NYREI quiz questions & Answers(Latest Update )

Greg 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? - 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 - 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: - 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? - 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? - ANSWER Exclusive right to sell Which listing arrangement provides the greatest opportunity for an agent to earn commission? - 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 - ANSWER Disclose this condition to the buyer, as this is a latent defect When is the property condition disclosure statement usually completed? - ANSWER When the property is listed for sale A real estate broker will lose the right to a commission if he or she - 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) - 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) - 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. NYREI quiz questions & Answers(Latest Update )