Note 8 - Agent PDF

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C: Express Contract-the parties to the contract have definitely agreed on all the terms in the contract - 57-The usual listing agreement between a seller and a real estate agent is a (n) a. Implied contract. b. Breach of contract. c. Express contract. d. Discharge of contract.

C: If a broker feels the commission will not be paid, they must file an affidavit of entitlement for completed brokerage services. - 26-Big Apple Realty is concerned that its Commission on a sale will not be paid. Big Apple Realty may

a. file a lis pendens, b. Request a de minimis gift. c. File an affidavit of entitlement. d. File a mechanic's lien.

C: Implied Contract has not been put into words but is implied by the action and conduct of parties - 58-When the agreement of the parties is demonstrated by their acts and conduct, this is known as what type of contract? a. express b. voidable c. implied d. unilateral

C: In Duncan & Hill, the court upheld the Department of State's determination that a real estate broker who was not a licensed attorney demonstrated untrustworthiness and incompetence in violation of Real Property Law sect;441-c, finding that, when he prepared documents that included detailed mortgage terms he had devised, he engaged in the unauthorized practice of law - 28-The Duncan and Hill decision cautioned real estate licensees against

a. Misrepresentation.

b. Consumer fraud. c. The unauthorized practice of law. d. Undisclosed dual agency.

C: Kept by the broker in a safe place. - 7-A salesperson's license must be

a. displayed on the firm's wall. b. kept in the salesperson's wallet c. retained by the principal broker. d. d. sent to the local REALTORS association.

C: LAWFUL OCCUPATION is protected class only in NEW YORK CITY!!!! - 88- A protected class under New York City law and not under state or federal law is which of the following? a. age b. marital status c. lawful occupation d. familial status

C: Lease agreement does not terminate when an owner sells, new owner is bound by terms of lease - 55-A tenant learns her building has been sold to a new landlord. The sale of the property a. Automatically terminates all preexisting leases. b. Automatically renews the lease for an additional term, although the tenant has the option of declining the renewal. c. has no effect on existing leases, and the tenant must make timely rent payments to the new owner. d. terminates the lease, but the tenant is entitled to a legal holdover tenancy for the remainder of the lease term.

C: Redlining-refusing to make loans to purchase, construct or repair a dwelling by discriminating - 90-Redlining is defined as

a. Steering home seekers to a particular neighborhood. b. Drawing red lines on a local map indicating what areas to look in for listings. c. Denying or restricting loans in a certain area by a lending institution. d. A zoning procedure.

C: selling land at an auction. - 3-Which of the following acts would require a real estate license in New York a. Sale of one's own property b. Sale by the owner's lawyer c. Sale of land by an auctioneer d. Foreclosure sale by court order

C: Some types of tanks that are exempt Tanks on farms and residential store less than 1100 gallons. - 96-The Underground Storage Tank Act in New York regulates underground fuel storage tanks That are a. 2,000 gallons or larger. b. 550 gallons or larger. c. 1,100 gallons or larger. d. 750 gallons or larger.

C: The agent because if the fiduciary must tell the seller. - 30-Buyers should be careful NOT to reveal the top price they're willing to pay to a (n)

a. Buyer's agent. b. Principal broker c. Sellers's agent d. Associate broker

C: The assignment of the lease involves the transfer of the lease contract from the present tenant to the assignee. - 52- When a lessee transfers the entire remaining interest of his lease to another party who then must pay the owner, is called a(n):

a. novation b. sublease c. assignment d. lis pendens

C: The fee or rate of commission paid to a real estate broker is strictly negotiable between the broker and the seller or buyer. - 27-A real estate salesperson's compensation is set by

a. The local realty association. b. The Department of State, Division of Licensing Services. c. Agreement between broker and salesperson. d. The cooperating broker in a transaction.

C: The obligations of a buyer's agent are also subject to any specific Provisions set forth in an agreement between the agent and the buyer - 21- If you are a salesperson working with a buyer, then the buyer is your client:

a. if you are servicing the buyer b. if the buyer has shared financial information with you c. if you have an agency contract with the buyer d. none of the above

C: The types of legal descriptions are metes&bounds, block&lot, and monuments - 40-In which clause in a deed would you find metes and bounds and monuments? a. Demising b. Defeasance c. Description d. Habendum

C: This is done through a buyer brokerage agreement - 35-. If you are a salesperson working with a buyer, then the buyer is your client:

a. if you are servicing the buyer b. if the buyer shared financial information with you c. if you have an agency contract with the buyer d. none of the above

C: When a prospective buyer or seller may walk into a real estate office and want to discuss listing or purchasing a property, at this point, disclosure must be made. - 39- A licensee should use the disclosure form with prospective sellers or buyers at the first substantive contact. Which of the following illustrates the first substantive contact? a. individuals walking through an open house who do not speak to an agent b. individuals who call the real estate office asking about the location of a property for a drive-by on their own c. a prospective purchaser walking into a real estate office, meeting with an agent, and discussing the purchase of a specific property d. an agent giving a seminar on home buying to a group of prospective purchasers

C: With the Exclusive Agency the owner owes no commission. - 14-Jan Lipson gave Sun City Realty an exclusive agency listing on her property. If she sells the Property herself without involving Sun City, She will owe Sun City

a. Half of the commission b. All of the commission c. No commission d. Only reimbursement for Sun City's expenses

c. 20 - 2. What is the minimum age to apply for a New York real estate broker s license? a. 18 b. 19

c. 20 d. 21

c. borrowers have significantly high debt in relationship to income. - 56. Extreme lending is when...