NY REAL ESTATE EXAM
According to the New York State Real Property Law, a real estate salesperson's license
is issued for a term of how many years? - answer Two
What happens to the licenses of salespersons if their sponsoring broker's license is
revoked? - answer They are suspended
Which type of residential real property transfer would require a property to condition
disclosure statement? - answer Lease with an option to purchase
A listing broker for the seller has a buyer-client who asks to see the listing. This request
could create which type of agency? - answer Dual Agency
A broker's compensation is determined in an agreement between the broker and the -
answer Principal
Which fiduciary duty would be violated when a client suffers a financial loss as a result
of an agent's lack of expertise in dealing with a particular type of property? - answer
Reasonable Care
If clients who sign an "exclusive right to sell" listing agreement with a broker find a buyer
for the property on their own, the broker is... - answer entitled to the original agreed
upon commission
At an open house, Ozzie discloses to an interested buyer that he has a right to his own
representation but the buyer refuses. The buyer's relationship to Ozzie is a... - answer
Customer
The main purpose of the Agency Disclosure Form is to - answer Inform customers of
the agency relationship of themselves to a real estate agent and available choices for
representation.
Which of the following scenarios best illustrates the first substantive contact with a
prospective buyer? - answer an individual meeting with an agent and discussing the
purchase of a specific property.
What type of real estate agent is authorized to represent a principal in one specific
transaction? - answer Special
According to the New York State Real Property Law, a real estate salesperson's license
is issued for a term of how many years? - answer Two
What happens to the licenses of salespersons if their sponsoring broker's license is
revoked? - answer They are suspended
Which type of residential real property transfer would require a property to condition
disclosure statement? - answer Lease with an option to purchase
A listing broker for the seller has a buyer-client who asks to see the listing. This request
could create which type of agency? - answer Dual Agency
A broker's compensation is determined in an agreement between the broker and the -
answer Principal
Which fiduciary duty would be violated when a client suffers a financial loss as a result
of an agent's lack of expertise in dealing with a particular type of property? - answer
Reasonable Care
If clients who sign an "exclusive right to sell" listing agreement with a broker find a buyer
for the property on their own, the broker is... - answer entitled to the original agreed
upon commission
At an open house, Ozzie discloses to an interested buyer that he has a right to his own
representation but the buyer refuses. The buyer's relationship to Ozzie is a... - answer
Customer
The main purpose of the Agency Disclosure Form is to - answer Inform customers of
the agency relationship of themselves to a real estate agent and available choices for
representation.
Which of the following scenarios best illustrates the first substantive contact with a
prospective buyer? - answer an individual meeting with an agent and discussing the
purchase of a specific property.
What type of real estate agent is authorized to represent a principal in one specific
transaction? - answer Special
