NY REAL ESTATE EXAM 2023 WITH 100% CORRECT ANSWERS
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Course
NY REAL ESTATE
Institution
NY REAL ESTATE
According to the New York State Real Property Law, a real estate salesperson's license is issued for a term of how many years?
Two
What happens to the licenses of salespersons if their sponsoring broker's license is revoked?
They are suspended
Which type of residential real property...
NY REAL ESTATE EXAM
According to the New York State Real Property Law, a real estate salesperson's license is issued for a term of how many years? - correct answer -Two
What happens to the licenses of salespersons if their sponsoring broker's license is revoked? - correct answer -They are suspended
Which type of residential real property transfer would require a property to condition disclosure statement? - correct answer -Lease with an option to purchase
A listing broker for the seller has a buyer-client who asks to see the listing. This request could create which type of agency? - correct answer -Dual Agency
A broker's compensation is determined in an agreement between the broker and the - correct answer -
Principal
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? - correct answer -Reasonable Care
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... - correct answer -entitled to the original agreed upon commission
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... - correct answer -Customer
The main purpose of the Agency Disclosure Form is to - correct answer -Inform customers of the agency
relationship of themselves to a real estate agent and available choices for representation.
Which of the following scenarios best illustrates the first substantive contact with a prospective buyer? - correct answer -an individual meeting with an agent and discussing the purchase of a specific property. What type of real estate agent is authorized to represent a principal in one specific transaction? - correct answer -Special
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) - correct answer -Undisclosed Dual Agency
The broker's principal is ALWAYS the - correct answer -client
Sally Seller has chosen Broker Bob to represent her in the sale of her house. Broker Bob will advance and
protect Sally's interest during the sale. What word best describes their relationship? - correct answer -
Fiduciary
Which legal right allows an owner of land bordering a river or stream to use that water for recreational purposes? - correct answer -Riparian Rights
What is a requirement for a real estate contract to be valid? - correct answer -There must be an earnest
moment deposit
Which form of ownership can only be held by married couples? - correct answer -tenancy by the entirety
Which type of estate is recognized by law to be the highest form of ownership? - correct answer -Fee simple absolute
Which deed provision would prohibit an owner from installing an inground pool? - correct answer -
restrictive covenant
Which of the following liens has priority? - correct answer -NYS Income Tax Lien filed 12/10/13
Who MUST sign a deed? - correct answer -The grantor
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