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NYS REAL ESTATE U FINAL (2 VERSIONS) LATEST 2026-2027
ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (100% VERIFIED ANSWERS) |ALREADY
GRADED A+| ||PROFESSOR VERIFIED|| ||BRANDNEW!!!||
Susan, a real estate broker, accepted a cash deposit for earnest
money with an offer from a buyer. When must this money be
deposited in the bank? - ANSWER-Trust monies must be
deposited into a trust account within 3 banking days of receipt.
When performing a CMA or BPO a real estate broker...? -
ANSWER-You can report the suggested price as a range. A CMA
is used to help establish a listing price. A broker can provide a
range since it is ultimately up to the seller to determine the listing
price.
John and Mary Davis married in 1983. They bought a home for
$42,000 later that same year. They lived in that home until 2017.
They sold that home for $542,000. Compute the taxes due to the
IRS if the Davis' are in a 25% tax bracket. - ANSWER-zero.
Married couples are exempt from paying taxes on up to $500,000
in capital gains. Since the Davis family's capital gain is $500,000
($542,000 - $42,000), they do not have to pay capital gains tax.
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Which of the following firm licenses is NOT required to have a
Broker in Charge? - ANSWER-S Corporation
The North Carolina Real Estate Commission has the authority to:
- ANSWER-Fine a developer whose agent violates the North
Carolina Time-Share Act.
Larry Agent has reviewed the Working with Real Estate Agents
brochure with his buyer. The buyer verbally agrees to have Larry
show him some houses as a buyer agent. Larry has located a
house listed with his firm that the buyer wants to purchase. At the
same time the offer to purchase was prepared, Larry and his
buyer also entered into a written buyer agency agreement
allowing for both dual and designated agency. Which of the
following is true? - ANSWER-Larry should have entered into a
verbal Dual Agency Agreement before showing the listing to the
buyer.
After discussing with the buyer, including the preparation of the
Working with Real Estate Agents brochure, the broker has agreed
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to serve in the capacity of a buyer agent. The agent must have
the buyer sign a written Buyer Agency Agreement by what specific
point in time? - ANSWER-at the time the broker will present an
offer on the buyer's behalf
John is a licensed real estate broker in NC who is managing an
apartment complex. He wants to run a promotion to help attract
new tenants. Which of the following would NOT be allowed? -
ANSWER-A free month's rent given to any current tenants who
recommend a friend that signs a one-year lease.
Remember, you cannot receive any form of compensation from
an owner if you perform a real estate service for someone else. A
free month's rent given to new tenants involves a form of
compensation; however, the tenant is not representing or helping
someone else. The tenant is representing themselves. A $50 gift
card is also a form of compensation; however, the tenant is not
performing any real estate services for someone else (they are
representing themselves again). The remaining answer choice
involves compensation and real estate services for someone else;
however, the person offering those services is licensed. This
leaves "a free month's rent given to any current tenants who
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recommend a friend that signs a one-year lease" as the correct
answer. The tenant is being compensated in the form of one
month's free rent and performing real estate services for someone
else (their friend in this case). Since they are being compensated
and performing real estate services for someone else, a license is
required.
Joan finds out that her best friend is interested in purchasing a
new home and puts her friend into contact with an active real
estate broker named Paula who will represent the friend in the
purchase. Upon closing, Paula sends Joan a $200 Amazon gift
card. Is Joan required to have a license in order to receive the gift
card? - ANSWER-Yes
Dan is a real estate broker in NC who is holding a $8,000 earnest
money deposit for a sales transaction between Seller Sam and
Buyer Bob. Buyer Bob has breached the sales contract, and the
contract specifies that in the event of a breach, the earnest money
should be released to the seller. Seller Sam wants the earnest
money to be released to him, as per the terms of the contract.
What should Dan do? - ANSWER-Hold on to the earnest money
NYS REAL ESTATE U FINAL (2 VERSIONS) LATEST 2026-2027
ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (100% VERIFIED ANSWERS) |ALREADY
GRADED A+| ||PROFESSOR VERIFIED|| ||BRANDNEW!!!||
Susan, a real estate broker, accepted a cash deposit for earnest
money with an offer from a buyer. When must this money be
deposited in the bank? - ANSWER-Trust monies must be
deposited into a trust account within 3 banking days of receipt.
When performing a CMA or BPO a real estate broker...? -
ANSWER-You can report the suggested price as a range. A CMA
is used to help establish a listing price. A broker can provide a
range since it is ultimately up to the seller to determine the listing
price.
John and Mary Davis married in 1983. They bought a home for
$42,000 later that same year. They lived in that home until 2017.
They sold that home for $542,000. Compute the taxes due to the
IRS if the Davis' are in a 25% tax bracket. - ANSWER-zero.
Married couples are exempt from paying taxes on up to $500,000
in capital gains. Since the Davis family's capital gain is $500,000
($542,000 - $42,000), they do not have to pay capital gains tax.
,2|Page
Which of the following firm licenses is NOT required to have a
Broker in Charge? - ANSWER-S Corporation
The North Carolina Real Estate Commission has the authority to:
- ANSWER-Fine a developer whose agent violates the North
Carolina Time-Share Act.
Larry Agent has reviewed the Working with Real Estate Agents
brochure with his buyer. The buyer verbally agrees to have Larry
show him some houses as a buyer agent. Larry has located a
house listed with his firm that the buyer wants to purchase. At the
same time the offer to purchase was prepared, Larry and his
buyer also entered into a written buyer agency agreement
allowing for both dual and designated agency. Which of the
following is true? - ANSWER-Larry should have entered into a
verbal Dual Agency Agreement before showing the listing to the
buyer.
After discussing with the buyer, including the preparation of the
Working with Real Estate Agents brochure, the broker has agreed
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to serve in the capacity of a buyer agent. The agent must have
the buyer sign a written Buyer Agency Agreement by what specific
point in time? - ANSWER-at the time the broker will present an
offer on the buyer's behalf
John is a licensed real estate broker in NC who is managing an
apartment complex. He wants to run a promotion to help attract
new tenants. Which of the following would NOT be allowed? -
ANSWER-A free month's rent given to any current tenants who
recommend a friend that signs a one-year lease.
Remember, you cannot receive any form of compensation from
an owner if you perform a real estate service for someone else. A
free month's rent given to new tenants involves a form of
compensation; however, the tenant is not representing or helping
someone else. The tenant is representing themselves. A $50 gift
card is also a form of compensation; however, the tenant is not
performing any real estate services for someone else (they are
representing themselves again). The remaining answer choice
involves compensation and real estate services for someone else;
however, the person offering those services is licensed. This
leaves "a free month's rent given to any current tenants who
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recommend a friend that signs a one-year lease" as the correct
answer. The tenant is being compensated in the form of one
month's free rent and performing real estate services for someone
else (their friend in this case). Since they are being compensated
and performing real estate services for someone else, a license is
required.
Joan finds out that her best friend is interested in purchasing a
new home and puts her friend into contact with an active real
estate broker named Paula who will represent the friend in the
purchase. Upon closing, Paula sends Joan a $200 Amazon gift
card. Is Joan required to have a license in order to receive the gift
card? - ANSWER-Yes
Dan is a real estate broker in NC who is holding a $8,000 earnest
money deposit for a sales transaction between Seller Sam and
Buyer Bob. Buyer Bob has breached the sales contract, and the
contract specifies that in the event of a breach, the earnest money
should be released to the seller. Seller Sam wants the earnest
money to be released to him, as per the terms of the contract.
What should Dan do? - ANSWER-Hold on to the earnest money
