NYS Real Estate Broker License Exam
Questions and Correct Answers 100%
Verified
Question 1
If the broker holds the buyer's earnest money in a separate trust account, when does
the seller usually receive it?
A. At the time the offer is accepted
B. After approval by the buyer's and seller's attorneys
C. When the buyer receives a firm mortgage commitment
D. When the property is actually transferred
Correct Answer
D. When the property is actually transferred
Question 2
The detailed set of plans that will be used as a guide to construct the building are:
Correct Answer
The blueprints
Question 3
An example of conversion is...
Correct Answer
Spending a customer deposit for a safety bond for the agency
Page 1 of 120
,Question 4
Ginnie Mae and Fannie Mae were created to warehouse
A. land for development by the government.
B. assigned leases.
C. home equity loans.
D. FHA and VA mortgages.
Correct Answer
D. FHA and VA mortgages.
Question 5
In addition to meeting the license requirements for a broker, the applicant for an
associate broker's license must
Correct Answer
submit the name of a sponsoring broker.
Question 6
Chapter 13
Chapter 7
Chapter 11
Correct Answer
Are all federal bankruptcy codes
Question 7
The RESPA Uniform Settlement Statement must be used for
A. every real estate closing.
B. transactions financed by FHA and VA only.
C. residential transactions financed by federally related loans.
D. all transactions involving commercial property.
Correct Answer
C. residential transactions financed by federally related loans.
Page 2 of 120
,Question 8
Which of these activities is allowed for a multiple listing service?
Correct Answer
Charging a reasonable fee for the service.
Question 9
A distinct feature of a joint tenancy is that joint tenants
Correct Answer
Cannot will their interest to any party outside the tenancy
Question 10
A warehouse building lacks sufficient ceiling height for the operation of modern
forklifts. This is an example of
Correct Answer
Functional obsolescence
Question 11
Which of these states has a reciprocity agreement with New York?
Correct Answer
Massachusetts
Question 12
In many states a real estate agent may not sue for a commission unless there is a(n)
________ commission agreement
Correct Answer
Written
Page 3 of 120
, Question 13
In-house sales where the buyer wants individual representation after agreeing to dual
agency can be handled by the use of
A. referral sales.
B. cooperative brokerage.
C. designated agents.
D. supplement A.
Correct Answer
C. designated agents.
Question 14
An important characteristic of a promissory note is that
Correct Answer
It is assignable
Question 15
One of the main drawbacks of dual agency is
Correct Answer
The agent cannot provide full disclosure to both parties without violating the duty
of confidentiality.
Question 16
Which should NOT be a consideration in selecting a tenant?
A. The size of the space versus the tenant's requirements
B. The tenant's ability to pay
C. The racial and ethnic backgrounds of the tenant
D. The compatibility of the tenant's business with other tenants' businesses
Correct Answer
C. The racial and ethnic backgrounds of the tenant
Page 4 of 120
Questions and Correct Answers 100%
Verified
Question 1
If the broker holds the buyer's earnest money in a separate trust account, when does
the seller usually receive it?
A. At the time the offer is accepted
B. After approval by the buyer's and seller's attorneys
C. When the buyer receives a firm mortgage commitment
D. When the property is actually transferred
Correct Answer
D. When the property is actually transferred
Question 2
The detailed set of plans that will be used as a guide to construct the building are:
Correct Answer
The blueprints
Question 3
An example of conversion is...
Correct Answer
Spending a customer deposit for a safety bond for the agency
Page 1 of 120
,Question 4
Ginnie Mae and Fannie Mae were created to warehouse
A. land for development by the government.
B. assigned leases.
C. home equity loans.
D. FHA and VA mortgages.
Correct Answer
D. FHA and VA mortgages.
Question 5
In addition to meeting the license requirements for a broker, the applicant for an
associate broker's license must
Correct Answer
submit the name of a sponsoring broker.
Question 6
Chapter 13
Chapter 7
Chapter 11
Correct Answer
Are all federal bankruptcy codes
Question 7
The RESPA Uniform Settlement Statement must be used for
A. every real estate closing.
B. transactions financed by FHA and VA only.
C. residential transactions financed by federally related loans.
D. all transactions involving commercial property.
Correct Answer
C. residential transactions financed by federally related loans.
Page 2 of 120
,Question 8
Which of these activities is allowed for a multiple listing service?
Correct Answer
Charging a reasonable fee for the service.
Question 9
A distinct feature of a joint tenancy is that joint tenants
Correct Answer
Cannot will their interest to any party outside the tenancy
Question 10
A warehouse building lacks sufficient ceiling height for the operation of modern
forklifts. This is an example of
Correct Answer
Functional obsolescence
Question 11
Which of these states has a reciprocity agreement with New York?
Correct Answer
Massachusetts
Question 12
In many states a real estate agent may not sue for a commission unless there is a(n)
________ commission agreement
Correct Answer
Written
Page 3 of 120
, Question 13
In-house sales where the buyer wants individual representation after agreeing to dual
agency can be handled by the use of
A. referral sales.
B. cooperative brokerage.
C. designated agents.
D. supplement A.
Correct Answer
C. designated agents.
Question 14
An important characteristic of a promissory note is that
Correct Answer
It is assignable
Question 15
One of the main drawbacks of dual agency is
Correct Answer
The agent cannot provide full disclosure to both parties without violating the duty
of confidentiality.
Question 16
Which should NOT be a consideration in selecting a tenant?
A. The size of the space versus the tenant's requirements
B. The tenant's ability to pay
C. The racial and ethnic backgrounds of the tenant
D. The compatibility of the tenant's business with other tenants' businesses
Correct Answer
C. The racial and ethnic backgrounds of the tenant
Page 4 of 120
