ITS 832 Chapter 3 The Quality of Social Simulation: AnExample from Research Policy Modelling Information Technology in a Global Economy Professor Miguel Buleje Introduction • The Quality of Social Simulation: • An Example from Research Policy Modelling • A simulation is good • “… when we get from it what we originally would have liked to get from the target†• Different views • Standard • Constructionist • User community • Chapter focus • Different approaches to assessing the quality of a simulation Simulation comparison Standard View • Verification • Does the code do what it is supposed to do? • Refers to well know method of verification. • In SW, does the code is working as expected or has defects? • Validation • Do the outputs resemble observations of the target? • Relies on the observability of reality • Must be able to compare simulation output to reality • Compares the REAL with artificial data produced by simulation • Standard view may suffer from under-determination • Multiple incompatible theories may result from the same data Constructionist View • Compares • What you observe in the real world with, • What you observe as simulation output • Seems similar to Standard view, right? • Constructionists view all observations as constructions • Constructionists reject the possibility of evaluation because there is no common reality to refer to. • Evaluation is not possible • Even observations of reality lack the ability to pass validation User Community View • Evaluation is carried out • Using the observations of the affected user community • Not just based on prior knowledge • Closer to “real†results • Often, results are influenced by multiple related factors • The evaluations of any simulation would be impacted by: • Expectations • Anticipations • Experience of the Community that uses it.

Policy Modelling for Ex-ante Evaluation of EU Funding Programs Horizon 2020 Study Workflow Summary • Simulation quality depends on simulation process • Three different simulation views • Standard • Constructionist • User community • User community view • Most promising • Most work-intensive Code of Ethics: This is a synopsis of some of the most important ethical considerations you need to be aware of as a professional in the real estate industry. Terminology: Agency: The fiduciary relationship created between a principal and an agent whereby the agent can act on behalf of the principle for certain transactions. Agency is usually created when the principal signs a listing agreement to list their property for sale or a management contract to rent a property for instance.

Agent: The broker or sales associate acting on behalf of the principal (see Agency) Client: The person with whom the broker or sales associate has a legal contract to represent. Customer: Is not contractually bound to the industry professional Principal: Person who hires an agent to act on his or behalf. Code of Ethics: #1: The agent has a responsibility to promote the interests of their client(s) and treat all involved in any real estate transaction in an honest and fair manner. They must disclose if they are a dual agent (representing both buyer and seller in a transaction) or a designated agent (represent either the buyer or seller depending on state law), or they are a limited representative (will provide only certain duties in the transaction per state law). #2: Agents must openly acknowledge to clients any personal interest they might have in any transaction prior to showing a property; they must acknowledge any personal relationships involved.

Ex: Agent says, “I want to disclose to you before we look at it, that this property belongs to is my brother and my sister in-law is his agent.†#3: The Agent will not allow anyone that is not pre-authorized by the owner, to access the property of the client. #4: Never overstate benefits or attributes of a property or opportunity at any time. The agent must only state the facts. #5: Terms of compensation with cooperating brokers must be stated before a purchase offer is made. Only the listing broker or owner can change the listing terms for realtor cooperation .compensation. All listing brokers must disclose in accordance with the legal codes and statues for their state, “the dual or variable rate commission†(National Association of Realtors®) if an agent other than the listing agent sells the property (Barell, 2011, p.

34, Article 3). #6: No agent can receive kickbacks or payments without having provided a service. Payments for referrals to adjunct services like inspectors, design services, etc. are not allowed. Agents cannot receive commission from more than one party without full disclosure and written consent from all involved in a transaction. A real estate professional cannot promote or recommend legal, banking, mortgage, appraiser, or home warranty services of any kind. They also may not make any false statements with regards to any other service firms. #7 The monies kept for escrow for clients must be placed in a separate account from the broker’s.

There are specific state regulations which govern how this is to be documented and how funds are to be disbursed. #8 All transactions should first be explained to any client signing any contract. Additionally all problems or potential problems or deficiencies should be disclosed to the potential buyers. Ex: The seller who must disclose defects of a property when they list the property, has told the listing agent that there has been a severe leak in the main water pipe outside their home, must disclose this to the agent and the agent in turn must disclose this to the buyer. Another example would be a public easement allowing people in the neighborhood access to a pathway in order to access a park behind the subject property. #9 Any changes, agreements or disclosures should be written, signed and dated by the parties involved.

If not, when there are problems there will be no documentation to corroborate what was agreed, or disclosed. #10 There should be no discrimination of any kind. This should include the type of housing or neighborhood to be shown to a client. In other words you may not steer a client to a particular neighborhood that predominantly houses that particular race, skin color, age, religious persuasion, national origin, sex, disability, or based on whether they are single, divorced, or widowed or a family with children, even if they ask for it. (See Fair Housing laws) #11 The Agent will not mislead clients or misrepresent themselves or competitors or any of the facts or assistance that they provide. An estimate of value is just that, it is not the value according to an appraiser, it only an estimate.

Any advertising must be factual and list the broker’s name on any communicated medium (this includes websites etc.). If there are any incentives or bonuses etc., they must be fully disclosed and explained how these monies or benefits may be obtained. #12 All agents or real estate professionals should cooperate with their local real estate boards or associations if any ethics violations are charged against them or anyone else they may be familiar with through a real estate transaction. They may be asked to testify should an investigation be necessary. Agents are encouraged to report any such violations to their local boards and associations to improve professional conduct in the profession. Reference Barell, D.

GRI, DREI (2011). Know the code: Real estate ethics. [Adapted from the National Association of Realtors® Code of Ethics] La Crosse, WI: Kaplan, Inc. ® 2/27/2020 Sample Content Topic 1/2 Ethical Brokerage Operations This assignment explores the ethical standards that govern the real estate industry. Brokers, Agents, Mortgage Bankers, et al., must adhere to strict ethical standards otherwise penalties such as loss of license can result. The following Course Outcome is assessed in this assignment: MT361-4: Analyze the legal and ethical considerations in a real estate transaction. Introduction: Ethics is inevitably linked to professional conduct and to reputation in the real estate industry.

Once a realtor’s ethics are found to be wanting, clients avoid them, and they can be fined, or have their licenses revoked in some cases. In this assignment you apply some of the ethical practices and legal concepts necessary for professional conduct and credentials to a scenario. Scenario: Parker is looking for his first home that he is purchasing directly from the owner. The owner says he knows a good mortgage broker and provides him with a telephone number. He calls the broker, Kerry, and she sets up an appointment for the following day to discuss his needs explaining that there will be a fee for services rendered and are to be paid in advance.

Parker meets the broker the next day at a shopping center coffee shop since the broker’s office is undergoing complete renovation. Kerry asks him a few questions and then tells him that the best mortgage would be a 6%, 15-year mortgage for the home he wants to purchase. Kerry says she will email him the application by the end of the day for application to the Mountain Bank. She knows the mortgage banker there and can assure that the loan will go through Assignment Details 2/27/2020 Sample Content Topic 2/2 easily and speedily. She requests payment upfront, and he gives her a personal check in the amount of

Its 832chapter 3the Quality Of Social Simulation Anexamplefrom Rese

ITS 832 Chapter 3 The Quality of Social Simulation: AnExample from Research Policy Modelling Information Technology in a Global Economy Professor Miguel Buleje Introduction • The Quality of Social Simulation: • An Example from Research Policy Modelling • A simulation is good • “… when we get from it what we originally would have liked to get from the target†• Different views • Standard • Constructionist • User community • Chapter focus • Different approaches to assessing the quality of a simulation Simulation comparison Standard View • Verification • Does the code do what it is supposed to do? • Refers to well know method of verification. • In SW, does the code is working as expected or has defects? • Validation • Do the outputs resemble observations of the target? • Relies on the observability of reality • Must be able to compare simulation output to reality • Compares the REAL with artificial data produced by simulation • Standard view may suffer from under-determination • Multiple incompatible theories may result from the same data Constructionist View • Compares • What you observe in the real world with, • What you observe as simulation output • Seems similar to Standard view, right? • Constructionists view all observations as constructions • Constructionists reject the possibility of evaluation because there is no common reality to refer to. • Evaluation is not possible • Even observations of reality lack the ability to pass validation User Community View • Evaluation is carried out • Using the observations of the affected user community • Not just based on prior knowledge • Closer to “real†results • Often, results are influenced by multiple related factors • The evaluations of any simulation would be impacted by: • Expectations • Anticipations • Experience of the Community that uses it.

Policy Modelling for Ex-ante Evaluation of EU Funding Programs Horizon 2020 Study Workflow Summary • Simulation quality depends on simulation process • Three different simulation views • Standard • Constructionist • User community • User community view • Most promising • Most work-intensive Code of Ethics: This is a synopsis of some of the most important ethical considerations you need to be aware of as a professional in the real estate industry. Terminology: Agency: The fiduciary relationship created between a principal and an agent whereby the agent can act on behalf of the principle for certain transactions. Agency is usually created when the principal signs a listing agreement to list their property for sale or a management contract to rent a property for instance.

Agent: The broker or sales associate acting on behalf of the principal (see Agency) Client: The person with whom the broker or sales associate has a legal contract to represent. Customer: Is not contractually bound to the industry professional Principal: Person who hires an agent to act on his or behalf. Code of Ethics: #1: The agent has a responsibility to promote the interests of their client(s) and treat all involved in any real estate transaction in an honest and fair manner. They must disclose if they are a dual agent (representing both buyer and seller in a transaction) or a designated agent (represent either the buyer or seller depending on state law), or they are a limited representative (will provide only certain duties in the transaction per state law). #2: Agents must openly acknowledge to clients any personal interest they might have in any transaction prior to showing a property; they must acknowledge any personal relationships involved.

Ex: Agent says, “I want to disclose to you before we look at it, that this property belongs to is my brother and my sister in-law is his agent.†#3: The Agent will not allow anyone that is not pre-authorized by the owner, to access the property of the client. #4: Never overstate benefits or attributes of a property or opportunity at any time. The agent must only state the facts. #5: Terms of compensation with cooperating brokers must be stated before a purchase offer is made. Only the listing broker or owner can change the listing terms for realtor cooperation .compensation. All listing brokers must disclose in accordance with the legal codes and statues for their state, “the dual or variable rate commission†(National Association of Realtors®) if an agent other than the listing agent sells the property (Barell, 2011, p.

34, Article 3). #6: No agent can receive kickbacks or payments without having provided a service. Payments for referrals to adjunct services like inspectors, design services, etc. are not allowed. Agents cannot receive commission from more than one party without full disclosure and written consent from all involved in a transaction. A real estate professional cannot promote or recommend legal, banking, mortgage, appraiser, or home warranty services of any kind. They also may not make any false statements with regards to any other service firms. #7 The monies kept for escrow for clients must be placed in a separate account from the broker’s.

There are specific state regulations which govern how this is to be documented and how funds are to be disbursed. #8 All transactions should first be explained to any client signing any contract. Additionally all problems or potential problems or deficiencies should be disclosed to the potential buyers. Ex: The seller who must disclose defects of a property when they list the property, has told the listing agent that there has been a severe leak in the main water pipe outside their home, must disclose this to the agent and the agent in turn must disclose this to the buyer. Another example would be a public easement allowing people in the neighborhood access to a pathway in order to access a park behind the subject property. #9 Any changes, agreements or disclosures should be written, signed and dated by the parties involved.

If not, when there are problems there will be no documentation to corroborate what was agreed, or disclosed. #10 There should be no discrimination of any kind. This should include the type of housing or neighborhood to be shown to a client. In other words you may not steer a client to a particular neighborhood that predominantly houses that particular race, skin color, age, religious persuasion, national origin, sex, disability, or based on whether they are single, divorced, or widowed or a family with children, even if they ask for it. (See Fair Housing laws) #11 The Agent will not mislead clients or misrepresent themselves or competitors or any of the facts or assistance that they provide. An estimate of value is just that, it is not the value according to an appraiser, it only an estimate.

Any advertising must be factual and list the broker’s name on any communicated medium (this includes websites etc.). If there are any incentives or bonuses etc., they must be fully disclosed and explained how these monies or benefits may be obtained. #12 All agents or real estate professionals should cooperate with their local real estate boards or associations if any ethics violations are charged against them or anyone else they may be familiar with through a real estate transaction. They may be asked to testify should an investigation be necessary. Agents are encouraged to report any such violations to their local boards and associations to improve professional conduct in the profession. Reference Barell, D.

GRI, DREI (2011). Know the code: Real estate ethics. [Adapted from the National Association of Realtors® Code of Ethics] La Crosse, WI: Kaplan, Inc. ® 2/27/2020 Sample Content Topic 1/2 Ethical Brokerage Operations This assignment explores the ethical standards that govern the real estate industry. Brokers, Agents, Mortgage Bankers, et al., must adhere to strict ethical standards otherwise penalties such as loss of license can result. The following Course Outcome is assessed in this assignment: MT361-4: Analyze the legal and ethical considerations in a real estate transaction. Introduction: Ethics is inevitably linked to professional conduct and to reputation in the real estate industry.

Once a realtor’s ethics are found to be wanting, clients avoid them, and they can be fined, or have their licenses revoked in some cases. In this assignment you apply some of the ethical practices and legal concepts necessary for professional conduct and credentials to a scenario. Scenario: Parker is looking for his first home that he is purchasing directly from the owner. The owner says he knows a good mortgage broker and provides him with a telephone number. He calls the broker, Kerry, and she sets up an appointment for the following day to discuss his needs explaining that there will be a fee for services rendered and are to be paid in advance.

Parker meets the broker the next day at a shopping center coffee shop since the broker’s office is undergoing complete renovation. Kerry asks him a few questions and then tells him that the best mortgage would be a 6%, 15-year mortgage for the home he wants to purchase. Kerry says she will email him the application by the end of the day for application to the Mountain Bank. She knows the mortgage banker there and can assure that the loan will go through Assignment Details 2/27/2020 Sample Content Topic 2/2 easily and speedily. She requests payment upfront, and he gives her a personal check in the amount of $2,000.

On the way home he begins thinking about the meeting and realizes something is not right. He passes a Savings and Loan in the neighboring community, goes in to ask about the mortgage rate, and they respond that it is currently 4% for a 15-year mortgage without knowing the particulars of his needs. Now he decides to investigate. Based on the Code of Ethics, and your assigned reading address the checklist items: Checklist: Analyze the ethical considerations concerning the scenario based on the code of ethics above. Analyze the legal considerations by doing some research on the Internet.

What process should Parker have used to secure an appropriate mortgage for his prospective Tennessee home? Explain what actions he should take. Access the Unit 5 Assignment grading rubric. Respond in a minimum 350–500 word-paper using APA format and citation style with additional title and reference Dropbox.

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On the way home he begins thinking about the meeting and realizes something is not right. He passes a Savings and Loan in the neighboring community, goes in to ask about the mortgage rate, and they respond that it is currently 4% for a 15-year mortgage without knowing the particulars of his needs. Now he decides to investigate. Based on the Code of Ethics, and your assigned reading address the checklist items: Checklist: Analyze the ethical considerations concerning the scenario based on the code of ethics above. Analyze the legal considerations by doing some research on the Internet.

What process should Parker have used to secure an appropriate mortgage for his prospective Tennessee home? Explain what actions he should take. Access the Unit 5 Assignment grading rubric. Respond in a minimum 350–500 word-paper using APA format and citation style with additional title and reference Dropbox.

Paper for above instructions

The Ethical and Legal Considerations in Real Estate Transactions: A Case Analysis

Introduction

Real estate transactions involve a complex interplay of ethical and legal responsibilities that agents, brokers, and mortgage professionals must navigate diligently. The case of Parker, who is in search of his first home and encounters irregularities while dealing with a mortgage broker, highlights the critical need for ethical practices and legal compliance in the industry. This paper discusses the ethical considerations based on the National Association of Realtors® Code of Ethics, the legal aspects Parker should consider, and the steps he ought to take to secure an appropriate mortgage.

Ethical Considerations

1. Transparency and Disclosure: The primary ethical breach occurs when the mortgage broker Kerry requires an upfront fee without disclosing all relevant information regarding the mortgage options available. According to the Code of Ethics, agents must ensure that clients are fully informed (Barell, 2011). In this scenario, Parker should have been made aware of alternative mortgage rates and lenders, which could potentially save him substantial costs.
2. Conflict of Interest: The fact that the homeowner recommended the mortgage broker raises questions about potential conflicts of interest. The broker should remain impartial and not be swayed by other relationships that might compromise her ability to act in Parker’s best interest (Barell, 2011). The relationship between the homeowner and the broker should have been disclosed to Parker.
3. Misleading Information: Kerry’s claim that a 6% mortgage was the best option without pre-qualifying Parker for his financial situation is misleading. The broker should uphold the duty to represent Parker’s best interest and present all available options, taking into account individual circumstances (Barell, 2011).
4. Fee Integrity: Requesting payment upfront can be considered problematic if the value of the service is not clear and justified. Agents are prohibited from accepting fees without providing a service (Barell, 2011). Therefore, Parker should question the legitimacy of the fee requested by Kerry.

Legal Considerations

1. Truth in Lending Act (TILA): Parker should be aware of the protections provided under TILA, which mandates that lenders provide clear and concise information regarding the terms of a mortgage. Before proceeding with any agreement, he should receive a Good Faith Estimate (GFE) detailing all costs associated with the loan (Federal Reserve, 2021).
2. Comparative Rate Shopping: Parker's realization of a better deal at a local Savings and Loan indicates the necessity of rate shopping. It is legally prudent for buyers to compare rates from multiple lenders before making decisions. He should document all communications and offers received from different lenders to ensure that he can choose the best financial option.
3. Ethics Complaints and Recourse: Should Parker believe that Kerry acted unethically, he has the right to file a complaint with the relevant regulatory body overseeing real estate transactions in Tennessee. This could include the Tennessee Real Estate Commission, which addresses issues of unethical behaviors among licensed professionals (Tennessee Department of Commerce & Insurance, 2023).
4. Informed Consent: As per real estate law, all agreements and contracts must be clear and require informed consent from all parties. Parker should ensure that all terms are agreed upon in writing before proceeding with any transaction (Tennessee Real Estate Commission, 2023).

Recommended Process for Securing a Mortgage

1. Conduct Thorough Research: Parker’s first step should be conducting thorough research into mortgage lenders following his encounter with Kerry. Websites like Zillow and LendingTree offer extensive comparative data on mortgage rates and lender services.
2. Request Multiple Quotations: Engaging in multiple consultations with various mortgage brokers or lenders is advisable. By obtaining multiple rates and terms, he can better understand the mortgage landscape and select the most advantageous option.
3. Consult a Trusted Real Estate Agent: Partnering with a reputable and ethical real estate agent would provide Parker with professional guidance. An experienced agent can provide insights into trustworthy mortgage brokers and lenders who can offer more competitive rates.
4. Seek Legal Advice: Consulting a real estate attorney could also be beneficial. An attorney can review any agreements and ensure Parker's rights are protected throughout the transaction process.
5. Transparency in Financial Transactions: Parker should always maintain clear documentation regarding all financial transactions, including any payments made to brokers or lenders. Such records can be valuable if any disputes arise later on.
6. Educate Himself on Mortgage Terms: It is essential that Parker familiarize himself with terms and conditions typically associated with mortgages. Understanding concepts like APR, points, and closing costs will empower him to make informed decisions.

Conclusion

The scenario involving Parker’s search for a mortgage highlights significant ethical and legal issues that must be addressed in real estate transactions. By adhering to ethical standards outlined in the National Association of Realtors® Code of Ethics and understanding the legal implications of mortgage agreements, Parker can secure a mortgage that meets his needs while safeguarding his interests. Consequently, industry professionals must prioritize ethical conduct to maintain trust and ensure fair practices in a complex field.

References

Barell, D. GRI, DREI (2011). Know the code: Real estate ethics. La Crosse, WI: Kaplan, Inc.
Federal Reserve. (2021). Truth in Lending Act. Retrieved from [Federal Reserve](https://www.federalreserve.gov/)
Tennessee Department of Commerce & Insurance. (2023). Tennessee Real Estate Commission. Retrieved from [TDCI](https://www.tn.gov/commerce/section/real-estate)
U.S. Department of Housing and Urban Development. (2020). Consumer Information on Mortgages. Retrieved from [HUD](https://www.hud.gov/)
National Association of Realtors. (2021). Code of Ethics and Standards of Practice of the National Association of Realtors. Retrieved from [NAR](https://www.nar.realtor/)
City of Nashville. (2023). Nashville Property Records. Retrieved from [Nashville.gov](https://www.nashville.gov)
The Mortgage Reports. (2023). Mortgages for First-time Home Buyers. Retrieved from [MortgageReports](https://themortgagereports.com/)
Investopedia. (2023). What is a mortgage? Retrieved from [Investopedia](https://www.investopedia.com/)
Zillow. (2023). *Mortgage Rates. Retrieved from [Zillow](https://www.zillow.com/mortgage-rates/)
LendingTree. (2023). Compare mortgage rates from multiple lenders. Retrieved from [LendingTree](https://www.lendingtree.com)