NYS REAL ESTATE EXAM QUESTIONS AND ANSWERS .Buy
Quality Materials
According to the New York State Real Property Law, a real estate salesperson's
license is issued for a term of how many years?
Two
What happens to the licenses of salespersons if their sponsoring broker's license
is revoked?
They are suspended
Which type of residential real property transfer would require a property to
condition disclosure statement?
Lease with an option to purchase
A listing broker for the seller has a buyer-client who asks to see the listing. This
request could create which type of agency?
Dual Agency
A broker's compensation is determined in an agreement between the broker and
the
Principal
Which 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?
Reasonable Care
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...
entitled to the original agreed upon commission
At an open house, Ozzie discloses to an interested buyer that he has a right to his
own representation but the buyer refuses. The buyer's relationship to Ozzie is a...
Customer
The main purpose of the Agency Disclosure Form is to
Inform customers of the agency relationship of themselves to a real estate agent and
available choices for representation.
Which of the following scenarios best illustrates the first substantive contact with
a prospective buyer?
an individual meeting with an agent and discussing the purchase of a specific property.
What type of real estate agent is authorized to represent a principal in one
specific transaction?
Special
If an agent represents two opposing parties in the same transaction without both
parties' full knowledge and informed consent, the agents action is known as a(n)
Undisclosed Dual Agency
The broker's principal is ALWAYS the
client
Sally Seller has chosen Broker Bob to represent her in the sale of her house.
Broker Bob will advance and protect Sally's interest during the sale. What word
best describes their relationship?
Fiduciary
Quality Materials
According to the New York State Real Property Law, a real estate salesperson's
license is issued for a term of how many years?
Two
What happens to the licenses of salespersons if their sponsoring broker's license
is revoked?
They are suspended
Which type of residential real property transfer would require a property to
condition disclosure statement?
Lease with an option to purchase
A listing broker for the seller has a buyer-client who asks to see the listing. This
request could create which type of agency?
Dual Agency
A broker's compensation is determined in an agreement between the broker and
the
Principal
Which 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?
Reasonable Care
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...
entitled to the original agreed upon commission
At an open house, Ozzie discloses to an interested buyer that he has a right to his
own representation but the buyer refuses. The buyer's relationship to Ozzie is a...
Customer
The main purpose of the Agency Disclosure Form is to
Inform customers of the agency relationship of themselves to a real estate agent and
available choices for representation.
Which of the following scenarios best illustrates the first substantive contact with
a prospective buyer?
an individual meeting with an agent and discussing the purchase of a specific property.
What type of real estate agent is authorized to represent a principal in one
specific transaction?
Special
If an agent represents two opposing parties in the same transaction without both
parties' full knowledge and informed consent, the agents action is known as a(n)
Undisclosed Dual Agency
The broker's principal is ALWAYS the
client
Sally Seller has chosen Broker Bob to represent her in the sale of her house.
Broker Bob will advance and protect Sally's interest during the sale. What word
best describes their relationship?
Fiduciary
