(8) Is the doctrine of law that a person is prevented from asserting rights or facts that are inconsistent with a previous position or representation made by an act, conduct or silence is mentioned? (a) means (b) by mutual double agreement (c) Broker`s agency (d) Buyer The sole agent agreement grants the broker the exclusive right to represent the seller in the sale or lease of the seller`s property, but changes the manner in which the broker is compensated. Under this agreement, the broker must present a buyer or tenant in accordance with the terms and conditions set out in the contract. If the property is sold or rented solely through the efforts of the seller, the broker is not entitled to compensation. 4) Which of the following types of agencies is not allowed in New York? a) Broker`s agency b) Buyer`s agency c) Designated agency d) Dual consensual agency There are three main types of real estate agencies that you need to know for your license verification. But first, you need to understand what an agent is. An agent is a person who represents another person (principal) while working with third parties. In a real estate transaction, a customer is also called a customer. The relationship between an agent and the client is called an agency. a) Performance of the contract b) Performance of the contract c) Mutual agreement between the broker and the client d) Waiver of the client 3) In which of the following circumstances would a broker lose or have his licence suspended due to a violation of the law committed by an associated licensee? According to the law of the agency, which of the following would work as a general agent: 4) The authority granted to the broker under a special agency is described in the ______ By providing this service, the broker and the party they represent (client) create an agency relationship. (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 up to ______times amount of the commission, in addition to the suspension or withdrawal of its licence. 7) In the case studies, which foreign ministry is always the party? (a) Bankruptcy (b) Expiry of the contractual period (c) Abandonment of the agent (6) The dual agency must be disclosed at the time of its establishment; Seller _____________ (a) A broker is guilty of an offence if he employs a seller who is not duly authorized. b) When registering for a condominium, the broker must explain in writing the difference between the exclusive right of sale and exclusive agency 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; 9) When an agent enters into an agency contract with a buyer, the agent becomes the buyer_s agent, also known as _____ You can learn how to terminate an agency by reading our article here. (a) exclusive right of representation (b) designated representative (c) undisclosed dual representation (d) Sub-agency 3 – Universal representative – A representative representing the procuring entity in all its legal matters shall be a universal representative. Makes sense, right? A power of attorney is always required to create this type of agency. A power of attorney is a document that authorizes another person (called a real agent) to act as an agent for another person. 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 goes to find 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? Con appointed George as his agent for two weeks. George agrees to act without payment. Con asks George to collect rent from his tenants every Friday morning and pay the rent to the nearby bank. In the second week, George collects the rent, but does not pay it.
On the way back, he leaves him on the bus and he is never found. Can Con take action against George for violating his agency obligations? 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 sub-agency requires the written consent of the buyer. (d) The sub-agent shall permit the sub-agent to act as an agent buyer_s without the risk of an undisclosed duplicate agency. 9) All of the following are types of agency relationships, except? The most common is the contract of exclusive right of sale or lease. This means that there is an agency contract between the seller and the broker that gives the broker the exclusive right to represent the seller in the sale or lease of the seller`s property. The agreement also provides that the broker will be compensated if the broker, seller or other natural or legal person produces a buyer or lessee in accordance with the conditions set out in the registration contract or if the property is sold or leased to persons other than specially exempted persons or entities during the term of the registration contract. (1) The contract between an owner of residential real property and a broker through whom the broker has been authorized to sell or lease the residential property is called which of the following? (a) Express agency (b) Implicit agency (c) Transaction agency (d) Superficial agency (a) When the mandatory designated agency agreement is executed, it is referred to as a designated dual agency.
b) Only with disclosure and informed consent will it be considered a dual consensual body. c) Only if the agent has informed the seller and executed the unilateral lump sum offer of the sub-agency addendum at the time of inclusion of the listing, this will be called a dual-coverage agency. (d) It does not allow a dual agency, but only one agency. 11) Antitrust laws are designed to perform which of the following tasks? 4) Which of the following tasks best describes what an agent owes clients? The level of agency a client grants to an agent determines the type of agency contract they have. The client may allow the agent to act very widely or minimally on his behalf. You need to know the following types of agencies to be ready to pass your real estate exam: a) Non-agency b) Double agency not disclosed c) Double agency consensus d) Individual agency 7) In case studies, the person and/or company against whom the complaint was filed is always which party? 7) What type of agency would be most advantageous for a buyer? 4. Which of the following procedures does an Article 78 procedure concern? Which of the following claims is false? 5) If a buyer asks a question about termites and the seller creates a fake termite report, would the type of fraud committed be described as? a) Sub-agency b) Moderator c) Disclosure d) Non-agency 5) Designated agency means that clients do not have at their disposal the full level of fiduciary duties they would have if they were fully involved in the seller`s or buyer`s agency. What the client waives in this situation is the fiduciary duty of the undivided? 3) Which of the following would be considered an advantage of a sub-agency contract? X Ltd has two directors, Joe and Harry. None of the directors has the authority to enter into individual contracts on behalf of the Corporation. In practice, Joe (with Harry`s consent) enters into all contracts on behalf of the company.
What kind of agency was created when a third party acting in good faith enters into a contract with Joe stating that he is acting on behalf of X Ltd? 6) Effective January 1, 2011, the new retail disclosure form will allow for extended approval by each client and client for_________ Agency. Check out our article on setting up an agency here. 6) The designated dual agency is an important alternative to the dual agency because it can eliminate the potential conflict associated with a __ a) General Agency b) Universal Agency c) No agency d) Special agency Under any type of agency contract, a broker may enter into a relationship with a client in which the client agrees to waive certain obligations that would otherwise be fulfilled by the broker. These are sometimes referred to as fixed-fee lists or limited service contracts. .