NYS REAL ESTATE PRACTICE TEST 2024

NYS REAL ESTATE PRACTICE TEST 2024 Which of the following statements about license laws is INCORRECT? - Answer ️️ -The federal government establish license laws In New York, an individual may obtain a salesperson license at age: - Answer ️️ -18 A salesperson licensee may receive commissions from the: - Answer ️️ -Employing broker Which of the following does NOT apply to a salesperson license? It: - Answer ️️ -Authorizes the salesperson to work in a reciprocal state without broker sponsorship Which of the following listing contracts gives the broker commission entitlement if anyone sells the property during the listing term? - Answer ️️ -Exclusive right to sell A real estate salesperson advises a prospective buyer that the property the buyer is considering will be annexed into the city limits. This disclosure constitutes: - Answer ️️ -Required disclosure to buyer Knowing that his client, the owner, is eager to sell, the salesperson suggests that the prospective buyer make an offer of $210,000. Which of the following statements is CORRECT? - Answer ️️ -The salesperson is violating his obligation as a special agent Within a ten-minute period, a salesperson receives two offers for a listed property. One is 2 percent less than the listed price, and other offer is 6 percent less than the listed price. The salesperson should present to the seller: - Answer ️️ -Both offers In an independent contractor relationship, the salesperson is entitled to: - Answer ️️ - Compensation related directly to sales According to the Real Property Law, a broker may: - Answer ️️ -Accept compensation from more than one party to a transaction only with the full knowledge and consent of all parties to the transaction An agent is a: - Answer ️️ -Fiduciary An owner lists his property with three brokerage firms. In each case, he retains the right to sell the property himself without being obligated to pay a commission. The type of listing contract is called: - Answer ️️ -Open A listing contract creates an agency relationship in which the: - Answer ️️ -Seller is the principle The type of listing that ensures the real estate agent a commission if the agents sells the property and no commission if the seller sells the property is called a(n): - Answer ️️ -Exclusive agency A real estate agent or a seller concealing a known defect is an example of: - Answer ️️ - Positive misrepresentation When a real estate firm attempts to represent the buyer and the seller in the same transaction, what type of agency has arisen? - Answer ️️ -Dual agency According to the New York Real Property Law, listing agreements for one - to four unit residential property must be accompanied by a(n): - Answer ️️ -Agency disclosure form The owner of real property may NOT hold title as a(n): - Answer ️️ -Less