REVIEW QUESTIONS FOR NY REAL
ESTATE EXAM | QUESTIONS &
EXPERTLY VERIFIED ANSWERS, 2026
Quiz_________________?
-A broker signed a listing agreement with the Ghent's to market their luxury downtown
condominium. A few days later, the broker Signed a buyer representation agreement with
The Smiths, who were looking for a modest suburban single-family home. If the buyers
decide they're in the market for a luxury downtown condominium instead, and want to see
the Ghent's property, what should the broker do?
a. Say nothing and collect a commission from
the sellers and a fee from the buyers
b. Disclose the intended dual agency and
obtain both parties written consent
c. Withdraw from representing one of the
Parties to avoid any appearance of self-dealing
d. Nothing, but accept compensation from
Only one of the parties -
Answer✅
B: In New York dual agency is legal and permissible with timely and informed consent of
both parties. In this case the agent must have the signed disclosure from both parties.
1
, Quiz_________________?
-A legally enforceable agreement between competent parties in which each party acquires a
right is called a
a. Certiorari.
b. Consideration.
c. Contract.
d. Clause. -
Answer✅
C: A contract is an agreement between competent legal parties to do or refrain from doing
some legal act in exchange for consideration.
Quiz_________________?
-A real estate salesperson's compensation is set by
a. The local realty association.
b. The Department of State, Division of Licensing Services.
c. Agreement between broker and salesperson.
d. The cooperating broker in a transaction. -
Answer✅
C: The fee or rate of commission paid to a real estate broker is strictly negotiable between
the broker and the seller or buyer.
Quiz_________________?
-A tenant learns her building has been sold to a new landlord. The sale of the property
2
, a. Automatically terminates all preexisting leases.
b. Automatically renews the lease for an additional term, although the tenant has the option
of declining the renewal.
c. has no effect on existing leases, and the tenant must make timely rent payments to the
new owner.
d. terminates the lease, but the tenant is entitled to a legal holdover tenancy for the
remainder of the lease term. -
Answer✅
C: Lease agreement does not terminate when an owner sells, new owner is bound by terms
of lease
Quiz_________________?
-Charging more than the legal interest rate is Known as
a. points
b. usury
c. discounting
d. novation -
Answer✅
B: USURY LAWS are used by New York State to fix a maximum allowable interest rate.
Quiz_________________?
-Deed restrictions may be established only by the
a. Grantor.
b. Local government.
c. Zoning board of appeals.
d. Grantee. -
3
, Answer✅
A: Deed restrictions are in the form of covenants or conditions. These restrictions run with
the land, they are put by the "grantor"
Quiz_________________?
-In a real estate transaction, a broker had a written representation agreement with the
buyer but was paid 6 percent of the selling price at the closing by the seller. Under these
facts, whose agent was this broker?
a. The broker was the seller's agent.
b. The broker was the buyer's agent.
c. The broker is a dual agent.
d. The broker has violated New York's real Estate license laws and may have his or her
License suspended or revoked. -
Answer✅
B: Other means of payment can be through multiple listing services when the listing broker
offers cooperating compensation to the buyer broker. The buyer broker will then be paid
by the seller
Quiz_________________?
-In which clause in a deed would you find metes and bounds and monuments?
a. Demising
b. Defeasance
c. Description
d. Habendum -
Answer✅
C: The types of legal descriptions are metes&bounds, block&lot, and monuments
4
ESTATE EXAM | QUESTIONS &
EXPERTLY VERIFIED ANSWERS, 2026
Quiz_________________?
-A broker signed a listing agreement with the Ghent's to market their luxury downtown
condominium. A few days later, the broker Signed a buyer representation agreement with
The Smiths, who were looking for a modest suburban single-family home. If the buyers
decide they're in the market for a luxury downtown condominium instead, and want to see
the Ghent's property, what should the broker do?
a. Say nothing and collect a commission from
the sellers and a fee from the buyers
b. Disclose the intended dual agency and
obtain both parties written consent
c. Withdraw from representing one of the
Parties to avoid any appearance of self-dealing
d. Nothing, but accept compensation from
Only one of the parties -
Answer✅
B: In New York dual agency is legal and permissible with timely and informed consent of
both parties. In this case the agent must have the signed disclosure from both parties.
1
, Quiz_________________?
-A legally enforceable agreement between competent parties in which each party acquires a
right is called a
a. Certiorari.
b. Consideration.
c. Contract.
d. Clause. -
Answer✅
C: A contract is an agreement between competent legal parties to do or refrain from doing
some legal act in exchange for consideration.
Quiz_________________?
-A real estate salesperson's compensation is set by
a. The local realty association.
b. The Department of State, Division of Licensing Services.
c. Agreement between broker and salesperson.
d. The cooperating broker in a transaction. -
Answer✅
C: The fee or rate of commission paid to a real estate broker is strictly negotiable between
the broker and the seller or buyer.
Quiz_________________?
-A tenant learns her building has been sold to a new landlord. The sale of the property
2
, a. Automatically terminates all preexisting leases.
b. Automatically renews the lease for an additional term, although the tenant has the option
of declining the renewal.
c. has no effect on existing leases, and the tenant must make timely rent payments to the
new owner.
d. terminates the lease, but the tenant is entitled to a legal holdover tenancy for the
remainder of the lease term. -
Answer✅
C: Lease agreement does not terminate when an owner sells, new owner is bound by terms
of lease
Quiz_________________?
-Charging more than the legal interest rate is Known as
a. points
b. usury
c. discounting
d. novation -
Answer✅
B: USURY LAWS are used by New York State to fix a maximum allowable interest rate.
Quiz_________________?
-Deed restrictions may be established only by the
a. Grantor.
b. Local government.
c. Zoning board of appeals.
d. Grantee. -
3
, Answer✅
A: Deed restrictions are in the form of covenants or conditions. These restrictions run with
the land, they are put by the "grantor"
Quiz_________________?
-In a real estate transaction, a broker had a written representation agreement with the
buyer but was paid 6 percent of the selling price at the closing by the seller. Under these
facts, whose agent was this broker?
a. The broker was the seller's agent.
b. The broker was the buyer's agent.
c. The broker is a dual agent.
d. The broker has violated New York's real Estate license laws and may have his or her
License suspended or revoked. -
Answer✅
B: Other means of payment can be through multiple listing services when the listing broker
offers cooperating compensation to the buyer broker. The buyer broker will then be paid
by the seller
Quiz_________________?
-In which clause in a deed would you find metes and bounds and monuments?
a. Demising
b. Defeasance
c. Description
d. Habendum -
Answer✅
C: The types of legal descriptions are metes&bounds, block&lot, and monuments
4
