NEW YORK REAL ESTATE STUDY EXAMS 2025/2026
QUESTIONS WITH ANSWERS RATED A+
✔✔As a property manager, I am practicing ___ agency. - ✔✔in general
✔✔In estate planning, I am a practicing (blank) agency - ✔✔Universal
✔✔What would you call a situation where I represent the seller as my client but then
work in the best interests of the buyer (my customer?) - ✔✔Undisclosed dual agency
✔✔If I represent the buyer as a broker, this would be called ___. - ✔✔Buyers agency
✔✔I owe all of the fiduciary obligations to my client or to my customer? - ✔✔client
✔✔I work ___ the client, and ___ the customer. - ✔✔for/with
✔✔What does fiduciary mean? - ✔✔a person placed in a position of TRUST and
CONFIDENCE.
✔✔The fiduciary obligations accrue only to my - ✔✔client
✔✔So, what do I owe to the 'customer'? ___ and ___. - ✔✔fairness, honesty
✔✔If it is my intention to protect my client (usually the seller) from the vicarious liability
of another licensee violating the laws of licensure, I should always give out my listings to
other licensees as 'broker's agents' or 'sub-agents'? - ✔✔Broker's agent
✔✔If I share the listing on a property with your broker and give you the opportunity to
make the sale, your broker just became my ___. - ✔✔Sub-agent
✔✔Amortization - ✔✔Paying principal and interest over a period of time
✔✔If one broker is representing both the
purchaser and the seller in the same
transaction you would call this? - ✔✔dual agency
✔✔What is the department of state concerned when a real estate licensee also
embarks upon the practice of writing mortgage applications as a mortgage rep? They
are concerned about - ✔✔Possibility of dual agency
✔✔I hire you to sell my house. You are my broker and I am your ___ or ___. - ✔✔the
client (principal)
, ✔✔It has been long-standing that my driveway crosses over my neighbor's property -
you would call that an ___. - ✔✔easement appurtenant
✔✔in the above question, which estate is dominant, mine or my neighbors - ✔✔mine
because, i benefit from easment
✔✔So, what would you call my neighbor's estate? - ✔✔Servient
✔✔What is called if a utility company has an easement over many properties? -
✔✔Easement in gross or utility easement
✔✔If someone uses the property of another in a
way that is open and notorious, exclusive and
adverse to the best interests of the true
owner, you would call that? - ✔✔Squatters Rights
✔✔What are two other names for the situation in the question above? (Squatter rights) -
✔✔Easement by prescription and adverse possession
✔✔How many years would you have to have use of that person property to make a
claim of ownership? - ✔✔10 year
✔✔If a person has the right to cross over your
property, it's an? - ✔✔Easement
✔✔If a thing is crossing over your property line, that's an ___. - ✔✔encroachment,
trespassing/ intruding
✔✔If you buy materials from a supply house and fail to pay them, they can file a ___ -
unfortunately "materialmen's lien" isn't a choice. - ✔✔Mechanic's lien
✔✔We talked about a formal legal description, an FLD - what is one example of a
formal legal description? - ✔✔Section, block, and lot number -or- Metes and bounds
description
✔✔What Identifies a deed clause - ✔✔Description ( meters and bounds)
✔✔Who determines what the Real estate commission will be on a particular deal? -
✔✔Broker and Client
✔✔If someone dies without having a valid will, he
died? - ✔✔intestate
QUESTIONS WITH ANSWERS RATED A+
✔✔As a property manager, I am practicing ___ agency. - ✔✔in general
✔✔In estate planning, I am a practicing (blank) agency - ✔✔Universal
✔✔What would you call a situation where I represent the seller as my client but then
work in the best interests of the buyer (my customer?) - ✔✔Undisclosed dual agency
✔✔If I represent the buyer as a broker, this would be called ___. - ✔✔Buyers agency
✔✔I owe all of the fiduciary obligations to my client or to my customer? - ✔✔client
✔✔I work ___ the client, and ___ the customer. - ✔✔for/with
✔✔What does fiduciary mean? - ✔✔a person placed in a position of TRUST and
CONFIDENCE.
✔✔The fiduciary obligations accrue only to my - ✔✔client
✔✔So, what do I owe to the 'customer'? ___ and ___. - ✔✔fairness, honesty
✔✔If it is my intention to protect my client (usually the seller) from the vicarious liability
of another licensee violating the laws of licensure, I should always give out my listings to
other licensees as 'broker's agents' or 'sub-agents'? - ✔✔Broker's agent
✔✔If I share the listing on a property with your broker and give you the opportunity to
make the sale, your broker just became my ___. - ✔✔Sub-agent
✔✔Amortization - ✔✔Paying principal and interest over a period of time
✔✔If one broker is representing both the
purchaser and the seller in the same
transaction you would call this? - ✔✔dual agency
✔✔What is the department of state concerned when a real estate licensee also
embarks upon the practice of writing mortgage applications as a mortgage rep? They
are concerned about - ✔✔Possibility of dual agency
✔✔I hire you to sell my house. You are my broker and I am your ___ or ___. - ✔✔the
client (principal)
, ✔✔It has been long-standing that my driveway crosses over my neighbor's property -
you would call that an ___. - ✔✔easement appurtenant
✔✔in the above question, which estate is dominant, mine or my neighbors - ✔✔mine
because, i benefit from easment
✔✔So, what would you call my neighbor's estate? - ✔✔Servient
✔✔What is called if a utility company has an easement over many properties? -
✔✔Easement in gross or utility easement
✔✔If someone uses the property of another in a
way that is open and notorious, exclusive and
adverse to the best interests of the true
owner, you would call that? - ✔✔Squatters Rights
✔✔What are two other names for the situation in the question above? (Squatter rights) -
✔✔Easement by prescription and adverse possession
✔✔How many years would you have to have use of that person property to make a
claim of ownership? - ✔✔10 year
✔✔If a person has the right to cross over your
property, it's an? - ✔✔Easement
✔✔If a thing is crossing over your property line, that's an ___. - ✔✔encroachment,
trespassing/ intruding
✔✔If you buy materials from a supply house and fail to pay them, they can file a ___ -
unfortunately "materialmen's lien" isn't a choice. - ✔✔Mechanic's lien
✔✔We talked about a formal legal description, an FLD - what is one example of a
formal legal description? - ✔✔Section, block, and lot number -or- Metes and bounds
description
✔✔What Identifies a deed clause - ✔✔Description ( meters and bounds)
✔✔Who determines what the Real estate commission will be on a particular deal? -
✔✔Broker and Client
✔✔If someone dies without having a valid will, he
died? - ✔✔intestate
