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
