REVIEW QUESTIONS FOR NY REAL ESTATE EXAM {ALREADY GRADED A+ } NEWEST VERSION

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REVIEW QUESTIONS FOR NY REAL

ESTATE EXAM {ALREADY GRADED A+ }

NEWEST VERSION

• When a license is revoked, how long must a licensee wait before applying to have the

license reinstated?

• 18 months
• 1 year
• 6 months
• 2 years

Correct Answer: b

2. An apartment information vendor is licensed by:

• Department of Law
• New York Attorney General's office
• Department of State
• Division of Housing and Community Rental

Correct Answer: c

• When does offering a client's business for sale require a real estate license?
• Never
• Always
• When the business includes any real estate
• When more than half the value is real estate

Correct Answer: d

4. A salesperson's license must be:

• displayed on the firm's wall.

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• kept in the salesperson's wallet.
• retained by the principal broker.
• sent to the local REALTORS association.

Correct Answer: c

• When salesperson Tom Jones left ABC Realty and went to work with XYZ REALTORS,

Tom's listings:

• became null and void.
• Remained with ABC Realty.
• Went with him to XYZ REALTORS.
• Required the sellers' signatures to remain in the local MLS.

Correct Answer: b

• Violation of the license law is a misdemeanor, punishable by up to a year in jail and a fine

of up to:

• $500.
• $2,000.
• $1,000.
• $1,500.

Correct Answer: c

7. An associate broker may:

• sponsor a person for a salesperson's license.
• collect his or her own real estate fees.
• act as a principal broker for another broker.
• Work as a salesperson for a principal broker.

Correct Answer: d

• Which of the following acts would require a real estate license in New York?
• Sale of one's own property
• Sale by the owner's lawyer

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• Sale of land by an auctioneer
• Foreclosure sale by court order

Correct Answer: c

9. The minimum age for a New York real estate broker's license is:

• 19.
• 18.
• 20.
• 21.

Correct Answer: c

10. A broker legitimately may pay all or part of Real estate commission to a:

• seller
• salesperson
• buyer
• friend who provides a listing lead

Correct Answer: b

• The form of listing whereby an owner lists property for sale with a number of brokers is

known as a(n):

• Exclusive agency.
• Open listing.
• Exclusive right to sell.
• Net listing.

Correct Answer: b

• To avoid possible liability for the actions of cooperating members of a multiple-listing

system, the owner who lists property for sale may decline to offer:

• commission to the selling agent.
• Subagency.
• Cooperation with buyer brokers.

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• A written disclosure of property condition.

Correct Answer: b

• An agent who has the authority to represent the principal in specific matters is a(n):
• specific agent
• general agent
• unlimited agent
• special agent

Correct Answer: b

• Jan Lipson gave Sun City Realty an exclusive agency listing on her property. If she sells

the property herself without involving Sun City, she will owe Sun City:

• Half of the commission.
• All of the commission.
• No commission.
• Only reimbursement for Sun City's expenses.

Correct Answer: c

• When selling a property in New York, the Licensee is required to disclose to a potential

Buyer that:

• There is a group home 1 ½ miles away.
• The property lies in an agricultural district.
• There is a fundamentalist church three blocks away.
• The former owners were divorced.

Correct Answer: b

16. The commission to be paid in a written listing Agreement is the:

• rate set by law.
• amount of money over the net listing amount.
• Customary rate in the area.
• Percentage of the sales price as negotiated and agreed or a flat fee.