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REVIEW QUESTIONS FOR NY REAL ESTATE EXAM QUESTIONS AND ANSWERS.
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REVIEW QUESTIONS FOR NY REAL ESTATE EXAM QUESTIONS AND ANSWERS.
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REVIEW QUESTIONS FOR NY REAL ESTATEEXAM QUESTIONS AND ANSWERS.
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 .answer) .--
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 .answer) .-C. .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 .answer) .-C: .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 .answer) .-
D: .Associate .broker .is .a .licensed .broker .but .chooses .to .work .under .the .supervision .of .another .brok
er.
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 .answer) .-C: .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 .answer) .-
B: .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 .answer) .-
C: .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 .answer) .--
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 .answer) .-
C: .Department .of .State .licenses .apartment .information .vendors....
When .a .license .is .revoked, .how .long .must .a .licensee .wait .before .applying .to .have .the .license .reinst
ated?
a. .18 .months
b. .1 .year
c. .6 .months
d. .2 .years .- .(correct .answer) .-B: .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 .answer) .-B: .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.
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