Real Estate U Final Exam questions and
Answers
The Department of State's ability to enforce license laws through reprimand and denial
as well as the suspension and revocation of licenses is known as...? -
ANS-Administrative Discipline
To mingle or mix funds is known as what...? - ANS-Commingling
Chris is a real estate broker involved in a residential transaction. When Chris illegally
places his client's funds into his personal account, what is he engaged in...? -
ANS-Commingling of Funds
The post-license education required by salespersons and brokers is known as what...? -
ANS-Continuing Education
Conditions under which a property condition disclosure statement is not required is
known as a/an...? - ANS-Exemption
Which of the following are NOT assessed by a home inspector...? - ANS-Air Rights
A card issued by the Department of State to each licensee is known as a...? -
ANS-Pocket Card
Any person who, for a fee, arranges, conducts, coordinates, handles or causes
meetings between a customer and the current owner or occupant of legally occupied
real property, including apartment housing, who wishes to share that housing with one
or more individuals is known as a/an...? - ANS-Apartment Sharing Agent
A licensed real estate broker that holds the license of a salesperson is known as
what...? - ANS-Sponsor
The discontinuance of an agent's relationship with his/her sponsoring broker is known
as what...? - ANS-Termination
A written document that terminates the relationship between an agent and his/her
,sponsoring broker is known as what...? - ANS-Termination of Association Notice
An act, deed or conditions contrary to law or permissible use of real property is known
as a...? - ANS-Violation
This law governs the practice of real estate salespersons and brokers...? - ANS-Article
12-A of the NYS Real Property Law
Who is a real estate salesperson required to work under...? - ANS-A licensed real estate
broker
Which of the following individuals works under a real estate broker...? - ANS-Real
Estate Salesperson
Which of the following professionals works under and/or for a real estate broker...? -
ANS-Associate Broker
According to Article 12-A of the NYS Real Property Law, which of the following is a
general requirement for obtaining a real estate salespersons license...? - ANS-Must
have at least a work permit
James wants to become a real estate salesperson. Which of the following requirements
must James satisfy in order to obtain his license...? - ANS-Must have at least a work
permit
Mark is a real estate salesperson but wants to obtain his real estate broker's license.
Which of the following requirements must Mark satisfy in order to obtain his broker's
license...? - ANS-He must be at least 20 years of age
What must a licensed real estate salesperson keep on him or herself at all times when
practicing as an agent...? - ANS-A Pocket Card
When is a real estate salesperson required to give notice to the Department of State....?
- ANS-When a salesperson changes sponsors
A licensed real estate broker who by choice elects to work under the name and
supervision of another real estate broker is known as a/an...? - ANS-Associate Real
Estate Broker
Which professional is exempt from obtaining a real estate salespersons or brokers
,license to practice real estate...? - ANS-Real Estate Attorney
Which of the following individuals are exempt from having to obtain a real estate
salespersons or broker's license to practice real estate...? - ANS-Court ordered officials
Which of the following is NOT exempt from having to obtain a real estate salespersons
or broker license to practice real estate...? - ANS-Architects
Which of the following are you NOT entitled to without a real estate license...? - ANS-A
commission
An ad that remains anonymous as to who is advertising is known as a...? - ANS-Blind
Ad
Which of the following may NOT lead to a salesperson losing his/her license...? -
ANS-Operating as a dual agent
Which of the following may NOT lead to a salesperson losing his/her license...? -
ANS-Not earning a commission in their first year as a salesperson
What is often the first step in the process of a salesperson losing his/her license...? -
ANS-A complaint is filed with the Department of State
A written explanation, to be signed by a prospective buyer or seller of real estate,
explaining to the client the role that the broker plays in the transaction is described on
the...? - ANS-Agency Disclosure Form
The release of relevant information about a property that may influence the final sale,
especially if it represents defects or problems is known as...? - ANS-Disclosure
As a special agent in a transaction, a real estate salesperson cannot do which of the
following on behalf of the owner...? - ANS-Negotiate the terms of the contract
In addition to the principal, the agent also owes fiduciary duties to which of the
following...? - ANS-The Customer
Which of the following may be considered a 3rd party to a transaction...? -
ANS-Customer
If a principal or agent provides a customer with a material fact, which of the following
, must apply...? - ANS-The fact must be true and accurate
Although an agent or principal is not obligated to disclose all information in a
transaction, it is recommended that what information be revealed, in order to help the
customer make an informed decision...? - ANS-Material information
Whose job is it to act as a middleman in a transaction...? - ANS-Broker
The broker, as a franchisee of a national brokerage, is considered what to the national
brokerage...? - ANS-Sub-agent
In a typical agency structure, a real estate salesperson is a sub-agent to whom...? -
ANS-Broker
Philip is a real estate salesperson who represents a seller in a transaction. However,
Philip violated several of his fiduciary duties to the client. According to the concept of
vicarious liability, who can be held liable for Philip's actions...? - ANS-The broker
According to Section 442-C of the NYS Real Property Law, who may be held liable for a
salesperson's actions...? - ANS-The broker
There are generally two ways a broker is compensated for a transaction. One is a flat
fee, while the other is...? - ANS-Percentage of the sale price
Sandy is a real estate agent who has entered into an agency relationship with Jim, a
homeowner, to sell Jim's house. They agreed upon a flat fee for Sandy as
compensation for a successful transaction. What other means of compensation may be
agreed upon between the two...? - ANS-Percentage of the sales price
David's house was listed at $465,000. The property eventually sold for $485,000. The
agreed upon commission was 6%. How much did David pay as a commission at the
closing of the property...? - ANS-29100
Cindy's house was listed at $732,100. The property eventually sold for $736,250. The
agreed upon commission was 6%. How much did Cindy pay in commissions at the
closing of the property...? - ANS-44175
A property was sold for $605,500. 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 listing broker...? - ANS-18165
Answers
The Department of State's ability to enforce license laws through reprimand and denial
as well as the suspension and revocation of licenses is known as...? -
ANS-Administrative Discipline
To mingle or mix funds is known as what...? - ANS-Commingling
Chris is a real estate broker involved in a residential transaction. When Chris illegally
places his client's funds into his personal account, what is he engaged in...? -
ANS-Commingling of Funds
The post-license education required by salespersons and brokers is known as what...? -
ANS-Continuing Education
Conditions under which a property condition disclosure statement is not required is
known as a/an...? - ANS-Exemption
Which of the following are NOT assessed by a home inspector...? - ANS-Air Rights
A card issued by the Department of State to each licensee is known as a...? -
ANS-Pocket Card
Any person who, for a fee, arranges, conducts, coordinates, handles or causes
meetings between a customer and the current owner or occupant of legally occupied
real property, including apartment housing, who wishes to share that housing with one
or more individuals is known as a/an...? - ANS-Apartment Sharing Agent
A licensed real estate broker that holds the license of a salesperson is known as
what...? - ANS-Sponsor
The discontinuance of an agent's relationship with his/her sponsoring broker is known
as what...? - ANS-Termination
A written document that terminates the relationship between an agent and his/her
,sponsoring broker is known as what...? - ANS-Termination of Association Notice
An act, deed or conditions contrary to law or permissible use of real property is known
as a...? - ANS-Violation
This law governs the practice of real estate salespersons and brokers...? - ANS-Article
12-A of the NYS Real Property Law
Who is a real estate salesperson required to work under...? - ANS-A licensed real estate
broker
Which of the following individuals works under a real estate broker...? - ANS-Real
Estate Salesperson
Which of the following professionals works under and/or for a real estate broker...? -
ANS-Associate Broker
According to Article 12-A of the NYS Real Property Law, which of the following is a
general requirement for obtaining a real estate salespersons license...? - ANS-Must
have at least a work permit
James wants to become a real estate salesperson. Which of the following requirements
must James satisfy in order to obtain his license...? - ANS-Must have at least a work
permit
Mark is a real estate salesperson but wants to obtain his real estate broker's license.
Which of the following requirements must Mark satisfy in order to obtain his broker's
license...? - ANS-He must be at least 20 years of age
What must a licensed real estate salesperson keep on him or herself at all times when
practicing as an agent...? - ANS-A Pocket Card
When is a real estate salesperson required to give notice to the Department of State....?
- ANS-When a salesperson changes sponsors
A licensed real estate broker who by choice elects to work under the name and
supervision of another real estate broker is known as a/an...? - ANS-Associate Real
Estate Broker
Which professional is exempt from obtaining a real estate salespersons or brokers
,license to practice real estate...? - ANS-Real Estate Attorney
Which of the following individuals are exempt from having to obtain a real estate
salespersons or broker's license to practice real estate...? - ANS-Court ordered officials
Which of the following is NOT exempt from having to obtain a real estate salespersons
or broker license to practice real estate...? - ANS-Architects
Which of the following are you NOT entitled to without a real estate license...? - ANS-A
commission
An ad that remains anonymous as to who is advertising is known as a...? - ANS-Blind
Ad
Which of the following may NOT lead to a salesperson losing his/her license...? -
ANS-Operating as a dual agent
Which of the following may NOT lead to a salesperson losing his/her license...? -
ANS-Not earning a commission in their first year as a salesperson
What is often the first step in the process of a salesperson losing his/her license...? -
ANS-A complaint is filed with the Department of State
A written explanation, to be signed by a prospective buyer or seller of real estate,
explaining to the client the role that the broker plays in the transaction is described on
the...? - ANS-Agency Disclosure Form
The release of relevant information about a property that may influence the final sale,
especially if it represents defects or problems is known as...? - ANS-Disclosure
As a special agent in a transaction, a real estate salesperson cannot do which of the
following on behalf of the owner...? - ANS-Negotiate the terms of the contract
In addition to the principal, the agent also owes fiduciary duties to which of the
following...? - ANS-The Customer
Which of the following may be considered a 3rd party to a transaction...? -
ANS-Customer
If a principal or agent provides a customer with a material fact, which of the following
, must apply...? - ANS-The fact must be true and accurate
Although an agent or principal is not obligated to disclose all information in a
transaction, it is recommended that what information be revealed, in order to help the
customer make an informed decision...? - ANS-Material information
Whose job is it to act as a middleman in a transaction...? - ANS-Broker
The broker, as a franchisee of a national brokerage, is considered what to the national
brokerage...? - ANS-Sub-agent
In a typical agency structure, a real estate salesperson is a sub-agent to whom...? -
ANS-Broker
Philip is a real estate salesperson who represents a seller in a transaction. However,
Philip violated several of his fiduciary duties to the client. According to the concept of
vicarious liability, who can be held liable for Philip's actions...? - ANS-The broker
According to Section 442-C of the NYS Real Property Law, who may be held liable for a
salesperson's actions...? - ANS-The broker
There are generally two ways a broker is compensated for a transaction. One is a flat
fee, while the other is...? - ANS-Percentage of the sale price
Sandy is a real estate agent who has entered into an agency relationship with Jim, a
homeowner, to sell Jim's house. They agreed upon a flat fee for Sandy as
compensation for a successful transaction. What other means of compensation may be
agreed upon between the two...? - ANS-Percentage of the sales price
David's house was listed at $465,000. The property eventually sold for $485,000. The
agreed upon commission was 6%. How much did David pay as a commission at the
closing of the property...? - ANS-29100
Cindy's house was listed at $732,100. The property eventually sold for $736,250. The
agreed upon commission was 6%. How much did Cindy pay in commissions at the
closing of the property...? - ANS-44175
A property was sold for $605,500. 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 listing broker...? - ANS-18165
