100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
New York Real Estate Exam Prep Questions and Answers 100% Pass $12.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Prep Tests
  4.  
  5. Prep Tests

Exam (elaborations)

New York Real Estate Exam Prep Questions and Answers 100% Pass
 0 view  0 purchase
  • Course
  • Prep Tests
  • Institution
  • Prep Tests

New York Real Estate Exam Prep Questions and Answers 100% Pass The situation with the most potential for conflict is when a real estate licensee acts as a: -Dual Agent -Buyers Broker -Sellers Agent -Transaction Broker - ANSWER--Dual Agent A seller has listed her home with a broker for $90,00...

[Show more]

Preview 3 out of 18  pages

Document information

  • November 11, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • new york real estate exam prep questions and answe

Written for

  • Prep Tests
  • Prep Tests

Seller

avatar-seller
OliviaWest

Reviews received

Content preview

Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED




New York Real Estate Exam Prep

Questions and Answers 100% Pass


The situation with the most potential for conflict is when a real estate licensee acts as a:


-Dual Agent


-Buyers Broker


-Sellers Agent


-Transaction Broker - ANSWER✔✔--Dual Agent


A seller has listed her home with a broker for $90,000, and the broker tells a prospective buyer to submit

a low offer because the seller is desperate to sell. The buyer offers $85,000 and the seller accepts it. In

this situations:


-The broker has violated his agency relationship with the seller


-The broker was unethical, but the seller did get to sell the property


-The broker acted properly to obtain a quick offer on the property


-Any broker is authorized to encourage such bids for the property - ANSWER✔✔--The broker has violated

his agency relationship with the seller


The words "procurring cause" would have an important meaning to which of the following:


-A dispute over commission on an exclusive agency listing




Copyright ©Stuvia International BV 2010-2024 Page 1/18

, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED


-A lawsuit against a licensee involving fraud


-The sale of government land


-When securing a listing - ANSWER✔✔--A dispute over commission on an exclusive agency listing




"Procurring cause is the act of the broker which is instrumental in effecting the meeting of minds

between the seller and the buyer as to the price and terms. It is one of the requisites for entitlement to

commission"


If a salesperson acts as an independent contractor, then:


-He controls his own working hours


-All of his listings belong to him


-His broker must withhold income tax from his commission checks


-He is responsible to his broker as to how his work is performed - ANSWER✔✔--He controls his own

working hours


In a real estate transaction, fiduciary duties are owed to the:


-Principal


-Customer


-Broker


-Agent - ANSWER✔✔--Principal




Copyright ©Stuvia International BV 2010-2024 Page 2/18

, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED


In a real estate transaction, both the seller's agent and the buyer's agent are legally required to put

whose interest first?


-Their Principal's


-Their Brokers


-The Sellers


-The Buyers - ANSWER✔✔--Their Principals


In addition to the duties of diligence, care, and skill, a real estate agent owes the principal a full

disclosure of all facts material to the subject of the agency. Any intentional concealment of such facts by

the agent would probably be regarded as;


-Misrepresentation


-Constructive Fraud


-Commingling


-Conversion - ANSWER✔✔--Misrepresentation


When serving as a buyer's agent, according to the Civil Code sections dealing with agency, a licensee

owes a fidicuary duty:


-To the buyer


-To the seller


-To the broker


-To the buyer and seller - ANSWER✔✔--To the Buyer



Copyright ©Stuvia International BV 2010-2024 Page 3/18

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller OliviaWest. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

76799 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.49
  • (0)
  Add to cart