NYS real estate exam practice questions
A situation where a broker serves as broker for more than one firm is - answer Legal
The earliest that a real estate license can be renewed is ________ before its expiration
date - answer3 months
Paul allows his real estate license lapse. One year later, he decides to reactivate his
license. To do so, he needs to _________. - answer Complete all of the requirements
for renewal by meeting the CE requirement, submitting the application, and paying a fee
What's another name for a NY real estate professional's license # - answer UID number
Theresa let her real estate license lapse a few months ago, but she's thinking about
reactivating it. If she meets all the requirements for renewal within ________ of the
expiration of her license, she won't have to retake the state licensing exam. - answer2
years
All nonresident applicants applying for NY real estate licensure must agree to -
answerSubmit to the jurisdiction of NY courts
Nate represents Elena in the purchase of a house. Katherine represents the seller,
Timothy. Which of the following statements accurately reflects the agency duties owed?
- answerNate owes Timothy the duty of disclosure.
As Tina's agent, Marcus has broad responsibility to handle all the details of a specific
transaction. What type of agent is Marcus? - answerGeneral (A general agent is
responsible for handling all details of a specific transaction. A special or specific agent
has limited scope of authority. Most real estate transactions are special agency;
property managers, however, often serve as general agents.)
When working with a client on a real estate sale, a real estate licensee is usually acting
as which type of agent? - answerSpecial
Real estate licensees most often serve as special or specific agents. They have a
limited scope of authority when compared to a general agent.
Who may offer "brokerage services"? - answerlicensees only
What is an example of a universal agent? - answerConservator
, Which law or regulation requires supervision by the broker to include regular, frequent,
and consistent guidance, instruction, and oversight? - answerDOS Regulation 175.21
Independent contractor agreements between licensee and broker must be executed no
more than __________ previously - answer15 months
If a licensee has been misclassified as an independent contractor, what is a
consequence? - answerthe licensee can no longer file schedule c to deduct business
expenses
Per DOS 175.123, brokers must maintain records showing the amount of ______
received for each transaction. - answercommission
What law states that there must be a written contract between the broker and the
licensee that specifies the terms of their relationship? - answer1986 NY Independent
Contractor Law
Marcus listed his property with Home Sweet Home Realty and one of its listing agents,
Ron Savage. About a month later, Ron filed for bankruptcy. Which of the following
statements about this situation is true? - answerThe agency agreement only terminates
if the broker or the principal declares bankruptcy.
Which of the following is true of agency agreements? - answerA listing agreement is an
express agreement.
Without a buyer agency agreement in place, which party does the agent who's assisting
the buyer represent? - answerSeller
Which of the following provides the best example of single agency? - answerAn agent
from one firm acts as the agent for the buyer
To whom do sub-agents working with buyer customers owe their duties? - answerThe
sellers and the seller's agents
If you represent the buyer and seller in the same transaction, what type of agency
relationship do you have with your clients? - answerSingle-license dual agency
You represent the buyer, and another licensee from your brokerage represents the
seller in the same transaction. What type of agency relationship do you and the other
licensee have with your clients? - answerDual-license dual agency
Which fiduciary duty may continue even after the transaction closes? - answerThe duty
of accounting
Specifically, what does the fiduciary duty of disclosure relate to? - answerConflicts of
interest, material facts, and adverse material facts
A situation where a broker serves as broker for more than one firm is - answer Legal
The earliest that a real estate license can be renewed is ________ before its expiration
date - answer3 months
Paul allows his real estate license lapse. One year later, he decides to reactivate his
license. To do so, he needs to _________. - answer Complete all of the requirements
for renewal by meeting the CE requirement, submitting the application, and paying a fee
What's another name for a NY real estate professional's license # - answer UID number
Theresa let her real estate license lapse a few months ago, but she's thinking about
reactivating it. If she meets all the requirements for renewal within ________ of the
expiration of her license, she won't have to retake the state licensing exam. - answer2
years
All nonresident applicants applying for NY real estate licensure must agree to -
answerSubmit to the jurisdiction of NY courts
Nate represents Elena in the purchase of a house. Katherine represents the seller,
Timothy. Which of the following statements accurately reflects the agency duties owed?
- answerNate owes Timothy the duty of disclosure.
As Tina's agent, Marcus has broad responsibility to handle all the details of a specific
transaction. What type of agent is Marcus? - answerGeneral (A general agent is
responsible for handling all details of a specific transaction. A special or specific agent
has limited scope of authority. Most real estate transactions are special agency;
property managers, however, often serve as general agents.)
When working with a client on a real estate sale, a real estate licensee is usually acting
as which type of agent? - answerSpecial
Real estate licensees most often serve as special or specific agents. They have a
limited scope of authority when compared to a general agent.
Who may offer "brokerage services"? - answerlicensees only
What is an example of a universal agent? - answerConservator
, Which law or regulation requires supervision by the broker to include regular, frequent,
and consistent guidance, instruction, and oversight? - answerDOS Regulation 175.21
Independent contractor agreements between licensee and broker must be executed no
more than __________ previously - answer15 months
If a licensee has been misclassified as an independent contractor, what is a
consequence? - answerthe licensee can no longer file schedule c to deduct business
expenses
Per DOS 175.123, brokers must maintain records showing the amount of ______
received for each transaction. - answercommission
What law states that there must be a written contract between the broker and the
licensee that specifies the terms of their relationship? - answer1986 NY Independent
Contractor Law
Marcus listed his property with Home Sweet Home Realty and one of its listing agents,
Ron Savage. About a month later, Ron filed for bankruptcy. Which of the following
statements about this situation is true? - answerThe agency agreement only terminates
if the broker or the principal declares bankruptcy.
Which of the following is true of agency agreements? - answerA listing agreement is an
express agreement.
Without a buyer agency agreement in place, which party does the agent who's assisting
the buyer represent? - answerSeller
Which of the following provides the best example of single agency? - answerAn agent
from one firm acts as the agent for the buyer
To whom do sub-agents working with buyer customers owe their duties? - answerThe
sellers and the seller's agents
If you represent the buyer and seller in the same transaction, what type of agency
relationship do you have with your clients? - answerSingle-license dual agency
You represent the buyer, and another licensee from your brokerage represents the
seller in the same transaction. What type of agency relationship do you and the other
licensee have with your clients? - answerDual-license dual agency
Which fiduciary duty may continue even after the transaction closes? - answerThe duty
of accounting
Specifically, what does the fiduciary duty of disclosure relate to? - answerConflicts of
interest, material facts, and adverse material facts
