Unit 3 NY real estate

As a principal, the seller is liable for

actions not only of the listing broker but also of any subagents.

A broker who lists a property on her website should remove the listing from the for-sale section of the site

after a sale occurs.

When a broker takes a listing, all salespeople who work for the broker are generally considered

agents for the broker and subagents for the seller.

The agency disclosure form must be presented, explained, and signed

at the first substantive contact.

Generally, disclosure of information concerning either party to the transaction to the other party when the agent acts in a dual capacity

becomes a violation

Upon first contact, cooperating brokers must inform the listing agent whether they are acting as agents or subagents of other parties. This would be due to the fact that these relationships impact the listing agent's

disclosure of information.

A buyer agent can be compensated by

either a buyer or a seller.

Listing agreements are considered

employment agreements.

The listing agreement where the seller reserves the right to conduct his own sale without compensating the listing broker, but agrees to pay the listing broker a commission if another broker brings about a sale, is called an

exclusive agency

The listing agreement with which the broker receives compensation regardless of who sells the property is called an

exclusive right to sell.

The listing arrangement that provides the greatest protections for the broker is the

exclusive-right-to-sell listing.

Some sellers do not want to offer any form of subagency relationship

for fear of the cooperating agent committing human rights violations.

Concerning advanced consent to dual agency, failure to provide a follow-up disclosure when creating the dual agency would be treated as a violation of the broker's fiduciary duties of

full disclosure and providing reasonable care to the consumer.

A seller who does not wish to offer subagency to MLS members, but still wants to gain exposure through an MLS, can direct the listing agent to list it because

he may split the commission with another broker who represents either the buyer or the listing broker only.

Dual agency is legal as long as it

is done with the full and the informed consent of all interested parties to the transaction.

As long as the agency relationship is clear and explicit,

it does not matter legally whether the buyer or the seller pays the fee.

Under an exclusive agency listing, if the seller procures the buyer without involving any broker,

no commission is due

The written agency relationship disclosure is intended, among other things, to warn customers and potential customers

not to reveal any information they want keep confidential.

Unless the wording specifically provides otherwise, a listing contract generally will

only create an open listing.

When the buyer meets the agent at the advertised listed property with the intent to inspect the property for purchase, the licensee should obtain the disclosure form signed by the buyer

prior to entering the property being shown.

A listing agent for a residential transaction should obtain the seller's

signed acknowledgment before entering into a listing agreement.

When communicating the present property tax information on a listed property, the listing broker should disclose

that the tax amount is valid only for the year of the sale.

RPL 443-3f states that should any buyer or seller refuse to sign the agency disclosure forms,

the agent may make a written affidavit that the disclosure was provided to that party.

In a buyer-broker agency relationship the broker represents

the buyer, who is the client.

In a single agent relationship, the person who hires the agent is called

the principal.

A listing contract will terminate as the result of performance of the object. This means that

the property has been sold.

In a single agency agreement in which a broker represents a seller,

the seller is the client.

The seller single-agent relationship is formed when a broker is engaged by

the seller-client.

Buyer agents are cautioned

to avoid helping sellers in a manner that could create an agency relationship with them.

Buyers or sellers are asked to sign an acknowledgment certifying that they have read the disclosure form and

understand the role of the particular agent in the transaction.

By engaging the buyer's own broker, the buyer is subject to

vicarious liability.

Most agency relationships of any type are created by

written agreement between the agent and the principal.

Which of the following BEST describes a residential transaction? A) A building containing four or fewer units intended for dwelling purposes B) A building containing five or fewer units intended for dwelling purposes C) A building containing six or fewer units intended for dwelling purposes D) A building containing three or fewer units intended for dwelling purposes

A) A building containing four or fewer units intended for dwelling purposes (Five or more units are considered as commercial income producing.)

When a listing agent in each and every case is acting on behalf of the seller, this agent operates as a

B) single agent.

Which of the following describes an offer of subagency? A) Acceptance of the offer is absolute. B) The buyer will be the only one to compensate the selling broker. C) If not accepted, declaration of the selling broker's relationship must be made. D) The duties will be owed to the buyer.

C) If not accepted, declaration of the selling broker's relationship must be made.

Which of the following is correct about buyer agents and sellers? A) The agent facilitates the transaction for both parties. B) The agent is a dual agent for the buyer and the seller. C) The agent provides advice to the buyer but not the seller. D) None of these are true.

C) The agent provides advice to the buyer but not the seller.

Which of the following is correct about agency? A) The buyer must have her own agent for the sale to be valid. B) The law requires that each party use the services of a broker. C) The seller must have his own agent for the sale to be valid. D) No law requires a buyer or seller to use the services of a broker.

D) No law requires a buyer or seller to use the services of a broker.

The agency disclosure form A) doesn't apply to commercial transactions. B) does all of these. C) applies to all transactions. D) applies to single-family homes only.

Doesn't apply to commercial transactions

In which listing agreement would sellers have the ability to reserve the right to conduct their own sale without compensating the exclusive agent?

Exclusive-agency listing

A seller and a buyer are both working with the same realty, but through two different agents. The buyer wants to see the seller's home. The realty provides all the appropriate disclosure forms to both parties prior to the buyer seeing the seller's home. If both parties still want the realty's agents to represent them but each wants a salesperson or associated broker who will represent her or him alone, what can they do?

The seller and the buyer can request a designated agent relationship.