NY Real Estate State Exam (Mult Choice)
An agency relationship is determined by:
a) the source of compensation
b) how well the parties know each other
c) agreement between the principal and the agent
d) first substantive contract – answer c) agreement between the principal and the agent
Heat from outside air is utilized through a:
a.reverse conditioner
b.passive solar system
c.heat pump
d.cold air return - answerc) heat pump
An automatic renewal clause in a lease is.
a.is not allowed on rent-stabilized apartments
b.is granted every tenant in a building with four or more units
c.is illegal in New York State
d.requires notice from the landlord calling the tenants attention to the clause. - answerd)
requires notice from the landlord calling the tenants attention to the clause.
When listing a property, ABC Realty best protects its chances of earning a commission
if the listing is a:
a.exclusive-right-to-sell listing
b.for sale by owner
c.exclusive-agency listing
d.open listing - answera) exclusive-right-to-sell listing
Real Property Law section 443 disclosure requirements apply only to:
a.sale or lease of one to four-unit residential properties
b.all types of real estate transactions
c.mortgage financing arrangements
d.commercial properties - answera) sale or lease of one to four-unit residential
properties
An agency relationship is determined by
a.the source of compensation
b.how well the parties know each other
c.agreement between the principal and the agent
d.first substantive contact - answerc) agreement between the principal and the agent
In a single agency agreement in which a broker represents a seller
, a.the buyer is the client
b.the seller is the client
c.the seller is the customer
d.the buyer is a subagent - answerb) the seller is the client
Broker John Brown owes customer Susie Smith
a.loyalty
b.fairness and honesty
c.confidentiality
d.accounting - answerb) fairness and honesty
A salesperson need not be
a.licensed by the state
b.at least 18 years old
c.already experienced in real estate
d.supervised by a broker - answerc) already experienced in real estate
A nonresident broker seeking a New York license must
a.post a bond of $5000
b.be a citizen of the United States
c.find a New York attorney to act as a sponsor
d.file an affidavit allowing them to be sued in NY - answerd) file an affidavit allowing
them to be sued in NY
Undisclosed dual agency may result in broker Joan Jones
a) losing her license
b) losing the commission
c) being liable for damages
d) all of the above - answerd) all of the above
Real Property Law section 443 disclosure requirements apply only to
a) sale or lease of one to four-unit residential properties
b) all types of real estate transactions
c) mortgage financing arrangements
d) commercial properties - answera) sale or lease of one to four-unit residential
properties
Jim Chard was not paid for roofing the Hills ranch home. How long does he have to file
a mechanic's lien?
a) Four Months
b) Eight Months
c) One Year
d) Ten Years - answera) Four Months
Jim's mechanic's lien will remain against the property for at leaset
a) Four Months
An agency relationship is determined by:
a) the source of compensation
b) how well the parties know each other
c) agreement between the principal and the agent
d) first substantive contract – answer c) agreement between the principal and the agent
Heat from outside air is utilized through a:
a.reverse conditioner
b.passive solar system
c.heat pump
d.cold air return - answerc) heat pump
An automatic renewal clause in a lease is.
a.is not allowed on rent-stabilized apartments
b.is granted every tenant in a building with four or more units
c.is illegal in New York State
d.requires notice from the landlord calling the tenants attention to the clause. - answerd)
requires notice from the landlord calling the tenants attention to the clause.
When listing a property, ABC Realty best protects its chances of earning a commission
if the listing is a:
a.exclusive-right-to-sell listing
b.for sale by owner
c.exclusive-agency listing
d.open listing - answera) exclusive-right-to-sell listing
Real Property Law section 443 disclosure requirements apply only to:
a.sale or lease of one to four-unit residential properties
b.all types of real estate transactions
c.mortgage financing arrangements
d.commercial properties - answera) sale or lease of one to four-unit residential
properties
An agency relationship is determined by
a.the source of compensation
b.how well the parties know each other
c.agreement between the principal and the agent
d.first substantive contact - answerc) agreement between the principal and the agent
In a single agency agreement in which a broker represents a seller
, a.the buyer is the client
b.the seller is the client
c.the seller is the customer
d.the buyer is a subagent - answerb) the seller is the client
Broker John Brown owes customer Susie Smith
a.loyalty
b.fairness and honesty
c.confidentiality
d.accounting - answerb) fairness and honesty
A salesperson need not be
a.licensed by the state
b.at least 18 years old
c.already experienced in real estate
d.supervised by a broker - answerc) already experienced in real estate
A nonresident broker seeking a New York license must
a.post a bond of $5000
b.be a citizen of the United States
c.find a New York attorney to act as a sponsor
d.file an affidavit allowing them to be sued in NY - answerd) file an affidavit allowing
them to be sued in NY
Undisclosed dual agency may result in broker Joan Jones
a) losing her license
b) losing the commission
c) being liable for damages
d) all of the above - answerd) all of the above
Real Property Law section 443 disclosure requirements apply only to
a) sale or lease of one to four-unit residential properties
b) all types of real estate transactions
c) mortgage financing arrangements
d) commercial properties - answera) sale or lease of one to four-unit residential
properties
Jim Chard was not paid for roofing the Hills ranch home. How long does he have to file
a mechanic's lien?
a) Four Months
b) Eight Months
c) One Year
d) Ten Years - answera) Four Months
Jim's mechanic's lien will remain against the property for at leaset
a) Four Months
