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CHAPTER 2 - PART 2 – QUIZ| 55 QUESTIONS AND ANSWERS.
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CHAPTER 2 - PART 2 – QUIZ| 55 QUESTIONS AND ANSWERS.
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CHAPTER 2 - PART 2 – QUIZ 55QUESTIONS AND ANSWERS
This document describes the roles and duties of a dual agent...? - answer NYS Disclosure Form
Prior to January 1, 2011, which of the following was NOT permitted under New York State
law...? - answer Advance consent to dual agency
Only after January 1, 2011 was this permitted, as stated under Section 443 of the NYS Real
Property Law...? - answer Advance consent to dual agency
According to an Exclusive Right to Sell agreement, what price is listed in the agreement...? -
answer The Listing Price
The agreed upon price between the seller and seller's agent, for which the property will be sold,
is also known as what...? - answer Listing Price
The Listing Price is also referred to as what...? - answer The price agreed upon in the contract
between the seller and seller's agent
If the commission for a transaction is 5% and the seller's agent agrees to share 40% of his/her
commission with participating brokers, what percentage of the purchase price is shared with
the buyer's broker...? - answer 2 (Percent %)
According to the Exclusive Right to Sell Agreement, who is liable for any damage, theft or loss
attributed to a lockbox...? - answer The Seller
According to NYS law, how long is a broker allowed to take an extended leave of absence from
his/her brokerage office...? - answer A broker is not allowed to take an extended leave of
absence
, According to NYS law, a broker is not allowed to do which of the following...? - answer Take an
extended leave of absence from his/her brokerage office
According to NYS Law, how much income must an agent generate in order to maintain their
status as a licensed real estate agent...? - answer There are no required minimum earnings
Ben, a real estate agent, represents several buyers. In an attempt to increase his commission, he
decides to have his clients bid against the same property without their knowledge or consent.
Which fiduciary duty has Ben breached...? - answer Loyalty
Which of the following does an agent NOT have to disclosure to his/her client...? - answer Traffic
flow in the neighborhood
Which of the following disclosures must be provided by an agent on behalf of his/her client...? -
answer Lead paint
Which of the following should an agent recommend to their client as a means to verify the
financial capabilities of the client...? - answer Have the buyer obtain a pre-approval letter from a
lender
In addition to the agent signing the independent contractor agreement, what else is required
before the agreement can be finalized...? - answer The agreement must be notarized
David is a real estate agent with City brokerage. City brokerage is headquartered on Park Avenue
in Manhattan; however, there are satellite offices in each of the major neighborhoods
throughout Manhattan. As an agent, in which office is David required to work...? - answer David
is not required to work in any office if he so chooses
Which of the following is NOT a characteristic of an independent contractor relationship...? -
answer The agent is entitled to health benefits
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