REE Ch. 5 Q's

Which of these is not a way a buyer's agent might receive compensation? - Seller pays the compensation - Buyer pays a flat fee - The agent receives a retainer - Agent gets everything above the net price set by the seller

Agent gets everything above the net price set by the seller

If a dual agency relationship is not agreed to in writing by both clients, the relationship is - A breach of the agent's fiduciary responsibilities to the client - An undisclosed dual agency - A violation of New York State License Law - All of the above

All of the above

What is an in-house sales agreement? - An agreement that the transaction will not involve subagents - An agreement that no MLS listing will be placed - An agreement to allow dual agency - An agreement to allow interior showings of the property

An agreement to allow dual agency

What is a blanket unilateral offer? - An offer of subagency to all members of a MLS - Several equal purchase offers on the same property - A unilateral offer to all clients at the same commission rate - A standard of agency relationships to all clients

An offer of subagency to all members of a MLS

Which part of the New York License law requires agency disclosures? - Article 12-A, Section 443 - Article 9, Section 333 - Article 14, Section 462 - Article 8, Section 242

Article 12-A, Section 443

Mary has a listing agreement with Broker Tom. Mary tells Tom she wants him to use broker agents to help sell her property. Tom gets Larry, Gail and Bill; who all work for other firms, to help find a buyer for Mary's property. Who would be vicariously liable for Bill's actions? - Broker Tom and Mary - Broker Tom, Larry and Gail - Broker Tom - Mary

Broker Tom

Which type of agency would be most advantageous to a buyer? - Broker's agency - Buyer brokerage - Designated agency - Consensual dual agency

Buyer brokerage

When the agency relationship has been terminated, the licensee is no longer considered the principal's agent and does not owe any further duties to the principal, except for the following? - Loyalty - Obedience - Confidentiality - Care

Confidentiality

Which agency relationship can most easily result in a conflict of interest for the broker? - Subagency - Single agency - Dual agency - Exclusive agency

Dual agency

All of the following may involuntarily terminate an agency relationship except? - Bankruptcy - Expiration of the agreement term - Agent abandonment - Condemnation of the property

Expiration of the agreement term

When is dual agency allowed in New York? - Only with disclosure and informed consent - When the seller client agrees - When that is the only agency a firm offers - Dual agency is illegal in New York

Only with disclosure and informed consent

What section of law allows a broker to accept a referral fee from a party the broker does not represent? - Section 443 of the NY Real Property Law - Section 441-a of the NY Real Property Law - Section 175.7 of the NY Real Property Law - Brokers are never allowed to accept referral fees from a party the broker does not represent

Section 175.7 of the NY Real Property Law

A(n) __________ is the transferor in a residential real property transaction. - Buyer - Seller - Lessor - Agent

Seller

What do we call an agent who represents a seller exclusively in a real estate transaction? - Exclusive agent - Single agent - Subagent - Broker agent

Single agent

Which is the most confusing form of agency relationship? - Dual agency - Single agency - Subagency - Buyer agency

Subagency

Which of the following is not allowed in New York? - Broker's agency - Buyer's agency - Subagency - Undiscolsed dual agency

Undisclosed dual agency

Usually, dual agency must be disclosed at the time it arises; so the seller __________________ agree to dual agency at the time he or she signs the listing. - has to - cannot - must - does not have to

does not have to

When a real estate firm or a real estate licensee represents both the seller and the buyer or the landlord and the tenant in the same transaction a ________________exists. - subagency - designated agency - dual agency - non-agency

dual agency

An implied agency - is a consensual dual agency - is recommended for seller agencies - is created without agreement signatures - is an undisclosed agency

is created without agreement signatures