GRI Test Exam Study Guide Questions And Answers Verified 100% Correct

GRI Test Exam Study Guide Questions And Answers Verified 100% Correct A voluntary process in which disputing parties meet witha mediator appointed by the association of the dispute, rather then having a decision imposed by an arbitration hearing panel - ANSWER Mediation Professional standards hearing panel in arbitration - ANSWER Board Attorney/ Attorney The Board/ Association may decline to hear an arbitration case if it is - ANSWER Too large or too small / Too legally complex Ethics Hearing: After conducting a hearing, the hearing Panel decides whether there was a violation of the code of Ethics, proven by - ANSWER Clear, strong and convincing proof The Grievance Committee Acts like a - ANSWER Grand jury, does not make decision if code of Ethics has been violated or not, Does not Mediate or Arbitrate Business Disputes Money always come - ANSWER First Arbitration before - ANSWER Ethics The standard of proof in Arbitration is - ANSWER Preponderance of the Evidence What is it when the lender structure a plan to deal with a borrower inability to pay mortgage obligation - ANSWER Work out The Arbitration will always be first - ANSWER If both Ethics and Arbitration are filled The standard of proof in Ethics Hearings is - ANSWER Clear, strong and convincing Any Realtor requesting Arbitration should be offered - ANSWER Mediation prior to the Arbitration Hearing Parties to an Arbitration may settle any time prior to and / or during an - ANSWER Arbitration Hearing Ethics Complaint may be brought by - ANSWER Anyone The Arbitration Award - ANSWER will specify the amount of the award and the disposition of the arbitration deposit. During a Hearing the Board/ Association attorney - ANSWER will only provide legal guidance to the hearing Panel If Mediation is unsuccessful - ANSWER the party still has the right to arbitrate and nothing learned during the Mediation can be used later if the request goes to Arbitration Advantage of Mediation include - ANSWER It is quicker, has a wide range of solutions and will likely preserve relationships. When the financing contingency is the existing loan being to be assumed. - ANSWER (F61) Loan Assumption Exhibit should be attached. Loan Assumption: Property completing the third paragraph in either exhibit (F61) Price Control (F62) Cash to control ensures - ANSWER the method of financing is described in sufficient detail. Loan number and servicing company: Original principal amount and amount due: Amount of principal and interest payment and, the payment including escrows: term of loan, interest rate and type of loan - ANSWER Loan Assumptions Closing Attorney Select - ANSWER Buyer has the right to select, Lender has final approval Unless a financing contingency is attached to the P&S Agreement, the only right for the buyer to terminate the agreement due to failure to obtain financing would be under - ANSWER Due Diligence When a buyer agrees to pay all cash at closing, the buyer may still attempt to obtain a loan, but would be in default if - ANSWER Buyer lacked sufficient funds because the loan was unobtainable. To prove buyer has the ability to obtain a loan under a financing contingency. - ANSWER Buyer must cause a loan commitment to be delivered to seller- BUT ONLY IF ASKED TO DO SO BY SELLER. Duties to clients include - ANSWER Loyalty, Obedience and accounting An agent working with a customer is praticing - ANSWER Transaction brokerage