NY REAL ESTATE EXAM QUESTIONS AND
ANSWERS
1. According to the New York State Real Property Law, a real estate salesperson's license
is issued for a term of how many years?
ANS Two
2. What happens to the licenses of salespersons if their sponsoring broker's license
is revoked?
ANS They are suspended
3. Which type of residential real property transfer would require a property to
condition disclosure statement?
ANS Lease with an option to purchase
4. A listing broker for the seller has a buyer-client who asks to see the listing. This
request could create which type of agency?
ANS Dual Agency
5. A broker's compensation is determined in an agreement between the broker and the
ANS Principal
6. Which fiduciary duty would be violated when a client suffers a financial loss as a
result of an agent's lack of expertise in dealing with a particular type of property?
1/
8
, ANS Reasonable Care
7. If clients who sign an "exclusive right to sell" listing agreement with a broker find a
buyer for the property on their own, the broker is...
ANS entitled to the original agreed upon commission
8. At an open house, Ozzie discloses to an interested buyer that he has a right to his
own representation but the buyer refuses. The buyer's relationship to Ozzie is a...
ANS Customer
9. The main purpose of the Agency Disclosure Form is to
ANS Inform customers of the agency relationship of themselves to a real estate agent and available choices for
representation.
10. Which of the following scenarios best illustrates the first substantive contact with
a prospective buyer?
ANS an individual meeting with an agent and discussing the purchase of a specific property.
11. What type of real estate agent is authorized to represent a principal in one
specific transaction?
ANS Special
12. If an agent represents two opposing parties in the same transaction without
both parties' full knowledge and informed consent, the agents action is known as a(n)
ANS Undisclosed Dual Agency
2/
8
ANSWERS
1. According to the New York State Real Property Law, a real estate salesperson's license
is issued for a term of how many years?
ANS Two
2. What happens to the licenses of salespersons if their sponsoring broker's license
is revoked?
ANS They are suspended
3. Which type of residential real property transfer would require a property to
condition disclosure statement?
ANS Lease with an option to purchase
4. A listing broker for the seller has a buyer-client who asks to see the listing. This
request could create which type of agency?
ANS Dual Agency
5. A broker's compensation is determined in an agreement between the broker and the
ANS Principal
6. Which fiduciary duty would be violated when a client suffers a financial loss as a
result of an agent's lack of expertise in dealing with a particular type of property?
1/
8
, ANS Reasonable Care
7. If clients who sign an "exclusive right to sell" listing agreement with a broker find a
buyer for the property on their own, the broker is...
ANS entitled to the original agreed upon commission
8. At an open house, Ozzie discloses to an interested buyer that he has a right to his
own representation but the buyer refuses. The buyer's relationship to Ozzie is a...
ANS Customer
9. The main purpose of the Agency Disclosure Form is to
ANS Inform customers of the agency relationship of themselves to a real estate agent and available choices for
representation.
10. Which of the following scenarios best illustrates the first substantive contact with
a prospective buyer?
ANS an individual meeting with an agent and discussing the purchase of a specific property.
11. What type of real estate agent is authorized to represent a principal in one
specific transaction?
ANS Special
12. If an agent represents two opposing parties in the same transaction without
both parties' full knowledge and informed consent, the agents action is known as a(n)
ANS Undisclosed Dual Agency
2/
8
