REVIEW QUESTIONS FOR NY REAL

REVIEW QUESTIONS FOR NY REAL

ESTATE EXAM 2023

1-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: Salesperson can accept

compensation only from their sponsoring broker.2-The minimum age for a New York real estate broker's license is

• 19.
• 18.
• 20.
• - Correct Answer C. As of July 1,2008 to become a broker you must be 20 years

old.3-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
• Sale of land by an auctioneer
• Foreclosure sale by court order - Correct Answer C: selling land at an auction.

4-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: Associate broker is

a licensed broker but chooses to work under the supervision of another broker.5-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.

d. $1,500. - Correct Answer C: DOS may impose a fine not to exceed $1000.

6-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. 1 / 3

• Required the sellers' signatures to remain in the local MLS. - Correct Answer B:

When a licensee terminates with a broker they must turn over all information.A salesperson's license must be

• displayed on the firm's wall.
• kept in the salesperson's wallet
• retained by the principal broker.
• d. sent to the local REALTORS association. - Correct Answer C: Kept by the broker

in a safe place.8-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: selling a business

where the real estate is greater than the business.

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: Department of State

licenses apartment information vendors....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: If a license is revoke licensee must wait 1 year before

reapplying..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: In an Open listing the seller allows the property to be

shown by many Brokers.To avoid possible liability for the actions of c cooperating members of a multiple-listing system, the owner who lists property for sale may decline to offer

• commission to the selling agent.
• Subagency. 2 / 3

• Cooperation with buyer brokers.

d. A written disclosure of property condition. - Correct Answer B: By accepting

subagency the owner will have no vicarious liability for the Acts of cooperating agents An agent who has the authority to represent the principal in specific matters is a(n):

• specific agent
• general agent
• unlimited agent

d. special agent - Correct Answer -B: A general agent has specific authority in

representing owners.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: With the Exclusive

Agency the owner owes no commission.15-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: If property is in an agricultural

district buyer must be informed.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. - Correct

Answer D: The broker's fee is specified in the listing agreement, management

agreement, or rental agreement with the principal and is always subject to negotiation.The relationship between an agent and his or her Principal is

• Fiduciary.
• Alluvial.
• Allodial.

d. Executory - Correct Answer -A: The agency relationship is always consensual,

meaning both parties enter into it willingly. It is also a fiduciary

• / 3