NY R eal Estate State Exa m Mu ltiple Choice
Qu estions and Answ er s
1. 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
ANS c) agreement between the principal and the agent
2. Heat from outside air is utilized through a
a. reverse conditioner
b. passive solar system
c. heat pump
d. cold air return
ANS c) heat pump
3. 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.-
,ANS d) requires notice from the landlord calling the tenants attention to the clause.
4. 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
ANS a) exclusive-right-to-sell listing
5. 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
ANS a) sale or lease of one to four-unit residential properties
6. 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
ANS c) agreement between the principal and the agent
, 7. 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
ANS b) the seller is the client
8. Broker John Brown owes customer Susie Smith a.
loyalty
b. fairness and honesty
c. confidentiality
d. accounting
ANS b) fairness and honesty
9. A salesperson need not be a.
licensed by the state
b.a t least 18 years old
c. already experienced in real estate
d. supervised by a broker
ANS c) already experienced in real estate
10. 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
Qu estions and Answ er s
1. 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
ANS c) agreement between the principal and the agent
2. Heat from outside air is utilized through a
a. reverse conditioner
b. passive solar system
c. heat pump
d. cold air return
ANS c) heat pump
3. 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.-
,ANS d) requires notice from the landlord calling the tenants attention to the clause.
4. 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
ANS a) exclusive-right-to-sell listing
5. 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
ANS a) sale or lease of one to four-unit residential properties
6. 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
ANS c) agreement between the principal and the agent
, 7. 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
ANS b) the seller is the client
8. Broker John Brown owes customer Susie Smith a.
loyalty
b. fairness and honesty
c. confidentiality
d. accounting
ANS b) fairness and honesty
9. A salesperson need not be a.
licensed by the state
b.a t least 18 years old
c. already experienced in real estate
d. supervised by a broker
ANS c) already experienced in real estate
10. 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
