RE Exam 4 questions with 100%
complete solutions
An Apartment Sharing Agent is required to establish a trust account:
A. Only if their fees are charged to the potential tenant, rather than the property owner.
B. With a minimum balance of $10,000 plus an additional $5,000 for each branch office other than the
main office.
C. With a minimum balance of $5,000 plus an additional $2,500 for each branch office other than the
main office.
D. With a minimum balance of $2,500 plus an additional $1,250 for each branch office other than the
main office. - correct answer ✔✔CORRECT ANSWER IS: D
Each Apartment Sharing Agent is required to maintain a trust account with a minimum balance of
$2,500 plus an additional $1,250 for each branch office other than the main office.
Which of the following types of appraisal licenses would enable its holder to appraise commercial
properties:
A. Certified general appraiser only.
B. Certified residential appraiser and certified general appraiser only.
C. Licensed real estate appraiser, certified residential appraiser and certified general appraiser only.
D. All levels of appraisal licensing would permit the appraisal of commercial properties. - correct answer
✔✔CORRECT ANSWER IS: A
Only certified general appraisers can appraise commercial properties.
Which of the following classes of broker´s licenses would be issued to an associate broker:
A. Class 30.
B. Class 33.
C. Class 35.
D. Class 37. - correct answer ✔✔CORRECT ANSWER IS: A
An associate broker´s license is a class 30 license.
,A written listing agreement between a buyer and a licensee would be an example of:
A. Estoppel.
B. Ratification.
C. Implied agreement.
D. Express agreement. - correct answer ✔✔CORRECT ANSWER IS: D
A written listing contract is a type of express agreement.
When should a real estate licensee discuss with a client the possibility of changing the agency
relationship from single agent to dual agent or dual agent with designated sales agents?
A. No later than the time when the customer is asked to consent to a dual agency or dual agency with
designated sales agents.
B. At the time the agency relationship is established.
C. Within five business days after the change in relationship.
D. At least five business days prior to the commencement of the agency relationship. - correct answer
✔✔CORRECT ANSWER IS: B
It is best to discuss that possibility with the client when the agency relationship is established.
A licensee and a homeowner make an oral agreement for the licensee to represent the homeowner in
the sale of the home. This would be an example of:
A. Estoppel.
B. Ratification.
C. Implied agreement.
D. Express agreement. - correct answer ✔✔CORRECT ANSWER IS: D
An oral agreement is a type of express agreement.
If Salesperson Steve works for Broker Betty and takes a listing on a property as seller's agent, which of
the following statements is most accurate about the agency relationship created:
A. Salesperson Steve is the agent of the seller while Broker Betty is the subagent of the seller.
B. Salesperson Steve is the subagent of the seller while Broker Betty is the agent of the seller.
, C. Both Salesperson Steve and Broker Betty are agents of the seller.
D. Neither Salesperson Steve nor Broker Betty are agents of the seller. - correct answer ✔✔CORRECT
ANSWER IS: B
The listing contract is always between the broker and the seller, not the salesperson and the seller.
Therefore, the broker is the agent of the seller and the salesperson is the subagent of the seller.
Which type of listing is illegal in the State of New York:
A. An open listing.
B. A net listing.
C. An exclusive agency listing.
D. An exclusive right to sell listing. - correct answer ✔✔CORRECT ANSWER IS: B
Net listings are illegal in New York.
A licensee who breaches his or her fiduciary obligation to a client can suffer which of the following
consequences:
A. Revocation of his or her license.
B. A civil judgment in court.
C. Rescission of the transaction.
D. All of these choices. - correct answer ✔✔CORRECT ANSWER IS: D
A breach of fiduciary duties can result in each of these consequences.
What is the defining feature of a net listing:
A. The compensation is a percentage of the profit on the sale of the property.
B. There is no compensation offered to cooperating brokers.
C. There is a partial rebate of the commission to the seller of the property.
D. The compensation to the agent is the sale price which is in excess of some specified amount. - correct
answer ✔✔CORRECT ANSWER IS: D
In a net listing, the compensation is the sale price which is in excess of a specified amount. For instance,
it might be any price received in excess of $200,000.
complete solutions
An Apartment Sharing Agent is required to establish a trust account:
A. Only if their fees are charged to the potential tenant, rather than the property owner.
B. With a minimum balance of $10,000 plus an additional $5,000 for each branch office other than the
main office.
C. With a minimum balance of $5,000 plus an additional $2,500 for each branch office other than the
main office.
D. With a minimum balance of $2,500 plus an additional $1,250 for each branch office other than the
main office. - correct answer ✔✔CORRECT ANSWER IS: D
Each Apartment Sharing Agent is required to maintain a trust account with a minimum balance of
$2,500 plus an additional $1,250 for each branch office other than the main office.
Which of the following types of appraisal licenses would enable its holder to appraise commercial
properties:
A. Certified general appraiser only.
B. Certified residential appraiser and certified general appraiser only.
C. Licensed real estate appraiser, certified residential appraiser and certified general appraiser only.
D. All levels of appraisal licensing would permit the appraisal of commercial properties. - correct answer
✔✔CORRECT ANSWER IS: A
Only certified general appraisers can appraise commercial properties.
Which of the following classes of broker´s licenses would be issued to an associate broker:
A. Class 30.
B. Class 33.
C. Class 35.
D. Class 37. - correct answer ✔✔CORRECT ANSWER IS: A
An associate broker´s license is a class 30 license.
,A written listing agreement between a buyer and a licensee would be an example of:
A. Estoppel.
B. Ratification.
C. Implied agreement.
D. Express agreement. - correct answer ✔✔CORRECT ANSWER IS: D
A written listing contract is a type of express agreement.
When should a real estate licensee discuss with a client the possibility of changing the agency
relationship from single agent to dual agent or dual agent with designated sales agents?
A. No later than the time when the customer is asked to consent to a dual agency or dual agency with
designated sales agents.
B. At the time the agency relationship is established.
C. Within five business days after the change in relationship.
D. At least five business days prior to the commencement of the agency relationship. - correct answer
✔✔CORRECT ANSWER IS: B
It is best to discuss that possibility with the client when the agency relationship is established.
A licensee and a homeowner make an oral agreement for the licensee to represent the homeowner in
the sale of the home. This would be an example of:
A. Estoppel.
B. Ratification.
C. Implied agreement.
D. Express agreement. - correct answer ✔✔CORRECT ANSWER IS: D
An oral agreement is a type of express agreement.
If Salesperson Steve works for Broker Betty and takes a listing on a property as seller's agent, which of
the following statements is most accurate about the agency relationship created:
A. Salesperson Steve is the agent of the seller while Broker Betty is the subagent of the seller.
B. Salesperson Steve is the subagent of the seller while Broker Betty is the agent of the seller.
, C. Both Salesperson Steve and Broker Betty are agents of the seller.
D. Neither Salesperson Steve nor Broker Betty are agents of the seller. - correct answer ✔✔CORRECT
ANSWER IS: B
The listing contract is always between the broker and the seller, not the salesperson and the seller.
Therefore, the broker is the agent of the seller and the salesperson is the subagent of the seller.
Which type of listing is illegal in the State of New York:
A. An open listing.
B. A net listing.
C. An exclusive agency listing.
D. An exclusive right to sell listing. - correct answer ✔✔CORRECT ANSWER IS: B
Net listings are illegal in New York.
A licensee who breaches his or her fiduciary obligation to a client can suffer which of the following
consequences:
A. Revocation of his or her license.
B. A civil judgment in court.
C. Rescission of the transaction.
D. All of these choices. - correct answer ✔✔CORRECT ANSWER IS: D
A breach of fiduciary duties can result in each of these consequences.
What is the defining feature of a net listing:
A. The compensation is a percentage of the profit on the sale of the property.
B. There is no compensation offered to cooperating brokers.
C. There is a partial rebate of the commission to the seller of the property.
D. The compensation to the agent is the sale price which is in excess of some specified amount. - correct
answer ✔✔CORRECT ANSWER IS: D
In a net listing, the compensation is the sale price which is in excess of a specified amount. For instance,
it might be any price received in excess of $200,000.
