NY Real Estate Exam Agency Relationships 3

Question 1

In a dual agency arrangement in New York, what must the agent do before proceeding?

Accepted Answer

Obtain informed written consent from both the buyer and the seller

Answer

Obtain verbal consent from both parties

Answer

Notify the Department of State

Answer

Transfer representation to a subagent

Question 2

What is the term for a licensee who assists a buyer with showings and information but has no formal agency agreement with that buyer?

Accepted Answer

Non-agent facilitator

Answer

Dual agent

Answer

Designated agent

Answer

Customer service agent

Question 3

What is vicarious liability in the context of real estate agency?

Accepted Answer

A broker's legal responsibility for the authorized acts of their agents

Answer

An agent's personal liability for property defects

Answer

Liability shared equally between buyer and seller

Answer

A licensee's liability for errors in the MLS listing

Question 4

Which of the following does NOT terminate an agency relationship in New York?

Accepted Answer

The agent taking a vacation

Answer

Mutual agreement of the parties

Answer

Death of the principal

Answer

Completion of the specific purpose

Question 5

Under New York's Property Condition Disclosure Act, what must a seller of a one-to-four family dwelling do?

Accepted Answer

Complete and deliver a written property condition disclosure statement to the buyer

Answer

Hire an inspector to identify all defects

Answer

Obtain a certificate of occupancy before listing

Answer

Provide a 30-day warranty on all systems

Question 6

Which type of agency authorizes an agent to perform only one specific task, such as selling a single property?

Accepted Answer

Special agency

Answer

Universal agency

Answer

General agency

Answer

Power of attorney agency

Question 7

What is an exclusive buyer agency agreement?

Accepted Answer

A contract where the buyer agrees to work only with one agent, who represents solely the buyer's interests

Answer

An agreement allowing an agent to represent multiple buyers for the same property

Answer

A listing agreement with an exclusive seller's broker

Answer

A contract limiting the buyer to properties in one geographic area