REVIEW QUESTIONS FOR NY REAL ESTATE EXAM . Question with correct and verified answers. A+ GRADE GUARANTEED.

REVIEW QUESTIONS FOR NY REAL ESTATE EXAM . Question with correct and verified answers. A+ GRADE GUARANTEED. 1-A broker legitimately may pay all or part of Real estate commission to a a. seller b. salesperson c. buyer d. friend who provides a listing lead - correct answers-B: Salesperson can accept compensation only from their sponsoring broker. 2-The minimum age for a New York real estate broker's license is a. 19. b. 18. c. 20. d. 21. - correct answersC. As of July 1,2008 to become a broker you must be 20 years old. 3-Which of the following acts would require a real estate license in New York a. Sale of one's own property b. Sale by the owner's lawyer c. Sale of land by an auctioneer d. Foreclosure sale by court order - correct answersC: selling land at an auction. 4-An associate broker may a. sponsor a person for a salesperson's license. b. collect his or her own real estate fees. c. act as a principal broker for another broker. d. Work as a salesperson for a principal broker - correct answersD: Associate broker is a licensed broker but chooses to work under the supervision of another broker. 5-Violation of the license law is a misdemeanor, Punishable by up to a year in jail and a fine of Up to a. $500. b. $2,000. c. $1,000. d. $1,500. - correct answersC: DOS may impose a fine not to exceed $1000. 6-When salesperson Tom Jones left ABC Realty And went to work with XYZ REALTORS, Tom's listings a. became null and void. b. Remained with ABC Realty. c. Went with him to XYZ REALTORS. d. Required the sellers' signatures to remain in the local MLS. - correct answersB: When a licensee terminates with a broker they must turn over all information. A salesperson's license must be a. displayed on the firm's wall. b. kept in the salesperson's wallet c. retained by the principal broker. d. d. sent to the local REALTORS association. - correct answersC: Kept by the broker in a safe place. 8-When does offering a client's business for sale Require a real estate license? a. Never b. Always c. When the business includes any real estate d. When more than half the value is real estate - correct answers-D: selling a business where the real estate is greater than the business. An apartment information vendor is licensed by: a. Department of Law b. New York Attorney General's office c. Department of State d. Division of Housing and Community Rental - correct answersC: Department of State licenses apartment information vendors.... When a license is revoked, how long must a licensee wait before applying to have the license reinstated? a. 18 months b. 1 year c. 6 months d. 2 years - correct answersB: If a license is revoke licensee must wait 1 year before reapplying.. The form of listing whereby an owner lists property for sale with a number of brokers is known as a(n) a. Exclusive agency. b. Open listing. c. Exclusive right to sell. d. Net listing. - correct answersB: In an Open listing the seller allows the property to be shown by many Brokers. To avoid possible liability for the actions of c cooperating members of a multiple-listing system, the owner who lists property for sale may decline to offer a. commission to the selling agent. b. Subagency. c. Cooperation with buyer brokers. d. A written disclosure of property condition. - correct answersB: By accepting subagency the owner will have no vicarious liability for the Acts of cooperating agents An agent who has the authority to represent the principal in specific matters is a(n): a. specific agent b. general agent c. unlimited agent d. special agent - correct answers-B: A general agent has specific authority in representing owners. Jan Lipson gave Sun City Realty an exclusive agency listing on her property. If she sells the Property herself without involving Sun City, She will owe Sun City a. Half of the commission. b. All of the commission. c. No commission. d. Only reimbursement for Sun City's expenses. - correct answersC: With the Exclusive Agency the owner owes no commission. 15-When selling a property in New York, the Licensee is required to disclose to a potential Buyer that a. There is a group home 1 ½ miles away. b. The property lies in an agricultural district. c. There is a fundamentalist church three blocks away. d. The former owners were divorced - correct answersB: If property is in an agricultural district buyer must be informed.