NY REAL ESTATE EXAM FINAL SCRIPT 2026
COMPLETE SOLUTION SET
◉ Sales process: Answer: Broker negotiates listing agreement
Market property
Present offers to sellers, counteroffers to buyers
Assist seller through settlement
Broker collect + distribute commission
◉ Sales process: Answer: Broker negotiates listing agreement
Market property
Present offers to sellers, counteroffers to buyers
Assist seller through settlement
Broker collect + distribute commission
◉ Sales process: Answer: Broker negotiates listing agreement
Market property
Present offers to sellers, counteroffers to buyers
Assist seller through settlement
Broker collect + distribute commission
,◉ Exclusive right to sell Answer: Representation and advertising
only by one broker, exclusive agency only if someone other than the
seller finds a buyer
◉ Exclusive right to sell Answer: Representation and advertising
only by one broker, exclusive agency only if someone other than the
seller finds a buyer
◉ Exclusive right to sell Answer: Representation and advertising
only by one broker, exclusive agency only if someone other than the
seller finds a buyer
◉ Open listing Answer: non-exclusive given to as many brokers as
seller chooses, broker entitled to commission only as procuring
cause of sale
◉ Open listing Answer: non-exclusive given to as many brokers as
seller chooses, broker entitled to commission only as procuring
cause of sale
◉ Open listing Answer: non-exclusive given to as many brokers as
seller chooses, broker entitled to commission only as procuring
cause of sale
,◉ Net listing Answer: seller sets net amount willing to accept for
property
illegal in NY
◉ Net listing Answer: seller sets net amount willing to accept for
property
illegal in NY
◉ Net listing Answer: seller sets net amount willing to accept for
property
illegal in NY
◉ Who "owns" listings? Answer: Broker
Not salesperson or seller
◉ Who "owns" listings? Answer: Broker
Not salesperson or seller
◉ Who "owns" listings? Answer: Broker
Not salesperson or seller
◉ listing agreement elements Answer: parties to contract
, description of property
asking price
term of contract
payment of brokers fee
◉ listing agreement elements Answer: parties to contract
description of property
asking price
term of contract
payment of brokers fee
◉ listing agreement elements Answer: parties to contract
description of property
asking price
term of contract
payment of brokers fee
◉ Seller required to disclose __________________ prior to signing a sales
agreement: Answer: Material defects:
Patent defects- plainly observable
Latent defects- would not be discoverable in a reasonable inspection
COMPLETE SOLUTION SET
◉ Sales process: Answer: Broker negotiates listing agreement
Market property
Present offers to sellers, counteroffers to buyers
Assist seller through settlement
Broker collect + distribute commission
◉ Sales process: Answer: Broker negotiates listing agreement
Market property
Present offers to sellers, counteroffers to buyers
Assist seller through settlement
Broker collect + distribute commission
◉ Sales process: Answer: Broker negotiates listing agreement
Market property
Present offers to sellers, counteroffers to buyers
Assist seller through settlement
Broker collect + distribute commission
,◉ Exclusive right to sell Answer: Representation and advertising
only by one broker, exclusive agency only if someone other than the
seller finds a buyer
◉ Exclusive right to sell Answer: Representation and advertising
only by one broker, exclusive agency only if someone other than the
seller finds a buyer
◉ Exclusive right to sell Answer: Representation and advertising
only by one broker, exclusive agency only if someone other than the
seller finds a buyer
◉ Open listing Answer: non-exclusive given to as many brokers as
seller chooses, broker entitled to commission only as procuring
cause of sale
◉ Open listing Answer: non-exclusive given to as many brokers as
seller chooses, broker entitled to commission only as procuring
cause of sale
◉ Open listing Answer: non-exclusive given to as many brokers as
seller chooses, broker entitled to commission only as procuring
cause of sale
,◉ Net listing Answer: seller sets net amount willing to accept for
property
illegal in NY
◉ Net listing Answer: seller sets net amount willing to accept for
property
illegal in NY
◉ Net listing Answer: seller sets net amount willing to accept for
property
illegal in NY
◉ Who "owns" listings? Answer: Broker
Not salesperson or seller
◉ Who "owns" listings? Answer: Broker
Not salesperson or seller
◉ Who "owns" listings? Answer: Broker
Not salesperson or seller
◉ listing agreement elements Answer: parties to contract
, description of property
asking price
term of contract
payment of brokers fee
◉ listing agreement elements Answer: parties to contract
description of property
asking price
term of contract
payment of brokers fee
◉ listing agreement elements Answer: parties to contract
description of property
asking price
term of contract
payment of brokers fee
◉ Seller required to disclose __________________ prior to signing a sales
agreement: Answer: Material defects:
Patent defects- plainly observable
Latent defects- would not be discoverable in a reasonable inspection
