NY REAL ESTATE EXAM QUESTIONS AND WELL
VERIFIED ANSWERS [GRADED A+] ACTUAL EXAM
100%
According to the New York State Real Property Law, a real estate salesperson's license is
issued for a term of how many years? - ✔✔Two
What happens to the licenses of salespersons if their sponsoring broker's license is
revoked? - ✔✔They are suspended
Which type of residential real property transfer would require a property to condition
disclosure statement? - ✔✔Lease with an option to purchase
A listing broker for the seller has a buyer-client who asks to see the listing. This request
could create which type of agency? - ✔✔Dual Agency
A broker's compensation is determined in an agreement between the broker and the -
✔✔Principal
Which fiduciary duty would be violated when a client suffers a financial loss as a result
of an agent's lack of expertise in dealing with a particular type of property? -
✔✔Reasonable Care
If clients who sign an "exclusive right to sell" listing agreement with a broker find a
buyer for the property on their own, the broker is... - ✔✔entitled to the original
agreed upon commission
, At an open house, Ozzie discloses to an interested buyer that he has a right to his own
representation but the buyer refuses. The buyer's relationship to Ozzie is a... -
✔✔Customer
The main purpose of the Agency Disclosure Form is to - ✔✔Inform customers of the
agency relationship of themselves to a real estate agent and available choices for
representation.
Which of the following scenarios best illustrates the first substantive contact with a
prospective buyer? - ✔✔an individual meeting with an agent and discussing the
purchase of a specific property.
What type of real estate agent is authorized to represent a principal in one specific
transaction? - ✔✔Special
If an agent represents two opposing parties in the same transaction without both
parties' full knowledge and informed consent, the agents action is known as a(n) -
✔✔Undisclosed Dual Agency
The broker's principal is ALWAYS the - ✔✔client
Sally Seller has chosen Broker Bob to represent her in the sale of her house. Broker Bob
will advance and protect Sally's interest during the sale. What word best describes their
relationship? - ✔✔Fiduciary
Which legal right allows an owner of land bordering a river or stream to use that water
for recreational purposes? - ✔✔Riparian Rights
VERIFIED ANSWERS [GRADED A+] ACTUAL EXAM
100%
According to the New York State Real Property Law, a real estate salesperson's license is
issued for a term of how many years? - ✔✔Two
What happens to the licenses of salespersons if their sponsoring broker's license is
revoked? - ✔✔They are suspended
Which type of residential real property transfer would require a property to condition
disclosure statement? - ✔✔Lease with an option to purchase
A listing broker for the seller has a buyer-client who asks to see the listing. This request
could create which type of agency? - ✔✔Dual Agency
A broker's compensation is determined in an agreement between the broker and the -
✔✔Principal
Which fiduciary duty would be violated when a client suffers a financial loss as a result
of an agent's lack of expertise in dealing with a particular type of property? -
✔✔Reasonable Care
If clients who sign an "exclusive right to sell" listing agreement with a broker find a
buyer for the property on their own, the broker is... - ✔✔entitled to the original
agreed upon commission
, At an open house, Ozzie discloses to an interested buyer that he has a right to his own
representation but the buyer refuses. The buyer's relationship to Ozzie is a... -
✔✔Customer
The main purpose of the Agency Disclosure Form is to - ✔✔Inform customers of the
agency relationship of themselves to a real estate agent and available choices for
representation.
Which of the following scenarios best illustrates the first substantive contact with a
prospective buyer? - ✔✔an individual meeting with an agent and discussing the
purchase of a specific property.
What type of real estate agent is authorized to represent a principal in one specific
transaction? - ✔✔Special
If an agent represents two opposing parties in the same transaction without both
parties' full knowledge and informed consent, the agents action is known as a(n) -
✔✔Undisclosed Dual Agency
The broker's principal is ALWAYS the - ✔✔client
Sally Seller has chosen Broker Bob to represent her in the sale of her house. Broker Bob
will advance and protect Sally's interest during the sale. What word best describes their
relationship? - ✔✔Fiduciary
Which legal right allows an owner of land bordering a river or stream to use that water
for recreational purposes? - ✔✔Riparian Rights
