Page 1 of 35
REAL ESTATE EXAM FOR NEW YORK STATE/ NYS
REAL ESTATE TEST PREPARATIONS 2024 VERSION ALL
360 QUESTIONS ANSWERED CORRECTLY/ BEST GRADE
A+
What are the other DOS Licenses? (5) - ANSWER: 1. Notary public
2. Apartment Information Vendor
3. Apartment Sharing Agent
4. Appraiser
5 Home inspector
Office regulations - ANSWER: 1. Must have appropriate office signage
2. Kickbacks are illegal!
3. Blind ads are illegal! (bait and switch)
Administrative discipline for misdeeds (3) - ANSWER: 1. suspension of license
2. Revocation of license (must wait one year before applying for licensing
privilege)
3. Article 78 proceeding - Appeal a decision
Stigmatized property disclosure - ANSWER: Article 443, sellers and seller agents
do not have to disclose this info and may or may not disclose upon written request
of the buyer or buyer agent. A seller agent can disclose only with permission of the
seller. A buyer or buyer agent may provide written request for disclosure to the
seller or seller agent during negotiations for purchase.
Do Attorneys need a license to practice real estate brokerage? - ANSWER: No,
except for when they employ licensee to work under their supervision
,Page 2 of 35
Revocation of a broker's license... - ANSWER: suspends the license of
salespersons and associate brokers in the broker's employ
Property Condition Disclosure Statement - ANSWER: must be provided to the
buyer's agent before the sellers accept the purchase offer
Uncapped natural gas wells - ANSWER: must be disclosed by seller to buyer
before entering into a contract of sale.
Agent - ANSWER: usually works for seller, but can also work for a buyer,
representation, looks for best interest of party, for the buyer an agent usually
services, goes through motions but no fiduciary responsibilty
Customer - ANSWER: the party whom the agent brings to the pricipal as a seller
or buyer of the property
Client - ANSWER: the person who selects the agent to acts on his behalf
dual agency - ANSWER: when agent acts for both buyer and seller (they only
have fucidicary responsibilty to whom hired them)
Fudiciary responsibilities - ANSWER: OLD CAR
Obedience
Loyalty
Disclosure of Info
Confidentiality
Accountability
,Page 3 of 35
Reasonable care, skill, dilligence
This is given to a client, never a customer
Real estate agent is known as... - ANSWER: SPECIAL AGENT (one matter)
special agent with specific authority
Vicarious liability - ANSWER: the responsibility of one for the acts of another. In
the real estate business, this would be the case when a listing or buyer broker is an
"agent" of the seller or buyer. The client can be held responsible for the actions of
the broker agent if they have knowledge of an improper or negligent act.
Express Agency - ANSWER: Listing agreement, usually in writing (exclusive)
Implied Agency - ANSWER: open listing, handshake deal
All agency agreements whether express or implied are consensual.
Commission payout scenarios (2): - ANSWER: 1. % of final price
2. Flat fee
NOTE: Next listing commission (aka: 'keep the change" is illegal in NY
Forms for Representation - ANSWER: Buyer, seller or both, but can't exchange
vital info if representing both
Buyer agent - ANSWER: this is a CLIENT, not a customer
, Page 4 of 35
Exclusive Agency - ANSWER: The seller reserves the right to sell the property on
her own, without paying a commission to her agent. This is different from an
"exclusive right" listing, in which the seller's broker will receive a commission
from the seller, regardless of who brings the buyer into the purchase
Exclusive right to sell - ANSWER: What a salesperson strives for!
Full disclosure - ANSWER: Agents must inform the principal of all matters
through full disclosure. They must promptly communicate to the principal all
information about the transaction relating to the agency relationship. A broker
must present every offer to the seller.
Designated sales associate or agent - ANSWER: With disclosure and informed
consent, one sales agent in the firm is designated to represent the buyer and another
agent is designated to represent the seller.
Agency disclosure form - ANSWER: sellers and buyers may provide advance
informed consent to dual agency with designated sales agents by indicating consent
on this form
What does the MLS offer - ANSWER: offers compensation and cooperation to
participating members. It does not create an automatic subagency
cooperating agents - ANSWER: seller agents from another real estate firm acting
as subagents of the listing broker and seller. They can also be buyer agents from
another firm. These agents work throug the usual system of offerings published
through the MLS
REAL ESTATE EXAM FOR NEW YORK STATE/ NYS
REAL ESTATE TEST PREPARATIONS 2024 VERSION ALL
360 QUESTIONS ANSWERED CORRECTLY/ BEST GRADE
A+
What are the other DOS Licenses? (5) - ANSWER: 1. Notary public
2. Apartment Information Vendor
3. Apartment Sharing Agent
4. Appraiser
5 Home inspector
Office regulations - ANSWER: 1. Must have appropriate office signage
2. Kickbacks are illegal!
3. Blind ads are illegal! (bait and switch)
Administrative discipline for misdeeds (3) - ANSWER: 1. suspension of license
2. Revocation of license (must wait one year before applying for licensing
privilege)
3. Article 78 proceeding - Appeal a decision
Stigmatized property disclosure - ANSWER: Article 443, sellers and seller agents
do not have to disclose this info and may or may not disclose upon written request
of the buyer or buyer agent. A seller agent can disclose only with permission of the
seller. A buyer or buyer agent may provide written request for disclosure to the
seller or seller agent during negotiations for purchase.
Do Attorneys need a license to practice real estate brokerage? - ANSWER: No,
except for when they employ licensee to work under their supervision
,Page 2 of 35
Revocation of a broker's license... - ANSWER: suspends the license of
salespersons and associate brokers in the broker's employ
Property Condition Disclosure Statement - ANSWER: must be provided to the
buyer's agent before the sellers accept the purchase offer
Uncapped natural gas wells - ANSWER: must be disclosed by seller to buyer
before entering into a contract of sale.
Agent - ANSWER: usually works for seller, but can also work for a buyer,
representation, looks for best interest of party, for the buyer an agent usually
services, goes through motions but no fiduciary responsibilty
Customer - ANSWER: the party whom the agent brings to the pricipal as a seller
or buyer of the property
Client - ANSWER: the person who selects the agent to acts on his behalf
dual agency - ANSWER: when agent acts for both buyer and seller (they only
have fucidicary responsibilty to whom hired them)
Fudiciary responsibilities - ANSWER: OLD CAR
Obedience
Loyalty
Disclosure of Info
Confidentiality
Accountability
,Page 3 of 35
Reasonable care, skill, dilligence
This is given to a client, never a customer
Real estate agent is known as... - ANSWER: SPECIAL AGENT (one matter)
special agent with specific authority
Vicarious liability - ANSWER: the responsibility of one for the acts of another. In
the real estate business, this would be the case when a listing or buyer broker is an
"agent" of the seller or buyer. The client can be held responsible for the actions of
the broker agent if they have knowledge of an improper or negligent act.
Express Agency - ANSWER: Listing agreement, usually in writing (exclusive)
Implied Agency - ANSWER: open listing, handshake deal
All agency agreements whether express or implied are consensual.
Commission payout scenarios (2): - ANSWER: 1. % of final price
2. Flat fee
NOTE: Next listing commission (aka: 'keep the change" is illegal in NY
Forms for Representation - ANSWER: Buyer, seller or both, but can't exchange
vital info if representing both
Buyer agent - ANSWER: this is a CLIENT, not a customer
, Page 4 of 35
Exclusive Agency - ANSWER: The seller reserves the right to sell the property on
her own, without paying a commission to her agent. This is different from an
"exclusive right" listing, in which the seller's broker will receive a commission
from the seller, regardless of who brings the buyer into the purchase
Exclusive right to sell - ANSWER: What a salesperson strives for!
Full disclosure - ANSWER: Agents must inform the principal of all matters
through full disclosure. They must promptly communicate to the principal all
information about the transaction relating to the agency relationship. A broker
must present every offer to the seller.
Designated sales associate or agent - ANSWER: With disclosure and informed
consent, one sales agent in the firm is designated to represent the buyer and another
agent is designated to represent the seller.
Agency disclosure form - ANSWER: sellers and buyers may provide advance
informed consent to dual agency with designated sales agents by indicating consent
on this form
What does the MLS offer - ANSWER: offers compensation and cooperation to
participating members. It does not create an automatic subagency
cooperating agents - ANSWER: seller agents from another real estate firm acting
as subagents of the listing broker and seller. They can also be buyer agents from
another firm. These agents work throug the usual system of offerings published
through the MLS
