2
ETH001 Exam with accurate detailed solutions || || || || ||
The founders of IREM created IREM because they recognized a need within real estate
|| || || || || || || || || || || || || ||
management for: ||
A - education
|| ||
B - ethical standards
|| || ||
C - a means to evaluate the experience of real estate managers
|| || || || || || || || || || ||
D - An organization to address legislative concerns - ✔✔B - ethical standards
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True/False:
It is a violation of the IREM Code of Professional Ethics for an IREM member with one
|| || || || || || || || || || || || || || || || ||
management firm to solicit the owner of real estate whose property is managed by another
|| || || || || || || || || || || || || || ||
IREM member. - ✔✔False || || ||
True/False: ||
Candidates for the CPM designation are obligated to uphold the IREM Code of Professional
|| || || || || || || || || || || || || ||
Ethics and therefore come under the jurisdiction of the Institutes Ethics Boards - ✔✔True
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If anyone obligated to the IREM Code of Professional Ethics is found to have violated it,
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which of these disciplinary actions may be taken?
|| || || || || || ||
A - a letter of censure may be issued
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B - the individual may be suspended
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C - the individual may be expelled from membership
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D - all of the above - ✔✔D - all of the above
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True/False: ||
, 2
In all cases, when a member is found to have violated the IREM Code of Professional
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Ethics, the individual's name is published in IREM's Journal of Property Management
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advertising the membership of the finding. - ✔✔False || || || || || || ||
In order to comply with the IREM Code of Professional Ethics, a member may receive
|| || || || || || || || || || || || || || ||
interest earned on the clients' accounts:
|| || || || ||
A - whenever it is permitted by state law
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B - whenever separate computerized accounts are maintained for each client
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C - provided it has been fully disclosed in the management agreement with the client
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D - under no circumstances - ✔✔C - provided it has been fully disclosed in the
|| || || || || || || || || || || || || || || ||
management agreement with the client || || || ||
True/False: ||
IREM never conducts an ethics hearing unless it is absolutely sure beforehand that the
|| || || || || || || || || || || || || ||
Member has violated the IREM Code of Professional Ethics - ✔✔False
|| || || || || || || || || ||
True/False:
Hearings for ethical complaints are held exclusively on the national level, never at the
|| || || || || || || || || || || || || ||
Chapter level - ✔✔True || || ||
What year was IREM founded? - ✔✔1933
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What are the 5 questions to ask during ethical decision making? - ✔✔1. Is it illegal?
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2. Who is affected by your decision?
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3. What are the consequences of the decision?
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4. How do you feel about this situation?
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5. Have you examined all alternatives?
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ETH001 Exam with accurate detailed solutions || || || || ||
The founders of IREM created IREM because they recognized a need within real estate
|| || || || || || || || || || || || || ||
management for: ||
A - education
|| ||
B - ethical standards
|| || ||
C - a means to evaluate the experience of real estate managers
|| || || || || || || || || || ||
D - An organization to address legislative concerns - ✔✔B - ethical standards
|| || || || || || || || || || || ||
True/False:
It is a violation of the IREM Code of Professional Ethics for an IREM member with one
|| || || || || || || || || || || || || || || || ||
management firm to solicit the owner of real estate whose property is managed by another
|| || || || || || || || || || || || || || ||
IREM member. - ✔✔False || || ||
True/False: ||
Candidates for the CPM designation are obligated to uphold the IREM Code of Professional
|| || || || || || || || || || || || || ||
Ethics and therefore come under the jurisdiction of the Institutes Ethics Boards - ✔✔True
|| || || || || || || || || || || || ||
If anyone obligated to the IREM Code of Professional Ethics is found to have violated it,
|| || || || || || || || || || || || || || || ||
which of these disciplinary actions may be taken?
|| || || || || || ||
A - a letter of censure may be issued
|| || || || || || || ||
B - the individual may be suspended
|| || || || || ||
C - the individual may be expelled from membership
|| || || || || || || ||
D - all of the above - ✔✔D - all of the above
|| || || || || || || || || || || ||
True/False: ||
, 2
In all cases, when a member is found to have violated the IREM Code of Professional
|| || || || || || || || || || || || || || || ||
Ethics, the individual's name is published in IREM's Journal of Property Management
|| || || || || || || || || || || ||
advertising the membership of the finding. - ✔✔False || || || || || || ||
In order to comply with the IREM Code of Professional Ethics, a member may receive
|| || || || || || || || || || || || || || ||
interest earned on the clients' accounts:
|| || || || ||
A - whenever it is permitted by state law
|| || || || || || || ||
B - whenever separate computerized accounts are maintained for each client
|| || || || || || || || || ||
C - provided it has been fully disclosed in the management agreement with the client
|| || || || || || || || || || || || || ||
D - under no circumstances - ✔✔C - provided it has been fully disclosed in the
|| || || || || || || || || || || || || || || ||
management agreement with the client || || || ||
True/False: ||
IREM never conducts an ethics hearing unless it is absolutely sure beforehand that the
|| || || || || || || || || || || || || ||
Member has violated the IREM Code of Professional Ethics - ✔✔False
|| || || || || || || || || ||
True/False:
Hearings for ethical complaints are held exclusively on the national level, never at the
|| || || || || || || || || || || || || ||
Chapter level - ✔✔True || || ||
What year was IREM founded? - ✔✔1933
|| || || || || ||
What are the 5 questions to ask during ethical decision making? - ✔✔1. Is it illegal?
|| || || || || || || || || || || || || || ||
2. Who is affected by your decision?
|| || || || || || ||
3. What are the consequences of the decision?
|| || || || || || ||
4. How do you feel about this situation?
|| || || || || || || ||
5. Have you examined all alternatives?
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