NY REAL ESTATE CHAPTER 2 law of agency
multiple choice study guide Questions With
Complete Solutions
An agent's duties to the principal do NOT include: - Correct
Answers ✅legal advice
An agency relationship is NOT between a: - Correct
Answers ✅seller and a buyer of real property
Relying on his agent's advice, the buyer purchases the
property in a commercial area but the agent had not actually
known what zoning applied. The buyer learns that the zoning
precludes him from using the property as intended. The
agent: - Correct Answers ✅committed an act of
misrepresentation and is liable to the buyer for any losses
When a licensed real estate salesperson wants to buy
property listed with her broker's office, she may: - Correct
Answers ✅buy the property provided she makes her
interest known to all parties
An agency agreement does NOT terminate because of: -
Correct Answers ✅Bankruptcy of the salesperson
A broker can accept compensation from both buyer and
seller: - Correct Answers ✅only after disclosure and
informed consent of both parties
, NY REAL ESTATE CHAPTER 2 law of agency
multiple choice study guide Questions With
Complete Solutions
When a cooperating broker accepts an MLS offer of
subagency, the cooperating broker becomes an agent of the:
- Correct Answers ✅seller
A broker may NOT discuss with a buyer: - Correct Answers
✅the fact that the seller is facing bankruptcy
Two neighboring county multiple listing services agree to set
all commission rates for commercial properties at 10 percent
so that consumers do not have to shop around for lower
commission rates. This activity is: - Correct Answers ✅an
illegal restraint of trade
An MLS is best defined as: - Correct Answers ✅a means of
sharing listings among member brokers and their agents that
allows cooperation and shared compensation
A salesperson is typically a: - Correct Answers ✅special
agent
principal is one who: - Correct Answers ✅empowers
another to act for him or her
When taking a listing, the property owner tells the agent that
the septic system is not working. This information appears in
the MLS data for the property. At a showing, the agent: -
multiple choice study guide Questions With
Complete Solutions
An agent's duties to the principal do NOT include: - Correct
Answers ✅legal advice
An agency relationship is NOT between a: - Correct
Answers ✅seller and a buyer of real property
Relying on his agent's advice, the buyer purchases the
property in a commercial area but the agent had not actually
known what zoning applied. The buyer learns that the zoning
precludes him from using the property as intended. The
agent: - Correct Answers ✅committed an act of
misrepresentation and is liable to the buyer for any losses
When a licensed real estate salesperson wants to buy
property listed with her broker's office, she may: - Correct
Answers ✅buy the property provided she makes her
interest known to all parties
An agency agreement does NOT terminate because of: -
Correct Answers ✅Bankruptcy of the salesperson
A broker can accept compensation from both buyer and
seller: - Correct Answers ✅only after disclosure and
informed consent of both parties
, NY REAL ESTATE CHAPTER 2 law of agency
multiple choice study guide Questions With
Complete Solutions
When a cooperating broker accepts an MLS offer of
subagency, the cooperating broker becomes an agent of the:
- Correct Answers ✅seller
A broker may NOT discuss with a buyer: - Correct Answers
✅the fact that the seller is facing bankruptcy
Two neighboring county multiple listing services agree to set
all commission rates for commercial properties at 10 percent
so that consumers do not have to shop around for lower
commission rates. This activity is: - Correct Answers ✅an
illegal restraint of trade
An MLS is best defined as: - Correct Answers ✅a means of
sharing listings among member brokers and their agents that
allows cooperation and shared compensation
A salesperson is typically a: - Correct Answers ✅special
agent
principal is one who: - Correct Answers ✅empowers
another to act for him or her
When taking a listing, the property owner tells the agent that
the septic system is not working. This information appears in
the MLS data for the property. At a showing, the agent: -
