Exam (elaborations)
Level 7 NY Real Estate Questions with Solutions 2024
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Level 7 NY Real Estate
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Level 7 NY Real EstateWhich of the following statements most accurately describes how disclosure works in a
typical real estate transaction? - answer The need for disclosure may have several
triggering events within a single real estate transaction
Which of the following statements is NOT true regarding compensation and disclosure
in New York - answer There’s no specific state law requiring disclosure of a broker's
multiple sources of compensation, but it is highly encouraged
Which of the following is TRUE about the New York State Disclosure Form? - answer
The form covers the sale or lease of all residential real properties
In the context of a real estate transaction, which of the following best completes this
sentence: A material fact is one that: - answer could cause a buyer or seller of real
estate to take a different course of action or make a different decision regarding the
property purchase
When it comes to the offers made on a client's property, what should a listing broker
do? - answer Present all offers
When should the New York State Disclosure Form be used? - answerAt the first
substantive contact
Which of the following is an accurate statement about the New York State Disclosure
Form? - answerThe form is not a contract and recipient's signatures are not mandatory
According to the Seller's Agent paragraph in the New York State Disclosure Form,
which party's interests are not being represented by the seller's agent? - answerThe
buyer's interests
When Seth's agent assured the listing agent that Seth was financially qualified to make
an offer on the seller's property because Seth was a trust fund baby worth millions, what
mistake, if any, did Seth's agent make? - answerSeth's agent disclosed client
information that probably doesn't serve Seth's best interest.
What is the primary motivation for the use of designated sales agents in dual agency? -
answerTo provide at least some degree of individual representation to an in-house real
estate transaction
What does it represent when the recipient of the form signs the New York State
Disclosure Form? - answerIt is an acknowledgement of receipt of the form.
, Which of the following is a reason a brokerage might choose to specialize in a certain
type of agency relationship? - answer-to market as a specialist brokerage
-to ensure competency of the sales force
-to mitigate brokerage risk
To prepare for dual agency in the case that an in-house buyer client is brought to a
transaction, what should a brokerage that operates primarily as seller's agents do? -
answerDisclose that possibility upfront to seller clients and, if they can, get those clients
to sign an advance informed consent to dual agency
Who makes the decision as to what types, if any, of cooperative sales will be allowed? -
answerthe seller
Why does the fact that a seller wants the highest sale price possible while the buyer
wants the lowest sale price possible create a potential issue in dual agency? -
answerThey are conflicting interests of two parties in a dual agency transaction, both of
whom want their agent to be looking out for their best interests.
With what can a license holder first obtain advance consent to dual agency? -
answerwith the NY State Disclosure Form
Which of the following is NOT a possible consequence of undisclosed dual agency in
New York? - answerdisbarment of broker attorney
Although sponsored salesperson Sally brought both the buyer and the seller to the
brokerage, Broker Jenny assigned Sally as a designated agent for the seller and
assigned a different sponsored salesperson to the buyer. What is the most likely
explanation for Jenny's actions? - answerto give both clients at least some degree of
individual representation to an in-house real estate transaction
Other than acting as a licensed agent for both parties to a single real estate transaction,
what other type of dual agency possibility exists in New York? - answerIn a transaction,
a broker could represent one party as an agent and the other party as a mortgage
broker or loan originator
According to some industry experts, how many more seller clients could a license
holder service for each buyer client they take on? - answer4x more
Which of the following is NOT one of the three legal forms of listing agreements in New
York? - answerNet Listing Agreement
Which of the following IS one of the three legal forms of listing agreements in New
York? - answer1. open listing agreement
2. exclusive right to sell agreement
3. exclusive agency agreement
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