Business Law Review Questions

3805 Words16 Pages
REVIEW EXAM #1 1-A broker legitimately may pay all or part of Real estate commission to a a. seller b. salesperson c. buyer d. friend who provides a listing lead 2-The minimum age for a New York real estate broker’s license is a. 19. b. 18. c. 20. d. 21. 3-Which of the following acts would require a real estate license in New York a. Sale of one’s own property b. Sale by the owner’s lawyer c. Sale of land by an auctioneer d. Foreclosure sale by court order 4-An associate broker may a. sponsor a person for a salesperson’s license. b. collect his or her own real estate fees. c. act as a principal broker for another broker.…show more content…
$500. b. $2,000. c. $1,000. d. $1,500. 6-When salesperson Tom Jones left ABC Realty And went to work with XYZ REALTORS, Tom’s listings a. became null and void. b. Remained with ABC Realty. c. Went with him to XYZ REALTORS. d. Required the sellers’ signatures to remain in the local MLS. 7-A salesperson’s license must be a. displayed on the firm’s wall. b. kept in the salesperson’s wallet c. retained by the principal broker. d. d. sent to the local REALTORS association. 8-When does offering a client’s business for sale Require a real estate license? a. Never b. Always c. When the business includes any real estate d. When more then half the value is real estate 9- An apartment information vendor is licensed by: a. Department of Law b. New York Attorney General’s office c. Department of State d. Division of Housing and Community Rental 10-When a license is revoked, how long must a licensee wait before applying to have the license reinstated? a. 18 months b. 1 year c. 6…show more content…
Misrepresentation. b. Consumer fraud. c. The unauthorized practice of law. d. Undisclosed dual agency. 29-When a buyer/client wants to see property listed by his or her agent’s company, the possible conflict of interest can be solved by the use of a. Undisclosed dual agency. b. Designated agents. c. Exclusive/right/to/sell d. Fiduciary duties. 30-Buyers should be careful NOT to reveal the top price they’re willing to pay to a (n) a. Buyer’s agent. b. Principal broker c. Sellers’s agent d. Associatebroker 31 Ads made by real estate brokers that do not indicate that the advertiser is a broker are: a. legal in New York b. known as blind ads c. acceptable as long as the phone number of the broker appears in the ad d. acceptable if the broker is doing business as an individual broker in his own name 32- If a licensee becomes a partner in a real estate firm, he must have a(n): a. salesperson license b. broker license c. associate broker license d. minimum of two year’s experience as a broker . 33-Agency relationship in an in-house sale require a. No notice to the principle

More about Business Law Review Questions

Open Document