REVIEW QUESTIONS FOR NY REAL ESTATE

REVIEW QUESTIONS FOR NY REAL ESTATE

EXAM Latest Update 2025-2026 100 Questions and 100% Verified Correct Answers Guaranteed A+

-A broker signed a listing agreement with the Ghent's to market their luxury downtown condominium. A few days later, the broker Signed a buyer representation agreement with The Smiths, who were looking for a modest suburban single-family home. If the buyers decide they're in the market for a luxury downtown condominium instead, and want to see the Ghent's property, what should the broker do?

• Say nothing and collect a commission from

the sellers and a fee from the buyers

• Disclose the intended dual agency and

obtain both parties written consent

• Withdraw from representing one of the

Parties to avoid any appearance of self-dealing

• Nothing, but accept compensation from

Only one of the parties - CORRECT ANSWER: B: In New York dual agency is legal and permissible with timely and informed consent of both parties. In this case the agent must have the signed disclosure from both parties.

-A legally enforceable agreement between competent parties in which each party acquires a right is called a

• Certiorari. 1 / 4

• Consideration.
• Contract.
• Clause. - CORRECT ANSWER: C: A contract is an agreement between competent

legal parties to do or refrain from doing some legal act in exchange for consideration.

-A real estate salesperson's compensation is set by

• The local realty association.
• The Department of State, Division of Licensing Services.
• Agreement between broker and salesperson.
• The cooperating broker in a transaction. - CORRECT ANSWER: C: The fee or rate of

commission paid to a real estate broker is strictly negotiable between the broker and the seller or buyer.

-A tenant learns her building has been sold to a new landlord. The sale of the property

• Automatically terminates all preexisting leases.
• Automatically renews the lease for an additional term, although the tenant has the

option of declining the renewal.

• has no effect on existing leases, and the tenant must make timely rent payments to

the new owner.

• terminates the lease, but the tenant is entitled to a legal holdover tenancy for the

remainder of the lease term. - CORRECT ANSWER: C: Lease agreement does not terminate when an owner sells, new owner is bound by terms of lease

-Charging more than the legal interest rate is Known as

• points
• usury 2 / 4

• discounting
• novation - CORRECT ANSWER: B: USURY LAWS are used by New York State to fix

a maximum allowable interest rate.

-Deed restrictions may be established only by the

• Grantor.
• Local government.
• Zoning board of appeals.
• Grantee. - CORRECT ANSWER: A: Deed restrictions are in the form of covenants or

conditions. These restrictions run with the land, they are put by the "grantor"

-In a real estate transaction, a broker had a written representation agreement with the buyer but was paid 6 percent of the selling price at the closing by the seller. Under these facts, whose agent was this broker?

• The broker was the seller's agent.
• The broker was the buyer's agent.
• The broker is a dual agent.
• The broker has violated New York's real Estate license laws and may have his or her

License suspended or revoked. - CORRECT ANSWER: B: Other means of payment can be through multiple listing services when the listing broker offers cooperating compensation to the buyer broker. The buyer broker will then be paid by the seller

-In which clause in a deed would you find metes and bounds and monuments?

• Demising
• Defeasance
• Description 3 / 4

• Habendum - CORRECT ANSWER: C: The types of legal descriptions are

metes&bounds, block&lot, and monuments

-New York State law goes beyond federal human rights law when it forbids discrimination based on

• race.
• Marital status.
• Religion.
• Children in a family. - CORRECT ANSWER: B: New York State Helping to fight

discrimination on the basis of...Marital Status

-One future action that may NOT be limited by a deed restriction is

• The free transfer of the property.

• The illegal covenant against religion. or

Nationality.

• Further subdivision.

• The total number of lots in a subdivision. - CORRECT ANSWER: B: An illegal

covenant cannot be enforced [e.g. excluding people of certain religion, or color.

-The most commonly used insulation material is

• rock wool.
• / 4