CRECI Regulatory Compliance and Ethics 2

Question 1

Under RESPA, which of the following is considered an illegal kickback in a commercial real estate transaction?

Accepted Answer

Receiving undisclosed compensation from a title company for steering clients

Answer

Paying a referral fee to a licensed broker

Answer

Charging a transaction coordination fee disclosed in writing

Answer

Splitting a commission with a co-broker per agreement

Question 2

A commercial broker represents both the buyer and seller in the same transaction without disclosing this to either party. This is best described as:

Accepted Answer

Undisclosed dual agency

Answer

Dual agency

Answer

Transaction brokerage

Answer

Sub-agency

Question 3

Which federal law prohibits discrimination in commercial lending based on race, color, religion, national origin, sex, marital status, or age?

Accepted Answer

Equal Credit Opportunity Act (ECOA)

Answer

Fair Housing Act

Answer

Community Reinvestment Act

Answer

Home Mortgage Disclosure Act

Question 4

A CRECI member discovers their client intends to use a leased commercial property for an illegal purpose. The ethical obligation is to:

Accepted Answer

Withdraw from the representation and refuse to facilitate the illegal activity

Answer

Continue representing the client and maintain confidentiality

Answer

Immediately report the client to law enforcement

Answer

Disclose the information only to the opposing party

Question 5

Which of the following best describes the 'duty of loyalty' in commercial real estate agency?

Accepted Answer

Placing the client's interests above all others, including the broker's own interests

Answer

Providing accurate information to all parties in a transaction

Answer

Maintaining confidentiality of all transaction details indefinitely

Answer

Disclosing all material facts to potential buyers

Question 6

Under the Americans with Disabilities Act (ADA), which commercial properties are generally required to provide accessible accommodations?

Accepted Answer

Places of public accommodation and commercial facilities

Answer

Only properties built after 1993

Answer

Exclusively federally funded buildings

Answer

Only properties with more than 50 employees

Question 7

An environmental site assessment that identifies potential contamination issues on a commercial property is known as a:

Accepted Answer

Phase I ESA

Answer

Brownfield Survey

Answer

CERCLA Report

Answer

Property Condition Assessment