NYS REAL ESTATE SALESPERSON EXAM
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1. What are the age and experience requirements to apply for a salesperson
license: 18 years old and no experience necessary
2. Revocation of a license means a license is withdrawn and?: Can only be reinstated after
one year
3. What agency issues real estate licenses in the State of New York?: Department of
State
4. What is another word for principal?: Client
5. An agent owes customers?: Honesty and fair dealing
6. What is the preferred method of creating an agency relationship?: Expressed
agency
7. When a license is the client's designated agent, the client gives up the agent's
duty of?: Undivided loyalty
8. A seller-client does not have vicarious liability for which agency?: Broker agency
9. A licensed sales person acting as a subagent can receive commission pay-
ments from?: Only from their sponsoring broker
10. Someone walks into an open house. The listing agent must present an
agency disclosure before?: The agent answers any questions about the house
11. A listing broker must maintain a signed agency disclosure form for how
long?: For at least 3 years after the transaction closes
12. Which type of listing agreement provides the greatest opportunity for a
listing broker to earn a commission?: Exclusive right to sell agreement (client is obligated to pay
commission to broker no matter who sells the property)
13. An agent who discusses the commission rates charged by his broker with
someone from another agency could be accused of which antitrust violation?-
: Price fixing
14. A salesperson who is an independent contractor?: 1) Is not subject to withholding taxes
2) Must have signed contract with a sponsoring broker
3) Can't have their hours set by a sponsoring broker
4) Must be paid by the deal not by the hour
15. An example of chattel is?: Apples picked from tree
16. The fullest interest in property is known as what kind of estate?: Fee simple absolute
(Fee Simple Estate)
, NYS REAL ESTATE SALESPERSON EXAM
Study online at https://quizlet.com/_herhwn
17. A married couple purchases a home. Unless specified otherwise, it is as-
sumed that they will take ownership as?: Tenants by the entirety
18. NPR Utility Company has the right to enter a homeowner's property to repair
electric lines. What kind of easement does this represent?: Easement in gross
19. Which is an example of a general involuntary lien?: 1) Judgement lien
2) Mortgage lien, voluntary-specific
3) Real Estate Tac Lien, involuntary-specific
4) Mechanics lien, involuntary-specific
20. A homeowner facing foreclosure has a number of liens. When they property
is sold, which lien will be paid first from the proceeds?: Property tax lien
21. A contract between a minor and an adult is?: Voidable by the minor only
22. A buyer makes an offer, contingent on selling his house first. What clause can
be included in the sales contract that would allow the seller to pursue other
buyers in the meantime?: Escape clase
23. The tenant signs a two-month lease on an apartment ending September 1st.
What type of leasehold estate does this represent?: Estate for years
24. A valid deed must contain whose signatures?: All grantors (sellers)
25. What type of deed would most likely be used to remove a cloud on a
title?: Quitclaim Deed
26. Which type of legal description uses a survey map of a subdivision?: Metes and
bounds
27. In New York, which cost at closing is most typically paid by the seller?: Transfer
tax
28. The Truth In Lending Act does not cover?: Commercial mortgages, only residential mortgages
29. The theoretical price real estate should bring in a typical transaction in
known as the?: Market value
30. When finding comparable properties for a comparative market analysis, a
real estate agent will consider?: All homes currently listed, recently sold or removed from the market
31. After examining a property, an appraiser made the following notes:
Replacement cost = $465,000
Depreciation = $18,000; Site value + $85,000. Determine the final estimate of
value using the cost approach: $532,000
Study online at https://quizlet.com/_herhwn
1. What are the age and experience requirements to apply for a salesperson
license: 18 years old and no experience necessary
2. Revocation of a license means a license is withdrawn and?: Can only be reinstated after
one year
3. What agency issues real estate licenses in the State of New York?: Department of
State
4. What is another word for principal?: Client
5. An agent owes customers?: Honesty and fair dealing
6. What is the preferred method of creating an agency relationship?: Expressed
agency
7. When a license is the client's designated agent, the client gives up the agent's
duty of?: Undivided loyalty
8. A seller-client does not have vicarious liability for which agency?: Broker agency
9. A licensed sales person acting as a subagent can receive commission pay-
ments from?: Only from their sponsoring broker
10. Someone walks into an open house. The listing agent must present an
agency disclosure before?: The agent answers any questions about the house
11. A listing broker must maintain a signed agency disclosure form for how
long?: For at least 3 years after the transaction closes
12. Which type of listing agreement provides the greatest opportunity for a
listing broker to earn a commission?: Exclusive right to sell agreement (client is obligated to pay
commission to broker no matter who sells the property)
13. An agent who discusses the commission rates charged by his broker with
someone from another agency could be accused of which antitrust violation?-
: Price fixing
14. A salesperson who is an independent contractor?: 1) Is not subject to withholding taxes
2) Must have signed contract with a sponsoring broker
3) Can't have their hours set by a sponsoring broker
4) Must be paid by the deal not by the hour
15. An example of chattel is?: Apples picked from tree
16. The fullest interest in property is known as what kind of estate?: Fee simple absolute
(Fee Simple Estate)
, NYS REAL ESTATE SALESPERSON EXAM
Study online at https://quizlet.com/_herhwn
17. A married couple purchases a home. Unless specified otherwise, it is as-
sumed that they will take ownership as?: Tenants by the entirety
18. NPR Utility Company has the right to enter a homeowner's property to repair
electric lines. What kind of easement does this represent?: Easement in gross
19. Which is an example of a general involuntary lien?: 1) Judgement lien
2) Mortgage lien, voluntary-specific
3) Real Estate Tac Lien, involuntary-specific
4) Mechanics lien, involuntary-specific
20. A homeowner facing foreclosure has a number of liens. When they property
is sold, which lien will be paid first from the proceeds?: Property tax lien
21. A contract between a minor and an adult is?: Voidable by the minor only
22. A buyer makes an offer, contingent on selling his house first. What clause can
be included in the sales contract that would allow the seller to pursue other
buyers in the meantime?: Escape clase
23. The tenant signs a two-month lease on an apartment ending September 1st.
What type of leasehold estate does this represent?: Estate for years
24. A valid deed must contain whose signatures?: All grantors (sellers)
25. What type of deed would most likely be used to remove a cloud on a
title?: Quitclaim Deed
26. Which type of legal description uses a survey map of a subdivision?: Metes and
bounds
27. In New York, which cost at closing is most typically paid by the seller?: Transfer
tax
28. The Truth In Lending Act does not cover?: Commercial mortgages, only residential mortgages
29. The theoretical price real estate should bring in a typical transaction in
known as the?: Market value
30. When finding comparable properties for a comparative market analysis, a
real estate agent will consider?: All homes currently listed, recently sold or removed from the market
31. After examining a property, an appraiser made the following notes:
Replacement cost = $465,000
Depreciation = $18,000; Site value + $85,000. Determine the final estimate of
value using the cost approach: $532,000
