NY Real Estate Exam Agency Relationships 2

Question 1

What is subagency in real estate?

Accepted Answer

An agent from a cooperating brokerage who represents the seller through the listing broker

Answer

An agent who works part-time

Answer

A licensed assistant working under a salesperson

Answer

A buyer's agent sharing commission with the listing agent

Question 2

Which fiduciary duty requires a real estate agent to act in the client's best interest and not place personal gain above the client's welfare?

Accepted Answer

Loyalty

Answer

Disclosure

Answer

Obedience

Answer

Accounting

Question 3

What is an implied agency in real estate?

Accepted Answer

An agency relationship that arises from the conduct and actions of the parties, without a formal agreement

Answer

An agency relationship created by a formal written contract

Answer

An agency authorized by a court order

Answer

An agency that only applies to commercial transactions

Question 4

Under New York Real Property Law, written agency disclosure is required at what stage?

Accepted Answer

At the first substantive contact with any consumer

Answer

Only upon execution of a purchase contract

Answer

Only when the consumer specifically asks

Answer

At the time the deed is transferred

Question 5

What term describes a real estate licensee who assists both buyer and seller in a transaction without representing either party as a fiduciary?

Accepted Answer

Transaction broker

Answer

Dual agent

Answer

Subagent

Answer

Designated agent

Question 6

Which fiduciary duty requires an agent to keep the client's personal information and negotiating position private?

Accepted Answer

Confidentiality

Answer

Loyalty

Answer

Obedience

Answer

Disclosure

Question 7

Which of the following actions most commonly creates an agency relationship in New York real estate?

Accepted Answer

Signing a listing agreement or buyer representation agreement

Answer

A buyer attending an open house

Answer

An agent showing a property to a buyer

Answer

A seller calling a brokerage for information