NY Real Estate Exam Cheat Sheet
150 Questions Cor r ect Answ er s
1. How many square feet in one acre?
A. 55,430
B. 24,650
C. 43,560
D. 46,530
ANS C. 43,650
2. Mr. and Mrs. Conners sold their home and paid an 8% commission to their
realtor. Assuming no other fees, if they walked away from the sale with
$306,000, about how much did their house sell for?
A. $330,400
B. $332,600
C. $328,400
D. $327,900
ANS B $332,600
,3. Which of the following is a violation of the Fair Housing act?
A. not renovating second-story apartments to accommodate handicapped res-
idents
B. not allowing a service dog in an apartment complex that doesn't allow pets
C. a private club that provides lodging and gives preferential treatment to club
members
D. refusing to rent to someone who does not meet economic qualifications
ANS B not allowing a service dog in an apartment complex that doesn't allow pets
4. According to Fair Housing laws, which of these people is not
considered disabled?
A. a former convict
B. a person with HIV infection
C. a drug addict
D. a person with alcoholism
ANS A a former convict
,5. Sarah owns a warehouse and has decided to sell it as an open listing. She
has contacted three brokers to sell it for her, Brokers A, B, and C. If Broker B
makes the sale, who gets the commission?
A. Brokers A, B, and C
B. It is up to the brokers to decide how to split the commission.
C. Broker B
D. It is up to Sarah to decide how to split the commission.
ANS C Broker B
6. What information would be unethical for a listing agent to share
with a potential buyer?
A. "The seller is very eager for an offer because he lost his job and found a new
one in a different state."
B."The neighbors next door are really great and have two young children about
the age of your kids."
C. "The roof might need to be replaced in the next year or two."
D. "The community association fees are $800 this year, but they will be going
up to $1200 next year."
ANS A "The seller is very eager for an otter because he lost his job and found a new one in a different state."
7. A subdivision has a rule that each home in the neighborhood be at least 2,500
, square feet. This is an example of which concept?
A. homestead laws
B. cooperative ownership
C. restrictive covenant
D. Fair Housing Laws violation
ANS C. restrictive covenant
8. Which of the following describes a transaction brokerage?
A. The broker represents both the buying and selling parties.
B. The broker represents the buyer in the transaction.
C. The broker represents the seller in the transaction.
D.The broker does not represent either party, but provides general information
and services to each.
ANS D. The broker does not represent either party, but provides general information and services to each.
9. Who takes the biggest risk in an open listing?
A. the seller
B. the lending institution
150 Questions Cor r ect Answ er s
1. How many square feet in one acre?
A. 55,430
B. 24,650
C. 43,560
D. 46,530
ANS C. 43,650
2. Mr. and Mrs. Conners sold their home and paid an 8% commission to their
realtor. Assuming no other fees, if they walked away from the sale with
$306,000, about how much did their house sell for?
A. $330,400
B. $332,600
C. $328,400
D. $327,900
ANS B $332,600
,3. Which of the following is a violation of the Fair Housing act?
A. not renovating second-story apartments to accommodate handicapped res-
idents
B. not allowing a service dog in an apartment complex that doesn't allow pets
C. a private club that provides lodging and gives preferential treatment to club
members
D. refusing to rent to someone who does not meet economic qualifications
ANS B not allowing a service dog in an apartment complex that doesn't allow pets
4. According to Fair Housing laws, which of these people is not
considered disabled?
A. a former convict
B. a person with HIV infection
C. a drug addict
D. a person with alcoholism
ANS A a former convict
,5. Sarah owns a warehouse and has decided to sell it as an open listing. She
has contacted three brokers to sell it for her, Brokers A, B, and C. If Broker B
makes the sale, who gets the commission?
A. Brokers A, B, and C
B. It is up to the brokers to decide how to split the commission.
C. Broker B
D. It is up to Sarah to decide how to split the commission.
ANS C Broker B
6. What information would be unethical for a listing agent to share
with a potential buyer?
A. "The seller is very eager for an offer because he lost his job and found a new
one in a different state."
B."The neighbors next door are really great and have two young children about
the age of your kids."
C. "The roof might need to be replaced in the next year or two."
D. "The community association fees are $800 this year, but they will be going
up to $1200 next year."
ANS A "The seller is very eager for an otter because he lost his job and found a new one in a different state."
7. A subdivision has a rule that each home in the neighborhood be at least 2,500
, square feet. This is an example of which concept?
A. homestead laws
B. cooperative ownership
C. restrictive covenant
D. Fair Housing Laws violation
ANS C. restrictive covenant
8. Which of the following describes a transaction brokerage?
A. The broker represents both the buying and selling parties.
B. The broker represents the buyer in the transaction.
C. The broker represents the seller in the transaction.
D.The broker does not represent either party, but provides general information
and services to each.
ANS D. The broker does not represent either party, but provides general information and services to each.
9. Who takes the biggest risk in an open listing?
A. the seller
B. the lending institution
