NYS COLIBRI REAL ESTATE TEST QUESTIONS AND
ANSWERS
Expressed Agency - ANSWER Agency created in a verbal or written
agreement
General Agent - ANSWER One commissioned by a principal to represent the
principal in a specific line of items
Fiduciary - ANSWER Person of trust, mandated by law to high principles of
good faith and loyalty
Fiduciary Duties - ANSWER care, obedience, accounting, loyalty, and
disclosure COALD
Group Boycott - ANSWER A formal denial by rival businesses to conduct
business with a specific "target" individual or company
Implied Agency - ANSWER Agency which comes into being due to conduct of
the parties
Loyalty - ANSWER A duty of loyalty, which makes a real estate licensee place
the interests of the principal above all other interests, including her own
Market Allocation AKA Territory Allocation - ANSWER A form of antitrust
violation in which competitors refrain from competing with each other in
particular markets by dividing geographic areas, products, or customers
Misrepresentation - ANSWER Falsehood or false statement that can render the
contract void
, Obedience - ANSWER The fiduciary relationship obliges the agent to always
act in good faith, according to the directions of the client in the contract
Price Fixing - ANSWER A breach of the antitrust laws when two or more than
two competitors come to an agreement on fixing the prices they will be
charging
Principal AKA Client - ANSWER The person who appoints an agent
Reasonable Care - ANSWER A fiduciary duty to protect clients from
foreseeable harm, be professional, and carry out undertaken responsibilities
Self-Dealing - ANSWER Whenever a Fiduciary acts in their own interest with
their confidential information for their good and not the common good of the
shareholders/Principal, within a Transaction/Agency Relationship
Special Agent AKA Limited Agent - ANSWER An agent who has been
authorized by the principal to perform a specific activity or enter into a specific
transaction
Subagent - ANSWER Agent of an agent
Tie-in Arrangement AKA Tying Agreement - ANSWER Antitrust violation
wherein one transaction or agreement is contingent upon a second transaction or
agreement
Vicarious Liability - ANSWER The doctrine that the principal is responsible
for the tortious act of his or her agent if such acts are within the scope of the
agency
Notice of Change of Association - ANSWER Whenever there is a change in
broker and/or address, the licensee shall file and complete the correct form with
the Department of State within 5 days
Revocation - ANSWER To take back or unofficially
ANSWERS
Expressed Agency - ANSWER Agency created in a verbal or written
agreement
General Agent - ANSWER One commissioned by a principal to represent the
principal in a specific line of items
Fiduciary - ANSWER Person of trust, mandated by law to high principles of
good faith and loyalty
Fiduciary Duties - ANSWER care, obedience, accounting, loyalty, and
disclosure COALD
Group Boycott - ANSWER A formal denial by rival businesses to conduct
business with a specific "target" individual or company
Implied Agency - ANSWER Agency which comes into being due to conduct of
the parties
Loyalty - ANSWER A duty of loyalty, which makes a real estate licensee place
the interests of the principal above all other interests, including her own
Market Allocation AKA Territory Allocation - ANSWER A form of antitrust
violation in which competitors refrain from competing with each other in
particular markets by dividing geographic areas, products, or customers
Misrepresentation - ANSWER Falsehood or false statement that can render the
contract void
, Obedience - ANSWER The fiduciary relationship obliges the agent to always
act in good faith, according to the directions of the client in the contract
Price Fixing - ANSWER A breach of the antitrust laws when two or more than
two competitors come to an agreement on fixing the prices they will be
charging
Principal AKA Client - ANSWER The person who appoints an agent
Reasonable Care - ANSWER A fiduciary duty to protect clients from
foreseeable harm, be professional, and carry out undertaken responsibilities
Self-Dealing - ANSWER Whenever a Fiduciary acts in their own interest with
their confidential information for their good and not the common good of the
shareholders/Principal, within a Transaction/Agency Relationship
Special Agent AKA Limited Agent - ANSWER An agent who has been
authorized by the principal to perform a specific activity or enter into a specific
transaction
Subagent - ANSWER Agent of an agent
Tie-in Arrangement AKA Tying Agreement - ANSWER Antitrust violation
wherein one transaction or agreement is contingent upon a second transaction or
agreement
Vicarious Liability - ANSWER The doctrine that the principal is responsible
for the tortious act of his or her agent if such acts are within the scope of the
agency
Notice of Change of Association - ANSWER Whenever there is a change in
broker and/or address, the licensee shall file and complete the correct form with
the Department of State within 5 days
Revocation - ANSWER To take back or unofficially
