Chapter 2 Questions - part 2 Flashcards

Chapter 2 Questions - part 2 Flashcards Jason, a buyer's broker, found a property for his client on the MLS. By agreeing to the cooperative arrangement of the MLS, who in addition to his client does Jason have an agency relationship with...?A. The sellerB. The seller's brokerC. The seller's agentD. The principal A The amount of commission paid to an agent for a residential rental transaction is typically based on a percentage of this amount...?A. Total annual rentB.Monthly rentC. 6 months worth of rentD. 3 months worth of rent A John, a real estate broker, is referring his client to David, a mortgage broker, as a means to help his client obtain financing on a property. In return, David is offering to give John a referral fee. Before John can accept the referral fee, what must be provided to the client...?A. Full disclosure of the referral feeB. A percentage of the referral feeC.Reduced commission paid by the clientD. Implied consent A Which of the following is considered an anti-trust violation...?A. Market AllocationB. Divided LoyaltyC. Dual AgencyD. Estoppel A What is the typical length of term for an Exclusive Right to Sell agreement...?A. 6 monthsB. 3 monthsC. 1 monthD. 12 months A If one or both of the parties in a transaction are not aware that a dual agency relationship exists, what can occur...?A.The contract can be rescindedB. The buyer's earnest money must be forfeitedC. Both parties must walk away from the dealD. Nothing will occur A If an owner opts NOT to list his/her property on the MLS, what may they be risking...?A. Their property may not sellB. Their property may be viewed by more prospective buyersC. Their property may sell above market valueD.Their property may decrease in investment value A Ben, a real estate broker, entered into an Exclusive Right to Sell agreement with his client. Ben introduced a buyer to the seller who eventually bought the property, however, the client decided to terminate the agreement with Ben prior to the closing. Who is entitled to the commission...?A. Ben, the listing brokerB. The sellerC. The buyerD. No party is entitled to the commission A

Who is required to sign the NYS Agency Disclosure Form...?A. The buyer or sellerB. The salespersonC. The brokerD. The owner's attorney A If two brokerage firms enter into a market allocation agreement, what may they be limiting...?A. CompetitionB.Open listingsC. The number of properties on the marketD.The maximum price an owner may receive for their property A 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 Disclosure FormB. The Cooperative Agreement FormC.Single Agency FormD. The Sales Contract A Joan, a real estate agent, and her colleague Philip, a real estate agent working under the same broker as Joan, have entered into a dual agency relationship. At what point in the transaction may a principal dissolve the dual agency arrangement...?A. Any point in the transactionB. Only within 30 days of the closingC. Only within 30 day of the first substantive meetingD. The principals cannot dissolve the dual agency arrangement after giving their initial consent A Josh, a real estate broker, is hesitant to enter into a dual agency arrangement as it may affect these duties to his client...?A. Fiduciary DutiesB. Legal DutiesC. Agency DutiesD. Expressed Duties A 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 taxesB. Provide paid advertisements for the agentC. Pay for the agent's lunches with clientsD. Provide a company car for the agent to use A Abby is a New York State real estate agent, specializing in condominium sales. According to State law, Abby's compensation is directly related to what...?A. SalesB.Hours workedC. Number of clientsD. Number of listings A Which of the following is NOT considered an anti-trust violation...?A. Divided LoyaltyB. Market AllocationC. Group BoycottD. Tie-in Arrangement A What should be provided before a dual agency relationship occurs...?A. Informed consent by all partiesB. Implied consent by all partiesC. Oral consent by all partiesD. Partial disclosure by all parties A

MLS is an acronym for what...?A. Multiple Listing ServiceB.Multiple Listing SourceC. Many Listing ServiceD. Multiple Listing Software A Jim is a real estate salesperson who represents the seller in a transaction. Michael, a real estate salesperson from the same brokerage firm as Jim, represents the buyer in the transaction. In this scenario, what type of agency exists...?A. Dual AgencyB. Single AgencyC. Cooperative AgencyD. Implied Agency A According to the Buyer's Agency Agreement, which of the following is considered a buyer's obligation to the broker...?A. Conduct all negotiations through the brokerB.Provide the broker with a down payment to make on behalf of the buyerC. Rely on the broker for all legal adviceD. Pay the broker a bonus for negotiating a lower purchase price A Which of the following is considered a broker's obligation to his/her client, according to the Buyer's Agency Agreement...?A. Provide the buyer with information describing and identifying properties that match the buyer's criteriaB. Inspect potential properties for structural defects on behalf of the buyerC. Provide legal advice to the buyerD. Conduct a survey of potential properties that match the buyer's criteria A Which of the following is NOT a characteristic of an independent contractor relationship...?A. The agent is entitled to health benefitsB. The agent is not required to work set hoursC. The agent is not required to work in a specific locationD. The agent is responsible for his/her own expenses A As a/an ............... the work activities of a real estate agent cannot be controlled by his/her broker...?A. Independent ContractorB. EmployeeC. AssistantD. Associate A Only after January 1, 2011 was this permitted, as stated under Section 443 of the NYS Real Property Law...?A.Advance consent to dual agencyB. Advance consent to net listing agreementsC. Advance consent to commingling of fundsD. Advance consent to market allocation A 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 property can no longer be listed on the MLSB. The seller must retain a new brokerC.The seller must retain a new agentD. The property will not be sold A

John, a real estate broker representing the owner, listed his client's property on the MLS. Any buyer's agent will be a sub-agent to whom...?A. John's clientB. The buyer's brokerC. The buyer's clientD. The buyer's agent will not be a sub-agent in the transaction A According to NYS law, a broker is not allowed to do which of the following...?A. Take an extended leave of absence from his/her brokerage officeB. Operate as a dual agentC.Give bonuses to his/her agent'sD. Hire a personal assistant A Which of the following does an agent NOT have to disclosure to his/her client...?A. Ease of transportation in the neighborhoodB. Lead paintC. Extensive termite damageD. Major structural damage A In addition to the agent signing the independent contractor agreement, what else is required before the agreement can be finalized...?A. The agreement must be notarizedB. The agreement must be recordedC. The agreement must be delivered to the Department of StateD. The agreement must be copied and delivered to all parties involved A Two brokers entered into an agreement whereby one broker will only do business on the east side of the city and the other broker will only do business on the west side of the city, in essence creating a market allocation agreement.What would this agreement limit...?A. CompetitionB.Housing pricesC. The number of properties on the marketD. The number of buyers in the market place A Mark, a buyer's broker, found a perspective property for his client on the MLS. By agreeing to the cooperative arrangement of the MLS, who does Mark have an agency relationship with, in addition to his client...?A. The sellerB.The seller's brokerC. The seller's agentD. The principal A Prior to January 1, 2011, which of the following was NOT permitted under New York State law...?A. Advance consent to dual agencyB. Consent to exclusive agency agreementsC. Independent Contractor agreements between brokers and agentsD. Open listing agreements A Which of the following is NOT a characteristic of an independent contractor relationship...?A. The agent is paid hourly wagesB. The agent is not required to work in a specific locationC. The agent is responsible for his/her own expensesD. The agent can be employed by another company A John is a real estate salesperson with City brokerage. How many hours per week is John required to work for City brokerage...?A. John is not required to work a set amount