NY REAL ESTATE EXAM REVIEW QUESTIONS
-B: Salesperson can accept compensation only from their sponsoring broker. - Answers
-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
C. As of July 1,2008 to become a broker you must be 20 years old. - Answers -2-The
minimum age for a New York real estate broker's license is
a. 19.
b. 18.
c. 20.
d. 21.
C: selling land at an auction. - Answers -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
D: Associate broker is a licensed broker but chooses to work under the supervision of
another broker. - Answers -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
C: DOS may impose a fine not to exceed $1000. - Answers -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.
B: When a licensee terminates with a broker they must turn over all information. -
Answers -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.
C: Kept by the broker in a safe place. - Answers -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.
-A: The agency relationship is always consensual, meaning both parties enter into it
willingly. It is also a fiduciary - Answers -The relationship between an agent and his or
her
Principal is
a. Fiduciary.
b. Alluvial.
c. Allodial.
d. Executory
A: If a Utility surcharge is assessed shall provide written notice to the prospective
purchaser - Answers -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.
D: Sellers and Landlords shall disclose any lead paint they have knowledge of -
Answers -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.
c. Repairs that have been made to a roof leak.
d. Lead paint hazards on the property.
D: The person who selects the agent to act on his behalf is the principal or client. -
Answers -To create an agency relationship, it is necessary that
a. A listing contract be registered with the DOS.
b. The principal and agent sign a written agreement.
c. The principal pay the agent's fees.
d. The parties act as principal and agent.
, C: The obligations of a buyer's agent are also subject to any specific Provisions set forth
in an agreement between the agent and the buyer - Answers -If you are a salesperson
working with a buyer, then the buyer is your client:
a. if you are servicing the buyer
b. if the buyer has shared financial information with you
c. if you have an agency contract with the buyer
d. none of the above
A: Net Listing This type of commission arrangement is illegal in New York. - Answers --
The type of listing illegal in New York State is a (n)
a. Net listing.
b. Exclusive agency.
c. Exclusive right to sell.
d. Open listing.
D: Compensation is paid only for output. Law also requires a written agreement,
executed by both parties - Answers -A licensed salesperson or broker associate acting
as an independent contractor must:
a. be paid based upon sales and output
b. execute a written independent contractor agreement yearly with the broker
c. receive half of her health care premium paid by the broker
d. both a and b
C: $462500 x 7%=$32375.
divided by 2 =$16187.50x60%
agent=$9712.50 - Answers -A salesperson sells another firm's listing of a commercial
building for $462,500. The 7 percent
commission is split 50/50 between the two companies. The salesperson received 60
percent
of her office's share. How much does she receive?
a. $1,619.75
b. $3,237.50
c. $9,712.50
d. $10,850.00
A: The commission is usually considered earned when a broker brings a ready, willing,
and able buyer to the seller, or the seller should accept an offer from the buyer. -
Answers -A broker may be entitled to a commission in the event that the sale does not
close if the problem was caused by the
a. Seller.
b. Buyer.
c. Bank.
d. Title Company.
-B: Salesperson can accept compensation only from their sponsoring broker. - Answers
-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
C. As of July 1,2008 to become a broker you must be 20 years old. - Answers -2-The
minimum age for a New York real estate broker's license is
a. 19.
b. 18.
c. 20.
d. 21.
C: selling land at an auction. - Answers -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
D: Associate broker is a licensed broker but chooses to work under the supervision of
another broker. - Answers -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
C: DOS may impose a fine not to exceed $1000. - Answers -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.
B: When a licensee terminates with a broker they must turn over all information. -
Answers -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.
C: Kept by the broker in a safe place. - Answers -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.
-A: The agency relationship is always consensual, meaning both parties enter into it
willingly. It is also a fiduciary - Answers -The relationship between an agent and his or
her
Principal is
a. Fiduciary.
b. Alluvial.
c. Allodial.
d. Executory
A: If a Utility surcharge is assessed shall provide written notice to the prospective
purchaser - Answers -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.
D: Sellers and Landlords shall disclose any lead paint they have knowledge of -
Answers -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.
c. Repairs that have been made to a roof leak.
d. Lead paint hazards on the property.
D: The person who selects the agent to act on his behalf is the principal or client. -
Answers -To create an agency relationship, it is necessary that
a. A listing contract be registered with the DOS.
b. The principal and agent sign a written agreement.
c. The principal pay the agent's fees.
d. The parties act as principal and agent.
, C: The obligations of a buyer's agent are also subject to any specific Provisions set forth
in an agreement between the agent and the buyer - Answers -If you are a salesperson
working with a buyer, then the buyer is your client:
a. if you are servicing the buyer
b. if the buyer has shared financial information with you
c. if you have an agency contract with the buyer
d. none of the above
A: Net Listing This type of commission arrangement is illegal in New York. - Answers --
The type of listing illegal in New York State is a (n)
a. Net listing.
b. Exclusive agency.
c. Exclusive right to sell.
d. Open listing.
D: Compensation is paid only for output. Law also requires a written agreement,
executed by both parties - Answers -A licensed salesperson or broker associate acting
as an independent contractor must:
a. be paid based upon sales and output
b. execute a written independent contractor agreement yearly with the broker
c. receive half of her health care premium paid by the broker
d. both a and b
C: $462500 x 7%=$32375.
divided by 2 =$16187.50x60%
agent=$9712.50 - Answers -A salesperson sells another firm's listing of a commercial
building for $462,500. The 7 percent
commission is split 50/50 between the two companies. The salesperson received 60
percent
of her office's share. How much does she receive?
a. $1,619.75
b. $3,237.50
c. $9,712.50
d. $10,850.00
A: The commission is usually considered earned when a broker brings a ready, willing,
and able buyer to the seller, or the seller should accept an offer from the buyer. -
Answers -A broker may be entitled to a commission in the event that the sale does not
close if the problem was caused by the
a. Seller.
b. Buyer.
c. Bank.
d. Title Company.
