Question: False

Answer: The code of ethics is based on the “caveat emptor” concept

Question: False

Answer: Realtors have an obligation to protect and promote the interests of their clients regardless of the effect on any other party or realtor.

Question: True

Answer: At the time the code of ethics was adopted, there were no real estate licensing laws.

Question: True

Answer: The code of ethics was adopted to establish standards of conduct in the industry.

Question: True

Answer: The golden rules is part of the preamble of the code of ethics.

Question: False

Answer: If a listing broker tells another broker “I’ll cooperate with you,” the other broker may assume that the listing broker will pay him/her a cooperative commission.

Question: True

Answer: The code of ethics protects the buying and selling public.

Question: True

Answer: The code of ethics is divided into three major sections: duties to clients and customers, duties to the public, and duties to Realtors.

Question: False

Answer: Under no circumstances may a Realtor talk to, negotiate or discuss real estate matters with the client of another Realtor.

Question: False

Answer: Only members of the public may file a complaint against a Realtor alleging a violation of the code of ethics.