REVIEW QUESTIONS FOR NY REAL
ESTATE EXAM
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 -ANSWER -B: Salesperson can accept compensation
only from their sponsoring broker.
2-The minimum age for a New York real estate broker's license is
a. 19.
b. 18.
c. 20.
d. 21. -ANSWER C. As of July 1,2008 to become a broker you must be 20 years old.
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 -ANSWER C: selling land at an auction.
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.
d. Work as a salesperson for a principal broker -ANSWER D: Associate broker is a
licensed broker but chooses to work under the supervision of another broker.
5-Violation of the license law is a misdemeanor, Punishable by up to a year in jail and a
fine of
Up to
a. $500.
b. $2,000.
c. $1,000.
d. $1,500. -ANSWER C: DOS may impose a fine not to exceed $1000.
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. -ANSWER B: When a
licensee terminates with a broker they must turn over all information.
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. -ANSWER C: Kept by the broker in a safe
place.
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 than half the value is real estate -ANSWER -D: selling a business where
the real estate is greater than the business.
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 -ANSWER C: Department of State licenses
apartment information vendors....
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 months
d. 2 years -ANSWER B: If a license is revoke licensee must wait 1 year before
reapplying..
The form of listing whereby an owner lists property for sale with a number of brokers is
known as a(n)
a. Exclusive agency.
b. Open listing.
c. Exclusive right to sell.
d. Net listing. -ANSWER B: In an Open listing the seller allows the property to be shown
by many Brokers.
To avoid possible liability for the actions of c cooperating members of a multiple-listing
system, the owner who lists property for sale may decline to offer
a. commission to the selling agent.
b. Subagency.
, c. Cooperation with buyer brokers.
d. A written disclosure of property condition. -ANSWER B: By accepting subagency the
owner will have no vicarious liability for the Acts of cooperating agents
An agent who has the authority to represent the principal in specific matters is a(n):
a. specific agent
b. general agent
c. unlimited agent
d. special agent -ANSWER -B: A general agent has specific authority in representing
owners.
Jan Lipson gave Sun City Realty an exclusive agency listing on her property. If she sells
the
Property herself without involving Sun City, She will owe Sun City
a. Half of the commission.
b. All of the commission.
c. No commission.
d. Only reimbursement for Sun City's expenses. -ANSWER C: With the Exclusive Agency
the owner owes no commission.
15-When selling a property in New York, the Licensee is required to disclose to a
potential
Buyer that
a. There is a group home 1 ½ miles away.
b. The property lies in an agricultural district.
c. There is a fundamentalist church three blocks away.
d. The former owners were divorced -ANSWER B: If property is in an agricultural district
buyer must be informed.
The commission to be paid in a written listing
Agreement is the
a. rate set by law
b. amount of money over the net listing amount.
c. Customary rate in the area.
d. Percentage of the sales price as negotiated and agreed or a flat fee. -ANSWER D: The
broker's fee is specified in the listing agreement, management agreement, or rental
agreement with the principal and is always subject to negotiation.
The relationship between an agent and his or her
Principal is
a. Fiduciary.
b. Alluvial.
c. Allodial.
d. Executory -ANSWER -A: The agency relationship is always consensual, meaning both
parties enter into it willingly. It is also a fiduciary
ESTATE EXAM
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 -ANSWER -B: Salesperson can accept compensation
only from their sponsoring broker.
2-The minimum age for a New York real estate broker's license is
a. 19.
b. 18.
c. 20.
d. 21. -ANSWER C. As of July 1,2008 to become a broker you must be 20 years old.
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 -ANSWER C: selling land at an auction.
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.
d. Work as a salesperson for a principal broker -ANSWER D: Associate broker is a
licensed broker but chooses to work under the supervision of another broker.
5-Violation of the license law is a misdemeanor, Punishable by up to a year in jail and a
fine of
Up to
a. $500.
b. $2,000.
c. $1,000.
d. $1,500. -ANSWER C: DOS may impose a fine not to exceed $1000.
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. -ANSWER B: When a
licensee terminates with a broker they must turn over all information.
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. -ANSWER C: Kept by the broker in a safe
place.
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 than half the value is real estate -ANSWER -D: selling a business where
the real estate is greater than the business.
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 -ANSWER C: Department of State licenses
apartment information vendors....
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 months
d. 2 years -ANSWER B: If a license is revoke licensee must wait 1 year before
reapplying..
The form of listing whereby an owner lists property for sale with a number of brokers is
known as a(n)
a. Exclusive agency.
b. Open listing.
c. Exclusive right to sell.
d. Net listing. -ANSWER B: In an Open listing the seller allows the property to be shown
by many Brokers.
To avoid possible liability for the actions of c cooperating members of a multiple-listing
system, the owner who lists property for sale may decline to offer
a. commission to the selling agent.
b. Subagency.
, c. Cooperation with buyer brokers.
d. A written disclosure of property condition. -ANSWER B: By accepting subagency the
owner will have no vicarious liability for the Acts of cooperating agents
An agent who has the authority to represent the principal in specific matters is a(n):
a. specific agent
b. general agent
c. unlimited agent
d. special agent -ANSWER -B: A general agent has specific authority in representing
owners.
Jan Lipson gave Sun City Realty an exclusive agency listing on her property. If she sells
the
Property herself without involving Sun City, She will owe Sun City
a. Half of the commission.
b. All of the commission.
c. No commission.
d. Only reimbursement for Sun City's expenses. -ANSWER C: With the Exclusive Agency
the owner owes no commission.
15-When selling a property in New York, the Licensee is required to disclose to a
potential
Buyer that
a. There is a group home 1 ½ miles away.
b. The property lies in an agricultural district.
c. There is a fundamentalist church three blocks away.
d. The former owners were divorced -ANSWER B: If property is in an agricultural district
buyer must be informed.
The commission to be paid in a written listing
Agreement is the
a. rate set by law
b. amount of money over the net listing amount.
c. Customary rate in the area.
d. Percentage of the sales price as negotiated and agreed or a flat fee. -ANSWER D: The
broker's fee is specified in the listing agreement, management agreement, or rental
agreement with the principal and is always subject to negotiation.
The relationship between an agent and his or her
Principal is
a. Fiduciary.
b. Alluvial.
c. Allodial.
d. Executory -ANSWER -A: The agency relationship is always consensual, meaning both
parties enter into it willingly. It is also a fiduciary
