Colibri Real estate express chapter 5 Questions with Accurate Answers
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Colibri Real estate
Institution
Colibri Real Estate
Colibri Real estate express chapter 5 Questions with Accurate Answers
What do we call an agent who represents a seller exclusively in a real estate transaction?
A. Exclusive agent
B. Single agent
C. Subagent
D. Broker agent
B. Single agent
What is an in-house sales agreement?
A. A...
Colibri Real estate express chapter 5
Questions with Accurate Answers
What do we call an agent who represents a seller exclusively in a real estate
transaction?
A. Exclusive agent
B. Single agent
C. Subagent
D. Broker agent - answerB. Single agent
What is an in-house sales agreement?
A. An agreement that the transaction will not involve subagents
B. An agreement that no MLS listing will be placed
C. An agreement to allow dual agency
D. An agreement to allow interior showings of the property - answerC. An agreement to
allow dual agency
This form is required by New York law and is designed to help the consumer make
informed choices about the relationship he or she may want to have with any real estate
licensees?
A. The New York State Disclosure Form For Buyer and Seller.
B. The New York State Licensing Form for Agents.
C. The New York State Real Property Law, Form 175.7.
D. The New York State Designated Agent Agreement. - answerA. The New York State
Disclosure Form For Buyer and Seller.
Mary has a listing agreement with Broker Tom. Mary tells Tom she wants him to use
broker agents to help sell her property. Tom gets Larry, Gail and Bill; who all work for
other firms, to help find a buyer for Mary's property. Who would be vicariously liable for
Bill's actions?
A. Broker Tom and Mary
B. Broker Tom, Larry and Gail
C. Broker Tom
D. Mary - answerC. Broker Tom
, Which type of agency would be most advantageous to a buyer?
A. Broker's agency
B. Buyer brokerage
C. Designated agency
D. Consensual dual agency - answerB. Buyer brokerage
Which of the following is NOT a reason for an involuntary termination of agency?
A. Agreement expiration
B. Agent abandonment
C. Destruction of the property through fire
D. Breach of contract - answerA. Agreement expiration
In all residential transactions licensees must give potential sellers or buyers a written
disclosure form when they make their _____________________ contact.
A. first
B. first substantive
C. contract presentation
D. first face-to-face - answerB. first substantive
All of the following may involuntarily terminate an agency relationship except?
A. Bankruptcy
B. Expiration of the agreement term
C. Agent abandonment
D. Condemnation of the property - answerB. Expiration of the agreement term
A buyer's agent is generally paid by the traditional commission arrangement between
the listing broker and the cooperating broker whereby the___________pays the
commission, which is then split between the listing agent and the buyer agent.
A. parties
B. seller
C. buyer
D. broker - answerB. seller
Designated agency means the clients do not have the full level of fiduciary duties
available to them that they would have if they were fully involved in seller agency or
buyer agency. What the client gives up in this situation is the fiduciary duty of
undivided?
A. Loyalty
B. Confidentiality
C. Accountability
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