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NY REAL ESTATE PRACTICE EXAM QUESTIONS
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NY REAL ESTATE PRACTICE EXAM QUESTIONS
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NY REAL ESTATE PRACTICE EXAM QUESTIONS1. To be licensed as a real estate broker, an individual must be at least how old?
a. 16
b. 18
c. 20
d. 21 - Answers -c. 20
2. Which of the following individuals is exempt from licensure?
a. attorneys admitted to practice in the New York courts
b. property managers who manage property for more than one individual or company
c. individuals who only list property for sale
d. auctioneers who only auction commercial real estate - Answers -a. attorneys
admitted to practice in the New York courts
3. To save in paperwork, Broker Bright decides to combine her office operating account
with the deposits obtained from contracts of sale. Broker Bright is guilty of:
a. nothing at all
b. illegal commingling of funds
c. an authorized practice of law
d. accepting money without authorization - Answers -b. illegal commingling of funds
11. Martin signs an exclusive-right-to-sell listing agreement for six months with Broker
Gerald. Within one month, Martin sells his house himself and refuses to pay a
commission to Gerald. Martin's behavior is a possible:
a. reformation
b. breach of contract
c. injunction
d. assignment - Answers -b. breach of contract
12. In a brokerage firm, the listing contracts are typically owned by the:
a. salesperson who lists the property
b. multiple listing service together with the brokerage firm
c. all must belong to the multiple listing service.
d. are all cooperating agents - Answers -d. are all cooperating agents
13. Which of the following activities is NOT an element of an independent contractor
relationship?
, a. no compensation for a specific number of hours worked
b. salespersons can work any hours they choose
c. commissions are paid with deductions for income taxes
d. either the salesperson or broker may terminate the relationship at any time - Answers
-c. commissions are paid with deductions for income taxes
14. Real estate licensees are classified as independent contractors under which of the
following?
a. Section 3508 (a) (b) of the IRS Code
b. common law
c. Article 12-A of the Real Property Law
d. Section 443 of the Real Property Law - Answers -a. Section 3508 (a) (b) of the IRS
Code
15. Which of the following is NOT one of the four unities required for joint tenancy?
a. unity of time
b. unity of interest
c. unity of partition
d. unity of possession - Answers -c. unity of partition
16. Francois and Helena purchase a property and their attorney tells them that their title
offers them the most complete form of ownership. Their ownership right is:
a. fee simple on condition
b. fee simple absolute
c. free simple defeasible
d. a life estate - Answers -b. fee simple absolute
17. Kelly's mother deeds Kelly her beach house for Kelly's lifetime. Then the property
goes to the A.S.P.C.A. in memory of the mother's favorite cat upon daughter Kelly's
death. This is an example of a:
a. fee simple absolute
b. leasehold
c. joint tenancy
d. life estate - Answers -d. life estate
18. A judgment is an example of a(n):
a. voluntary specific lien
b. involuntary specific lien
c. voluntary general lien
d. involuntary general lien - Answers -d. involuntary general lien
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