license exam
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| open-non exclusive listing agreement | show 🗑
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| show | measured by comparing the median income of an area
to its median home price
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| exclusive right to rent | show 🗑
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| when does disclosure form have to be signed | show 🗑
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| FSBO | show 🗑
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| Client refuses to sign Disclosure form | show 🗑
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| Differences between Independent Contractor and Employees | show 🗑
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| show | Yes!
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| show | Compensation has to be directly related to sales!
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| show | 1. Taxes paid on commissions are paid in arrears
2. No set working hours
3. No specific job location
4. can be employed w another company
5. Agent must cover own expenses
6. Broker cannot control agents work activities
7. Either party can terminate
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| show | 1. Loyalty
2. Disclose
3. Obedience
4. Diligence and Due Care
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| show | Everything in your power to get advantage for specific client
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| Breach of duty loyalty | show 🗑
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| Duty to Disclose | show 🗑
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| Buyers Agent SHOULD disclose | show 🗑
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| show | -Must do what the client says
-Within limits of law (must follow fair housing... etc)
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| Duty of Due Diligence and Due Care | show 🗑
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| show | - Be aware of buyers qualifications
-pre qualification or pre approval letter from lender
-building assessments
-Pending or impending litigations
-Do NOT place multiple contracts on multiple properties at the same time
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| What records should a BUYERS agent keep? | show 🗑
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| What records should a SELLRS agent keep? | show 🗑
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| Mortgage Contingency | show 🗑
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| show | 1. Lead paint disclosure form (ALL building built before 1978)
2. SHOULD do... Property condition: Mold, foundation, termites, etc... if not it's a $500 credit to buyer on sale
3.
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| Land lease | show 🗑
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| When is agent disclosures form used? | show 🗑
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| Loyalty | show 🗑
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| show | The salesperson must communicate with the client and present all offers. This is known as__
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| show | The salesperson must safeguard any money or property held on behalf of the client. This is known as___
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| Reasonable Care | show 🗑
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| Obedience | show 🗑
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| Which of the following may be considered a 3rd party to a transaction...? | show 🗑
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| show | Listing Agreement
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| Mark, a real estate broker, teamed up with Chris, another real estate broker, in an effort to not do business with a cross-town broker. What may Mark and Chris be accused of...? | show 🗑
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| show | The sponsoring broker
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| show | The Tenant
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| In a typical transaction, who directly pays the real estate salesperson his/her commission...? | show 🗑
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| The broker's client is also referred to as the...? | show 🗑
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| The principle which precludes a person from asserting something contrary to what is implied by a previous action or statement of that person, or by a previous pertinent judicial determination, is known as...? | show 🗑
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| The fiduciary duty that prohibits the agent from advancing any interests adverse to the principal’s interest, or conducting the principal’s business in such a way as to benefit a customer is known as...? | show 🗑
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| show | Owner- tenant
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| Which of the following is NOT considered a principal in an agency relationship...? | show 🗑
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| he degree of caution and concern for the safety of himself/herself and others an ordinarily prudent and rational person would use in the circumstances is known as...? | show 🗑
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| A real estate salesperson is typically what type of agent...? | show 🗑
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| According to an agent's fiduciary duties, the agent must not reveal information detrimental to his/her client without written permission. Which of the following fiduciary duties best reflects this...? | show 🗑
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| Which section of the New York State Real Property Law states that the broker may be liable for the salesperson's actions...? | show 🗑
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| Which of the following is considered a principal in an agency relationship...? | show 🗑
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| show | Estoppel
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| An agency relationship is created through a | show 🗑
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| Principal is also know as the... | show 🗑
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| show | Estoppel is a legal principle that prevents someone from contradicting a statement or action from the pas
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| A dual agent owes full _____ ____ to both the buyer and seller. | show 🗑
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| show | Dual Agency
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| show | Duty of loyalty because he's not working in best interest of client
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| show | Advance consent to dual agency
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| show | Disclosure form
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| show | Sub-agent. The buyers broker also has an indirect, sub-agency relationship w/ the seller.
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Created by:
jelia