NY Real Estate Practice Exam Questions
and Verified Correct Answers
1. To be licensed as a real estate broker, an individual must be at least how old?
a. 16
b. 18
c. 20
d. 21 answer - c. 20
2. Which of the following individuals is exempt from licensure?
a. attorneys admitted to practice in the New York courts
b. property managers who manage property for more than one individual or company
c. individuals who only list property for sale
d. auctioneers who only auction commercial real estate answer - a. attorneys admitted to
practice in the New York courts
3. To save in paperwork, Broker Bright decides to combine her office operating account with the
deposits obtained from contracts of sale. Broker Bright is guilty of:
a. nothing at all
b. illegal commingling of funds
c. an authorized practice of law
d. accepting money without authorization answer - b. illegal commingling of funds
,4. A net listing is one:
a. that requires the broker to have a fixed price for the property
b. that is legal in New York
c. that most brokers would prefer
d. in which the seller specifies a certain amount of money to be received upon sale of the
property and all monies above answer - d. in which the seller specifies a certain amount of
money to be received upon sale of the property and all monies above
8. The first law to address antitrust violations was the:
a. Clayton Antitrust Act
b. Real Estate Settlement Procedures Act
c. Sherman Antitrust Act
d. New York Real Property Law answer - c. Sherman Antitrust Act
9. Sell-It-Today Brokerage requires that purchasers of its listed property apply for a mortgage
with EZ Money Mortgage
a. perfectly acceptable
b. an example of an illegal tie-in arrangement
c. an example of an illegal group boycott
d. an example of an illegal market allocation agreement answer - b. an example of an illegal tie-
in arrangement
, 10. An agency relationship created by an oral or written agreement between principal and agent
is a(n)
a. implied agency
b. express agency
c. dual agency
d. power of attorney answer - b. express agency
11. Martin signs an exclusive-right-to-sell listing agreement for six months with Broker Gerald.
Within one month, Martin sells his house himself and refuses to pay a commission to Gerald.
Martin's behavior is a possible:
a. reformation
b. breach of contract
c. injunction
d. assignment answer - b. breach of contract
12. In a brokerage firm, the listing contracts are typically owned by the:
a. salesperson who lists the property
b. multiple listing service together with the brokerage firm
c. all must belong to the multiple listing service.
d. are all cooperating agents answer - d. are all cooperating agents
13. Which of the following activities is NOT an element of an independent contractor
relationship?
and Verified Correct Answers
1. To be licensed as a real estate broker, an individual must be at least how old?
a. 16
b. 18
c. 20
d. 21 answer - c. 20
2. Which of the following individuals is exempt from licensure?
a. attorneys admitted to practice in the New York courts
b. property managers who manage property for more than one individual or company
c. individuals who only list property for sale
d. auctioneers who only auction commercial real estate answer - a. attorneys admitted to
practice in the New York courts
3. To save in paperwork, Broker Bright decides to combine her office operating account with the
deposits obtained from contracts of sale. Broker Bright is guilty of:
a. nothing at all
b. illegal commingling of funds
c. an authorized practice of law
d. accepting money without authorization answer - b. illegal commingling of funds
,4. A net listing is one:
a. that requires the broker to have a fixed price for the property
b. that is legal in New York
c. that most brokers would prefer
d. in which the seller specifies a certain amount of money to be received upon sale of the
property and all monies above answer - d. in which the seller specifies a certain amount of
money to be received upon sale of the property and all monies above
8. The first law to address antitrust violations was the:
a. Clayton Antitrust Act
b. Real Estate Settlement Procedures Act
c. Sherman Antitrust Act
d. New York Real Property Law answer - c. Sherman Antitrust Act
9. Sell-It-Today Brokerage requires that purchasers of its listed property apply for a mortgage
with EZ Money Mortgage
a. perfectly acceptable
b. an example of an illegal tie-in arrangement
c. an example of an illegal group boycott
d. an example of an illegal market allocation agreement answer - b. an example of an illegal tie-
in arrangement
, 10. An agency relationship created by an oral or written agreement between principal and agent
is a(n)
a. implied agency
b. express agency
c. dual agency
d. power of attorney answer - b. express agency
11. Martin signs an exclusive-right-to-sell listing agreement for six months with Broker Gerald.
Within one month, Martin sells his house himself and refuses to pay a commission to Gerald.
Martin's behavior is a possible:
a. reformation
b. breach of contract
c. injunction
d. assignment answer - b. breach of contract
12. In a brokerage firm, the listing contracts are typically owned by the:
a. salesperson who lists the property
b. multiple listing service together with the brokerage firm
c. all must belong to the multiple listing service.
d. are all cooperating agents answer - d. are all cooperating agents
13. Which of the following activities is NOT an element of an independent contractor
relationship?
