CHAPTER 2 - PART 2 – QUIZ Correctly Answered 2024

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 clie