NY REAL ESTATE SALESPERSON PRE-
LICENSING NYREI
What is the age and experience requirement to apply for a broker license? - answerb.
20 years old and at least two years of experience
A broker who deposits escrow funds into his brokerage business account is guilty of -
answera. commingling
New York State's authority under police power to fine, issue, revoke, suspend, or deny a
real estate license is known as - answerc. Article 12-A
The commissions for licensed brokerage services are - answerb. required to be defined
and could be a percentage, a flat fee, or both.
A listing agent's duty of confidentiality lasts - answerd. forever
A listing agent's commission is generally considered to be earned when - answerb.
ready, willing, and able buyer is found and the offer is accepted
In a cooperative transaction, a salesperson acting as a sub agent owes fiduciary duties
to everyone EXCEPT - answera. the buyer
The very first document to be submitted to all prospective clients or customers is known
as a - answerb. disclosure regarding real estate agency relationships form
An agent meets with a seller to discuss listing his house. If the seller refuses to sign an
agency disclosure form, the agent should - answerd. sign a declaration indicating a
reason for refusal and have it notarized
An exclusive agency agreement is a contract between a - answerc. broker and a seller
In New York state, what type of agreement is illegal? - answerd.net listing
When can a broker accept a commission from both the buyer and seller in the same
transaction? - answerc. with the full written disclosure and written permission from both
the buyer and seller
Agents from separate firms decide that they will not show customers houses that have
been listed by a "discount" broker. What antitrust violation does this represent? -
answerb. group boycotting
, A salesperson who is an independent contractor - answerc. is paid commission based
on sale results
The bundle of legal rights includes the rights pf possession, quiet enjoyment,
disposition, control, and - answerc. exclusion
A property owner grants a life estate to his granddaughter for as long as his wife lives.
This is an example of a - answerc.life estate pur autre vie
Two friends purchase equal shares in a condominium. When one friend dies, the
ownership automatically passes to the other friend. They originally took ownership as -
answera. joint tenants
Homeowner A has a right of way to cross Homeowner B's property to reach her
landlocked property. This is an example of - answera. an affirmative easement
appurtenant
A mortgage is considered what kind of lien? - answerc. specific and voluntary
In New York, a claim of adverse possession requires open,notorious, hostile, and
continuous use of property for how many years? - answerb. 10
All of these are essential elements of a valid contract EXCEPT - answera. bilateral
promise
Which statement about real estate sales contracts is true? - answera. all parties to the
sales contract should sign it
Residential leases are most likely to be - answerb. gross leases
A properly executed deed has no effect until it has been - answera. accepted by the
grantee
In a full warranty and covenant deed, what assures the grantee that the grantor holds
title to the property being conveyed? - answerc. covenant of seizin
Which legal description starts from an easily identifiable point of beginning and uses
pins and monuments to define the perimeter of property? - answerc. metes and bounds
A lawsuits filed to close a missing link in the chain of title is known as a - answerd. suit
to quiet title
A homeowner paid property taxes $2,400 for the upcoming year on January 1. He sells
the house, closing on April 30. On the settlement statement, how will the taxes be
porated? - answera. credit seller $1,600; debit buyer $800
LICENSING NYREI
What is the age and experience requirement to apply for a broker license? - answerb.
20 years old and at least two years of experience
A broker who deposits escrow funds into his brokerage business account is guilty of -
answera. commingling
New York State's authority under police power to fine, issue, revoke, suspend, or deny a
real estate license is known as - answerc. Article 12-A
The commissions for licensed brokerage services are - answerb. required to be defined
and could be a percentage, a flat fee, or both.
A listing agent's duty of confidentiality lasts - answerd. forever
A listing agent's commission is generally considered to be earned when - answerb.
ready, willing, and able buyer is found and the offer is accepted
In a cooperative transaction, a salesperson acting as a sub agent owes fiduciary duties
to everyone EXCEPT - answera. the buyer
The very first document to be submitted to all prospective clients or customers is known
as a - answerb. disclosure regarding real estate agency relationships form
An agent meets with a seller to discuss listing his house. If the seller refuses to sign an
agency disclosure form, the agent should - answerd. sign a declaration indicating a
reason for refusal and have it notarized
An exclusive agency agreement is a contract between a - answerc. broker and a seller
In New York state, what type of agreement is illegal? - answerd.net listing
When can a broker accept a commission from both the buyer and seller in the same
transaction? - answerc. with the full written disclosure and written permission from both
the buyer and seller
Agents from separate firms decide that they will not show customers houses that have
been listed by a "discount" broker. What antitrust violation does this represent? -
answerb. group boycotting
, A salesperson who is an independent contractor - answerc. is paid commission based
on sale results
The bundle of legal rights includes the rights pf possession, quiet enjoyment,
disposition, control, and - answerc. exclusion
A property owner grants a life estate to his granddaughter for as long as his wife lives.
This is an example of a - answerc.life estate pur autre vie
Two friends purchase equal shares in a condominium. When one friend dies, the
ownership automatically passes to the other friend. They originally took ownership as -
answera. joint tenants
Homeowner A has a right of way to cross Homeowner B's property to reach her
landlocked property. This is an example of - answera. an affirmative easement
appurtenant
A mortgage is considered what kind of lien? - answerc. specific and voluntary
In New York, a claim of adverse possession requires open,notorious, hostile, and
continuous use of property for how many years? - answerb. 10
All of these are essential elements of a valid contract EXCEPT - answera. bilateral
promise
Which statement about real estate sales contracts is true? - answera. all parties to the
sales contract should sign it
Residential leases are most likely to be - answerb. gross leases
A properly executed deed has no effect until it has been - answera. accepted by the
grantee
In a full warranty and covenant deed, what assures the grantee that the grantor holds
title to the property being conveyed? - answerc. covenant of seizin
Which legal description starts from an easily identifiable point of beginning and uses
pins and monuments to define the perimeter of property? - answerc. metes and bounds
A lawsuits filed to close a missing link in the chain of title is known as a - answerd. suit
to quiet title
A homeowner paid property taxes $2,400 for the upcoming year on January 1. He sells
the house, closing on April 30. On the settlement statement, how will the taxes be
porated? - answera. credit seller $1,600; debit buyer $800
