Real Estate Quiz

In a single agency transaction, what are the seller's broker's duties to the buyer...?

• To be fair and honest

• Confidentiality

• Undivided loyalty

• Reasonable care

Which of the following is considered an anti-trust violation...?

• Group Boycott

• Divided Loyalty

• Estoppel

• Dual Agency

MLS is an acronym for what...?

• Multiple Listing Service

• Many Listing Service

• Multiple Listing Software

• Multiple Listing Source

Even if the buyer's and seller's brokers agree to dual agency, who may reject the arrangement of dual agency in a transaction...?

• Dual agency cannot be rejected if both brokers agree

• The seller

• The buyer's agent

• The seller's agent

According to New York State law, an independent contractor agreement can NOT be signed under what condition...?

• Lack of job prospects

• Duress

• Accepting the position to earn extra income

• Influence by another agent

When a buyer's broker agrees to the cooperative arrangement of the MLS, he/she becomes what to the seller, who's property is listed on the MLS...?

• Primary broker

• Secondary agent

• Sub-agent

• Principal

If one or both of the parties in a transaction are not aware that a dual agency relationship exists, what can occur...?

• The contract can be rescinded

• Nothing will occur

• Both parties must walk away from the deal

• The buyer's earnest money must be forfeited

David is a real estate agent with City brokerage. City brokerage is headquartered on Park Avenue in Manhattan; however, there are satellite offices in each of the major neighborhoods throughout Manhattan. As an agent, in which office is David required to work...?

• Any satellite office

• David is not required to work in any office if he so chooses

• David must choose an office and only work out of that location

• The office headquarters on Park Avenue

A broker may reject entering into a dual agency arrangement since this fiduciary duty may be compromised...?

• Reasonable Care

• Loyalty

• Confidentiality

• Obedience

When a buyer's broker agrees to the cooperative arrangement of the MLS, and becomes a sub-agent to the seller, what type of agency is created...?

• Single Agency

• Implied Agency

• Dual Agency

• Cooperative Agency