NY Real Estate State Exam (Mult Choice) exam with correct answers.

NY Real Estate State Exam (Mult |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\




Choice) exam with correct answers |||\\\ |||\\\ |||\\\ |||\\\




An agency relationship is determined by:
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a) the source of compensation
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b) how well the parties know each other
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c) agreement between the principal and the agent
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d) first substantive contract - correct answersc) agreement between the principal and the
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agent



Heat from outside air is utilized through a:
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a.reverse conditioner |||\\\




b.passive solar system |||\\\ |||\\\




c.heat pump |||\\\




d.cold air return - correct answersc) heat pump
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An automatic renewal clause in a lease is.
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a.is not allowed on rent-stabilized apartments
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b.is granted every tenant in a building with four or more units
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c.is illegal in New York State
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d.requires notice from the landlord calling the tenants attention to the clause. - correct |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\




answersd) requires notice from the landlord calling the tenants attention to the clause. |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\




When listing a property, ABC Realty best protects its chances of earning a commission if the
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listing is a: |||\\\ |||\\\




a.exclusive-right-to-sell listing |||\\\

, b.for sale by owner |||\\\ |||\\\ |||\\\




c.exclusive-agency listing |||\\\




d.open listing - correct answersa) exclusive-right-to-sell listing |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\




Real Property Law section 443 disclosure requirements apply only to:
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a.sale or lease of one to four-unit residential properties
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b.all types of real estate transactions
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c.mortgage financing arrangements |||\\\ |||\\\




d.commercial properties - correct answersa) sale or lease of one to four-unit residential |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\




properties



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 - correct answersc) agreement between the principal and the agent
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In a single agency agreement in which a broker represents a seller
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a.the buyer is the client |||\\\ |||\\\ |||\\\ |||\\\




b.the seller is the client |||\\\ |||\\\ |||\\\ |||\\\




c.the seller is the customer |||\\\ |||\\\ |||\\\ |||\\\




d.the buyer is a subagent - correct answersb) the seller is the client
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Broker John Brown owes customer Susie Smith |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\




a.loyalty

b.fairness and honesty |||\\\ |||\\\