Exam (elaborations)
New York State Real Estate Salesperson Licensing Exam Questions and Answers
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New York State Real Estate Salesperson Licensing Exam
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New York State Real Estate SalespersonLicensing Exam
In NYS, how old must one be to enter into contracts? - answer18
What other capability should they possess? - answerMental and emotional capability
What happens if one of the parties to the contract is a minor? - answerThe contract is
voidable by the minor
What does the zoning board of appeals do? - answerGrants variances
What regulates construction standards in NYS? - answerBuilding codes
What does municipal engineer's office do? - answerOversees planning and construction
of major highways, sweet systems and water connections
If a property ad states that the property is near the vicinity of a geographical area, what
else mud the ad include? - answerIt must include the name of the geographical area
where the property is actually located
Who is usually exempt from property taxes? - answerDisabled, veterans, farmers,
elderly gold star parents *kids die in the war, star program homeowners
Who is not usually exempt from property taxes? - answerSecond home owners
What covers fully or personal property lost in a fire? - answerReplacement cost
Find the square footage of a rectangular shaped floor plan. How do you find the area of
a square/rectangle? - answerLength x Width = Area
What is the cash on cash return on a $2,000,000 property with a down payment of
$500,000 and $15,000 monthly rental income? - answer36%
Who hires the agent? - answerPrincipal or client
What is not a CMA (Comparative Market Analysis?) - answerAn apprasial
What cannot a salesperson do? - answerCollect money directly from the client or
customer
, When should the Agency disclosure form be submitted? - answerAt the first substantive
contact
Which document describes the agency (who he or she represents) of the salesperson?
- answerAgency disclosure form
What is another name for the slope of a roof? - answerPitch
What carcinogenic component was used as insulation in electric transformers that
contaminated soil and ground water? - answerPCB's or polychlorinated biphenyls
What can brokers provide their salespeople if they are independent contractors? -
answerOffice phone
Whats right to access whiter from a river or stream called? - answerRiparian
What did the civil rights act of 1866 protect without exception? - answerRace
What did the 1988 amendment to the civil rights act protect? - answerDisability and
familial status
What is convincing owners to sell/lease property by telling them a particular group of
people are moving into the area called? - answerBlockbusting
What is it called when lenders/insurance agents refuse to do business in a certain area
based on the characteristics of the people living there? - answerRedlining
Unless specified a lesser estate, transfer of title to real property in NYS creates what
type of interest? - answerFee Simple
What is another name for transfer of title to real property? - answerConveyance
What is it called when the government dictates how a property can be used? -
answerZoning
Who issues real estate licenses? - answerNY Department of State
Who oversees licensing and registration of mortgage bankers and brokers? -
answerNYS banking department
Which department oversees drinking water safety? - answerDepartment of Health
Who determines commission? - answerPrincipal/Client and the broker
What occurs when the agent represents the seller but also works in the best interests of
the buyer? - answerUndisclosed dual agency
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