Real Estate U NYS -
Chapter 2 Exam 1
Questions and Complete
Solutions Graded A+
Denning [Date] [Course title]
,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 - Answer: C. 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 - Answer: D. 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 - Answer: B. 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 - Answer: A. 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 - Answer: D. 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 - Answer: C. 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 - Answer: B. 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...?
Chapter 2 Exam 1
Questions and Complete
Solutions Graded A+
Denning [Date] [Course title]
,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 - Answer: C. 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 - Answer: D. 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 - Answer: B. 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 - Answer: A. 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 - Answer: D. 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 - Answer: C. 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 - Answer: B. 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...?
