Exam (elaborations)
NYS REAL ESTATE PRACTICE TEST QUESTIONS AND ANSWERS 2024
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NYS REAL ESTATE PRACTICE TEST
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NYS REAL ESTATE PRACTICE TESTWhich of the following statements about license laws is INCORRECT? - answer The
federal government establish license laws
In New York, an individual may obtain a salesperson license at age: - answer18
A salesperson licensee may receive commissions from the: - answer Employing broker
Which of the following does NOT apply to a salesperson license? It: - answer
Authorizes the salesperson to work in a reciprocal state without broker sponsorship
Which of the following listing contracts gives the broker commission entitlement if
anyone sells the property during the listing term? - answerExclusive right to sell
A real estate salesperson advises a prospective buyer that the property the buyer is
considering will be annexed into the city limits. This disclosure constitutes: -
answerRequired disclosure to buyer
Knowing that his client, the owner, is eager to sell, the salesperson suggests that the
prospective buyer make an offer of $210,000. Which of the following statements is
CORRECT? - answerThe salesperson is violating his obligation as a special agent
Within a ten-minute period, a salesperson receives two offers for a listed property. One
is 2 percent less than the listed price, and other offer is 6 percent less than the listed
price. The salesperson should present to the seller: - answerBoth offers
In an independent contractor relationship, the salesperson is entitled to: -
answerCompensation related directly to sales
According to the Real Property Law, a broker may: - answerAccept compensation from
more than one party to a transaction only with the full knowledge and consent of all
parties to the transaction
An agent is a: - answerFiduciary
An owner lists his property with three brokerage firms. In each case, he retains the right
to sell the property himself without being obligated to pay a commission. The type of
listing contract is called: - answerOpen
, A listing contract creates an agency relationship in which the: - answerSeller is the
principle
The type of listing that ensures the real estate agent a commission if the agents sells
the property and no commission if the seller sells the property is called a(n): -
answerExclusive agency
A real estate agent or a seller concealing a known defect is an example of: -
answerPositive misrepresentation
When a real estate firm attempts to represent the buyer and the seller in the same
transaction, what type of agency has arisen? - answerDual agency
According to the New York Real Property Law, listing agreements for one - to four unit
residential property must be accompanied by a(n): - answerAgency disclosure form
The owner of real property may NOT hold title as a(n): - answerLessee
An estate created for the life of a person other than the life tenant is called a life estate:
- answerpur autre vie
Ursula owns property with Dick and Judy. If Ursula dies, she plans to leave her
ownership interest to her husband Kyle. Ursula is a(n): - answerTenant in common
A piece of personal property that has become real property by permanent attachment is
called a(n): - answerFixture
Which of the following statements is CORRECT? An:
-Easement and a lien are one and the same
-Easement in gross has no servient tenement
-Easement is a fixture to real estate
-Appurtenant easement can be obtained by necessity - answerAppurtenant easement
can be obtained by necessity
Of the following, liens that have the highest priority are: - answerReal property tax liens
Which of the following provides the grantee with the greatest assurance of title? -
answerFull covenant and warranty deed
Which of the following is a benefit of recording a deed? It: - answerProtects the grantee
against future conveyances by the grantor
Of the following types of deeds, which provides the grantee with the least assurance of
title? - answerQuitclaim
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