NY Real Estate Exam 1
According to the New York State real property law, a real estate salespersons license is
issued for a term of how many years? - answer2 years
2. What type of residential real property transfer would require a property condition
disclosure statement? - answer Newly constructed property that has not been
previously inhabited
3. What happens to the licenses of salesperson's if they're sponsoring broker's license
is revoked or suspended? - answer They are suspended
4. 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
5. A broker's compensation is determined by an agreement between a broker and the? -
answer Principal/client
6. What 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? -
answerReasonable care
7. 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 - answerEntitled to the originally
agreed upon commission
8. at an open house, Joe discloses to an interested buyer that he has the right to his
own representation but the buyer refuses. The buyers relationship to joe is an? -
answercustomer
9.The main purpose of an agency disclosure form is to? - answerinform consumers of
the agency relationship of them selfs to a real estate agent and available choices for
representation.
10.What scenario best illustrates the first substantial contact with a prospective buyer? -
answerAn individual meeting with an agent and discussing the purchase of a specific
property
11.What type of real estate agent is authorized to represent a principal in one specific
transaction? - answerSpecial
12.The Brokers principal is always the? - answerClient
, 13.Susie seller has chosen broker Joe to represent her in the sale of her house broker
Joe will advance and protect Susie's interest during the sale. What word best describes
the relationship? - answerFiduciary
14.Which legal right allows an owner of land bordering a river or stream to use that
water for recreational purposes? - answerRiparian
15.Which form of ownership can only be held by a married couple? - answerTenancy by
the entirety
16.Which types of estate is recognized by law to be the fullest form of ownership? -
answerFee simple, absolute
17.What deed provision would prohibit and owner from installing an inground pool? -
answerRestrictive covenant
18.What lien has priority over all recorded lien? - answerReal estate property Tax lien
19.Who must sign a deed? - answerAll grantors
20.What do lenders require as protection against title defects? - answerTitle insurance
21.A type of legal description that includes a point in place of beginning is? -
answerMetes and bounds
22.What is the name for dividing financial responsibility for payment of rents, taxes and
insurance is between buyer and seller on a closing statement? - answerProration
23.Which type of insurance policy would protect the holder from defects in the evidence
of real property ownership? - answerTitle
24.Why does a landlord want a percentage lease with a retail tenant? - answerThe
tenant shares in the tenants business profits
25.What is the requirement for a real estate contract to be valid? - answerThe must be
an offer and acceptance
26.Which party to a real estate contract of sale usually signs at first? - answerPurchaser
27.The requirement to provide a loan estimate form for all closing cost to the borrower
or most Residential Mortgage Loans is the? - answerTILA-RESPA integrated disclosure
Rule (TRID)
28.What regulates real estate advertisements that include financing terms? -
answerFederal Regulation Z.
According to the New York State real property law, a real estate salespersons license is
issued for a term of how many years? - answer2 years
2. What type of residential real property transfer would require a property condition
disclosure statement? - answer Newly constructed property that has not been
previously inhabited
3. What happens to the licenses of salesperson's if they're sponsoring broker's license
is revoked or suspended? - answer They are suspended
4. 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
5. A broker's compensation is determined by an agreement between a broker and the? -
answer Principal/client
6. What 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? -
answerReasonable care
7. 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 - answerEntitled to the originally
agreed upon commission
8. at an open house, Joe discloses to an interested buyer that he has the right to his
own representation but the buyer refuses. The buyers relationship to joe is an? -
answercustomer
9.The main purpose of an agency disclosure form is to? - answerinform consumers of
the agency relationship of them selfs to a real estate agent and available choices for
representation.
10.What scenario best illustrates the first substantial contact with a prospective buyer? -
answerAn individual meeting with an agent and discussing the purchase of a specific
property
11.What type of real estate agent is authorized to represent a principal in one specific
transaction? - answerSpecial
12.The Brokers principal is always the? - answerClient
, 13.Susie seller has chosen broker Joe to represent her in the sale of her house broker
Joe will advance and protect Susie's interest during the sale. What word best describes
the relationship? - answerFiduciary
14.Which legal right allows an owner of land bordering a river or stream to use that
water for recreational purposes? - answerRiparian
15.Which form of ownership can only be held by a married couple? - answerTenancy by
the entirety
16.Which types of estate is recognized by law to be the fullest form of ownership? -
answerFee simple, absolute
17.What deed provision would prohibit and owner from installing an inground pool? -
answerRestrictive covenant
18.What lien has priority over all recorded lien? - answerReal estate property Tax lien
19.Who must sign a deed? - answerAll grantors
20.What do lenders require as protection against title defects? - answerTitle insurance
21.A type of legal description that includes a point in place of beginning is? -
answerMetes and bounds
22.What is the name for dividing financial responsibility for payment of rents, taxes and
insurance is between buyer and seller on a closing statement? - answerProration
23.Which type of insurance policy would protect the holder from defects in the evidence
of real property ownership? - answerTitle
24.Why does a landlord want a percentage lease with a retail tenant? - answerThe
tenant shares in the tenants business profits
25.What is the requirement for a real estate contract to be valid? - answerThe must be
an offer and acceptance
26.Which party to a real estate contract of sale usually signs at first? - answerPurchaser
27.The requirement to provide a loan estimate form for all closing cost to the borrower
or most Residential Mortgage Loans is the? - answerTILA-RESPA integrated disclosure
Rule (TRID)
28.What regulates real estate advertisements that include financing terms? -
answerFederal Regulation Z.
