New York Real Estate Exam Prep Questions and Answers

New York Real Estate Exam Prep Questions and Answers The situation with the most potential for conflict is when a real estate licensee acts as a: -Dual Agent -Buyers Broker -Sellers Agent -Transaction Broker - Answer ️️ --Dual Agent A seller has listed her home with a broker for $90,000, and the broker tells a prospective buyer to submit a low offer because the seller is desperate to sell. The buyer offers $85,000 and the seller accepts it. In this situations: -The broker has violated his agency relationship with the seller -The broker was unethical, but the seller did get to sell the property -The broker acted properly to obtain a quick offer on the property -Any broker is authorized to encourage such bids for the property - Answer ️️ --The broker has violated his agency relationship with the seller The words "procurring cause" would have an important meaning to which of the following: -A dispute over commission on an exclusive agency listing -A lawsuit against a licensee involving fraud -The sale of government land -When securing a listing - Answer ️️ --A dispute over commission on an exclusive agency listing "Procurring cause is the act of the broker which is instrumental in effecting the meeting of minds between the seller and the buyer as to the price and terms. It is one of the requisites for entitlement to commission" If a salesperson acts as an independent contractor, then: -He controls his own working hours -All of his listings belong to him -His broker must withhold income tax from his commission checks -He is responsible to his broker as to how his work is performed - Answer ️️ --He controls his own working hours In a real estate transaction, fiduciary duties are owed to the: -Principal -Customer -Broker -Agent - Answer ️️ --Principal In a real estate transaction, both the seller's agent and the buyer's agent are legally required to put whose interest first? -Their Principal's -Their Brokers -The Sellers -The Buyers - Answer ️️ --Their Principals In addition to the duties of diligence, care, and skill, a real estate agent owes the principal a full disclosure of all facts material to the subject of the agency. Any intentional concealment of such facts by the agent would probably be regarded as; -Misrepresentation -Constructive Fraud -Commingling -Conversion - Answer ️️ --Misrepresentation When serving as a buyer's agent, according to the Civil Code sections dealing with agency, a licensee owes a fidicuary duty: -To the buyer -To the seller -To the broker -To the buyer and seller - Answer ️️ --To the Buye