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False, Standard coverage offered in title insurance policies does NOT include coverage for acts of incompetent grantors and improperly delivered deeds. .] False. he bottom line is, if youre unsure whether or not to disclose, the safer choice is to disclose the conditionso long as it is not barred from disclosure by confidentiality. False, The MOST common misrepresentation complaint concerns a listing broker's failure to point out material defects in the property that the broker knew about or should have known about. B) When disclosure of information relating to the representation appears to be required by other law, the lawyer must discuss the matter with the client to the extent required by Rule 1.4. Before a time of property disclosure statements, homeowners had little to safeguard them from the potential risks that come with purchasing a property. If, however, the other law supersedes this Rule and requires disclosure, paragraph (b)(6) permits the lawyer to make such disclosures as are necessary to comply with the law. Gloria is the third party. D) The SDN does not need to be provided in either transaction. License holders must make certain that buyers purchase title insurance. [9]A lawyer's confidentiality obligations do not preclude a lawyer from securing confidential legal advice about the lawyer's personal responsibility to comply with these Rules. endobj Under ERISA, certain transactions between a plan and a party-in-interest, which includes service providers to the plan such as brokers and consultants, are generally prohibited. The property is the location of a murder. False, The seller has decided that the outdoor grill, which is movable personal property, is negotiable and may remain with the property if the buyers ask for it and if the price they offer for the property is close enough to the listing price. C) Were using cookies, but you can turn them off in Privacy Settings. A) In this situation, a correct statement about Andrew's responsibility regarding disclosure of the bankruptcy when presenting the offer to purchase is that Andrew is. Ownership of stocks analyzed or recommended, participation on outside boards, and financial or other pressures that could influence a decision are to be promptly reported to the employer so that their impact can be assessed and a decision on how to resolve the conflict can be made. Although paragraph (b)(2) does not require the lawyer to reveal the clients misconduct, the lawyer may not counsel or assist the client in conduct the lawyer knows is criminal or fraudulent. Even when the disclosure is not impliedly authorized, paragraph (b)(4) permits such disclosure because of the importance of a lawyer's compliance with the Rules of Professional Conduct. A) unrecorded liens not known by the policyholder. For instance, a sell-side analyst working for a broker/dealer may be encouraged, not only by members of her or his own firm but by corporate issuers themselves, to write research reports about particular companies. C) Members and candidates should ensure that their firms disclose such relationships so clients can fully understand the costs of their investments and the benefits received by their investment managers employer. We have statutory rules to guide us, but unfortunately for REALTORS, not all disclosure issues are black and white. D) The owner suffers a heart attack If a member or candidate manages a portfolio for which the fee is based on capital gains or capital appreciation (a performance fee), this information should be disclosed to clients. False, No disclosures need to be made regarding the type and quality of title to be conveyed. As a result, the doctrine of caveat emptor necessarily eroded in order to protect buyersfirst with the recognition of implied warranties of construction, and later with required real estate disclosures5. Because Betty is only an agent of her broker, only her broker may fill out and sign on behalf of the client. The rule of client-lawyer confidentiality applies in situations other than those where evidence is sought from the lawyer through compulsion of law. However, this new disclosure obligation encompasses much more information. He has been asked to write a follow-up report on Kincaid. False, Omitting important facts can lead to charges of misrepresentation. A sales agent regularly uses a Seller's Disclosure Notice created by the brokerage firm the sales agent is sponsored by. B) One note he recommends is linked to the same Russian telecom company that Smith holds in his personal account. D) Plan sponsors should ensure they also receive disclosures from any other brokers or consultants working with their ERISA healthcare plans. C) Gary represents the buyer. Identifying and managing these conflicts is a critical part of working in the investment industry and can take many forms. From time to time, Farmington officers sit on the boards of directors of various Vimco subsidiaries. False, A license holder who gives professional advice or an opinion to a third party on verifiable facts can never be liable under Texas law. The compensation disclosed may be expressed as a monetary amount, formula, a per capita charge for each enrollee, or in any other reasonable method. The buyer may terminate the contract at any time before closing. The lawyer's right to respond arises when an assertion of such complicity has been made. Even though Angelica asked her to sign it and fax it back that evening, Sally assured her that she would not change her mind. B) Cash collections from customers. contract questions Flashcards by Mike Parks | Brainscape