Real Estate U Pass the New York State
Exam (v.2) 2.3 Practice Exam # 3
questions with complete answers
Which of the following is NOT exempt from obtaining a license? - Answer-A licensed
attorney acting as a sponsor to a real estate salesperson
A real estate salespersons license must be renewed every .........years. - Answer-2
A real estate salesperson operates as what type of agent to their client? - Answer-
Special Agent
According to this, a broker may be held responsible for the unlawful actions of his/her
salespersons? - Answer-Vicarious Liability
This Act made price fixing, group boycotts, market allocation, and tie-in arrangements
illegal? - Answer-Sherman Anti-Trust Act
Which of the following is required in order for a broker to act as a dual agent? - Answer-
Advanced informed consent from both the buyer and seller
Personal property is also known as...? - Answer-Chattel
Mark owns a single family home. He decides to transfer ownership of the property to his
daughter, Nancy; however, the ownership of the property will revert back to Mark upon
the death of Nancy's aunt, Martha. Which of the following was created? - Answer-Life
Estate
Which of the following leasehold estates is open-ended, as it does not have a
termination date? - Answer-Estate at Will
Which of the following is an example of a fixture...? - Answer-Custom book shelves
Which of the following would be considered a trade fixture by a commercial tenant? -
Answer-Display Case
Which of the following types of easements is obtained by a squatter who uses another's
property without the owner's permission? - Answer-Easement by prescription
Which of the following must a real estate salesperson carry on them at all times when
doing business and show it on demand? - Answer-Pocket Card
A claim or charge against the property of another is known as a/an...? - Answer-Lien
, In order to obtain an easement by prescription, for how many years must the property
by used by the dominant tenement? - Answer-10 years
Which of the following parties in required to sign a valid deed? - Answer-Grantor Only
If a homeowners association does not allow houses in a sub-divided community to have
brick on the exterior of the house, where will this restriction be documented? - Answer-It
will appear as a restrictive covenant in the deed
Which of the following is used as evidence that an individual owns a particular piece of
real property? - Answer-Title
In a residential transaction, who typically holds on to the buyer's down payment/earnest
money? - Answer-Seller's Attorney
Which of the following items may be prorated between the buyer and seller at closing? -
Answer-Property Taxes
Replacing an obligation to perform with a new obligation in a contract is known as...? -
Answer-Novation
Which of the following may be added to a contract, which awards the non-breaching
party a specified sum of money for certain breaches listed in the contract? - Answer-
Liquidated Damages
Which of the following is NOT considered a bi-lateral agreement? - Answer-Open
Listing Contract
Which of the following types of ads are illegal in New York State? - Answer-Blind Ads
A straight-term loan is also known as a/an...? - Answer-Interest only loan
Which of the following is typically used as a short-term loan? - Answer-Bridge Loan
Which of the following is a form of interim, or temporary, short-term financing for
creating improvements or buildings on a property? - Answer-Construction Mortgage
According to TILA, which of the following items may be specified in an advertisement
without making a full disclosure? - Answer-Annual percentage rate
The lender in a transaction is known as the...? - Answer-Mortgagee
Which of the following governs the amount of interest that can be charged on a loan? -
Answer-Usury laws
Exam (v.2) 2.3 Practice Exam # 3
questions with complete answers
Which of the following is NOT exempt from obtaining a license? - Answer-A licensed
attorney acting as a sponsor to a real estate salesperson
A real estate salespersons license must be renewed every .........years. - Answer-2
A real estate salesperson operates as what type of agent to their client? - Answer-
Special Agent
According to this, a broker may be held responsible for the unlawful actions of his/her
salespersons? - Answer-Vicarious Liability
This Act made price fixing, group boycotts, market allocation, and tie-in arrangements
illegal? - Answer-Sherman Anti-Trust Act
Which of the following is required in order for a broker to act as a dual agent? - Answer-
Advanced informed consent from both the buyer and seller
Personal property is also known as...? - Answer-Chattel
Mark owns a single family home. He decides to transfer ownership of the property to his
daughter, Nancy; however, the ownership of the property will revert back to Mark upon
the death of Nancy's aunt, Martha. Which of the following was created? - Answer-Life
Estate
Which of the following leasehold estates is open-ended, as it does not have a
termination date? - Answer-Estate at Will
Which of the following is an example of a fixture...? - Answer-Custom book shelves
Which of the following would be considered a trade fixture by a commercial tenant? -
Answer-Display Case
Which of the following types of easements is obtained by a squatter who uses another's
property without the owner's permission? - Answer-Easement by prescription
Which of the following must a real estate salesperson carry on them at all times when
doing business and show it on demand? - Answer-Pocket Card
A claim or charge against the property of another is known as a/an...? - Answer-Lien
, In order to obtain an easement by prescription, for how many years must the property
by used by the dominant tenement? - Answer-10 years
Which of the following parties in required to sign a valid deed? - Answer-Grantor Only
If a homeowners association does not allow houses in a sub-divided community to have
brick on the exterior of the house, where will this restriction be documented? - Answer-It
will appear as a restrictive covenant in the deed
Which of the following is used as evidence that an individual owns a particular piece of
real property? - Answer-Title
In a residential transaction, who typically holds on to the buyer's down payment/earnest
money? - Answer-Seller's Attorney
Which of the following items may be prorated between the buyer and seller at closing? -
Answer-Property Taxes
Replacing an obligation to perform with a new obligation in a contract is known as...? -
Answer-Novation
Which of the following may be added to a contract, which awards the non-breaching
party a specified sum of money for certain breaches listed in the contract? - Answer-
Liquidated Damages
Which of the following is NOT considered a bi-lateral agreement? - Answer-Open
Listing Contract
Which of the following types of ads are illegal in New York State? - Answer-Blind Ads
A straight-term loan is also known as a/an...? - Answer-Interest only loan
Which of the following is typically used as a short-term loan? - Answer-Bridge Loan
Which of the following is a form of interim, or temporary, short-term financing for
creating improvements or buildings on a property? - Answer-Construction Mortgage
According to TILA, which of the following items may be specified in an advertisement
without making a full disclosure? - Answer-Annual percentage rate
The lender in a transaction is known as the...? - Answer-Mortgagee
Which of the following governs the amount of interest that can be charged on a loan? -
Answer-Usury laws
