Exam (elaborations)
Real Estate U NYS - Chapter 2 Exam 2 Questions and Answers 2024
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Real Estate U NYS - Chapter 2 Exam 2
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Real Estate U NYS - Chapter 2 Exam 2As an independent contractor, which of the following must exist between the
salesperson and a specific broker...?
A. Implied contract
B. Explicit agreement
C. Handshake agreement
D. Written contract - answerD. Written contract
When a buyer's broker agrees to the cooperative arrangement of the MLS, he/she
becomes what to the seller, who's property is listed on the MLS...?
A. Secondary agent
B. Primary broker
C. Sub-agent
D. Principal - answerC. Sub-agent
Which of the following is NOT considered an anti-trust violation...?
A. Vicarious Liability
B. Price Fixing
C. Tie-in Arrangement
D. Group Boycott - answerA. Vicarious Liability
As stated in the Exclusive Right to Sell Agreement, this clause dictates that an owner
cannot discriminate against any potential buyers...?
A. Use of Listing clause
B. Termination clause
C. Amount of Commission clause
D. Fair Housing clause - answerD. Fair Housing clause
As a real estate agent working as an independent contractor, compensation is directly
related to what...?
A. Number of Listings
B. Number of Clients
C. Hours Worked
D. Sales - answerD. Sales
, Abby, a buyer's broker, found a property for her client on the MLS. As a result, Abby has
now become a sub-agent to the owner of the MLS listing. This is an example of what
type of agency...?
A. Single Agency
B. Implied Agency
C. Dual Agency
D. Cooperative Agency - answerC. Dual Agency
Emily is a real estate agent representing the seller in a transaction. Her colleague,
Mark, works for the same broker and represents a prospective buyer. What should
Emily and Mark have their clients review and sign-off on before entering into a dual
agency relationship...?
A. The Cooperative Agreement Form
B. The Sales Contract
C. Single Agency Form
D. The Disclosure Form - answerD. The Disclosure Form
Chris is a real estate salesperson who represents the seller in a transaction. If another
agent from Chris' brokerage firm represents the buyer in the same transaction, what
type of agency will exist...?
A. Implied Agency
B. Single Agency
C. Dual Agency
D. Cooperative Agency - answerC. Dual Agency
A seller agrees to have their property listed on the MLS. As a result, the seller agrees to
a dual agency relationship. What may arise if the seller subsequently withdraws their
consent to dual agency...?
A. The seller must retain a new agent
B. The property can no longer be listed on the MLS
C. The seller must retain a new broker
D. The property will not be sold - answerB. The property can no longer be listed on the
MLS
If an independent contractor relationship is breached and the agent is considered an
employee according to New York State, what is the broker required to do...?
A. Withhold income taxes
B. Pay for the agent's lunches with clients
C. Provide a company car for the agent to use
D. Provide paid advertisements for the agent - answerA. Withhold income taxes
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