NY Real Estate State Exam (Definitions)
Questions with Complete Solutions 2023
Mortgage Brokers are registered with who: - Answer-The State Banking Department
Every nonresident applicant must file an: - Answer-Irrevocable Consent Form
Advertising Must Not Be: - Answer-Misleading in any way
Advertising Must include: - Answer-Name of the Brokers Firm
Blind Ads that contain only a telephone number are: - Answer-Prohibited
***All ads that state that a property is in the vincinity of a geographic are or territorial
subdivision must include; - Answer-The name of the geographic area or territorial
subdivision on which the property actually is located.
Article 12a of the Division of Licensing Services investigates any alleged violations that
may include: - Answer--Accepting, if a salesperson, a commission or valuable
consideration for any real estate service from any person except the licensed broker
with whom the salesperson is associated.
-Acting for or receiving compensation form more than one party in a transaction without
the knowledge of all parties involved
-Entering into a net listing contract (when a seller authorizes a broker to procure a
specified amount of money for the property and allows the broker to keep any money
above the specified amount obtained from the sale
Penalties for violations of 12a - Answer-May be held liable for up to four times that
amount in damages in addition to have their license suspended or revoked. If revoked,
one year must pass before a new license application is made.
A Misdemeanor is punishable by a fine of not more than: - Answer-$1000 and/or
imprisonment for not more than one year
Revocation of broker's license - Answer-Automatically suspends the licenses of all
salespeople affiliated with that broker until they find another supervising broker and their
licenses are reissued.
An Agent's Fiduciary Responsibilities are: - Answer-Care
Confidentiality
Loyalty
Obedience
Accounting
Disclosure
, CCLOAD
Define Confidentiality - Answer-An agent may not disclose any confidential information
learned from or about the principal.
Define Comingling: - Answer-The illegal act of a real estate broker who mixes other
people's money with his or her own
Define Dual Agency: - Answer-Representing both parties to a transaction
A broker can earn a commission when: - Answer--The owner changes their mind and
refuses to sell
-The owner commits fraud with respect to the transaction
-The owner is unable to deliver possession within a reasonable time
-The owner insists on terms not in the listing
-The owner and the buyer agree to cancel the transaction
Real Property Law - RPL 443 applies to: - Answer-Residential transactions involving the
sale or lease of one to four unit residential property.
Define Informed Consent: - Answer-Dual agency is legal; however, only with the
informed consent of both parties through a written document.
Define Designated Agency: - Answer-Buyer-Client expresses interest in property that
same company has listed
Three Common Types of Listing Agreements - Answer-1.Exclusive Right to Sell
2.Exclusive Agency
3.Open Listing
True or False: The use of automatic extensions of time in exclusive listings is illegal in
New York - Answer-True
Define Seller Disclosures: - Answer-For One to Four Family dwellings, each buyer,
before any binding contract of sale is signed, is entitles to receive a Property Condition
Disclosure Statement from the seller
Lead Based Disclosure must be filled out and signed within how many days of sale -
Answer-10 days
Two types of Ownership in land - Answer-Freehold
Leasehold
Define Fee Simple Estate - Answer-Is when the owner is entitled to all rights in the
property
Questions with Complete Solutions 2023
Mortgage Brokers are registered with who: - Answer-The State Banking Department
Every nonresident applicant must file an: - Answer-Irrevocable Consent Form
Advertising Must Not Be: - Answer-Misleading in any way
Advertising Must include: - Answer-Name of the Brokers Firm
Blind Ads that contain only a telephone number are: - Answer-Prohibited
***All ads that state that a property is in the vincinity of a geographic are or territorial
subdivision must include; - Answer-The name of the geographic area or territorial
subdivision on which the property actually is located.
Article 12a of the Division of Licensing Services investigates any alleged violations that
may include: - Answer--Accepting, if a salesperson, a commission or valuable
consideration for any real estate service from any person except the licensed broker
with whom the salesperson is associated.
-Acting for or receiving compensation form more than one party in a transaction without
the knowledge of all parties involved
-Entering into a net listing contract (when a seller authorizes a broker to procure a
specified amount of money for the property and allows the broker to keep any money
above the specified amount obtained from the sale
Penalties for violations of 12a - Answer-May be held liable for up to four times that
amount in damages in addition to have their license suspended or revoked. If revoked,
one year must pass before a new license application is made.
A Misdemeanor is punishable by a fine of not more than: - Answer-$1000 and/or
imprisonment for not more than one year
Revocation of broker's license - Answer-Automatically suspends the licenses of all
salespeople affiliated with that broker until they find another supervising broker and their
licenses are reissued.
An Agent's Fiduciary Responsibilities are: - Answer-Care
Confidentiality
Loyalty
Obedience
Accounting
Disclosure
, CCLOAD
Define Confidentiality - Answer-An agent may not disclose any confidential information
learned from or about the principal.
Define Comingling: - Answer-The illegal act of a real estate broker who mixes other
people's money with his or her own
Define Dual Agency: - Answer-Representing both parties to a transaction
A broker can earn a commission when: - Answer--The owner changes their mind and
refuses to sell
-The owner commits fraud with respect to the transaction
-The owner is unable to deliver possession within a reasonable time
-The owner insists on terms not in the listing
-The owner and the buyer agree to cancel the transaction
Real Property Law - RPL 443 applies to: - Answer-Residential transactions involving the
sale or lease of one to four unit residential property.
Define Informed Consent: - Answer-Dual agency is legal; however, only with the
informed consent of both parties through a written document.
Define Designated Agency: - Answer-Buyer-Client expresses interest in property that
same company has listed
Three Common Types of Listing Agreements - Answer-1.Exclusive Right to Sell
2.Exclusive Agency
3.Open Listing
True or False: The use of automatic extensions of time in exclusive listings is illegal in
New York - Answer-True
Define Seller Disclosures: - Answer-For One to Four Family dwellings, each buyer,
before any binding contract of sale is signed, is entitles to receive a Property Condition
Disclosure Statement from the seller
Lead Based Disclosure must be filled out and signed within how many days of sale -
Answer-10 days
Two types of Ownership in land - Answer-Freehold
Leasehold
Define Fee Simple Estate - Answer-Is when the owner is entitled to all rights in the
property
