NYS COLIBRI REAL ESTATE FINAL NEWEST ACTUAL EXAM
WITH COMPLETE QUESTIONS ANDANSWERS/
VERIFIED/GRADED A+/.
Misrepresentation - ----Answers---A false statement or lie
that can render the contract void
Obedience - ----Answers---The 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 - ----Answers---An antitrust violation that
occurs when two or more competitors agree to fix the prices
that they will charge
Principal AKA Client - ----Answers---The person who gives
authority to an agent
Reasonable Care - ----Answers---A fiduciary duty that
requires agents to protect clients from foreseeable harm, act
professional, and perform promised duties
Self-Dealing - ----Answers---When 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
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, Special Agent AKA Limited Agent - ----Answers---An agent
authorized by the principal to perform a specific activity or
participate in a specific transaction
Subagent - ----Answers---An agent of an agent
Tie-in Arrangement AKA Tying Agreement - ----Answers---
An antitrust violation in which one transaction or agreement is
contingent on a second transaction or agreement
Vicarious Liability - ----Answers---The legal concept that a
principal can be held responsible for the wrongful act of their
agent if such acts occur within the scope of the agency
relationship
Expressed Agency - ----Answers---An agency created in a
written or oral agreement
General Agent - ----Answers---One who is authorized by a
principal to represent the principal in a specific range of
matters
Fiduciary - ----Answers---Person in a position of trust, held
by law to high standards of good faith and loyalty
Fiduciary Duties - ----Answers---care, obedience, accounting,
loyalty, and disclosure COALD
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WITH COMPLETE QUESTIONS ANDANSWERS/
VERIFIED/GRADED A+/.
Misrepresentation - ----Answers---A false statement or lie
that can render the contract void
Obedience - ----Answers---The 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 - ----Answers---An antitrust violation that
occurs when two or more competitors agree to fix the prices
that they will charge
Principal AKA Client - ----Answers---The person who gives
authority to an agent
Reasonable Care - ----Answers---A fiduciary duty that
requires agents to protect clients from foreseeable harm, act
professional, and perform promised duties
Self-Dealing - ----Answers---When 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
Page 1 of 9
, Special Agent AKA Limited Agent - ----Answers---An agent
authorized by the principal to perform a specific activity or
participate in a specific transaction
Subagent - ----Answers---An agent of an agent
Tie-in Arrangement AKA Tying Agreement - ----Answers---
An antitrust violation in which one transaction or agreement is
contingent on a second transaction or agreement
Vicarious Liability - ----Answers---The legal concept that a
principal can be held responsible for the wrongful act of their
agent if such acts occur within the scope of the agency
relationship
Expressed Agency - ----Answers---An agency created in a
written or oral agreement
General Agent - ----Answers---One who is authorized by a
principal to represent the principal in a specific range of
matters
Fiduciary - ----Answers---Person in a position of trust, held
by law to high standards of good faith and loyalty
Fiduciary Duties - ----Answers---care, obedience, accounting,
loyalty, and disclosure COALD
Page 2 of 9
