Real Estate U Final Exam questions Joe Jacobs Flashcards

Real Estate U Final Exam questions Joe Jacobs Flashcards Ely is a real estate broker who has entered into an agency relationship with Justin, a property owner looking to sell his house. Ely brings James, a prospective buyer, to Justin with an offer to purchase Justin's house. Which of the following statements is correct...?Ely is the Agent, Justin is the Principal, and James is the Customer What must a licensed real estate salesperson keep on him or herself at all times when practicing as an agent...?A Pocket Card A person who on behalf of, or for the benefit of another, transacts business or handles money or property not the person's own is known as a...?Fiduciary According to Article 12-A of the NYS Real Property Law, which of the following is a general requirement for obtaining a real estate salespersons license...?Must have at least a work permit Appointing one or more individual agents in a firm to represent only the interests of the seller, and one or more different individual agents in the firm to represent only the interests of the buyer, when a firm has an "in-house" dual agency situation, is known as...?Designated Sales Agent The Listing Price is also referred to as what...? The price agreed upon in the contract between the seller and seller's agent Which of the following are you NOT entitled to without a real estate license...?A commission A property was sold for $525,600. The total commission for the transaction was 6%. The listing broker and buyer's broker agreed to split the commission 50/50. If the buyer's broker's real estate agent was responsible for the sale of the property and receives a 65/35 split with his broker, how much commission is paid to the real estate agent...?

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According to an Exclusive Right to Sell agreement, what price is listed in the agreement...?The Listing Price The broker, as a franchisee of a national brokerage, is considered what to the national brokerage...?Sub-agent A card issued by the Department of State to each licensee is known as a...?Pocket Card If a principal or agent provides a customer with a material fact, which of the following must apply...?The fact must be true and accurate John is interested in purchasing a two bedroom house and enters into an agency relationship with Chris, a real estate broker, to help him find a house. According to the fiduciary duties Chris owes to John, which of the following is true...?According to the duty of Obedience, Chris should not show John one bedroom houses

Making an intentionally false statement to induce someone to contract is known as...?Misrepresentation Conditions under which a property condition disclosure statement is not required is known as a/an...?Exemption What is the typical length of term for an Exclusive Right to Sell agreement...?

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According to NYS law, a broker is not allowed to do which of the following...?Take an extended leave of absence from his/her brokerage office The release of relevant information about a property that may influence the final sale, especially if it represents defects or problems is known as...?Disclosure What acronym can be used to remember the six fiduciary duties of an agent...?

OLD CAR

A licensed real estate broker who by choice elects to work under the name and supervision of another real estate broker is known as a/an...?Associate Real Estate Broker As stated in the Exclusive Right to Sell Agreement, any changes or modifications to the Agreement must be made in this manner...?Must be in-writing According to an agent's fiduciary duties, the agent must present all offers to his/her client. Which of the following fiduciary duties best reflects this...?Disclosure To mingle or mix funds is known as what...? Commingling Which of the following are NOT assessed by a home inspector...?Air Rights Justin, a real estate salesperson, would like to offer his colleague a referral fee for referring him a new client.Before offering the referral fee, however, Justin obtained informed consent from the client. Why must Justin obtain consent from the client...?Justin has a fiduciary duty to the client One who undertakes to transact some business or to manage some affair for another by authority of the latter is known as a...?Agent The broker's client is also referred to as the...?Principal A selling agent or participating agent is referred to as the...?Cooperating Agent A property was sold for $750,000. The total commission for the transaction was 6%. The listing broker and buyer's broker agreed to split the commission 50/50. If the buyer's broker's real estate agent was responsible for the sale of the property and receives a 40/60 with his broker, how much commission is paid to the real estate agent...?9000 Cindy's house was listed at $732,100. The property eventually sold for $736,250. The agreed upon commission was 6%. How much did Cindy pay in commissions at the

closing of the property...?44175 Ben, a real estate agent, represents several buyers. In an attempt to increase his commission, he decides to have his

clients bid against the same property without their knowledge or consent. Which fiduciary duty has Ben breached...?Loyalty