NY REAL ESTATE QUESTIONS AND WELL VERIFIED
ANSWERS [GRADE A+ GUARANTEED] ACTUAL
EXAM 100%
Chapter 1
The section of the New York Real Property Law that applies to salespersons and brokers
is... - ✔✔Article 12-A
Chapter 1
Brokers who do not separate their business or personal bank accounts from their real
estate deposit accounts are guilty of __________________ the funds. -
✔✔commingling
Chapter 1
An illegal arrangement in which a seller allows a broker to obtain a fixed amount for a
property and allows the broker to keep as commission any money obtained above this
amount is a(n)... - ✔✔net listing
Chapter 1
A(n) _________________ is advertising by a licensee that does not indicate the name of
the broker or brokerage firm. - ✔✔blind ad
Chapter 1
A(n) ___________________ is an appeal because of a decision by an administrative
agency. - ✔✔Article 78 proceeding
Chapter 1
,An individual who fulfills the license requirements for a real estate broker but whose
status in the firm is that of a salesperson is a(n)... - ✔✔associate broker
Chapter 1
The arrangement with other states that allows nonresident licensees to be licensed in
New York (if their state allows New York licensure under the same terms) is... -
✔✔reciprocity
Chapter 1
An illegal commission or fee paid to an unlicensed individual who may have helped with
a real estate transaction is a(n)... - ✔✔kickback
Chapter 1
A licensed individual who, for a fee, makes lists of apartment space available to the
public is a(n) ________________________. A licensed individual who, for a fee, arranges
meetings between the current owners of real property, including apartment housing,
who want to share their housing with others is a(n) ___________________. -
✔✔apartment information vendor; apartment sharing vendor
Chapter 1
The document that a real estate licensee must carry when transacting real estate
business is a(n)... - ✔✔photo ID card
Chapter 1
Individuals NOT exempt from the licensure requirements would be:
a. trustees in a bankruptcy
b. attorneys
c. receivers
, d. those under age 21 - ✔✔d. those under age 21
Chapter 1
The New York regulatory agency that oversees real estate licensure is the:
a. Multiple Listing Service
b. New York Real Estate Board
c. Department of Law
d. Department of State - ✔✔d. Department of State
Chapter 1
A seller pays an extra commission to go entirely to the salesperson. The salesperson:
a. may receive the extra monies if the sponsoring broker first receives the monies and
pays it to the salesperson
b. may not accept this extra commission
c. must first ask permission from the supervising broker
d. may have the seller give the commission to a friend, who will in turn give it to the
salesperson - ✔✔a. may receive the extra monies if the sponsoring broker first
receives the monies and pays it to the salesperson
Chapter 1
A licensee that violates the license law is:
a. marketing one's own property through one's real estate office
b. charging varying rates of commission for several different listings
c. advising a buyer as to the validity of a deed
d. completing a comparative market analysis - ✔✔c. advising a buyer as to the
validity of a deed
ANSWERS [GRADE A+ GUARANTEED] ACTUAL
EXAM 100%
Chapter 1
The section of the New York Real Property Law that applies to salespersons and brokers
is... - ✔✔Article 12-A
Chapter 1
Brokers who do not separate their business or personal bank accounts from their real
estate deposit accounts are guilty of __________________ the funds. -
✔✔commingling
Chapter 1
An illegal arrangement in which a seller allows a broker to obtain a fixed amount for a
property and allows the broker to keep as commission any money obtained above this
amount is a(n)... - ✔✔net listing
Chapter 1
A(n) _________________ is advertising by a licensee that does not indicate the name of
the broker or brokerage firm. - ✔✔blind ad
Chapter 1
A(n) ___________________ is an appeal because of a decision by an administrative
agency. - ✔✔Article 78 proceeding
Chapter 1
,An individual who fulfills the license requirements for a real estate broker but whose
status in the firm is that of a salesperson is a(n)... - ✔✔associate broker
Chapter 1
The arrangement with other states that allows nonresident licensees to be licensed in
New York (if their state allows New York licensure under the same terms) is... -
✔✔reciprocity
Chapter 1
An illegal commission or fee paid to an unlicensed individual who may have helped with
a real estate transaction is a(n)... - ✔✔kickback
Chapter 1
A licensed individual who, for a fee, makes lists of apartment space available to the
public is a(n) ________________________. A licensed individual who, for a fee, arranges
meetings between the current owners of real property, including apartment housing,
who want to share their housing with others is a(n) ___________________. -
✔✔apartment information vendor; apartment sharing vendor
Chapter 1
The document that a real estate licensee must carry when transacting real estate
business is a(n)... - ✔✔photo ID card
Chapter 1
Individuals NOT exempt from the licensure requirements would be:
a. trustees in a bankruptcy
b. attorneys
c. receivers
, d. those under age 21 - ✔✔d. those under age 21
Chapter 1
The New York regulatory agency that oversees real estate licensure is the:
a. Multiple Listing Service
b. New York Real Estate Board
c. Department of Law
d. Department of State - ✔✔d. Department of State
Chapter 1
A seller pays an extra commission to go entirely to the salesperson. The salesperson:
a. may receive the extra monies if the sponsoring broker first receives the monies and
pays it to the salesperson
b. may not accept this extra commission
c. must first ask permission from the supervising broker
d. may have the seller give the commission to a friend, who will in turn give it to the
salesperson - ✔✔a. may receive the extra monies if the sponsoring broker first
receives the monies and pays it to the salesperson
Chapter 1
A licensee that violates the license law is:
a. marketing one's own property through one's real estate office
b. charging varying rates of commission for several different listings
c. advising a buyer as to the validity of a deed
d. completing a comparative market analysis - ✔✔c. advising a buyer as to the
validity of a deed
