NYS COLIBRI REAL ESTATE FINAL
EXAM CORRECT 100%
Expressed Agency - ANSWERAn agency created in a written or oral agreement
General Agent - ANSWEROne who is authorized by a principal to represent the
principal in a specific range of matters
Misrepresentation - ANSWERA false statement or lie that can render the contract
void
Obedience - ANSWERThe fiduciary relationship obligates the agent to act in good
faith at all times, obeying the client's instructions in accordance with the contract
Price Fixing - ANSWERAn antitrust violation that occurs when two or more
competitors agree to fix the prices that they will charge
Principal AKA Client - ANSWERThe person who gives authority to an agent
Fiduciary - ANSWERPerson in a position of trust, held by law to high standards of
good faith and loyalty
Fiduciary Duties - ANSWERcare, obedience, accounting, loyalty, and disclosure
COALD
Group Boycott - ANSWERAn organized refusal by competing businesses to deal
with a particular "target" person or business
Implied Agency - ANSWERAgency that exists as a result of actions of the parties
Loyalty - ANSWERA fiduciary duty that requires a real estate licensee to put the
principal's interests above all others' interests, including her own
Market Allocation AKA Territory Allocation - ANSWERAn antitrust violation where
competitors agree to not compete with each other in specific markets by dividing up
geographic areas, types of products, or types of customers
Reasonable Care - ANSWERA fiduciary duty that requires agents to protect clients
from foreseeable harm, act professional, and perform promised duties
Self-Dealing - ANSWERWhen a Fiduciary acts in their own interests with their
sensitive information for their own benefit instead of the greater benefit of
shareholders/Principal, during a Transaction/Agency Relationship
Special Agent AKA Limited Agent - ANSWERAn agent authorized by the principal to
perform a specific activity or participate in a specific transaction
EXAM CORRECT 100%
Expressed Agency - ANSWERAn agency created in a written or oral agreement
General Agent - ANSWEROne who is authorized by a principal to represent the
principal in a specific range of matters
Misrepresentation - ANSWERA false statement or lie that can render the contract
void
Obedience - ANSWERThe fiduciary relationship obligates the agent to act in good
faith at all times, obeying the client's instructions in accordance with the contract
Price Fixing - ANSWERAn antitrust violation that occurs when two or more
competitors agree to fix the prices that they will charge
Principal AKA Client - ANSWERThe person who gives authority to an agent
Fiduciary - ANSWERPerson in a position of trust, held by law to high standards of
good faith and loyalty
Fiduciary Duties - ANSWERcare, obedience, accounting, loyalty, and disclosure
COALD
Group Boycott - ANSWERAn organized refusal by competing businesses to deal
with a particular "target" person or business
Implied Agency - ANSWERAgency that exists as a result of actions of the parties
Loyalty - ANSWERA fiduciary duty that requires a real estate licensee to put the
principal's interests above all others' interests, including her own
Market Allocation AKA Territory Allocation - ANSWERAn antitrust violation where
competitors agree to not compete with each other in specific markets by dividing up
geographic areas, types of products, or types of customers
Reasonable Care - ANSWERA fiduciary duty that requires agents to protect clients
from foreseeable harm, act professional, and perform promised duties
Self-Dealing - ANSWERWhen a Fiduciary acts in their own interests with their
sensitive information for their own benefit instead of the greater benefit of
shareholders/Principal, during a Transaction/Agency Relationship
Special Agent AKA Limited Agent - ANSWERAn agent authorized by the principal to
perform a specific activity or participate in a specific transaction
