REVIEW QUESTIONS FOR NY REAL ESTATE EXAM

REVIEW QUESTIONS FOR NY REAL ESTATE EXAM 1-A broker legitimately may pay all or part of Real estate commission to a a. seller b. salesperson c. buyer d. friend who provides a listing lead -B: Salesperson can accept compensation only from their sponsoring broker. 2-The minimum age for a New York real estate broker's license is a. 19. b. 18. c. 20. d. 21. 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 a. Sale of one's own property b. Sale by the owner's lawyer c. Sale of land by an auctioneer d. Foreclosure sale by court order C: selling land at an auction. 4-An associate broker may a. sponsor a person for a salesperson's license. b. collect his or her own real estate fees. c. act as a principal broker for another broker. d. Work as a salesperson for a principal broker 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 a. $500. b. $2,000. c. $1,000. d. $1,500. 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 a. became null and void. b. Remained with ABC Realty. c. Went with him to XYZ REALTORS. d. Required the sellers' signatures to remain in the local MLS. B: When a licensee terminates with a broker they must turn over all information. A salesperson's license must be a. displayed on the firm's wall. b. kept in the salesperson's wallet c. retained by the principal broker. d. d. sent to the local REALTORS association. C: Kept by the broker in a safe place. 8-When does offering a client's business for sale Require a real estate license? a. Never b. Always c. When the business includes any real estate d. When more than half the value is real estate -D: selling a business where the real estate is greater than the business. An apartment information vendor is licensed by: a. Department of Law b. New York Attorney General's office c. Department of State d. Division of Housing and Community Rental 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? a. 18 months b. 1 year c. 6 months d. 2 years 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) a. Exclusive agency. b. Open listing. c. Exclusive right to sell. d. Net listing. 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 a. commission to the selling agent. b. Subagency. c. Cooperation with buyer brokers. d. A written disclosure of property condition. 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): a. specific agent b. general agent c. unlimited agent d. special agent -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 a. Half of the commission. b. All of the commission. c. No commission. d. Only reimbursement for Sun City's expenses. 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 a. There is a group home 1 ½ miles away. b. The property lies in an agricultural district. c. There is a fundamentalist church three blocks away. d. The former owners were divorced B: If property is in an agricultural district buyer must be informed. The commission to be paid in a written listing Agreement is the a. rate set by law b. amount of money over the net listing amount. c. Customary rate in the area. d. Percentage of the sales price as negotiated and agreed or a flat fee. 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 a. Fiduciary. b. Alluvial. c. Allodial. d. Executory -A: The agency relationship is always consensual, meaning both parties enter into it willingly. It is also a fiduciary If you are selling a house in New York, it is necessary to disclose that a. There is a utility surcharge. b. The former owner committed suicide. c. The train station is eight miles away. d. A shopping center is the nearby town is closing. A: If a Utility surcharge is assessed shall provide written notice to the prospective purchaser Seller is legally required to reveal to a buyer anything seller knows about a. Crimes committed on the property in the past three years b. How much seller paid for the house.