NEW YORK REAL ESTATE BUNDLED
SET 2026 TEST BANK TESTED
QUESTIONS CORRECT ANSWERS
◉ What happens to the licenses of salespersons if their sponsoring
broker's license is revoked? Answer: They are suspended
◉ Which type of residential real property transfer would require a
property to condition disclosure statement? Answer: Lease with an
option to purchase
◉ A listing broker for the seller has a buyer-client who asks to see the
listing. This request could create which type of agency? Answer: Dual
Agency
◉ A broker's compensation is determined in an agreement between the
broker and the Answer: Principal
◉ Which fiduciary duty would be violated when a client suffers a
financial loss as a result of an agent's lack of expertise in dealing with a
particular type of property? Answer: Reasonable Care
◉ If clients who sign an "exclusive right to sell" listing agreement with a
broker find a buyer for the property on their own, the broker is...
Answer: entitled to the original agreed upon commission
, ◉ At an open house, Ozzie discloses to an interested buyer that he has a
right to his own representation but the buyer refuses. The buyer's
relationship to Ozzie is a... Answer: Customer
◉ The main purpose of the Agency Disclosure Form is to Answer:
Inform customers of the agency relationship of themselves to a real
estate agent and available choices for representation.
◉ Which of the following scenarios best illustrates the first substantive
contact with a prospective buyer? Answer: an individual meeting with
an agent and discussing the purchase of a specific property.
◉ What type of real estate agent is authorized to represent a principal in
one specific transaction? Answer: Special
◉ If an agent represents two opposing parties in the same transaction
without both parties' full knowledge and informed consent, the agents
action is known as a(n) Answer: Undisclosed Dual Agency
◉ The broker's principal is ALWAYS the Answer: client
◉ Sally Seller has chosen Broker Bob to represent her in the sale of her
house. Broker Bob will advance and protect Sally's interest during the
sale. What word best describes their relationship? Answer: Fiduciary
SET 2026 TEST BANK TESTED
QUESTIONS CORRECT ANSWERS
◉ What happens to the licenses of salespersons if their sponsoring
broker's license is revoked? Answer: They are suspended
◉ Which type of residential real property transfer would require a
property to condition disclosure statement? Answer: Lease with an
option to purchase
◉ A listing broker for the seller has a buyer-client who asks to see the
listing. This request could create which type of agency? Answer: Dual
Agency
◉ A broker's compensation is determined in an agreement between the
broker and the Answer: Principal
◉ Which fiduciary duty would be violated when a client suffers a
financial loss as a result of an agent's lack of expertise in dealing with a
particular type of property? Answer: Reasonable Care
◉ If clients who sign an "exclusive right to sell" listing agreement with a
broker find a buyer for the property on their own, the broker is...
Answer: entitled to the original agreed upon commission
, ◉ At an open house, Ozzie discloses to an interested buyer that he has a
right to his own representation but the buyer refuses. The buyer's
relationship to Ozzie is a... Answer: Customer
◉ The main purpose of the Agency Disclosure Form is to Answer:
Inform customers of the agency relationship of themselves to a real
estate agent and available choices for representation.
◉ Which of the following scenarios best illustrates the first substantive
contact with a prospective buyer? Answer: an individual meeting with
an agent and discussing the purchase of a specific property.
◉ What type of real estate agent is authorized to represent a principal in
one specific transaction? Answer: Special
◉ If an agent represents two opposing parties in the same transaction
without both parties' full knowledge and informed consent, the agents
action is known as a(n) Answer: Undisclosed Dual Agency
◉ The broker's principal is ALWAYS the Answer: client
◉ Sally Seller has chosen Broker Bob to represent her in the sale of her
house. Broker Bob will advance and protect Sally's interest during the
sale. What word best describes their relationship? Answer: Fiduciary
