New York Real Estate Salesperson Law of
Agency Latest Update 2025-2026 50 Questions
and 100% Verified Correct Answers Guaranteed
A+
1. Which of the following is not a fiduciary
duty that a real estate agent owes to a
client?
a. Principal
b. Obedience
c. Accountability
d. Confidentiality
2. A special agent is authorized to do the
following:
a. to represent the principle in a broad
range of general matters.
b. to act as a Power of Attorney in a real
estate transaction.
c. to act on behalf of the principal in
specific transactions.
d. to represent an agent for cooperation
and compensation.
New York Real Estate Contract of Sale and Leases
3. Which of the following statements on leasehold estates are true?
a. A leasehold estate is for a limited time.
b. A leasehold estate grants possession, but not title.
, c. A and B are true
d. Neither A nor B are true
4. Which of the following is not an essential element of a lease?
a. A formal, legal description of the property.
b. A lease term
c. A clause addressing when the tenant is takes possession of the property.
d. Signatures of the lessee and lessor.
New York Real Estate Finance
5. If the loan-to-value ratio is .85 and the purchase price for a property is $250,000. What
is the amount the buyer is mortgaging?
a. $37,500
b. $212,500
c. $221,500
d. $294,117
6. If a lender charges $2,775 loan origination fee and the mortgage amount of the property
is $370,000, what is the loan origination percent payable at closing?
a. 1.33%
b. 1 %
c. .75%
d. .0075%
7. The impact of borrowed funds to purchase property when capital is not available is
called:
a. Liquidity
Agency Latest Update 2025-2026 50 Questions
and 100% Verified Correct Answers Guaranteed
A+
1. Which of the following is not a fiduciary
duty that a real estate agent owes to a
client?
a. Principal
b. Obedience
c. Accountability
d. Confidentiality
2. A special agent is authorized to do the
following:
a. to represent the principle in a broad
range of general matters.
b. to act as a Power of Attorney in a real
estate transaction.
c. to act on behalf of the principal in
specific transactions.
d. to represent an agent for cooperation
and compensation.
New York Real Estate Contract of Sale and Leases
3. Which of the following statements on leasehold estates are true?
a. A leasehold estate is for a limited time.
b. A leasehold estate grants possession, but not title.
, c. A and B are true
d. Neither A nor B are true
4. Which of the following is not an essential element of a lease?
a. A formal, legal description of the property.
b. A lease term
c. A clause addressing when the tenant is takes possession of the property.
d. Signatures of the lessee and lessor.
New York Real Estate Finance
5. If the loan-to-value ratio is .85 and the purchase price for a property is $250,000. What
is the amount the buyer is mortgaging?
a. $37,500
b. $212,500
c. $221,500
d. $294,117
6. If a lender charges $2,775 loan origination fee and the mortgage amount of the property
is $370,000, what is the loan origination percent payable at closing?
a. 1.33%
b. 1 %
c. .75%
d. .0075%
7. The impact of borrowed funds to purchase property when capital is not available is
called:
a. Liquidity
