Real Estate U NYS - Chapter 2 Exam 1
According to an agent's fiduciary duties, the agent must not change or modify the
financial terms of a deal. Which of the following fiduciary duties best reflects this...?
A. Obedience
B. Reasonable Care
C. Accountability
D. Loyalty - answerC. Accountability
A situation in which one party is held partly responsible for the unlawful actions of a third
party is known as...?
A. Dual Agency
B. Principal Arrangement
C. Undivided Loyalty
D. Vicarious Liability - answerD. Vicarious Liability
John, a real estate salesperson, was referred a client from another agent. After
successfully closing on the deal, John would like to offer a referral fee to the agent who
referred the client. What must John obtain first before offering a referral fee...?
A.Written agreement with the referring agent
B. Informed consent of the client
C. Written agreement with the agent's sponsoring broker
D. None of the above - answerB. Informed consent of the client
David's house was listed at $465,000. The property eventually sold for $485,000. The
agreed upon commission was 6%. How much did David pay as a commission at the
closing of the property...?
A. 29100
B. 27000
C. 27100
D. 14550 - answerA. 29100
An agreement to do something or to allow something to happen only after all the
relevant facts are disclosed is known as...?
A. Exclusive Right to Sell
B. Estoppel
C. Confidentiality
, D. Informed Consent - answerD. Informed Consent
Representing both principals (seller and buyer) in a transaction is known as...?
A. Disclosure
B. General Agent
C. Dual Agency
D. Specific Agent - answerC. Dual Agency
Chris, a real estate broker, has entered into an agreement to lease one of John's
apartments. Who is the customer in the transaction...?
A. The Buyer
B. The Tenant
C. The Landlord
D. The Agent - answerB. The Tenant
A property was sold for $220,000. The total commission for the transaction was 5%.
The listing broker and buyer's broker agreed to split the commission 50/50. What is the
amount of commission paid to the listing broker...?
A. 11000
B. 13200
C. 6600
D. 5500 - answerD. 5500
An agreement of employment by a broker under which the exclusive right to sell for a
specified period is granted to the broker is known as...?
A. Advance Consent to Dual Agency
B. Expressed Agency
C. Exclusive Right to Sell
D. Implied Agency - answerC. Exclusive Right to Sell
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...?
A. Justin has a fiduciary duty to the client
B. Federal law requires consent
C. None of the above
D. The client may like to know how the commission is being distributed - answerA.
Justin has a fiduciary duty to the client
In addition to the principal, the agent also owes fiduciary duties to which of the
following...?
According to an agent's fiduciary duties, the agent must not change or modify the
financial terms of a deal. Which of the following fiduciary duties best reflects this...?
A. Obedience
B. Reasonable Care
C. Accountability
D. Loyalty - answerC. Accountability
A situation in which one party is held partly responsible for the unlawful actions of a third
party is known as...?
A. Dual Agency
B. Principal Arrangement
C. Undivided Loyalty
D. Vicarious Liability - answerD. Vicarious Liability
John, a real estate salesperson, was referred a client from another agent. After
successfully closing on the deal, John would like to offer a referral fee to the agent who
referred the client. What must John obtain first before offering a referral fee...?
A.Written agreement with the referring agent
B. Informed consent of the client
C. Written agreement with the agent's sponsoring broker
D. None of the above - answerB. Informed consent of the client
David's house was listed at $465,000. The property eventually sold for $485,000. The
agreed upon commission was 6%. How much did David pay as a commission at the
closing of the property...?
A. 29100
B. 27000
C. 27100
D. 14550 - answerA. 29100
An agreement to do something or to allow something to happen only after all the
relevant facts are disclosed is known as...?
A. Exclusive Right to Sell
B. Estoppel
C. Confidentiality
, D. Informed Consent - answerD. Informed Consent
Representing both principals (seller and buyer) in a transaction is known as...?
A. Disclosure
B. General Agent
C. Dual Agency
D. Specific Agent - answerC. Dual Agency
Chris, a real estate broker, has entered into an agreement to lease one of John's
apartments. Who is the customer in the transaction...?
A. The Buyer
B. The Tenant
C. The Landlord
D. The Agent - answerB. The Tenant
A property was sold for $220,000. The total commission for the transaction was 5%.
The listing broker and buyer's broker agreed to split the commission 50/50. What is the
amount of commission paid to the listing broker...?
A. 11000
B. 13200
C. 6600
D. 5500 - answerD. 5500
An agreement of employment by a broker under which the exclusive right to sell for a
specified period is granted to the broker is known as...?
A. Advance Consent to Dual Agency
B. Expressed Agency
C. Exclusive Right to Sell
D. Implied Agency - answerC. Exclusive Right to Sell
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...?
A. Justin has a fiduciary duty to the client
B. Federal law requires consent
C. None of the above
D. The client may like to know how the commission is being distributed - answerA.
Justin has a fiduciary duty to the client
In addition to the principal, the agent also owes fiduciary duties to which of the
following...?
