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NYS Real Estate Exams COMPILATION BUNDLE
NYS Real Estate Exams COMPILATION BUNDLE
[Show more]NYS Real Estate Exams COMPILATION BUNDLE
[Show more]An agency relationship is determined by: a) the source of compensation b) how well the parties know each other c) agreement between the principal and the agent d) first substantive contract - c) agreement between the principal and the agent Heat from outside air is utilized through a: se conditioner...
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Add to cartAn agency relationship is determined by: a) the source of compensation b) how well the parties know each other c) agreement between the principal and the agent d) first substantive contract - c) agreement between the principal and the agent Heat from outside air is utilized through a: se conditioner...
In NYS, how old must one be to enter into contracts? Correct Answer: 18 
 
What other capability should they possess? Correct Answer: Mental and emotional capability 
 
What happens if one of the parties to the contract is a minor? Correct Answer: The contract is voidable by the minor 
 
What doe...
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Add to cartIn NYS, how old must one be to enter into contracts? Correct Answer: 18 
 
What other capability should they possess? Correct Answer: Mental and emotional capability 
 
What happens if one of the parties to the contract is a minor? Correct Answer: The contract is voidable by the minor 
 
What doe...
Article 12A: NYS Real Property Law Correct Answer: "Real Estate License Law" 
- violation is a misdemeanor punishable by loss of license, $1000 fine, revoking of license 
- all salespersons have license suspended 
- after 1 year broker can apply to get license back 
 
Capital Gains Tax Exemptio...
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Add to cartArticle 12A: NYS Real Property Law Correct Answer: "Real Estate License Law" 
- violation is a misdemeanor punishable by loss of license, $1000 fine, revoking of license 
- all salespersons have license suspended 
- after 1 year broker can apply to get license back 
 
Capital Gains Tax Exemptio...
The ______ refers to the rights given to the title holder of a particular property. These rights may be limited in certain instances, such as when a title holder fails to pay required property taxes, but in most regards, the title holder is considered the owner of the property. Correct Answer: Righ...
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Add to cartThe ______ refers to the rights given to the title holder of a particular property. These rights may be limited in certain instances, such as when a title holder fails to pay required property taxes, but in most regards, the title holder is considered the owner of the property. Correct Answer: Righ...
Sellers market their property using a __________. Correct Answer: listing agreement 
 
When the licensee has a buyer brokerage agreement with a purchaser, he or she must represent the best interests of the ___ rather than the ___. Correct Answer: buyer,seller 
 
In most cases, buyers cannot make a...
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Add to cartSellers market their property using a __________. Correct Answer: listing agreement 
 
When the licensee has a buyer brokerage agreement with a purchaser, he or she must represent the best interests of the ___ rather than the ___. Correct Answer: buyer,seller 
 
In most cases, buyers cannot make a...
How often must you renew your real estate salesperson/broker license? Correct Answer: Every 2 years 
 
What is the purpose of license laws in the real estate industry? Correct Answer: To minimize fraudulent practice and protect the general public 
 
The New York regulatory agency that oversees rea...
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Add to cartHow often must you renew your real estate salesperson/broker license? Correct Answer: Every 2 years 
 
What is the purpose of license laws in the real estate industry? Correct Answer: To minimize fraudulent practice and protect the general public 
 
The New York regulatory agency that oversees rea...
Which of the following is NOT exempt from obtaining a license? Correct Answer: A licensed attorney acting as a sponsor to a real estate salesperson 
 
A real estate salespersons license must be renewed every .........years. Correct Answer: 2 
 
A real estate salesperson operates as what type of ag...
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Add to cartWhich of the following is NOT exempt from obtaining a license? Correct Answer: A licensed attorney acting as a sponsor to a real estate salesperson 
 
A real estate salespersons license must be renewed every .........years. Correct Answer: 2 
 
A real estate salesperson operates as what type of ag...
The situation with the most potential for conflict is when a real estate licensee acts as a: 
-Dual Agent 
-Buyers Broker 
-Sellers Agent 
-Transaction Broker Correct Answer: -Dual Agent 
 
A seller has listed her home with a broker for $90,000, and the broker tells a prospective buyer to submit a ...
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Add to cartThe situation with the most potential for conflict is when a real estate licensee acts as a: 
-Dual Agent 
-Buyers Broker 
-Sellers Agent 
-Transaction Broker Correct Answer: -Dual Agent 
 
A seller has listed her home with a broker for $90,000, and the broker tells a prospective buyer to submit a ...
associate real estate broker Correct Answer: a licensed real estate broker who may perform the acts of a broker but chooses to work under the name and supervision and license of a licensed broker 
 
real estate broker Correct Answer: any oersons partnership association or corporation who, for anot...
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Add to cartassociate real estate broker Correct Answer: a licensed real estate broker who may perform the acts of a broker but chooses to work under the name and supervision and license of a licensed broker 
 
real estate broker Correct Answer: any oersons partnership association or corporation who, for anot...
Chapter 1 
The section of the New York Real Property Law that applies to salespersons and brokers is... Correct Answer: Article 12-A 
 
Chapter 1 
Brokers who do not separate their business or personal bank accounts from their real estate deposit accounts are guilty of __________________ the funds....
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Add to cartChapter 1 
The section of the New York Real Property Law that applies to salespersons and brokers is... Correct Answer: Article 12-A 
 
Chapter 1 
Brokers who do not separate their business or personal bank accounts from their real estate deposit accounts are guilty of __________________ the funds....
Which of the following statements about license laws is INCORRECT? Correct Answer: The federal government establish license laws 
 
In New York, an individual may obtain a salesperson license at age: Correct Answer: 18 
 
A salesperson licensee may receive commissions from the: Correct Answer: Em...
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Add to cartWhich of the following statements about license laws is INCORRECT? Correct Answer: The federal government establish license laws 
 
In New York, an individual may obtain a salesperson license at age: Correct Answer: 18 
 
A salesperson licensee may receive commissions from the: Correct Answer: Em...
What agency issues real estate licenses? - The New York State Department of State (NYDOS), Divison of Licensing Services At what age can you become a real estate salesperson? - 18 Do you need experience in the field to become a sales person? - No What is the minimum age to become a real estate broke...
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Add to cartWhat agency issues real estate licenses? - The New York State Department of State (NYDOS), Divison of Licensing Services At what age can you become a real estate salesperson? - 18 Do you need experience in the field to become a sales person? - No What is the minimum age to become a real estate broke...
1-A broker legitimately may pay all or part of Real estate commission to a 
a. seller 
b. salesperson 
c. buyer 
d. friend who provides a listing lead Correct Answer: -B: Salesperson can accept compensation only from their sponsoring broker. 
 
2-The minimum age for a New York real estate broker's...
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Add to cart1-A broker legitimately may pay all or part of Real estate commission to a 
a. seller 
b. salesperson 
c. buyer 
d. friend who provides a listing lead Correct Answer: -B: Salesperson can accept compensation only from their sponsoring broker. 
 
2-The minimum age for a New York real estate broker's...
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