NY REAL ESTATE EXAM
QUESTIONS AND ANSWERS
100% PASS
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.
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
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
QUESTIONS AND ANSWERS
100% PASS
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.
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
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
