Chp. 6 Quiz - Agency Disclosures & Agreements Flashcards
Net listings are viewed
as unprofessional and they are illegal in New York.
Which type of listing agreement is illegal for New Yorker licensees?
Net
Which of the following types of listing agreements can a real estate licensee NOT enter into?
Net
Listing agreements
Create an agency relationship.
What must an agent do if a buyer or seller refuses to sign the required NY disclosure form?
Fill out an affidavit and attach the original NYS disclosure form and have it notarized
An agent must keep a copy of a signed agency disclosure document for
at least three years.
Exclusive listing agreement statements for all residential dwellings
must be in a type size larger than 6-point.
What occurs when the broker appoints one agent to represent the seller as a seller’s agent and another agent to represent the buyer as a buyer’s agent in a transaction?
Dual Agent with Designated Sales Agents
If a potential buyer attends an open house and wants to talk with the hosting agent about making an offer,
the agent must make an agency disclosure.
When must the agency disclosure form be presented, explained, and signed?
At first substantive contact
A buyer’s agency agreement is a(n)
Exclusive right to represent agreement.
Which statement is true about the Property Condition Disclosure?
The seller has the option to fill it out or not.
Who is paid a commission with a New York property net listing?
No one
Which listing agreement gives the seller the right to engage several brokers as agents?
Open
In what section of a Property Condition Disclosure would you find information regarding age of structures?
General Information
