NEW YORK REAL ESTATE PRACTICE EXAM 2025 -
2026 EXAM QUIZZES WITH RIGHT ANSWERS .
Which of the following is not a fiduciary duty that a real estate agent owes to a client?
a. Principal b. Obedience c. Accountability d. Confidentiality - correct Answers -a. Principal
Fiduciary duties include Obedience (obey reasonable and legal instructions), Loyalty (diligence
to serve the best interests of the client), Disclosure (promptly communicate all information about
the transaction), Confidentiality (cannot disclose information given in faith and trust without the
permission of the client), Accountability (financial accountability including accurate record
keeping) and Reasonable Skill and Care (agents possess the necessary skills and training to
perform the requested services). Principal is a person who bound by an agency relationship to
represent their client.
A special agent is authorized to do the following:
a. to represent the principle in a broad range of general matters. b. to act as a Power of Attorney
in a real estate transaction. c. to act on behalf of the principal in specific transactions. d. to
represent an agent for cooperation and compensation. - correct Answers -c. to act on behalf of
the principal in specific transactions.
Which of the following statements on leasehold estates are true?
a. A leasehold estate is for a limited time. b. A leasehold estate grants possession, but not title. c.
A and B are true d. Neither A nor B are true - correct Answers -c. A and B are true
A leasehold estate grants temporary right of possession to a property without title for a defined
amount of time. The title stays with the landlord. The owner of a leasehold estate is a lessee or
tenant and has exclusive right of use.
Which of the following is not an essential element of a lease?
2026 EXAM QUIZZES WITH RIGHT ANSWERS .
Which of the following is not a fiduciary duty that a real estate agent owes to a client?
a. Principal b. Obedience c. Accountability d. Confidentiality - correct Answers -a. Principal
Fiduciary duties include Obedience (obey reasonable and legal instructions), Loyalty (diligence
to serve the best interests of the client), Disclosure (promptly communicate all information about
the transaction), Confidentiality (cannot disclose information given in faith and trust without the
permission of the client), Accountability (financial accountability including accurate record
keeping) and Reasonable Skill and Care (agents possess the necessary skills and training to
perform the requested services). Principal is a person who bound by an agency relationship to
represent their client.
A special agent is authorized to do the following:
a. to represent the principle in a broad range of general matters. b. to act as a Power of Attorney
in a real estate transaction. c. to act on behalf of the principal in specific transactions. d. to
represent an agent for cooperation and compensation. - correct Answers -c. to act on behalf of
the principal in specific transactions.
Which of the following statements on leasehold estates are true?
a. A leasehold estate is for a limited time. b. A leasehold estate grants possession, but not title. c.
A and B are true d. Neither A nor B are true - correct Answers -c. A and B are true
A leasehold estate grants temporary right of possession to a property without title for a defined
amount of time. The title stays with the landlord. The owner of a leasehold estate is a lessee or
tenant and has exclusive right of use.
Which of the following is not an essential element of a lease?
