NYS Real Estate Exam Prep - Practice
Quiz 4
Which of the following is used to help pay for local streets or sidewalks?
A. Capital gains
B. Recovery funds
C. Special assessments
D. Appropriation - answerC. Special assessments
What happens to the salesperson's license if the license of their sponsoring broker is
suspended?
A. The license of the salesperson will also be suspended.
B. The license of the salesperson will be revoked and the salesperson will be required
to pay a fine.
C. The license of the salesperson will automatically be moved under another sponsoring
broker in the firm.
D. The license of the salesperson will remain active. - answerA. The license of the
salesperson will also be suspended.
How many years of experience does an individual need as a NYS real estate
salesperson in order to quality to obtain their broker's license?
A. 1 year
B. 2 years
C. 3 years
D. 4 years - answerB. 2 years
A broker represents a seller in a transaction. If the seller tells the broker they must sell
the property quickly due to financial hardship, the broker cannot reveal this information
to a prospective buyer. Otherwise, the broker will violate which of the following fiduciary
duties?
A. Confidentiality
B. Obedience
C. Accountability
D. Full disclosure - answerA. Confidentiality
The real estate agent serves as a/an ........to their client.
, A. Fiduciary
B. Attorney
C. Consultant
D. General agent - answerA. Fiduciary
What type of agency gives complete authority over any activity of the principal?
A. Special agency
B. General agency
C. Universal agency
D. Express agency - answerC. Universal agency
A property manager is an example of a/an .......agent.
A. Special
B. General
C. Universal
D. Dual - answerB. General
Which of the following is NOT considered real property?
A. Living room furniture
B. Oil or natural gas located beneath the property
C. Vacant land
D. Small garage - answerA. Living room furniture
Which of the following interests in real property includes the full bundle of rights?
A. Estate for years
B. Leasehold estates
C. Fee simple absolute estates
D. Cooperatives - answerC. Fee simple absolute estates
Which of the following is NOT one of the four units of concurrent ownership?
A. Dedication
B. Time
C. Title
D. Possession - answerA. Dedication
Which of the following forms of ownership is limited to married couples?
A. Joint tenancy
B. Tenancy in common
C. Ownership in severalty
D. Tenancy by the entirety - answerD. Tenancy by the entirety
Quiz 4
Which of the following is used to help pay for local streets or sidewalks?
A. Capital gains
B. Recovery funds
C. Special assessments
D. Appropriation - answerC. Special assessments
What happens to the salesperson's license if the license of their sponsoring broker is
suspended?
A. The license of the salesperson will also be suspended.
B. The license of the salesperson will be revoked and the salesperson will be required
to pay a fine.
C. The license of the salesperson will automatically be moved under another sponsoring
broker in the firm.
D. The license of the salesperson will remain active. - answerA. The license of the
salesperson will also be suspended.
How many years of experience does an individual need as a NYS real estate
salesperson in order to quality to obtain their broker's license?
A. 1 year
B. 2 years
C. 3 years
D. 4 years - answerB. 2 years
A broker represents a seller in a transaction. If the seller tells the broker they must sell
the property quickly due to financial hardship, the broker cannot reveal this information
to a prospective buyer. Otherwise, the broker will violate which of the following fiduciary
duties?
A. Confidentiality
B. Obedience
C. Accountability
D. Full disclosure - answerA. Confidentiality
The real estate agent serves as a/an ........to their client.
, A. Fiduciary
B. Attorney
C. Consultant
D. General agent - answerA. Fiduciary
What type of agency gives complete authority over any activity of the principal?
A. Special agency
B. General agency
C. Universal agency
D. Express agency - answerC. Universal agency
A property manager is an example of a/an .......agent.
A. Special
B. General
C. Universal
D. Dual - answerB. General
Which of the following is NOT considered real property?
A. Living room furniture
B. Oil or natural gas located beneath the property
C. Vacant land
D. Small garage - answerA. Living room furniture
Which of the following interests in real property includes the full bundle of rights?
A. Estate for years
B. Leasehold estates
C. Fee simple absolute estates
D. Cooperatives - answerC. Fee simple absolute estates
Which of the following is NOT one of the four units of concurrent ownership?
A. Dedication
B. Time
C. Title
D. Possession - answerA. Dedication
Which of the following forms of ownership is limited to married couples?
A. Joint tenancy
B. Tenancy in common
C. Ownership in severalty
D. Tenancy by the entirety - answerD. Tenancy by the entirety
