Unit 3 NY real estate Questions And Correct Detailed Answers (Verified Answers) Already Graded A+

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Unit 3 NY real estate Questions And Correct Detailed Answers (Verified Answers) Already Graded A+

• Listing agreements are considered

• Correct Answer: employment agreements.

• A listing contract will terminate as the result of performance of the object. This

means that

• Correct Answer: the property has been sold.

• Which of the following BEST describes a residential transaction?
• A building containing four or fewer units intended for dwelling purposes
• A building containing five or fewer units intended for dwelling purposes
• A building containing six or fewer units intended for dwelling purposes
• A building containing three or fewer units intended for dwelling purposes

• Correct Answer: A) A building containing four or fewer units intended for dwelling purposes

• A seller and a buyer are both working with the same realty, but through two different

agents. The buyer wants to see the seller's home. The realty provides all the appropriate disclosure forms to both parties prior to the buyer seeing the seller's home. If both parties still want the realty's agents to represent them but each wants a salesperson or associated broker who will represent her or him alone, what can they do?

• Correct Answer: The seller and the buyer can request a designated agent

relationship.

• When a broker takes a listing, all salespeople who work for the broker are generally

considered

• Correct Answer: agents for the broker and subagents for the seller.

• Buyer agents are cautioned

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• Correct Answer: to avoid helping sellers in a manner that could create an agency relationship with them.

• In a buyer-broker agency relationship the broker represents

• Correct Answer: the buyer, who is the client.

• Most agency relationships of any type are created by

• Correct Answer: written agreement between the agent and the principal.

• A buyer agent can be compensated by

• Correct Answer: either a buyer or a seller.

• When communicating the present property tax information on a listed property,

the listing broker should disclose

• Correct Answer: that the tax amount is valid only for the year of the sale.

• Buyers or sellers are asked to sign an acknowledgment certifying that they have

read the disclosure form and • Correct Answer: understand the role of the particular agent in the transaction.

• Which of the following is correct about buyer agents and sellers?
• The agent facilitates the transaction for both parties.
• The agent is a dual agent for the buyer and the seller.
• The agent provides advice to the buyer but not the seller.
• None of these are true.

• Correct Answer: C) The agent provides advice to the buyer but not the seller.

• In which listing agreement would sellers have the ability to reserve the right to

conduct their own sale without compensating the exclusive agent?

• Correct Answer: Exclusive-agency listing

• When the buyer meets the agent at the advertised listed property with the intent to

inspect the property for purchase, the licensee should obtain the disclosure form signed by the buyer

• Correct Answer: prior to entering the property being shown.

• A listing agent for a residential transaction should obtain the seller's

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• Correct Answer: signed acknowledgment before entering into a listing agreement.

• The seller single-agent relationship is formed when a broker is engaged by

• Correct Answer: the seller-client.

• The written agency relationship disclosure is intended, among other things, to

warn customers and potential customers

• Correct Answer: not to reveal any information they want keep confidential.

• A broker who lists a property on her website should remove the listing from the for-

sale section of the site

• Correct Answer: after a sale occurs.

• Dual agency is legal as long as it

• Correct Answer: is done with the full and the informed consent of all interested parties to the transaction.

• The listing arrangement that provides the greatest protections for the broker is the

• Correct Answer: exclusive-right-to-sell listing.

• The listing agreement where the seller reserves the right to conduct his own sale

without compensating the listing broker, but agrees to pay the listing broker a commission if another broker brings about a sale, is called an

• Correct Answer: exclusive agency

• RPL 443-3f states that should any buyer or seller refuse to sign the agency

disclosure forms, • Correct Answer: the agent may make a written affidavit that the disclosure was provided to that party.

• Upon first contact, cooperating brokers must inform the listing agent whether they

are acting as agents or subagents of other parties. This would be due to the fact that these relationships impact the listing agent's

• Correct Answer: disclosure of information.

• By engaging the buyer's own broker, the buyer is subject to

• Correct Answer: vicarious liability.

• In a single agency agreement in which a broker represents a seller,

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• Correct Answer: the seller is the client.

• Which of the following describes an offer of subagency?
• Acceptance of the offer is absolute.
• The buyer will be the only one to compensate the selling broker.
• If not accepted, declaration of the selling broker's relationship must be made.
• The duties will be owed to the buyer.

• Correct Answer: C) If not accepted, declaration of the selling broker's relationship must be made.

• Which of the following is correct about agency?
• The buyer must have her own agent for the sale to be valid.
• The law requires that each party use the services of a broker.
• The seller must have his own agent for the sale to be valid.
• No law requires a buyer or seller to use the services of a broker.

• Correct Answer: D) No law requires a buyer or seller to use the services of a broker.

• When a listing agent in each and every case is acting on behalf of the seller, this

agent operates as a

• Correct Answer: single agent.

• A seller who does not wish to offer subagency to MLS members, but still wants to

gain exposure through an MLS, can direct the listing agent to list it because • Correct Answer: he may split the commission with another broker who represents either the buyer or the listing broker only.

• Unless the wording specifically provides otherwise, a listing contract generally will

• Correct Answer: only create an open listing.

• The listing agreement with which the broker receives compensation regardless of

who sells the property is called an

• Correct Answer: exclusive right to sell.

• As long as the agency relationship is clear and explicit,