NYC REAL ESTATE EXAM QUESTIONS
WITH REVISED ANSWERS 100%
CORRECT
A listing service whereby local members of the Board of REALTORS agree to share
listings and commissions on properties sold jointly. - Answer-Multiple Listing Service
(MLS)
What regulates construction standards in NYS? - Answer-Building Codes
What can't a salesperson do? - Answer-Collect money directly from the client or
customer
What carcinogenic component was used as insulation in electric transformers that
contaminated soil and ground water? - Answer-PCBs or polychlorinated biphenyls
What's the right to access water from a river or stream called? - Answer-Riparian
Unless specified a lesser estate, transfer of title to real property in NYS creates what
type of interest? - Answer-Fee Simple
What is another name for transfer of title to real property? - Answer-Conveyance
What is it called when the government dictates how a property can be used? - Answer-
Zoning
What is the summary of the chronological history of title and related documents to that
called? - Answer-Abstract of Title
Which types of commercial properties use a percentage lease? - Answer-Retail stores /
shopping malls
What clause in the deed describes the property? - Answer-Legal descriptions
Seller tells the listing agent he filed for bankruptcy the previous year. The seller ends up
not listing the property with the agent. Still, what fiduciary duty does the agent owe the
seller? - Answer-Confidentiality
, What agency issues RE licenses? - Answer-New York State Department of State,
Division of Licensing
At what age can you become a real estate sales person? - Answer-18
Do you need experience in the field to become a salesperson? - Answer-No
What is the minimum age to become a real estate broker? - Answer-20
Do you need experience in the field to become a broker? - Answer-Yes, 3500 points
(35hrs weekly for 100 weeks)
If your license is revoked, how long do you have to wait to re-apply for it? - Answer-1
year
As a licensed salesperson, you can receive compensation from? - Answer-Sponsoring
Broker
As a real estate licensee, you will more often than not be considered what type of
contractor? - Answer-Independent Contractor
You will receive a ____ from your broker, and will file a ___ on your tax return to detail
your earnings vs. your expenses. - Answer-1099 from your broker, C on your tax return
Attorneys admitted to the bar in NYS are exempt from the licensure law, unless they
take on salespeople? - Answer-True
Combining clients funds with personal funds is called? - Answer-Commingling
Commingling is a violation of what fiduciary obligation? - Answer-Accountability
Which document describes the agency(who he or she represents) of the salesperson? -
Answer-Agency Disclosure Form
When should the Agency disclosure form be submitted? - Answer-First Substantive
Contact
What is First Substantive Contact? - Answer-A customer has inquired about a property
What would you call a situation where I represent the seller as my client, but then work
in the best interest of the buyer? - Answer-Undisclosed Dual Agency
What concern does the Department of State have when a real estate licensee also
embarks upon the practice of writing mortgage applications as a mortgage
representative? - Answer-Dual Agency
WITH REVISED ANSWERS 100%
CORRECT
A listing service whereby local members of the Board of REALTORS agree to share
listings and commissions on properties sold jointly. - Answer-Multiple Listing Service
(MLS)
What regulates construction standards in NYS? - Answer-Building Codes
What can't a salesperson do? - Answer-Collect money directly from the client or
customer
What carcinogenic component was used as insulation in electric transformers that
contaminated soil and ground water? - Answer-PCBs or polychlorinated biphenyls
What's the right to access water from a river or stream called? - Answer-Riparian
Unless specified a lesser estate, transfer of title to real property in NYS creates what
type of interest? - Answer-Fee Simple
What is another name for transfer of title to real property? - Answer-Conveyance
What is it called when the government dictates how a property can be used? - Answer-
Zoning
What is the summary of the chronological history of title and related documents to that
called? - Answer-Abstract of Title
Which types of commercial properties use a percentage lease? - Answer-Retail stores /
shopping malls
What clause in the deed describes the property? - Answer-Legal descriptions
Seller tells the listing agent he filed for bankruptcy the previous year. The seller ends up
not listing the property with the agent. Still, what fiduciary duty does the agent owe the
seller? - Answer-Confidentiality
, What agency issues RE licenses? - Answer-New York State Department of State,
Division of Licensing
At what age can you become a real estate sales person? - Answer-18
Do you need experience in the field to become a salesperson? - Answer-No
What is the minimum age to become a real estate broker? - Answer-20
Do you need experience in the field to become a broker? - Answer-Yes, 3500 points
(35hrs weekly for 100 weeks)
If your license is revoked, how long do you have to wait to re-apply for it? - Answer-1
year
As a licensed salesperson, you can receive compensation from? - Answer-Sponsoring
Broker
As a real estate licensee, you will more often than not be considered what type of
contractor? - Answer-Independent Contractor
You will receive a ____ from your broker, and will file a ___ on your tax return to detail
your earnings vs. your expenses. - Answer-1099 from your broker, C on your tax return
Attorneys admitted to the bar in NYS are exempt from the licensure law, unless they
take on salespeople? - Answer-True
Combining clients funds with personal funds is called? - Answer-Commingling
Commingling is a violation of what fiduciary obligation? - Answer-Accountability
Which document describes the agency(who he or she represents) of the salesperson? -
Answer-Agency Disclosure Form
When should the Agency disclosure form be submitted? - Answer-First Substantive
Contact
What is First Substantive Contact? - Answer-A customer has inquired about a property
What would you call a situation where I represent the seller as my client, but then work
in the best interest of the buyer? - Answer-Undisclosed Dual Agency
What concern does the Department of State have when a real estate licensee also
embarks upon the practice of writing mortgage applications as a mortgage
representative? - Answer-Dual Agency
