NYREI EXAM 3 QUESTIONS WITH CORRECT ANSWERS

NYREI EXAM 3 QUESTIONS WITH CORRECT ANSWERS At what point must a sale person present agency disclosure form to a consumer - CORRECT ️️ First substantive contract someone walk into an open house listing agent must present agency disclosure before - CORRECT ️️ answering question about house An act of employment where client obligates himself to pay a brokerage commission if the property sells during term of if the property sells during term of listing agreement is: - CORRECT ️️ exclusive right to sell what listing gives brokerage no real protection? - CORRECT ️️ open A listing broker must maintain signed agency disclosure form: - CORRECT ️️ 3 years if client who signs exclusive right to sell listing agreement with a broker find a buyer other own, broker is entitled to: - CORRECT ️️ original commission if a seller's agent is showing a home and prospective purchaser refuses to sign agency disclosure form the agent should: - CORRECT ️️ show, but complete declaration stating the facts. the very 1st documents submitted to prospective clients or customer is known as: - CORRECT ️️ agency disclosure form An exclusive agency agreement is a contract between - CORRECT ️️ broker/seller A seller pays total commission of $11,570 on a $178,000 sale. listing broker pays selling broker 3% listing broker then pays half the remaining balance to the listing agent how much does listing broker keep? - CORRECT ️️ 178,000x3%= 11,570 total commission 5,340 - selling broker = 6,230 balance /2= 3,115 Agency - CORRECT ️️ you represent someone Client - CORRECT ️️ who you work for customer - CORRECT ️️ you don't work for who bring to the deal