RealEstate U Pass the New York State Exam (v.2) 2.3 Practice Exam # 3 (75 questions and answers)

RealEstate U Pass the New York State Exam (v.2) 2.3 Practice Exam # 3 (75 questions and 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 Attor