Chapter 5 Review Flashcards
Designated dual agency is an important alternative to dual agency because it can eliminate the potential conflict involved in a(n)_________________ arrangement.
consensual dual agency
This form is required by New York law and is designed to help the consumer make informed choices about the relationship he or she may want to have with any real estate licensees?
The New York State Disclosure Form For Buyer and Seller.
Which of these is not a way a buyer’s agent might receive compensation?
Agent gets everything above the net price set by the seller.
Which of the following terminations of an agency relationship could result in legal or financial ramifications?
Renunciation by the client
What is the downside of allowing subagents to participate in selling a property?
The seller is liable for the actions of all of the agents.
Designated agency means the clients do not have the full level of fiduciary duties available to them that they would have if they were fully involved in seller agency or buyer agency. What the client gives up in this situation is the fiduciary duty of undivided?
Loyalty
What section of law allows a broker to accept a referral fee from a party the broker does not represent?
Section 175.7 of the NY Real Property Law
A licensed real estate salesperson who works under the supervision of a real estate broker and has been assigned to represent one client while a second client in the same transaction is also represented by the same broker is called a
Designated sales agent.
What is an in-house sales agreement?
An agreement to allow dual agency
Under the new regulations when a seller gives permission to a broker to submit the property to the MLS, the seller is authorizing the broker to make a blanket unilateral offer of/or ______________ to all the other members of that MLS.
agree to accept or reject subagency
A(n) __________ is the transferor in a residential real property transaction.
Seller
A buyer’s agent is generally paid by the traditional commission arrangement between the listing broker and the cooperating broker whereby the___________pays the commission, which is then split between the listing agent and the buyer agent.
seller
Under what circumstances does New York allow dual agency and what is it called?
Only with disclosure and informed consent, this is known as consensual dual agency.
Which part of the New York License law requires agency disclosures?
Article 12-A, Section 443
With regard to compensation in cooperative sales, the____________ broker will be the person who handles the commission splits for the transaction.
Listing
