NY REAL ESTATE EXAM QUESTIONS
WITH 100% VERIFIED ANSWERS- 2023
associate real estate broker - Answer-a licensed real estate broker who may perform
the acts of a broker but chooses to work under the name and supervision and license of
a licensed broker
real estate broker - Answer-any oersons partnership association or corporation who, for
another and for compensation of any kind negotiates any form of real eatate
transaction.
The New York Department of State Division of Licensing Services - Answer-oversees
licensure
real estate salesperson - Answer-anyone who performs as a real estate broker for
compensation of any kind, but does so only while associated, licensed with, and
supervised by a licensed broker who is the salespersons sponsor
sponser - Answer-a salesperson or an associate cannot work independently
eAccess NY - Answer-NYS Department of states password protected occupational
licensing management system
Misdemeanor - Answer-less serious crime under law than felony
terminations of association - Answer-DOS requires termination of salesperson by the
principle broker before it permits a change of association by a new brokerage firm
Reciprocity - Answer-nonresident licensees who want NY licensure and who live in the
states that do not require NY salespersons and brokers to have an office in their state or
pass their exam do not have to do so in NY
home inspector - Answer-observes and provides a written report of the systems and
components of a residential building for compensation.
kickback - Answer-can occur when a broker pays an unlicensed person for obtaining a
listing.
blind ad - Answer-ad that does not contain full address or phone number of broker
team - Answer-two or more people one of whom must be an associate broker or
salesperson associated with the same brokerage firm that operate as a team
, Listing Agreement - Answer-brokerage contract to market a sellers property for a
commission
multiple listing service - Answer-system that pools the listings of all member companies
escrow account - Answer-separate trust in a federally insured bank
Commingling - Answer-mixing the funds of others with business or personal funds
net listing - Answer-the seller specifies a net amount of money he wants to receive upon
sale of a property. all monies above this net amount are the brokers commission.
revocation of a broker license - Answer-suspends the licenses of the salesperson and
associate brokers affiliated with the broker
Article 78 proceeding - Answer-method for appeals against regulatory agencies such as
the DOS
agent - Answer-person hired on anothers behalf
fiduciary - Answer-one in a position of trust and loyalty to the principal
Principal - Answer-person who selects the agent to act on his behalf
customer - Answer-party the agent brings to the principal as a seller or a buyer
fiduciary duty - Answer-OLDCAR
Obedience Loyalty Disclosure Confidentiality Accountability Reasonable care
obedience - Answer-obey reasonable and legal principal instructions
general agent - Answer-someone authorized to handle all affairs of the principal
concerning a certain matter of property
special agent - Answer-someone who has narrow authorization to act on behalf of the
principal
self dealing - Answer-when a broker has an undisclosed interest in a property
Express Agency - Answer-an agency relationship created by an oral or written
agreement between the principal and agent
estoppel - Answer-exists when a principal does not stop an individual from representing
his or her interests, thus creating an agency relationship between the two
WITH 100% VERIFIED ANSWERS- 2023
associate real estate broker - Answer-a licensed real estate broker who may perform
the acts of a broker but chooses to work under the name and supervision and license of
a licensed broker
real estate broker - Answer-any oersons partnership association or corporation who, for
another and for compensation of any kind negotiates any form of real eatate
transaction.
The New York Department of State Division of Licensing Services - Answer-oversees
licensure
real estate salesperson - Answer-anyone who performs as a real estate broker for
compensation of any kind, but does so only while associated, licensed with, and
supervised by a licensed broker who is the salespersons sponsor
sponser - Answer-a salesperson or an associate cannot work independently
eAccess NY - Answer-NYS Department of states password protected occupational
licensing management system
Misdemeanor - Answer-less serious crime under law than felony
terminations of association - Answer-DOS requires termination of salesperson by the
principle broker before it permits a change of association by a new brokerage firm
Reciprocity - Answer-nonresident licensees who want NY licensure and who live in the
states that do not require NY salespersons and brokers to have an office in their state or
pass their exam do not have to do so in NY
home inspector - Answer-observes and provides a written report of the systems and
components of a residential building for compensation.
kickback - Answer-can occur when a broker pays an unlicensed person for obtaining a
listing.
blind ad - Answer-ad that does not contain full address or phone number of broker
team - Answer-two or more people one of whom must be an associate broker or
salesperson associated with the same brokerage firm that operate as a team
, Listing Agreement - Answer-brokerage contract to market a sellers property for a
commission
multiple listing service - Answer-system that pools the listings of all member companies
escrow account - Answer-separate trust in a federally insured bank
Commingling - Answer-mixing the funds of others with business or personal funds
net listing - Answer-the seller specifies a net amount of money he wants to receive upon
sale of a property. all monies above this net amount are the brokers commission.
revocation of a broker license - Answer-suspends the licenses of the salesperson and
associate brokers affiliated with the broker
Article 78 proceeding - Answer-method for appeals against regulatory agencies such as
the DOS
agent - Answer-person hired on anothers behalf
fiduciary - Answer-one in a position of trust and loyalty to the principal
Principal - Answer-person who selects the agent to act on his behalf
customer - Answer-party the agent brings to the principal as a seller or a buyer
fiduciary duty - Answer-OLDCAR
Obedience Loyalty Disclosure Confidentiality Accountability Reasonable care
obedience - Answer-obey reasonable and legal principal instructions
general agent - Answer-someone authorized to handle all affairs of the principal
concerning a certain matter of property
special agent - Answer-someone who has narrow authorization to act on behalf of the
principal
self dealing - Answer-when a broker has an undisclosed interest in a property
Express Agency - Answer-an agency relationship created by an oral or written
agreement between the principal and agent
estoppel - Answer-exists when a principal does not stop an individual from representing
his or her interests, thus creating an agency relationship between the two
