NYREI Quiz Questions with Correct Answers

NYREI Quiz Questions with Correct Answers Greg lists his home with PDQ Realty allowing them to put a sign in the yard, list it in MLS, and advertise it in the local newspaper. During the listing period, Greg sells the home to his brother and is not obligated to pay PDQ any commission. What type of listing did Greg have with PDQ? - Answer-Exclusive agency Which statement indicates that the listing agreement is an exclusive right to sell? (the commission expected on the sale price, a notice to terminate the agreement at the end of the listing period, a notice regarding the existence of the Real Estate Recovery Fund, a statement that the broker is paid regardless of who sells the property - Answer-A statement that the broker is paid regardless of who sells the property A seller instructs a sales agent not to disclose a defect hidden behind a paneled wall. The sales agent is under the duty to: - Answer-not follow the instruction of the principal in this matter and possibly void the listing Seller Sam calls a real estate agent to list his home. Sam tells the agent that he wants 156k in his pocket at closing and the agent can have the rest for the commission. What type of listing would this be? - Answer-Net listing. Illegal in NY The seller lists her house with New Age Realty. The next day, the seller goes to work and mentions listing her house. A co-worker expresses interest in the listing. What kind of listing would make the broker entitled to a commission if the co-worker makes an offer acceptable to the seller? - Answer-Exclusive right to sell Which listing arrangement provides the greatest opportunity for an agent to earn commission? - Answer-Exclusive right to sell A seller completes a property disclosure form and states that there are no conditions in the property that are in need of repair. However, the listing sales agent recognizes the early signs of termite infestation. The listing sales agent should - Answer-Disclose this condition to the buyer, as this is a latent defect When is the property condition disclosure statement usually completed? - Answer-When the property is listed for sale A real estate broker will lose the right to a commission if he or she - Answer-was not licensed when a sale occured Which statement about NY's Property Condition Disclosure Statement is true? (A buyer must receive a copy of the disclosure before signing a sales contract, only visible structural defects need to be disclosed, the seller has a duty to disclose death by natural causes, sellers of condominiums must provide the disclosure to a buyer) - Answer-A buyer must receive a copy of the disclosure before signing a sales contract A real estate broker acting as a seller's agent may (advise the seller of the best manner of taking title to the new property they are purchasing, attempt to create or encourage an offer from another buyer, disclose to a buyer that the client will accept a offer at the listed price and terms, modify the listing contract on behalf of the seller if it is in the seller's best interest) - Answer-A broker actin gas an agent of the seller is required to use his or her best effort to market the property and locate a ready, willing, and able purchaser. Attempt to create or encourage an offer. A condition or contingency in a contract can be waived by the - Answer-party benefiting from the condition Salesperson Sue has just completed a pre-printed purchase agreement with her client buyer Bob. The agreement includes a good faith deposit of 5k in the form of a check, which Bob has give to Sue. Absent any specific instructions, what should Sue do with Bob's check? - Answer-Turn it over to her broker immediately Real estate fees or commissions are (determined by local board or association, mandated by the state's rules and regs, mandated by statutory law, negotiated between the client and broker) - Answer-negotiated between the broker and client All four of the real estate licensees who work for Joe Wilson, owner of Wilson Realty, have passed the NY real estate broker's exam. How many licenses must be hanging on the wall at Wilson Realty? - Answer-1 Great Resorts realty is offering the chance to enter a drawing for a free weekend at a timeshare in the Catskills. Their advertising must contain... - Answer-Great Resorts cannot promote real estate with a game of chance Which statement about a brokerage's main office is false (it must have a sign that clearly identifies it as a real estate business, it must have a supervising broker, it may be a virtual office with a PO box, it amy have an unlimited number of branch offices) - Answer-It may be a virtual office. The main office MUST be a actual, physical location Louise, the owner of LKR realty, has three salespeople working for her brokerage. She has little time to supervise, but she is confident in their ability. Can she draft a contract that clear states that she is no longer responsible for any errors or omissions that her salespeople make? - Answer-No Who does not require a real estate license? - Answer-A person who buys and sells houses as FSBOs (for sale by owner) Can a person advertise their business under any name other than their own? - AnswerNo, all advertising must be under the exact name under which the brokerage is licensed. What is the term of office for an appointed member of the State Board of Real Estate - Answer-Two years Who cannot be a member of the state board of real estate? Someone who has been a licensed real estate salesperson for 10 years, executive director of the consumer protection board, a member of the general public, the secretary of state - Answer-a person with a real estate license for 10+ years Can a person with a real estate license work for two different brokers in different parts of the state? - Answer-Yes. They cannot hire other salespeople or supervise a branch office. Karen is found guilty of practicing real estate without a license. If this is her third offense, what is the max penalty that the DOS could impose? - Answer-$1,000 fine All are required to be included in ay ad placed by a broker except the broker's....Identification as a broker, license number, name, phone number - Answerlicense number Broker Alice, owner of Ace Realty in Queens, just opened a branch office in the Hamptons. That office must... have its own manager, have its own supervising broker, have a separate branch office license, maintain its own separate escrow account - Answer-have a separate branch office license Is a supervising broker required to personally negotiate every listing agreement initiated by his agents? - Answer-No. Salespeople work directly with clients. He should maintain open channels of communication, be responsible for their actions, regularly review the practices and performances of the agents Which of these penalties would the Department of State not impose for a violation of the real estate rules and regulations? (fine, imprisonment, revocation, suspension) - Answer-imprisonment Liscensee Terry works very hard to convince Spencer to list his house with her. She knows that to show well, the walls need to be painted and the carpet needs to be replaced. Terry recommends a company to do the work. can Terry accept a fee from "Ultimate" (the company) if Spencer hires them? - Answer-Yes, if Terry discloses the referral fee in writing to Spencer, she can accept the fee