(1) A representation relationship shall be established between the broker and the party to be represented in accordance with this section; or 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? 8) If the transaction is not completed, the seller may still be responsible for paying a commission to the broker if the default is due to the____________ delay. 6) When a client enters into a registration contract with a brokerage firm, the broker is the client`s agent. The licensees associated with the brokerage firm are the broker`s agents and _____broker_s__ 9) A broker may enter into a single agency contract with one of the following exceptions? The different types of compensation agreements and the ability to precisely define which obligations are due in an agency relationship and which are not, give agents the flexibility to tailor their practice to client preferences. As the real estate industry continues to develop new ways to serve clients, agents will increasingly face the challenge of leveraging both agency contracts and defined fiduciary duties to expand their practice beyond traditional agency contracts. Read more about agreements, read what I wrote earlier about residential leases as well as ownership agreements before and after closing. (a) Impose a fine of up to $5,000.
(b) Terminate a licence without a hearing. (c) if convicted licensee_s for an offence, issue a reprimand. (d) file a criminal complaint against a licensee. (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. a) Express agency b) Implicit agency c) Transactional agency d) Superficial agency 8) With regard to the remuneration of cooperative sales, the____________ broker is the person who manages the commission splits for the transaction. (4) The authority granted to the broker under a special agency is described in ___ (3) Which of the following would be considered an advantage of a sub-agency contract? 11) The action of brokers from different brokers having a conversation about the commission rates they charge to clients can be considered? 7) In case studies, which person and/or company against whom the complaint was filed is always which party? In some cases, real estate agents actually have no legal obligation to care about our best interests. The laws of 25 states now allow brokers to offer services to buyers and sellers as “transactional brokers” or “intermediaries,” without a traditional fiduciary duty of loyalty and obedience. (k) The broker may not assign, sell or otherwise transfer a written agency contract or a written transaction brokerage contract to another broker without the express written consent of all parties to the original agreement.
5) Designated agency means that clients do not have at their disposal the full level of fiduciary duties that they would have if they were fully involved in the seller`s agency or the buyer`s agency. What the client waives in this situation is the fiduciary duty of the undivided? (2) a related licensee acts as the designated representative of the purchaser and the supervising broker or branch broker of the designated agent and, where applicable, a related licensee acts as a transaction broker; or (e) In order to establish an agency relationship with a buyer or lessee, a broker must enter into a written agency contract with the party to be represented at the latest when signing an offer to purchase or lease. 2) Brokers are prohibited from using the funds of others with their own funds __ 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; The New York Licensing Act considers the following activities to be appropriate and only permitted for authorized personnel? 6) Effective January 1, 2011, the new retail disclosure form will allow for extended approval by each client and client for_________ Agency. (2) If the property to be offered for sale is owned by an agency of the federal government, a broker on behalf of the owner may, after oral approval by the federal authority for which services are to be provided, carry on activities on behalf of the owner listed in K.S.A. 58-3035 (f) and its amendments. g) An agency contract with a seller or landlord includes all the potentials: 3) What is a licensed real estate seller working under the supervision of a real estate agent who has been hired to represent a client if another client is also represented by such a real estate agent in the same transaction? a) Sub-agency b) Designated agency c) Dual agency d) Non-agency (2) A broker cooperates with a buyer or tenant as a sub-agent of the seller or owner by accepting an offer from the subcontractor.
A trading broker is the default role of a broker or agent. He or she does not represent the buyer or seller, but rather acts as a neutral intermediary to help both parties close a home sale. Here, the broker represents the transaction and acts as a neutral party. (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) General Agency (b) Universal Agency (c) No Agency (d) Special Agency (a) Non-Agency (b) Duplicate Undisclosed Agency (c) Dual Consensual Agency (d) Individual Agency (1) If a Cooperating Broker accepts an offer from a sub-agency of a Listing Broker, to whom does the cooperating broker owe fiduciary duties? 2) A sub-agent owes the buyer services at the customer level, including? 8) Before a buying broker shows a property, he must disclose his her________________relationship to the seller. 8) Gladys sells another broker`s $300,000 listing for $290,000 at a 6% commission rate. She has a 60% commission which is shared with her broker. If there is also a 50% brokerage share, what commission does Gladys receive? (9) When an agent enters into an agency contract with a buyer, the agent becomes the agent buyer_s, also known as _____ 12) An agency relationship may be terminated involuntarily by which of the following persons? 10) Which of the following terminations of an agency relationship could have legal or financial consequences? 9) All of the following are types of agency relationships, except? (i) An agency contract or a written brokerage contract does not contain any authorization for the broker to sign or create a document on behalf of the client or the broker`s client in a real estate transaction, nor does it contain any authorization for the broker to act as counsel for the client or client. (a) By enforcement. (b) Condemnation of property (c) By mutual termination of the relationship.
d) Until the end of the agency contract. 5) Under what circumstances does New York allow dual agency and what is it called? (6) The dual agency must be disclosed at the time of its establishment; Seller ____________ (d) (1) Subject to the provisions of subsection (d) (2), a broker who intends to establish an agency relationship with a seller or lessor shall enter into a written agency contract with the party for whom the licensee is responsible before the licensee engages in and makes changes to any of the activities listed in paragraph K.S.A. 58-3035(f) as an employee of or in the seller or lessor. his name. a) Broker`s agency b) Buyer`s mediation c) Designated agency d) Dual consensual agency ) If the Ministry rejects an application for a licence, the applicant will be notified in writing and may then request a hearing within ____ days of receipt of the notice of rejection. 3) If the agent represents the seller, he cannot disclose certain information without the express permission seller_s, however, the agent must always disclose_______________about the property. a) Failure to provide duplicate documents for a real estate transaction to all appropriate parties. . . .