Real Estate Fiduciary Duties Quiz

The legal duty of a fiduciary to act in the best interests of the beneficiary is known as...?

• Obedience

• Fiduciary Duty

• Loyalty

• Confidentiality

The 'O' in the acronym 'OLD CAR' refers to which of the agent's six fiduciary duties...?

• Obedience

• Observe

• Orchestrate

• Order

A property was sold for $650,000. The total commission for the transaction was 6%. The listing broker and buyer's broker agreed to split the commission 50/50. What is the amount of commission paid to the buyer's broker...?

• $13,500 (Dollars)

• $19,500 (Dollars)

• $15,500 (Dollars)

• $39,000 (Dollars)

Ely is a real estate broker who has entered into an agency relationship with Justin, a property owner looking to sell his house. Ely brings James, a prospective buyer, to Justin with an offer to purchase Justin's house. Which of the following statements is correct...?

• Ely is the Principal, Justin is the Client, and James is the Customer

• Ely is the Agent, Justin is the Principal, and James is the Customer

• Ely is the Principal, Justin is the Customer, and James is the Client

• Ely is the Agent, Justin is the Customer, and James is the Principal

Which section of the New York State Real Property Law states that the broker may be liable for the salesperson's actions?

• Section 11-C

• Section 442-C

• Section 443

• Section 12-A

Cindy was a real estate salesperson in a successful transaction. Who paid Cindy her commission for the deal?

• The Customer

• Cindy's Broker

• The Client

• The Principal

An agreement between members of a trade to refrain from competition in specific market areas is known as...?

• Group Boycott

• Price Fixing

• Market Allocation

• Buyout

John is a real estate broker and wants to enter into an agency relationship with Steve, a property owner. What document must John and Steve execute in order to enter into an agency relationship?

• Lease Agreement

• Letter of Intent

• Sales Contract

• Listing Agreement

It is strongly recommended that informed consent from a client be obtained in what manner...?

• In-writing

• Oral

• Through the client's attorney

• None of the above

An agent that cooperates or is engaged by a listing agent or a buyer’s agent to assist in locating a property to sell or buy is known as a...?

• Exclusive Agent

• Broker's Agent

• Buyer's Agent

• Landlord's Agent