NYS Colibri Real Estate Final Exam
Questions And Answers With Verified
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Expressed Agency - ANSWER✔✔An agency created in a written or oral agreement
General Agent - ANSWER✔✔One who is authorized by a principal to represent
the principal in a specific range of matters
Fiduciary - ANSWER✔✔Person in a position of trust, held by law to high standards
of good faith and loyalty
Fiduciary Duties - ANSWER✔✔care, obedience, accounting, loyalty, and disclosure
COALD
Group Boycott - ANSWER✔✔An organized refusal by competing businesses to
deal with a particular "target" person or business
Implied Agency - ANSWER✔✔Agency that exists as a result of actions of the
parties
Loyalty - ANSWER✔✔A fiduciary duty that requires a real estate licensee to put
the principal's interests above all others' interests, including her own
Market Allocation AKA Territory Allocation - ANSWER✔✔An antitrust violation
where competitors agree to not compete with each other in specific markets by
dividing up geographic areas, types of products, or types of customers
Misrepresentation - ANSWER✔✔A false statement or lie that can render the
contract void
Obedience - ANSWER✔✔The fiduciary relationship obligates the agent to act in
good faith at all times, obeying the client's instructions in accordance with the
contract
, Price Fixing - ANSWER✔✔An antitrust violation that occurs when two or more
competitors agree to fix the prices that they will charge
Principal AKA Client - ANSWER✔✔The person who gives authority to an agent
Reasonable Care - ANSWER✔✔A fiduciary duty that requires agents to protect
clients from foreseeable harm, act professional, and perform promised duties
Self-Dealing - ANSWER✔✔When a Fiduciary acts in their own interests with their
sensitive information for their own benefit instead of the greater benefit of
shareholders/Principal, during a Transaction/Agency Relationship
Special Agent AKA Limited Agent - ANSWER✔✔An agent authorized by the
principal to perform a specific activity or participate in a specific transaction
Subagent - ANSWER✔✔An agent of an agent
Tie-in Arrangement AKA Tying Agreement - ANSWER✔✔An antitrust violation in
which one transaction or agreement is contingent on a second transaction or
agreement
Vicarious Liability - ANSWER✔✔The legal concept that a principal can be held
responsible for the wrongful act of their agent if such acts occur within the scope
of the agency relationship
Change of Association Notice - ANSWER✔✔Whenever there is a change of broker
and/or address, the licensee must complete and submit the appropriate form to
the Department of State within 5 days
Revocation - ANSWER✔✔To take back or unauthorize
Multiple Listing Service (MLS) - ANSWER✔✔An organization with a suite of
services that real estate brokers use to establish and share information about
properties for sale
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