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NY STATE RealEstateU test exam prep Verified A+Solutions
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NY STATE RealEstateU test exam prep Verified A+Solutions
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NY STATE RealEstateU test exam prepVerified A+Solutions
Department of State responsibility? - ANS-Responsible for issuing real estate licenses,
pock cards, and handing down disciplinary action.
Article 12-A NYS real property law outlines - ANS-Roles and responsibilities of
department of state.
Typical commission in NY? - ANS-6%
Commissions are ______ and determined by____? - ANS--Negotiable
-both client and broker
Blind ad - ANS-An ad that remains anonymous as to who is advertising. Which is illegal
What must be included in advertisement? - ANS-17.25 Article 12-A of NY real property
law stats
-must indicate broker name and phone #
What happen if broker license is suspended or there is revocation? - ANS-Salesperson
and associates broker licenses are suspended.
What are Fiduciary Duties? - ANS-Obedience
Loyalty
Disclosure
Confidentiality
Accountability
Reasonable care and duty to account
, When is agency disclosure form? - ANS-A written explanation to be signed by a
prospective buyer or seller of real estate, explaining to the client role that the broker
plays in transaction.
-Should be signed at first substantive contact
-outlines the agents duties
-allows for advance consent to dual agency
-explains that an agent owes a fiduciary duty to the client.
Undisclosed Agency - ANS-A relationship which the real estate agent found to be the
agent of both the buyer and seller in a transaction, but without the knowledge and
informed consent of both parties.
-illegal in NY
-agent should notify both parties and have them sign agency disclosure form which
states that the agent is acting as a dual agent. This is known as Advance consent to
dual agency.
General Agent - ANS-Someone authorized to transact every kind of business for the
principal.
-Property Manager
Special Agent - ANS-An agent with limited authority to act on behalf of the principal,
such as created by a listing.
-real estate agent/real estate broker and
Exclusive right to sell - ANS-An agreement of employment by a broker under which the
exclusive right to sell for specified period is granted to the broker; if a sale during the
term of the agreements made by owner or by other broker, the broker holding such
exclusive right to sell is nevertheless entitled to compensation.
Agent - ANS-Sales person or broker
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