NYREI STATE EXAM GROUP TUTORING

NYREI STATE EXAM GROUP TUTORING According to the New York State Real Property Law, a real estate salesperson's license is issued for a term of how many years? - CORRECT ️️ Two What type of residential real property transfer would require a property condition disclosure statement? - CORRECT ️️ Re-sales What happens to the licenses of salespersons if their sponsoring broker's license is revoked or suspended? - CORRECT ️️ They are suspended A listing broker for the seller has a buyer-client who asks to see the listing. This request could create which type of agency? - CORRECT ️️ Dual Agency A broker's compensation is determined in an agreement between the broker and the? - CORRECT ️️ Principal or client What 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? - CORRECT ️️ 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 - CORRECT ️️ Entitled to the originally agreed upon commission. At an open house, Quentin discloses to an interested buyer that he has the right to his own representation but the buyer refuses. The buyer's relationship to Quentin is as a(n)? - CORRECT ️️ Customer