New York Real Estate Salesperson Law of Agency Latest Update 2025-2026 50 Questions and 100% Verified Correct Answers Guaranteed A+
- Which of the following is not a fiduciary
duty that a real estate agent owes to a client?
- Principal
- Obedience
- Accountability
- Confidentiality
- A special agent is authorized to do the
following:
- to represent the principle in a broad
range of general matters.
- to act as a Power of Attorney in a real
estate transaction.
- to act on behalf of the principal in
specific transactions.
- to represent an agent for cooperation
and compensation.
New York Real Estate Contract of Sale and Leases
- Which of the following statements on leasehold estates are true?
- A leasehold estate is for a limited time.
- A leasehold estate grants possession, but not title. 1 / 2
- A and B are true
- Neither A nor B are true
- Which of the following is not an essential element of a lease?
- A formal, legal description of the property.
- A lease term
- A clause addressing when the tenant is takes possession of the property.
- Signatures of the lessee and lessor.
New York Real Estate Finance
- If the loan-to-value ratio is .85 and the purchase price for a property is $250,000. What
is the amount the buyer is mortgaging?
- $37,500
- $212,500
- $221,500
- $294,117
- If a lender charges $2,775 loan origination fee and the mortgage amount of the property
is $370,000, what is the loan origination percent payable at closing?
- 1.33%
- 1 %
- .75%
- .0075%
- The impact of borrowed funds to purchase property when capital is not available is
called:
- Liquidity
- / 2