New York Real Estate 3
What happens to the salesperson's license if the license of their sponsoring broker is
suspended?
A The license of the salesperson will also be suspended.
B The license of the salesperson will be revoked and the salesperson will be required to
pay a fine.
C The license of the salesperson will automatically be moved under another sponsoring
broker in the firm.
D The license of the salesperson will remain active. - answerA The license of the
salesperson will also be suspended
How many years of experience does an individual need as a NYS real estate
salesperson in order to quality to obtain their broker's license?
A 1 year
B 2 years
C 3 years
D 4 years - answerB 2 years
A broker represents a seller in a transaction. If the seller tells the broker they must sell
the property quickly due to financial hardship, the broker cannot reveal this information
to a prospective buyer. Otherwise, the broker will violate which of the following fiduciary
duties?
A Confidentiality
B Obedience
C Accountability
D Full disclosure - answerA Confidentiality
The real estate agent serves as a/an ........to their client.
A Fiduciary
B Attorney
C Consultant
D General agent - answerA Fiduciary
What type of agency gives complete authority over any activity of the principal?
A Special agency
B General agency
C Universal agency
D Express agency - answerC Universal agency
A property manager is an example of a/an .......agent.
A Special
, B General
C Universal
D Dual - answerB General
Which of the following is NOT considered real property?
A Living room furniture
B Oil or natural gas located beneath the property
C Vacant land
D Small garage - answerA Living room furniture
Which of the following interests in real property includes the full bundle of rights?
A Estate for years
B Leasehold estates
C Fee simple absolute estates
D Cooperatives - answerC Fee simple absolute estates
Which of the following is NOT one of the four units of concurrent ownership?
A Dedication
B Time
C Title
D Possession - answerA Dedication
Which of the following forms of ownership is limited to married couples?
A Joint tenancy
B Tenancy in common
C Ownership in severalty
D Tenancy by the entirety - answerD Tenancy by the entirety
Which of the following estates provides the right of possession and control, but not title?
A Fee simple absolute
B Life estate
C Fee simple determinable estate
D Leasehold estate - answerD Leasehold estate
The right of a property owner whose land borders on a body of water, such as a lake,
ocean or sea, to reasonable use and enjoyment of the shore and water the property
borders on is known as...?
A Riparian rights
B Sub-surface rights
C Littoral rights
D Air rights - answerC Littoral rights
If a real estate salespersons license expires, what must they do to get their license re-
activated?
A Retake the State exam only
B Re-apply for their license only
What happens to the salesperson's license if the license of their sponsoring broker is
suspended?
A The license of the salesperson will also be suspended.
B The license of the salesperson will be revoked and the salesperson will be required to
pay a fine.
C The license of the salesperson will automatically be moved under another sponsoring
broker in the firm.
D The license of the salesperson will remain active. - answerA The license of the
salesperson will also be suspended
How many years of experience does an individual need as a NYS real estate
salesperson in order to quality to obtain their broker's license?
A 1 year
B 2 years
C 3 years
D 4 years - answerB 2 years
A broker represents a seller in a transaction. If the seller tells the broker they must sell
the property quickly due to financial hardship, the broker cannot reveal this information
to a prospective buyer. Otherwise, the broker will violate which of the following fiduciary
duties?
A Confidentiality
B Obedience
C Accountability
D Full disclosure - answerA Confidentiality
The real estate agent serves as a/an ........to their client.
A Fiduciary
B Attorney
C Consultant
D General agent - answerA Fiduciary
What type of agency gives complete authority over any activity of the principal?
A Special agency
B General agency
C Universal agency
D Express agency - answerC Universal agency
A property manager is an example of a/an .......agent.
A Special
, B General
C Universal
D Dual - answerB General
Which of the following is NOT considered real property?
A Living room furniture
B Oil or natural gas located beneath the property
C Vacant land
D Small garage - answerA Living room furniture
Which of the following interests in real property includes the full bundle of rights?
A Estate for years
B Leasehold estates
C Fee simple absolute estates
D Cooperatives - answerC Fee simple absolute estates
Which of the following is NOT one of the four units of concurrent ownership?
A Dedication
B Time
C Title
D Possession - answerA Dedication
Which of the following forms of ownership is limited to married couples?
A Joint tenancy
B Tenancy in common
C Ownership in severalty
D Tenancy by the entirety - answerD Tenancy by the entirety
Which of the following estates provides the right of possession and control, but not title?
A Fee simple absolute
B Life estate
C Fee simple determinable estate
D Leasehold estate - answerD Leasehold estate
The right of a property owner whose land borders on a body of water, such as a lake,
ocean or sea, to reasonable use and enjoyment of the shore and water the property
borders on is known as...?
A Riparian rights
B Sub-surface rights
C Littoral rights
D Air rights - answerC Littoral rights
If a real estate salespersons license expires, what must they do to get their license re-
activated?
A Retake the State exam only
B Re-apply for their license only
