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NYREI quiz questions.
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NYREI quiz questions.
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NYREI quiz questionsGreg 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? - correct 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 - correct 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: - correct 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? - correct 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? - correct answer-Exclusive right to sell
Which listing arrangement provides the greatest opportunity for an agent to earn
commission? - correct 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 - correct answer-Disclose this
condition to the buyer, as this is a latent defect
When is the property condition disclosure statement usually completed? - correct
answer-When the property is listed for sale
A real estate broker will lose the right to a commission if he or she - correct 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) - correct 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)
- correct 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 - correct 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? -
correct 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) - correct 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? - correct 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... - correct 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) - correct 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? - correct answer-No
Who does not require a real estate license? - correct 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? - correct
answer-No, 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 -
correct 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 - correct 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? - correct 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? - correct 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 - correct answer-license 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 - correct answer-have a
separate branch office license
Is a supervising broker required to personally negotiate every listing agreement initiated by
his agents? - correct 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) - correct
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? - correct answer-Yes, if Terry discloses the referral fee in
writing to Spencer, she can accept the fee
Broker Rob and Bonnie are having dinner when Bonnie mentions she's having trouble
getting listings in a particular part of town. Rob says he's happy to handle all listings in that
neighborhood if she agrees to quit trying to land clients there. In exchange he'll send
prospective clients her way if they live closer to her business. This is an example of:
boycotting, market allocation, price fixing, tying in - correct answer-market allocation
Anti trust laws are in place to ensure that - correct answer-Competition in the marketplace is
fair an unrestrained
Gary is one of three brokers recently convicted of illegal boycotting. What did Gary and co
do? - correct answer-They avoided showing listings by Discount Dan
Who is legally responsible for completing a form disclosing material facts about property
that's for sale? - correct answer-The seller only.
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