Chp. 5 Quiz - Agency Relationships

Question 1

As of January 1, 2011 the new residential disclosure form allows for advanced approval by each customer and client for_________ agency.

Answer 1

dual

Question 2

An agency relationship may be involuntarily terminated by which of the following?

Answer 2

By destruction of the property through fire, vandalism or natural disaster.

Question 3

When a commercial seller’s agent invites other brokers to act as subagents to procure a buyer, who is compensated when the property sells?

Answer 3

The listing broker and the subagent who procures the buyer

Question 4

All of the following are common types of agency relationships that exist except?

Answer 4

Facilitator agency

Question 5

In all residential transactions licensees must give potential sellers or buyers a written disclosure form when they make their _____________________ contact.

Answer 5

first substantive

Question 6

What is an in-house sales agreement?

Answer 6

An agreement to allow dual agency

Question 7

Which fiduciary duty does the agent owe the principal after the agency relationship has been terminated?

Answer 7

Confidentiality

Question 8

Which of the following types of agency is not allowed in New York?

Answer 8

Undisclosed dual agency

Question 9

Which is the most confusing form of agency relationship?

Answer 9

Subagency

Question 10

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.

Answer 10

agree to accept or reject subagency

Question 11

Which of the following terminations of an agency relationship could result in legal or financial ramifications?

Answer 11

Renunciation by the client

Question 12

Under what circumstances does New York allow dual agency and what is it called?

Answer 12

Only with disclosure and informed consent, this is known as consensual dual agency.

Question 13

With regard to compensation in cooperative sales, the____________ broker will be the person who handles the commission splits for the transaction.

Answer 13

Listing

Question 14

What is an agent called who represents only one person in the transaction, either the buyer or the seller?

Answer 14

Single agent

Question 15

What is a licensed real estate salesperson, working under the supervision of a real estate broker, who has been assigned to represent a client when a different client is also represented by such real estate broker in the same transaction called?

Answer 15

Designated agent

Question 16

If an agent enters into an agency agreement with a buyer, the agent becomes the buyer’s agent, also known as ___________ brokerage.

Answer 16

buyer

Question 17

For which firm does a broker’s agent work?

Answer 17

A firm unrelated to any of these firms

Question 18

Which type of agency would be most advantageous to a buyer?

Answer 18

Buyer brokerage

Question 19

When must a seller agree to dual agency?

Answer 19

At the time a dual agency situation arises