NY Real Estate State Exam (Mult Choice) Questions And Correct Detailed Answers (Verified Answers) Already Graded A+

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NY Real Estate State Exam (Mult Choice) Questions And Correct Detailed Answers (Verified Answers) Already Graded A+

1. A nonresident broker seeking a New York license must:

• Post a bond of $5000
• Be a citizen of the United States
• Find a New York attorney to act as a sponsor
• File an affidavit allowing them to be sued in NY

Correct Answer: D

2. An agency relationship is determined by:

• The source of compensation
• How well the parties know each other
• Agreement between the principal and the agent
• First substantive contract

Correct Answer: C

3. Heat from outside air is utilized through a:

• Reverse conditioner
• Passive solar system
• Heat pump
• Cold air return

Correct Answer: C

4. An automatic renewal clause in a lease:

• Is not allowed on rent-stabilized apartments
• Is granted every tenant in a building with four or more units

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• Is illegal in New York State
• Requires notice from the landlord calling the tenants attention to the clause.

Correct Answer: D

• When listing a property, ABC Realty best protects its chances of earning a

commission if the listing is a:

• Exclusive-right-to-sell listing
• For sale by owner
• Exclusive-agency listing
• Open listing

Correct Answer: A

6. Real Property Law section 443 disclosure requirements apply only to:

• Sale or lease of one to four-unit residential properties
• All types of real estate transactions
• Mortgage financing arrangements
• Commercial properties

Correct Answer: A

7. An agency relationship is determined by:

• The source of compensation
• How well the parties know each other
• Agreement between the principal and the agent
• First substantive contact

Correct Answer: C

8. In a single agency agreement in which a broker represents a seller:

• The buyer is the client
• The seller is the client
• The seller is the customer

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• The buyer is a subagent

Correct Answer: B

9. Broker John Brown owes customer Susie Smith:

• Loyalty
• Fairness and honesty
• Confidentiality
• Accounting

Correct Answer: B

10. A salesperson need not be:

• Licensed by the state
• At least 18 years old
• Already experienced in real estate
• Supervised by a broker

Correct Answer: C

11. Undisclosed dual agency may result in broker Joan Jones:

• Losing her license
• Losing the commission
• Being liable for damages
• All of the above

Correct Answer: D

12. Real Property Law section 443 disclosure requirements apply only to:

• Sale or lease of one to four-unit residential properties
• All types of real estate transactions
• Mortgage financing arrangements
• Commercial properties

Correct Answer: A

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• Jim Chard was not paid for roofing the Hills ranch home. How long does he have to

file a mechanic's lien?

• Four Months
• Eight Months
• One Year
• Ten Years

Correct Answer: A

14. Jim's mechanic's lien will remain against the property for at least:

• Four Months
• Eight Months
• One Year
• Ten Years

Correct Answer: C

• When the market was depressed in New Town, New York, the brokers association

decided to lower commission rates to have a better chance to list properties. This

would be an antitrust violation called:

• Market allocation
• Tie-in arrangement
• Price-fixing
• Group boycotting

Correct Answer: C

• The salesperson who joins a real estate company will probably have to pay for his

own:

• Office space
• Errors and omissions insurance
• Contract forms and "For Sale" signs
• Hospitalization insurance