NEW YORK REAL ESTATE EXAM
2023 FULL STUDY QUESTIONS AND
VERIFIED ANSWERS 5 COPIES
◉ 2. What type of residential real property transfer would require a
property condition disclosure statement? Answer: Newly constructed
property that has not been previously inhabited
◉ 3. What happens to the licenses of salesperson's if they're sponsoring
broker's license is revoked or suspended? Answer: They are suspended
◉ 4. A listing broker for the seller has a buyer client who asks to see the
listing. This request could create which type of agency? Answer: Dual
agency
◉ 5. A broker's compensation is determined by an agreement between a
broker and the? Answer: Principal/client
◉ 6. What fiduciary duty would be violated when a client suffers a
financial loss as a result of an agent's lack of expertise in dealing with a
particular type of property? Answer: Reasonable care
◉ 7. If clients who sign an exclusive right to sell listing agreement with
a broker find a buyer for the property on their own, the broker is
Answer: Entitled to the originally agreed upon commission
,◉ 8. at an open house, Joe discloses to an interested buyer that he has
the right to his own representation but the buyer refuses. The buyers
relationship to joe is an? Answer: customer
◉ 9.The main purpose of an agency disclosure form is to? Answer:
inform consumers of the agency relationship of them selfs to a real
estate agent and available choices for representation.
◉ 10.What scenario best illustrates the first substantial contact with a
prospective buyer? Answer: An individual meeting with an agent and
discussing the purchase of a specific property
◉ 11.What type of real estate agent is authorized to represent a principal
in one specific transaction? Answer: Special
◉ 12.The Brokers principal is always the? Answer: Client
◉ 13.Susie seller has chosen broker Joe to represent her in the sale of
her house broker Joe will advance and protect Susie's interest during the
sale. What word best describes the relationship? Answer: Fiduciary
◉ 14.Which legal right allows an owner of land bordering a river or
stream to use that water for recreational purposes? Answer: Riparian
◉ 15.Which form of ownership can only be held by a married couple?
Answer: Tenancy by the entirety
, ◉ 16.Which types of estate is recognized by law to be the fullest form of
ownership? Answer: Fee simple, absolute
◉ 17.What deed provision would prohibit and owner from installing an
inground pool? Answer: Restrictive covenant
◉ 18.What lien has priority over all recorded lien? Answer: Real estate
property Tax lien
◉ 19.Who must sign a deed? Answer: All grantors
◉ 20.What do lenders require as protection against title defects?
Answer: Title insurance
◉ 21.A type of legal description that includes a point in place of
beginning is? Answer: Metes and bounds
◉ 22.What is the name for dividing financial responsibility for payment
of rents, taxes and insurance is between buyer and seller on a closing
statement? Answer: Proration
◉ 23.Which type of insurance policy would protect the holder from
defects in the evidence of real property ownership? Answer: Title
2023 FULL STUDY QUESTIONS AND
VERIFIED ANSWERS 5 COPIES
◉ 2. What type of residential real property transfer would require a
property condition disclosure statement? Answer: Newly constructed
property that has not been previously inhabited
◉ 3. What happens to the licenses of salesperson's if they're sponsoring
broker's license is revoked or suspended? Answer: They are suspended
◉ 4. A listing broker for the seller has a buyer client who asks to see the
listing. This request could create which type of agency? Answer: Dual
agency
◉ 5. A broker's compensation is determined by an agreement between a
broker and the? Answer: Principal/client
◉ 6. What fiduciary duty would be violated when a client suffers a
financial loss as a result of an agent's lack of expertise in dealing with a
particular type of property? Answer: Reasonable care
◉ 7. If clients who sign an exclusive right to sell listing agreement with
a broker find a buyer for the property on their own, the broker is
Answer: Entitled to the originally agreed upon commission
,◉ 8. at an open house, Joe discloses to an interested buyer that he has
the right to his own representation but the buyer refuses. The buyers
relationship to joe is an? Answer: customer
◉ 9.The main purpose of an agency disclosure form is to? Answer:
inform consumers of the agency relationship of them selfs to a real
estate agent and available choices for representation.
◉ 10.What scenario best illustrates the first substantial contact with a
prospective buyer? Answer: An individual meeting with an agent and
discussing the purchase of a specific property
◉ 11.What type of real estate agent is authorized to represent a principal
in one specific transaction? Answer: Special
◉ 12.The Brokers principal is always the? Answer: Client
◉ 13.Susie seller has chosen broker Joe to represent her in the sale of
her house broker Joe will advance and protect Susie's interest during the
sale. What word best describes the relationship? Answer: Fiduciary
◉ 14.Which legal right allows an owner of land bordering a river or
stream to use that water for recreational purposes? Answer: Riparian
◉ 15.Which form of ownership can only be held by a married couple?
Answer: Tenancy by the entirety
, ◉ 16.Which types of estate is recognized by law to be the fullest form of
ownership? Answer: Fee simple, absolute
◉ 17.What deed provision would prohibit and owner from installing an
inground pool? Answer: Restrictive covenant
◉ 18.What lien has priority over all recorded lien? Answer: Real estate
property Tax lien
◉ 19.Who must sign a deed? Answer: All grantors
◉ 20.What do lenders require as protection against title defects?
Answer: Title insurance
◉ 21.A type of legal description that includes a point in place of
beginning is? Answer: Metes and bounds
◉ 22.What is the name for dividing financial responsibility for payment
of rents, taxes and insurance is between buyer and seller on a closing
statement? Answer: Proration
◉ 23.Which type of insurance policy would protect the holder from
defects in the evidence of real property ownership? Answer: Title
