Are you up to Code?

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11/03/2015 | Author: Editorial Staff

You agreed to follow it when you became a Texas REALTOR®, but how well do you know the Code of Ethics? See how you fare by taking this quick quiz. 

  1. Which of the following are REALTORS® required to keep in special accounts separated from their own funds?
    a. Escrow money 
    b. commissions
    c. security deposits
    d. trust funds
  2. True or false? The Texas Real Estate Commission also enforces the REALTOR® Code of Ethics in Texas. 
  3. According to the Code, who of the following is required to give consent to have a for sale sign on a property?
    a. the agent 
    b. the broker 
    c. the seller 
    d. the HOA 
  4. True or false? Social media channels that limit the amount of information you can display are exempt from the requirement to disclose a REALTOR®’s firm name.
  5. True or false? An anonymous person can file an ethics complaint against you.

Answers

1. a., c., and d. Article 8 requires you to keep money you are holding in trust for others in an account separate from your own funds.
2. False. TREC has jurisdiction over Texas real estate licensing laws, but enforcement of the Code is managed by the REALTOR® organization. Ethics complaints can be filed with the Texas Association of REALTORS®. 
3. c. The Code requires you to get permission from a seller or landlord before putting a for sale, for rent, or for lease sign on a property.
4. True. If disclosing the name of the firm in an electronic display of limited information is not practical when advertising using social media, the advertisement may link to the required disclosures.
5. True. Ethics complaints can be filed against you anonymously if the complaint pertains to articles eligible for the citation program. (The citation program is limited to certain aspects of Articles 3, 4, 5, 6, 12, 14, and 16 of the Code).

Categories: Ethics
Tags: quiz, code of ethics

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Legal disclaimer

The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.

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