NY Real Estate Test
A broker legitimately may pay all or part of Real estate commission to a – answer
salesperson
The minimum age for a New York real estate broker's license is - answer20
Which of the following acts would require a real estate license in New York - answer
Sale of land by an auctioneer
Violation of the license law is a misdemeanor, Punishable by up to a year in jail and a
fine of - answer$1,000
When salesperson Tom Jones left ABC Realty and went to work with XYZ REALTORS,
Tom's listings - answer Remained with ABC Realty.
A salesperson's license must be - answer retained by the principal broker
When does offering a client's business for sale Require a real estate license? - answer
When more then half the value is real estate
An apartment information vendor is licensed by: - answer Department of State
When a license is revoked how long must a licensee wait before applying to have the
license reinstated? - answer1 year
The form of listing whereby an owner lists property for sale with a number of brokers is
known as a(n) - answer Open listing.
To avoid possible liability for the actions of c cooperating members of a multiple listing
system the owner who lists property for sale may decline to offer - answer Subagency.
An agent who has the authority to represent the principal in specific matters is a(n): -
answer general agent
An agent who has the authority to represent the principal in specific matters is - answer
a(n) general agent
Jan Lipson gave Sun City Realty an exclusive agency listing on her property. If she sells
the Property herself without involving Sun City She will owe Sun City - answer No
commission.
, When selling a property in New York the Licensee is required to disclose to a potential
Buyer that - answer The property lies in an agricultural district.
The commission to be paid in a written listing Agreement is the rate set by law - answer
Percentage of the sales price as negotiated and agreed or a flat fee.
The relationship between an agent and his or her - answer Fiduciary.
If you are selling a house in New York, it is necessary to disclose that - answer There is
a utility surcharge.
Seller is legally required to reveal to a buyer anything seller knows about - answer Lead
paint hazards on the property.
To create an agency relationship, it is necessary that - answer The principal and agent
sign a written agreement.
If you are a salesperson working with a buyer then the buyer is your client - answer if
you have an agency contract with the buyer
The type of listing illegal in New York State is a (n) - answer Net listing.
A licensed salesperson or broker associate acting as an independent contractor must: -
answer be paid based upon sales and output and execute a written independent
contractor agreement yearly with the broker
A salesperson sells another firm's listing of a commercial building for $462500. 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? -
answer$9712.50
A broker may be entitled to a commission in the event that the sale does not close if the
problem was caused by the - answerSeller.
Big Apple Realty is concerned that its Commission on a sale will not be paid Big Apple
Realty may - answerFile an affidavit of entitlement.
A real estate salesperson's compensation is set by - answerAgreement between broker
and salesperson.
The Duncan and Hill decision cautioned real estate licensees against - answerThe
unauthorized practice of law.
When a buyer/client wants to see property listed by his or her agent's company the
possible conflict of interest can be solved by the use of - answerDesignated agents.
A broker legitimately may pay all or part of Real estate commission to a – answer
salesperson
The minimum age for a New York real estate broker's license is - answer20
Which of the following acts would require a real estate license in New York - answer
Sale of land by an auctioneer
Violation of the license law is a misdemeanor, Punishable by up to a year in jail and a
fine of - answer$1,000
When salesperson Tom Jones left ABC Realty and went to work with XYZ REALTORS,
Tom's listings - answer Remained with ABC Realty.
A salesperson's license must be - answer retained by the principal broker
When does offering a client's business for sale Require a real estate license? - answer
When more then half the value is real estate
An apartment information vendor is licensed by: - answer Department of State
When a license is revoked how long must a licensee wait before applying to have the
license reinstated? - answer1 year
The form of listing whereby an owner lists property for sale with a number of brokers is
known as a(n) - answer Open listing.
To avoid possible liability for the actions of c cooperating members of a multiple listing
system the owner who lists property for sale may decline to offer - answer Subagency.
An agent who has the authority to represent the principal in specific matters is a(n): -
answer general agent
An agent who has the authority to represent the principal in specific matters is - answer
a(n) general agent
Jan Lipson gave Sun City Realty an exclusive agency listing on her property. If she sells
the Property herself without involving Sun City She will owe Sun City - answer No
commission.
, When selling a property in New York the Licensee is required to disclose to a potential
Buyer that - answer The property lies in an agricultural district.
The commission to be paid in a written listing Agreement is the rate set by law - answer
Percentage of the sales price as negotiated and agreed or a flat fee.
The relationship between an agent and his or her - answer Fiduciary.
If you are selling a house in New York, it is necessary to disclose that - answer There is
a utility surcharge.
Seller is legally required to reveal to a buyer anything seller knows about - answer Lead
paint hazards on the property.
To create an agency relationship, it is necessary that - answer The principal and agent
sign a written agreement.
If you are a salesperson working with a buyer then the buyer is your client - answer if
you have an agency contract with the buyer
The type of listing illegal in New York State is a (n) - answer Net listing.
A licensed salesperson or broker associate acting as an independent contractor must: -
answer be paid based upon sales and output and execute a written independent
contractor agreement yearly with the broker
A salesperson sells another firm's listing of a commercial building for $462500. 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? -
answer$9712.50
A broker may be entitled to a commission in the event that the sale does not close if the
problem was caused by the - answerSeller.
Big Apple Realty is concerned that its Commission on a sale will not be paid Big Apple
Realty may - answerFile an affidavit of entitlement.
A real estate salesperson's compensation is set by - answerAgreement between broker
and salesperson.
The Duncan and Hill decision cautioned real estate licensees against - answerThe
unauthorized practice of law.
When a buyer/client wants to see property listed by his or her agent's company the
possible conflict of interest can be solved by the use of - answerDesignated agents.
