(a) Mediation agreement (b) Custodial sentence (c) Consent decree (d) High fines (4) If a licensee has received a commission in connection with a transaction in which the Licence Act has been violated, that licensee may be liable for up to ______times of the commission in addition to the suspension or revocation of his licence. (6) the dual body is disclosed at the time of its creation; the seller therefore accepts _______ In addition, the parties waive their rights to the licensee`s undivided loyalty. This aspect of limited representation allows a licensee to facilitate a real estate transaction by supporting both the buyer and the seller, but a licensee will not work to represent one party to the detriment of the other party if it acts as a transaction broker for both parties. a) The sub-agency is an easy way for the cooperating broker to participate in the commission. b) The sub-agency releases the seller and the listing broker from any liability for the actions of the sub-agents. (c) The subcommission requires the written consent of the buyer. (d) the sub-agency allows the sub-agent to behave like a buyer_s agent without the risk of an undisclosed duplicate organism being disclosed; (a) A broker is guilty of an offence if he employs a seller who is not duly authorized. b) When registering a list of condominiums, the broker must provide a written statement of the difference between the exclusive right of sale and the agency`s exclusive offers. c) Brokers are prohibited from mixing the funds of others with their own funds. (d) A licensee may not provide services that should be provided by a lawyer; (a) Sub-agency (b) Designated agency (c) Dual agency (d) Non-agency (1) Which of the following tasks is not a fiduciary duty that an agent owes to his client? As a sole agent (insert the name of the real estate company and its partners), you owe the following obligations: The New York Licensing Act considers which of the following activities is appropriate and permitted only for authorized personnel? (9) In cases brought by the Department of State against licensees in New York, which of the following names are the correct names of the parties? a) Fill in the gaps in a pre-printed offer form.
(b) Failure to provide a definition of an exclusive right of sale and an exclusive agency when registering a cooperative list. c) Make a serious deposit into an escrow account. d) Acceptance of a commission directly from a seller. 11) The action of brokers from different brokers having a conversation about the commission rates they charge to clients can be considered? If you need a break, try one of the other activities listed under the flashcards, such as Matching, Snowman, or Hungry Bug. Although you feel like you`re playing a game, your brain is always making more connections with information to help you. 5) What part of the New York Licensing Act requires disclosures from the agency? a) Offer to purchase b) Registration agreement c) Lease option agreement d) Dual agency agreement a) Impose a fine of up to $5,000. (b) Cancel a licence without a hearing. (c) File a complaint about a licensee_s conviction for an offence. (d) file a criminal complaint against a licensee. (a) Brokerage agency (b) Brokering buyer (c) Designated agency (d) Dual consensual agency (a) for, with (b) under, on (c) with, for ( d) for, for, for, minus 5) Designated agency means that clients do not have the full level of fiduciary duties they would have if they were fully involved in the selling or buying agency.
What the client waives in this situation is the fiduciary duty of the undivided? 11) If a buyer decides that he or she wants services at the customer level, the buyer signs a document called (one) ____________ 7) The principles of an agency relationship include all of these factors, except which one? 6) From 1. January 2011, the new registration form for residential real estate allows the prior approval of each client and client for_________ agency. 9) All of the following are types of agency relationships, except? 3) When the agent represents the seller, he is not allowed to disclose certain information without the express permission seller_s, but the agent must always disclose_______________about the property. 6) The designated dual agency is an important alternative to the dual agency, as it can eliminate the potential conflict associated with a ____ agreement. 10) Which of the following terminations of an agency relationship could have legal or financial implications? 12) This form is required by New York law and is intended to help the consumer make informed decisions about the relationship they wish to have with real estate licensees? (3) Which of the following measures would be considered an advantage of an agreement between a sub-agency? (a) Agency-unrelated body (b) undisclosed dual agency (c) dual consensual agency (d) single agency (a) failure to provide duplicate documents for a real estate transaction to all parties involved. b) Offer a property for sale or rent without the permission owner_s.c) Accept compensation from more than one party in a transaction without the knowledge and written consent of all parties. (d) Place a sign on land with the permit owner_s. (4) In a proceeding referred to in Article 78, reference shall be made to which of the following procedures? 8) In terms of remuneration for cooperative sales, the____________ broker is the person who manages the commission splits for the transaction. 8) In the hearing decision, which licensee is charged with an offence is always which party? a) Whether the broker was actually aware of the breach. b) In all circumstances, the Ministry applies strict liability to all broker managers.c) Only if the broker participated in the violation of the law with the Partner d) A broker is never liable for the actions of the Partners due to the doctrine of the Caveat Emptor.
4) Which of the following types of agencies is not allowed in New York? a) Sub-agency b) Intermediaries c) Disclosure d) Non-agency 2) Brokers are prohibited from __ leaving the funds of others with their own funds. a) Display houses, apartments or other real estate. b) Submit approved bids and changes to the Multiple Announcement Service (MLS). (c) Drafting announcements for broker_s approval. (d) Collect information for comparative market analysis. 10) Mary has a listing agreement with broker Tom. Mary tells Tom that she wants him to use brokerage agents to sell his property. Tom asks Larry, Gail and Bill, who all work for other companies, to find a buyer for Mary`s property. Who would be responsible on behalf of Bill`s actions? 10) The declaration _Everyone are the same, so you would be just as good with me_ a broker an illegal statement and a violation of the law? 6) The Department of Foreign Affairs may take any of these actions against a permit holder in violation of the Licence Act, except? 12) An agency relationship can be terminated involuntarily by which of the following persons? a) Bankruptcy b) Expiry of the contractual period c) Abandonment of the agent ) If the Ministry rejects an application for a licence, the applicant will be notified in writing and may then request a hearing within ____ days of receipt of the notice of rejection. 2) Under the new rules, if a seller gives a broker permission to present the property to the MLS, the seller authorizes the broker to make a unilateral lump sum offer of _ to all other members of that MLS. a) Express Agency b) Implicit Agency c) Transaction Agency d) Presumed Agency a) Named b) Double Consensus c) Broker Agency d) Buyer a) Business Announcement for the Broker. (b) Collect information for evaluation purposes.
c) Organize an open house. d) Discuss a specific property with a client. a) Exclusive right of representation b) Designated agent c) Undisclosed dual agency d) Sub-agency I agree that my agent may assume the role and functions of a trading broker. [must be initialled or signed] 10) When the agency relationship is terminated, the licensee is no longer considered principal_s representative and does not owe any other obligations to the client, with the exception of the following? (3) In what of the following circumstances would a broker lose or suspend his licence for a violation of the law by an associated licensee? (a) General Agency (b) Universal Agency (c) No Agency (d) Special Agency (4) The power granted to the broker under a special agency is __. .