NEW york real estate license ACTUAL
EXAM 200 QUESTIONS AND CORRECT
ANSWERS 2025-2026 GRADED A+
Which is not one of the factors used by the IRS to determine that a real estate agent qualifies as a
statutory non-employee - CORRECT ANSWER-Has a fiduciary relationship with clients
A real estate licensee has a fiduciary relationship with clients regardless of wether he is n employee
of his broker or an independent contractor
Sue decides to discontinue her brokerage and work as a salesperson. She then affiliates with another
broker and orders business cards that read: sue smith, broker. If she is acting as a salesperson, can
she put "broker" on her cards - CORRECT ANSWER-Using the term broker may imply that sue is the
broker in charge. If she list her status as an associate broker, then it clearly indicates her status as a
broker, but not as the principal broker of the office
No sue can list herself only as an associate broker
At the end of the year, what form will a real estate salesperson who filed as an independent
contractor receive that details his or her compensation for the year - CORRECT ANSWER-1099 misc
An independent contractor receives a 1099 misc form detailing any commission based on income
An important part of the relationship between a broker and an independent contractor salesperson
is that the salesperson - CORRECT ANSWER-An independent contractor is paid commission for
finding a ready, willing, and able buyer. It doesn't matter how many hours it took to do that
Earns commission based on the results of his work efforts
Which is not an example of real property - CORRECT ANSWER-Wheat is an annual crop and
therefore, an emblement. Emblements are always considered personal property. Even if included in
the agreement of sale
Wheat growing in the field that is sold with the farm
Which item is not a fixture - CORRECT ANSWER-New kitchen water faucet still in its box
A fixture is personal property that has been attached to real property. The water faucet has not been
attached so it is personal properly the rest of the items are attached
,Paul agrees to rent an apartment for six months for $700 a month. At the end of the six month, Paul
agrees to rent for another six month. What does this situation describe - CORRECT ANSWER-Estate
from year to year
A lease that automatically renews
Is an estate from year to year, even if it is personal property the rest of the items are attached
which is not an example of an encumbrance - CORRECT ANSWER-The shrub hanging over the
property line is an encroachment, not an encumbrance. Liens and easements are encumbrances
A neighbors shrubs hanging over your property line
Darrell has a written agreement to drive across Lin's property to get to his own. This is an example of
an - CORRECT ANSWER-an apparent ant easement burdens one property, the servient tenement (
Lin's property), for the benefit of another property, the dominant tenement ( darrell's property).
Darrell is allowed to cross the property ( nonencroachment). While the explanation with easement
in gross is correct, here, the easement runs with the land and not a person
Appurtenances easement, where Darrell's property is the dominant tenement and Lin's property is
the servient tenement
A windstorm rips down power lines on farmer johns property. Big city telecommunications enters
johns property without his permission to fix the lines. What is this an example of - CORRECT
ANSWER-An easement in gross gives a person or company the right to enter another persons
property. It is often a right of utility companies to fix or repair equipment
Easement in gross
mark and Paula are married. They co- own a property with Tom as joint tenants with right of
survivorship. Tom dies. What is Paula's interest in the property - CORRECT ANSWER-100%
The co owner of an undivided interest in land with no rights of survivorship owns it by - CORRECT
ANSWER-tenancy in common
Tenancy in common is co ownership with no right of survivorship. It is also the most common form
of ownership
Ownership of property by one person or legal entity is called - CORRECT ANSWER-Severalty
Ownership in severalty is real property ownership by only one person. When that person dies, the
property descends to his heirs
, The unities of person, possession, interest, time, and title are required for which type of ownership -
CORRECT ANSWER-In order to form a tenancy by the entirety, all five unities must be present
Tenancy by the entirety
Adam and Jenny enter into an agreement wherein Adam will buy Jenny's house at the asking price if
Jenny will install a new roof and if Adam can qualify for a loan sufficient to cover the purchase. Until
the roof is installed and the financing obtained, the contract is said to be - CORRECT ANSWER-
Executory
An executory contract is one in which the parties have agreed to the terms but some conditions still
remain to be fulfilled. Once once all of the conditions are met and all that remains is the closing, the
contract is said to be complete, or executed
Walton decides to sell his cabin on the lake and offers it in a letter to his regular postman bill at a
price of $5,000. The next day, Walton receives a note from a neighbor, a close friend of the postman.
Who says, "I accept your offer" is Walton obligated to sell to the neighbor? - CORRECT ANSWER-No
one but the offeree can accept an offer. The acceptance by the neighbor is not valid, no matter how
or when it was communicated
No, because both the offer and the acceptance were in writing
Who is authorized to rescind a voidable contract - CORRECT ANSWER-Either party
A voidable contract may be rescinded by an injured party. A void contract is not really a contract at
all because it lacks one of the essential elements or is defective in some way, and therefore is
unenforceable
Larry has entered into a lease option to purchase susie's home. The option binds - CORRECT
ANSWER-Susie only
An option is a unilateral contract, which is binding only on one party. The lease option is binding on
the seller. If Larry exercises his option to buy, the seller must sell. However Larry is under no
obligation to buy
The statute of frauds is a statutory law that requires contracts regarding real estate to - CORRECT
ANSWER-Statute of frauds requires all real estate contracts to be in writing to be enforceable
Be in writing to be enforceable
Once a contract is terminated, it is considered - CORRECT ANSWER-Discharged
A contract is discharged once an agreement has terminated. Ideally, this happens when all the terms
of the contract have been carried out
EXAM 200 QUESTIONS AND CORRECT
ANSWERS 2025-2026 GRADED A+
Which is not one of the factors used by the IRS to determine that a real estate agent qualifies as a
statutory non-employee - CORRECT ANSWER-Has a fiduciary relationship with clients
A real estate licensee has a fiduciary relationship with clients regardless of wether he is n employee
of his broker or an independent contractor
Sue decides to discontinue her brokerage and work as a salesperson. She then affiliates with another
broker and orders business cards that read: sue smith, broker. If she is acting as a salesperson, can
she put "broker" on her cards - CORRECT ANSWER-Using the term broker may imply that sue is the
broker in charge. If she list her status as an associate broker, then it clearly indicates her status as a
broker, but not as the principal broker of the office
No sue can list herself only as an associate broker
At the end of the year, what form will a real estate salesperson who filed as an independent
contractor receive that details his or her compensation for the year - CORRECT ANSWER-1099 misc
An independent contractor receives a 1099 misc form detailing any commission based on income
An important part of the relationship between a broker and an independent contractor salesperson
is that the salesperson - CORRECT ANSWER-An independent contractor is paid commission for
finding a ready, willing, and able buyer. It doesn't matter how many hours it took to do that
Earns commission based on the results of his work efforts
Which is not an example of real property - CORRECT ANSWER-Wheat is an annual crop and
therefore, an emblement. Emblements are always considered personal property. Even if included in
the agreement of sale
Wheat growing in the field that is sold with the farm
Which item is not a fixture - CORRECT ANSWER-New kitchen water faucet still in its box
A fixture is personal property that has been attached to real property. The water faucet has not been
attached so it is personal properly the rest of the items are attached
,Paul agrees to rent an apartment for six months for $700 a month. At the end of the six month, Paul
agrees to rent for another six month. What does this situation describe - CORRECT ANSWER-Estate
from year to year
A lease that automatically renews
Is an estate from year to year, even if it is personal property the rest of the items are attached
which is not an example of an encumbrance - CORRECT ANSWER-The shrub hanging over the
property line is an encroachment, not an encumbrance. Liens and easements are encumbrances
A neighbors shrubs hanging over your property line
Darrell has a written agreement to drive across Lin's property to get to his own. This is an example of
an - CORRECT ANSWER-an apparent ant easement burdens one property, the servient tenement (
Lin's property), for the benefit of another property, the dominant tenement ( darrell's property).
Darrell is allowed to cross the property ( nonencroachment). While the explanation with easement
in gross is correct, here, the easement runs with the land and not a person
Appurtenances easement, where Darrell's property is the dominant tenement and Lin's property is
the servient tenement
A windstorm rips down power lines on farmer johns property. Big city telecommunications enters
johns property without his permission to fix the lines. What is this an example of - CORRECT
ANSWER-An easement in gross gives a person or company the right to enter another persons
property. It is often a right of utility companies to fix or repair equipment
Easement in gross
mark and Paula are married. They co- own a property with Tom as joint tenants with right of
survivorship. Tom dies. What is Paula's interest in the property - CORRECT ANSWER-100%
The co owner of an undivided interest in land with no rights of survivorship owns it by - CORRECT
ANSWER-tenancy in common
Tenancy in common is co ownership with no right of survivorship. It is also the most common form
of ownership
Ownership of property by one person or legal entity is called - CORRECT ANSWER-Severalty
Ownership in severalty is real property ownership by only one person. When that person dies, the
property descends to his heirs
, The unities of person, possession, interest, time, and title are required for which type of ownership -
CORRECT ANSWER-In order to form a tenancy by the entirety, all five unities must be present
Tenancy by the entirety
Adam and Jenny enter into an agreement wherein Adam will buy Jenny's house at the asking price if
Jenny will install a new roof and if Adam can qualify for a loan sufficient to cover the purchase. Until
the roof is installed and the financing obtained, the contract is said to be - CORRECT ANSWER-
Executory
An executory contract is one in which the parties have agreed to the terms but some conditions still
remain to be fulfilled. Once once all of the conditions are met and all that remains is the closing, the
contract is said to be complete, or executed
Walton decides to sell his cabin on the lake and offers it in a letter to his regular postman bill at a
price of $5,000. The next day, Walton receives a note from a neighbor, a close friend of the postman.
Who says, "I accept your offer" is Walton obligated to sell to the neighbor? - CORRECT ANSWER-No
one but the offeree can accept an offer. The acceptance by the neighbor is not valid, no matter how
or when it was communicated
No, because both the offer and the acceptance were in writing
Who is authorized to rescind a voidable contract - CORRECT ANSWER-Either party
A voidable contract may be rescinded by an injured party. A void contract is not really a contract at
all because it lacks one of the essential elements or is defective in some way, and therefore is
unenforceable
Larry has entered into a lease option to purchase susie's home. The option binds - CORRECT
ANSWER-Susie only
An option is a unilateral contract, which is binding only on one party. The lease option is binding on
the seller. If Larry exercises his option to buy, the seller must sell. However Larry is under no
obligation to buy
The statute of frauds is a statutory law that requires contracts regarding real estate to - CORRECT
ANSWER-Statute of frauds requires all real estate contracts to be in writing to be enforceable
Be in writing to be enforceable
Once a contract is terminated, it is considered - CORRECT ANSWER-Discharged
A contract is discharged once an agreement has terminated. Ideally, this happens when all the terms
of the contract have been carried out
