NY REAL ESTATE EXAM
According to the New York State Real Property Law, a real estate salesperson's license is issued for a term of how many years? - correct answer -Two What happens to the licenses of salespersons if their sponsoring broker's license is revoked? - correct answer -They are suspended Which type of residential real property transfer would require a property to condition disclosure statement? - correct answer -Lease with an option to purchase A listing broker for the seller has a buyer-client who asks to see the listing. This request could create which type of agency? - correct answer -Dual Agency A broker's compensation is determined in an agreement between the broker and the - correct answer - Principal Which fiduciary duty would be violated when a client suffers a financial loss as a result of an agent's lack of expertise in dealing with a particular type of property? - correct answer -Reasonable Care If clients who sign an "exclusive right to sell" listing agreement with a broker find a buyer for the property on their own, the broker is... - correct answer -entitled to the original agreed upon commission At an open house, Ozzie discloses to an interested buyer that he has a right to his own representation but the buyer refuses. The buyer's relationship to Ozzie is a... - correct answer -Customer The main purpose of the Agency Disclosure Form is to - correct answer -Inform customers of the agency relationship of themselves to a real estate agent and available choices for representation.Which of the following scenarios best illustrates the first substantive contact with a prospective buyer? - correct answer -an individual meeting with an agent and discussing the purchase of a specific property. 1 / 2
What type of real estate agent is authorized to represent a principal in one specific transaction? - correct answer -Special If an agent represents two opposing parties in the same transaction without both parties' full knowledge and informed consent, the agents action is known as a(n) - correct answer -Undisclosed Dual Agency The broker's principal is ALWAYS the - correct answer -client Sally Seller has chosen Broker Bob to represent her in the sale of her house. Broker Bob will advance and protect Sally's interest during the sale. What word best describes their relationship? - correct answer - Fiduciary Which legal right allows an owner of land bordering a river or stream to use that water for recreational purposes? - correct answer -Riparian Rights What is a requirement for a real estate contract to be valid? - correct answer -There must be an earnest moment deposit Which form of ownership can only be held by married couples? - correct answer -tenancy by the entirety Which type of estate is recognized by law to be the highest form of ownership? - correct answer -Fee simple absolute Which deed provision would prohibit an owner from installing an inground pool? - correct answer - restrictive covenant Which of the following liens has priority? - correct answer -NYS Income Tax Lien filed 12/10/13 Who MUST sign a deed? - correct answer -The grantor
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