CHAPTER 2 - PART 2 – QUIZ Correctly Answered 2024/2025

CHAPTER 2 - PART 2 – QUIZ Correctly Answered 2024 This document describes the roles and duties of a dual agent...? - Answer -NYS Disclosure Form Prior to January 1, 2011, which of the following was NOT permitted under New York State law...? - Answer -Advance consent to dual agency Only after January 1, 2011 was this permitted, as stated under Section 443 of the NYS Real Property Law...? - Answer -Advance consent to dual agency According to an Exclusive Right to Sell agreement, what price is listed in the agreement...? - Answer -The Listing Price The agreed upon price between the seller and seller's agent, for which the property will be sold, is also known as what...? - Answer -Listing Price The Listing Price is also referred to as what...? - Answer -The price agreed upon in the contract between the seller and seller's agent If the commission for a transaction is 5% and the seller's agent agrees to share 40% of his/her commission with participating brokers, what percentage of the purchase price is shared with the buyer's broker...? - Answer -2 (Percent %) According to the Exclusive Right to Sell Agreement, who is liable for any damage, theft or loss attributed to a lockbox...? - Answer -The Seller According to NYS law, how long is a broker allowed to take an extended leave of absence from his/her brokerage office...? - Answer -A broker is not allowed to take an extended leave of absence According to NYS law, a broker is not allowed to do which of the following...? - Answer -Take an extended leave of absence from his/her brokerage office According to NYS Law, how much income must an agent generate in order to maintain their status as a licensed real estate agent...? - Answer -There are no required minimum earnings 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...? - Answer -Loyalty Which of the following does an agent NOT have to disclosure to his/her client...? - Answer -Traffic flow in the neighborhoodWhich of the following disclosures must be provided by an agent on behalf of his/her client...? - Answer - Lead paint Which of the following should an agent recommend to their client as a means to verify the financial capabilities of the client...? - Answer -Have the buyer obtain a pre-approval letter from a lender In addition to the agent signing the independent contractor agreement, what else is required before the agreement can be finalized...? - Answer -The agreement must be notarized David is a real estate agent with City brokerage. City brokerage is headquartered on Park Avenue in Manhattan; however, there are satellite offices in each of the major neighborhoods throughout Manhattan. As an agent, in which office is David required to work...? - Answer -David is not required to work in any office if he so chooses Which of the following is NOT a characteristic of an independent contractor relationship...? - Answer - The agent is entitled to health benefits Which of the following is a characteristic of an independent contractor relationship...? - Answer -The agent is not required to work set hours As an agent, how many brokers are you typically allowed to work for at any given time...? - Answer -One 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...? - Answer -Withhold income taxes As an independent contractor, which of the following is an expense that must be paid by the agent...? - Answer -Travel expenses When two brokers agree to the MLS' cooperative arrangement, what type of agency is created...? -