RealEstate U Pass the New York State
Exam (v.2) 2.3 Practice Exam # 3 (75
Questions) 2025 Expert Verified | Ace the
Test
Which of the following is NOT exempt from obtaining a license? - 🧠
ANSWER ✔✔A licensed attorney acting as a sponsor to a real estate
salesperson
A real estate salespersons license must be renewed every .........years. - 🧠
ANSWER ✔✔2
A real estate salesperson operates as what type of agent to their client? - 🧠
ANSWER ✔✔Special Agent
According to this, a broker may be held responsible for the unlawful actions
of his/her salespersons? - 🧠 ANSWER ✔✔Vicarious Liability
, This Act made price fixing, group boycotts, market allocation, and tie-in
arrangements illegal? - 🧠 ANSWER ✔✔Sherman Anti-Trust Act
Which of the following is required in order for a broker to act as a dual
agent? - 🧠 ANSWER ✔✔Advanced informed consent from both the buyer
and seller
Personal property is also known as...? - 🧠 ANSWER ✔✔Chattel
Mark owns a single family home. He decides to transfer ownership of the
property to his daughter, Nancy; however, the ownership of the property
will revert back to Mark upon the death of Nancy's aunt, Martha. Which of
the following was created? - 🧠 ANSWER ✔✔Life Estate
Which of the following leasehold estates is open-ended, as it does not have
a termination date? - 🧠 ANSWER ✔✔Estate at Will
Which of the following is an example of a fixture...? - 🧠 ANSWER
✔✔Custom book shelves
Which of the following would be considered a trade fixture by a commercial
tenant? - 🧠 ANSWER ✔✔Display Case
Exam (v.2) 2.3 Practice Exam # 3 (75
Questions) 2025 Expert Verified | Ace the
Test
Which of the following is NOT exempt from obtaining a license? - 🧠
ANSWER ✔✔A licensed attorney acting as a sponsor to a real estate
salesperson
A real estate salespersons license must be renewed every .........years. - 🧠
ANSWER ✔✔2
A real estate salesperson operates as what type of agent to their client? - 🧠
ANSWER ✔✔Special Agent
According to this, a broker may be held responsible for the unlawful actions
of his/her salespersons? - 🧠 ANSWER ✔✔Vicarious Liability
, This Act made price fixing, group boycotts, market allocation, and tie-in
arrangements illegal? - 🧠 ANSWER ✔✔Sherman Anti-Trust Act
Which of the following is required in order for a broker to act as a dual
agent? - 🧠 ANSWER ✔✔Advanced informed consent from both the buyer
and seller
Personal property is also known as...? - 🧠 ANSWER ✔✔Chattel
Mark owns a single family home. He decides to transfer ownership of the
property to his daughter, Nancy; however, the ownership of the property
will revert back to Mark upon the death of Nancy's aunt, Martha. Which of
the following was created? - 🧠 ANSWER ✔✔Life Estate
Which of the following leasehold estates is open-ended, as it does not have
a termination date? - 🧠 ANSWER ✔✔Estate at Will
Which of the following is an example of a fixture...? - 🧠 ANSWER
✔✔Custom book shelves
Which of the following would be considered a trade fixture by a commercial
tenant? - 🧠 ANSWER ✔✔Display Case
