Exam (elaborations)
NYS Colibri Real Estate Final Exam Questions with Answers
- Course
- Institution
NYS Colibri Real Estate Final Exam Questions with Answers
[Show more]
Seller
Follow
Victorious23
Reviews received
Content preview
NYS Colibri Real Estate Final ExamQuestions with Answers
Expressed Agency - -An agency created in a written or oral agreement
- General Agent - -One who is authorized by a principal to represent the
principal in a specific range of matters
- Fiduciary - -Person in a position of trust, held by law to high standards of
good faith and loyalty
- Fiduciary Duties - -care, obedience, accounting, loyalty, and disclosure
COALD
- Group Boycott - -An organized refusal by competing businesses to deal
with a particular "target" person or business
- Implied Agency - -Agency that exists as a result of actions of the parties
- Loyalty - -A fiduciary duty that requires a real estate licensee to put the
principal's interests above all others' interests, including her own
- Market Allocation AKA Territory Allocation - -An antitrust violation where
competitors agree to not compete with each other in specific markets by
dividing up geographic areas, types of products, or types of customers
- Misrepresentation - -A false statement or lie that can render the contract
void
- Obedience - -The fiduciary relationship obligates the agent to act in good
faith at all times, obeying the client's instructions in accordance with the
contract
- Price Fixing - -An antitrust violation that occurs when two or more
competitors agree to fix the prices that they will charge
- Principal AKA Client - -The person who gives authority to an agent
- Reasonable Care - -A fiduciary duty that requires agents to protect clients
from foreseeable harm, act professional, and perform promised duties
- Self-Dealing - -When a Fiduciary acts in their own interests with their
sensitive information for their own benefit instead of the greater benefit of
shareholders/Principal, during a Transaction/Agency Relationship
, - Special Agent AKA Limited Agent - -An agent authorized by the principal to
perform a specific activity or participate in a specific transaction
- Subagent - -An agent of an agent
- Tie-in Arrangement AKA Tying Agreement - -An antitrust violation in which
one transaction or agreement is contingent on a second transaction or
agreement
- Vicarious Liability - -The legal concept that a principal can be held
responsible for the wrongful act of their agent if such acts occur within the
scope of the agency relationship
- Change of Association Notice - -Whenever there is a change of broker
and/or address, the licensee must complete and submit the appropriate form
to the Department of State within 5 days
- Revocation - -To take back or unauthorize
- Multiple Listing Service (MLS) - -An organization with a suite of services
that real estate brokers use to establish and share information about
properties for sale
- Irrevocable Consent - -Once a contract is formed - by an offer, acceptance,
and consideration - it can't be taken back
- Termination - -The act of ending something
- Termination of Association Notice - -A written document that terminates
the relationship between an agent and his/her sponsoring broker
- Violation - -To break or fail to comply with a rule or formal agreement
- Suspension - -Temporary lifting of a real estate license
- Misdeamor - -A crime or offense that is less serious than a felony; any
minor misbehavior or misconduct
- Article 78 Proceeding - -An appeal brought forth because of a ruling by a
government agency
- Administrative Discipline - -The New York Department of State's
enforcement of license laws through reprimand and denial as well as the
suspension and revocation of licenses
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Victorious23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now