TheoryFree York Real Estate Practice Test
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York Real Estate Questions
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Q1In real estate, an 'agent' is best defined as a person who:
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✓ Correct answer: Acts on behalf of another with that person's authority
An agent is someone authorized to act on behalf of a principal. In real estate, licensees act as agents for buyers or sellers, but the defining characteristic is the authority granted to act for another.
Q2The person on whose behalf an agent acts is called the:
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✓ Correct answer: Principal
The principal is the party who authorizes the agent to act on their behalf. In real estate, the principal is typically the buyer or seller who hires the agent.
Q3A 'customer' in a real estate transaction is most accurately described as:
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✓ Correct answer: A third party who is not represented by the licensee
A customer is a third party (not the licensee's client/principal) to whom the licensee may still owe certain duties such as honest dealing but NOT fiduciary duties.
Q4Which type of agency authorizes the agent to perform only ONE specific act?
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✓ Correct answer: Special agency
A special (or specific) agency limits the agent to performing a single act or transaction, such as selling one particular property. Most real estate agents operate as special agents.
Q5A general agency relationship in real estate typically exists between:
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✓ Correct answer: A broker and their licensed salespersons
Salespersons are general agents of their employing broker because they are authorized to conduct a wide range of activities on the broker's behalf on an ongoing basis, not just for a single transaction.
Q6Universal agency differs from general agency primarily because the universal agent:
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✓ Correct answer: May be authorized to act in ALL matters for the principal, including signing legal documents
Universal agency grants the broadest authority, often via a power of attorney, allowing the agent to act in virtually all matters for the principal. General agency, by contrast, is limited to a specific business or type of activity.
Q7The acronym most commonly used to remember all fiduciary duties an agent owes to a client is:
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✓ Correct answer: OLDCAR
OLDCAR stands for Obedience, Loyalty, Disclosure, Confidentiality, Accountability, and Reasonable care — the six fiduciary duties owed by an agent to their principal.
Q8The fiduciary duty of LOYALTY requires an agent to:
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✓ Correct answer: Put the client's interests above all others, including the agent's own
Loyalty means the agent must act solely in the client's best interest and cannot place their own financial gain or another party's interests ahead of the client's.
Q9An agent's duty of OBEDIENCE requires them to follow the principal's lawful instructions. Which of the following instructions would an agent be CORRECT to refuse?
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✓ Correct answer: Do not show the property to buyers of a particular national origin
Obedience applies only to LAWFUL instructions. Refusing to show property based on a buyer's national origin violates the Fair Housing Act and New York Human Rights Law, so the agent must refuse this instruction.
Q10Under the duty of CONFIDENTIALITY, which piece of information must a seller's agent keep confidential even after the transaction closes?
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✓ Correct answer: The seller's reason for selling (e.g., financial distress)
The seller's motivation (such as financial hardship) is personal information that must remain confidential to protect the seller's negotiating position. Known material defects, by contrast, must be disclosed to all parties.
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