Exam (elaborations)
NY Real Estate Exam Prep Questions and Answers
- Course
- Institution
NY Real Estate Exam Prep
[Show more]
Content preview
NY Real Estate Exam PrepWhich of the following individuals is NOT required to have a real estate license?
A real estate salesperson
A real estate broker
An associate real estate broker
An attorney admitted to the NY State Bar - answer An attorney admitted to the NY State
Bar
If a real estate salesperson violates Article 12-A of the Real Property Law, they shall be
guilty of a/an...?
Misdemeanor
Felony
Criminal crime
Civil crime - answer Misdemeanor
According to this fiduciary duty, the agent must put the interests of the client above their
own interests?
Confidentiality
Obedience
Accountability
Loyalty - answerLoyalty
The real estate agent serves as a/an ........to their client/ Someone in a position of great
trust serves as a/an...?
Customer
Fiduciary
Cooperating agent
Sub-agent - answerFiduciary
This type of agency is created when a principal does not stop an individual from
representing his or her interests?
Agency by estoppel
General agency
Universal agency
Express agency - answerAgency by estoppel
,A licensee is guilty of what if they conceal a material fact from the prospective buyer?
Misrepresentation
Material misstatement
Commingling
Misappropriation - answerMisrepresentation
Everything that is not real property is considered...?
Real estate
Bundle of rights
Personal property
Improvements - answerPersonal property
Which of the following interests in real property offer the most complete form of
ownership/ the full bundle of rights?
Life estates
Leasehold estates
Fee simple absolute estates
Cooperative estates - answerFee simple absolute estates
A couple owns a property as a tenancy by the entirety. When one of the spouses
passes away, the other spouse gains full ownership of the property. When the
remaining spouse passes away, the children inherit the property. This is known as what
type of interest in real property?
Life estate
Leasehold estate
Joint tenancy
Tenancy in common - answerLife estate
This form of co-ownership does NOT include the 'right of survivorship?
Joint tenancy
Life estate
Tenancy in common
Estate for years - answerTenancy in common
Which of the following leasehold estates automatically renew for another fixed period of
time?
Estate at will
Estate for years
Periodic estate
Estate at sufferance - answerPeriodic estate
,What happens to real estate prices when demand is greater than supply?
Prices will increase
Prices will decrease
Prices will stay the same
Real estate prices are not affected by supply and demand - answerPrices will increase
How many hours of continuing education is a real estate salesperson required to
complete every two years?
16 hours
20 hours
22.5 hours
26 hours - answer22.5 hours
What type of easement is commonly used by utility companies?
Easement by necessity
Easement by condemnation
Easement in gross
Easement by prescription - answerEasement in gross
If a property owner builds a fence that partially crosses the neighbor's property line,
what has been created?
Easement
Encroachment
Lien
Party wall - answerEncroachment
Under which section of a deed will the property's address be listed?
Legal description of the property
Habendum clause
Granting clause
Subject-to clause - answerLegal description of the property
The grantor of a deed must be at least ..........years old.
16
18
21
25 - answer18
The person appointed by a court to distribute the intestate decedent's property is known
as a/an...?
, Administrator
Executor
Dower
Curtsey - answerAdministrator
Which of the following documents shows the list of owners to a property, from the
original owner to the present owner?
Certificate of Occupancy
Title insurance
Deed
Chain of title - answerChain of title
In a sub-lease, who is responsible for paying rent to the landlord?
The new tenant
The original tenant
Both tenants
Neither tenants - answerThe original tenant aka the lesee
Who typically signs the sales contract first?
The Seller
The Buyer/ purchaser
The broker
The agent - answerThe buyer/ purchaser
A homeowner recently hired a broker to sell their house. If the property is destroyed by
fire, what happens to the agency relationship between the owner and their listing
broker?
1. The agency relationship is terminated.
2. The agency relationship is suspended for 6 months.
3. The agent must still serve as a fiduciary to the seller.
4. The agency relationship will not terminate until the listing agreement expires. -
answerThe agency relationship is terminated.
Who is responsible for prosecuting criminal actions for violations of the Real Property
Law?
Attorney General
State Governor
Real Estate Commission
NAR - answerAttorney General
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77988 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now