Practice 6-1, what is required of a REALTOR® who recommends or suggests the services of an organization in which they have a direct interest? (Required.)

Question Title

1. Name: (Required.)

2. LIBOR Member Number (Matrix Log In): (Required.)

3. Under Standard of Practice 10-1, when involved in the sale or lease of a residence, what information is a REALTOR® prohibited from volunteering? (Required.)

4. Under Standard of Practice 1-7, how long must a listing broker continue to submit all offers and counter-offers to the seller/landlord? (Required.)

5. What is a REALTOR®'s affirmative obligation under Standard of Practice 16-9 prior to entering into a representation agreement? (Required.)

6. According to Article 4, if a REALTOR® has a present ownership interest in a property for sale or lease, when must they disclose this interest in writing to all parties? (Required.)

7. Under Standard of Practice 4-2, when disclosing an ownership interest under Article 4, what is the REALTOR® required to share? (Required.)

8. According to the structure of the Code of Ethics, which of the following statements is true regarding the Preamble? (Required.)

9. Under Standard of Practice 1-9, how long does the obligation of a REALTOR® to preserve a client's confidential information continue? (Required.)

10. According to Article 6, when recommending real estate products or services (such as homeowner's insurance, mortgage financing, or title insurance) to a client or customer, what must a REALTOR® disclose? (Required.)

11. Under Article 9, to ensure the protection of all parties, when must a REALTOR® furnish a copy of a written agreement (such as a listing contract, buyer representation agreement, or lease) to each signing party? (Required.)

12. According to Standard of Practice 6-1, what is required of a REALTOR® who recommends or suggests the services of an organization in which they have a direct interest? (Required.)