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REVIEW QUESTIONS FOR NY REAL ESTATE EXAM WITH CORRECT ANSWERS
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REVIEW QUESTIONS FOR NY REAL ESTATE EXAM WITH CORRECT ANSWERS
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REVIEW QUESTIONS FOR NY REALESTATE EXAM WITH CORRECT
ANSWERS
1-AsbrokerslegitimatelysmayspaysallsorspartsofsRealsestatescommissionstosa
a.sseller
b.ssalesperson
c.sbuyer
d.sfriendswhosprovidessaslistingsleads-srightsanswer✔-
B:sSalespersonscansacceptscompensationsonlysfromstheirssponsoringsbroker.
2-ThesminimumsagesforsasNewsYorksrealsestatesbroker'sslicensesis
a.s19.
b.s18.
c.s20.
d.s21.s-srightsanswer✔C.sAssofsJulys1,2008stosbecomesasbrokersyousmustsbes20syearssold.
3-WhichsofsthesfollowingsactsswouldsrequiresasrealsestateslicensesinsNewsYork
a.sSalesofsone'ssownsproperty
b.sSalesbysthesowner'sslawyer
c.sSalesofslandsbysansauctioneer
d.sForeclosuressalesbyscourtsorders-srightsanswer✔C:ssellingslandsatsansauction.
4-Ansassociatesbrokersmay
a.ssponsorsaspersonsforsassalesperson'sslicense.
b.scollectshissorshersownsrealsestatesfees.
c.sactsassasprincipalsbrokersforsanothersbroker.
d.sWorksassassalespersonsforsasprincipalsbrokers-
srightsanswer✔D:sAssociatesbrokersissaslicensedsbrokersbutschoosesstosworksundersthessu
pervisionsofsanothersbroker.
5-
Violationsofstheslicenseslawsissasmisdemeanor,sPunishablesbysupstosasyearsinsjailsandsasfin
esof
Upsto
a.s$500.
b.s$2,000.
c.s$1,000.
d.s$1,500.s-srightsanswer✔C:sDOSsmaysimposesasfinesnotstosexceeds$1000.
,6-
WhenssalespersonsTomsJonessleftsABCsRealtysAndswentstosworkswithsXYZsREALTORS,
Tom'sslistings
a.sbecamesnullsandsvoid.
b.sRemainedswithsABCsRealty.
c.sWentswithshimstosXYZsREALTORS.
d.sRequiredsthessellers'ssignaturesstosremainsinstheslocalsMLS.s-
srightsanswer✔B:sWhensaslicenseesterminatesswithsasbrokerstheysmuststurnsoversallsinform
ation.
Assalesperson'sslicensesmustsbe
a.sdisplayedsonsthesfirm'sswall.
b.skeptsinsthessalesperson'sswallet
c.sretainedsbysthesprincipalsbroker.
d.sd.ssentstostheslocalsREALTORSsassociation.s-
srightsanswer✔C:sKeptsbysthesbrokersinsassafesplace.
8-Whensdoessofferingsasclient'ssbusinesssforssalesRequiresasrealsestateslicense?
a.sNever
b.sAlways
c.sWhensthesbusinesssincludessanysrealsestate
d.sWhensmoresthanshalfsthesvaluesissrealsestates-srightsanswer✔-
D:ssellingsasbusinessswheresthesrealsestatesissgreatersthansthesbusiness.
Ansapartmentsinformationsvendorsisslicensedsby:
a.sDepartmentsofsLaws
b.sNewsYorksAttorneysGeneral'ssoffices
c.sDepartmentsofsStates
d.sDivisionsofsHousingsandsCommunitysRentals-
srightsanswer✔C:sDepartmentsofsStateslicensessapartmentsinformationsvendors....
Whensaslicensesissrevoked,showslongsmustsaslicenseeswaitsbeforesapplyingstoshavestheslic
ensesreinstated?
a.s18smonths
b.s1syear
c.s6smonths
d.s2syearss-
srightsanswer✔B:sIfsaslicensesissrevokeslicenseesmustswaits1syearsbeforesreapplying..
Thesformsofslistingswherebysansownerslistsspropertysforssaleswithsasnumbersofsbrokerssissk
nownsassa(n)
a.sExclusivesagency.
b.sOpenslisting.
, c.sExclusivesrightstossell.
d.sNetslisting.s-
srightsanswer✔B:sInsansOpenslistingsthessellersallowssthespropertystosbesshownsbysmanysB
rokers.
Tosavoidspossiblesliabilitysforsthesactionssofscscooperatingsmemberssofsasmultiple-
listingssystem,sthesownerswhoslistsspropertysforssalesmaysdeclinestosoffer
a.scommissionstosthessellingsagent.
b.sSubagency.
c.sCooperationswithsbuyersbrokers.
d.sAswrittensdisclosuresofspropertyscondition.s-
srightsanswer✔B:sBysacceptingssubagencysthesownerswillshavesnosvicarioussliabilitysforsthe
sActssofscooperatingsagents
Ansagentswhoshassthesauthoritystosrepresentsthesprincipalsinsspecificsmatterssissa(n):
a.sspecificsagent
b.sgeneralsagent
c.sunlimitedsagent
d.sspecialsagents-srightsanswer✔-
B:sAsgeneralsagentshassspecificsauthoritysinsrepresentingsowners.
JansLipsonsgavesSunsCitysRealtysansexclusivesagencyslistingsonshersproperty.sIfsshessellss
the
PropertysherselfswithoutsinvolvingsSunsCity,sSheswillsowesSunsCity
a.sHalfsofsthescommission.
b.sAllsofsthescommission.
c.sNoscommission.
d.sOnlysreimbursementsforsSunsCity'ssexpenses.s-
srightsanswer✔C:sWithsthesExclusivesAgencysthesownersowessnoscommission.
15-
WhenssellingsaspropertysinsNewsYork,sthesLicenseesissrequiredstosdisclosestosaspotential
Buyersthat
a.sTheresissasgroupshomes1s½smilessaway.
b.sThespropertysliessinsansagriculturalsdistrict.
c.sTheresissasfundamentalistschurchsthreesblockssaway.
d.sThesformersownerssweresdivorceds-
srightsanswer✔B:sIfspropertysissinsansagriculturalsdistrictsbuyersmustsbesinformed.
Thescommissionstosbespaidsinsaswrittenslisting
Agreementsissthe
a.sratessetsbyslaw
b.samountsofsmoneysoversthesnetslistingsamount.
c.sCustomarysratesinsthesarea.
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