Exam (elaborations)
NY Real Estate Practice Exam Questions & Answers.
NY Real Estate Practice Exam Questions & Answers.NY Real Estate Practice Exam Questions & Answers.NY Real Estate Practice Exam Questions & Answers.NY Real Estate Practice Exam Questions & Answers.NY Real Estate Practice Exam Questions & Answers.NY Real Estate Practice Exam Questions & Answers.NY Re...
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NY Real Estate Practice Exam Questions & Answers
1. /.To /.be /.licensed /.as /.a /.real /.estate /.broker, /.an /.individual /.must /.be /.at /.least /.how /.old? /.
a. /.16 /.
b. /.18 /.
c. /.20 /.
d. /.21 /.- /.(correct /.answer) /.-c. /.20
2. /.Which /.of /.the /.following /.individuals /.is /.exempt /.from /.licensure? /.
a. /.attorneys /.admitted /.to /.practice /.in /.the /.New /.York /.courts /.
b. /.property /.managers /.who /.manage /.property /.for /.more /.than /.one /.individual /.or /.company /.
c. /.individuals /.who /.only /.list /.property /.for /.sale /.
d. /.auctioneers /.who /.only /.auction /.commercial /.real /.estate /.- /.(correct /.answer) /.-
a. /.attorneys /.admitted /.to /.practice /.in /.the /.New /.York /.courts
3. /.To /.save /.in /.paperwork, /.Broker /.Bright /.decides /.to /.combine /.her /.office /.operating /.account /.wit
h /.the /.deposits /.obtained /.from /.contracts /.of /.sale. /.Broker /.Bright /.is /.guilty /.of:
a. /.nothing /.at /.all /.
b. /.illegal /.commingling /.of /.funds /.
c. /.an /.authorized /.practice /.of /.law /.
d. /.accepting /.money /.without /.authorization /.- /.(correct /.answer) /.-b. /.illegal /.commingling /.of /.funds
4. /.A /.net /.listing /.is /.one: /.
,a. /.that /.requires /.the /.broker /.to /.have /.a /.fixed /.price /.for /.the /.property /.
b. /.that /.is /.legal /.in /.New /.York /.
c. /.that /.most /.brokers /.would /.prefer /.
d. /.in /.which /.the /.seller /.specifies /.a /.certain /.amount /.of /.money /.to /.be /.received /.upon /.sale /.of /.th
e /.property /.and /.all /.monies /.above /.- /.(correct /.answer) /.-
d. /.in /.which /.the /.seller /.specifies /.a /.certain /.amount /.of /.money /.to /.be /.received /.upon /.sale /.of /.th
e /.property /.and /.all /.monies /.above
5. /.A /.broker's /.agent /.is /.hired /.by /.the: /.
a. /.principal /.
b. /.seller /.
c. /.customer /.
d. /.broker /.- /.(correct /.answer) /.-d. /.broker
6. /.Which /.of /.the /.following /.is /.TRUE /.regarding /.dual /.agency /.relationships /.in /.New /.York? /.
a. /.they /.are /.permissible /.with /.timely /.disclosure /.and /.informed /.consent /.
b. /.they /.are /.illegal /.under /.all /.circumstances /.
c. /.they /.are /.allowed /.only /.in /.commercial /.transactions /.
d. /.they /.are /.allowed /.only /.in /.the /.sale /.of /.condominium /.or /.cooperative /.properties /.- /.
(correct /.answer) /.-a. /.they /.are /.permissible /.with /.timely /.disclosure /.and /.informed /.consent
7. /.A /.listing /.agreement /.in /.which /.the /.property /.is /.listed /.with /.only /.one /.broker /.who /.is /.entitled
/.to /.a /.commission /.if /.he /.sells /.the /.property /.but /.not /.if /.the /.owner /.sells /.the /.property /.is /.called
/.a(n): /.
a. /.exclusive-right-to-sell /.agreement /.
b. /.open /.listing /.agreement /.
c. /.net /.listing /.agreement /.
d. /.exclusive /.agency /.agreement /.- /.(correct /.answer) /.-d. /.exclusive /.agency /.agreement
, 8. /.The /.first /.law /.to /.address /.antitrust /.violations /.was /.the: /.
a. /.Clayton /.Antitrust /.Act /.
b. /.Real /.Estate /.Settlement /.Procedures /.Act /.
c. /.Sherman /.Antitrust /.Act /.
d. /.New /.York /.Real /.Property /.Law /.- /.(correct /.answer) /.-c. /.Sherman /.Antitrust /.Act
9. /.Sell-It-
Today /.Brokerage /.requires /.that /.purchasers /.of /.its /.listed /.property /.apply /.for /.a /.mortgage /.with /.
EZ /.Money /.Mortgage /.
a. /.perfectly /.acceptable /.
b. /.an /.example /.of /.an /.illegal /.tie-in /.arrangement /.
c. /.an /.example /.of /.an /.illegal /.group /.boycott /.
d. /.an /.example /.of /.an /.illegal /.market /.allocation /.agreement /.- /.(correct /.answer) /.-
b. /.an /.example /.of /.an /.illegal /.tie-in /.arrangement
10. /.An /.agency /.relationship /.created /.by /.an /.oral /.or /.written /.agreement /.between /.principal /.and /.
agent /.is /.a(n) /.
a. /.implied /.agency /.
b. /.express /.agency /.
c. /.dual /.agency /.
d. /.power /.of /.attorney /.- /.(correct /.answer) /.-b. /.express /.agency
11. /.Martin /.signs /.an /.exclusive-right-to-
sell /.listing /.agreement /.for /.six /.months /.with /.Broker /.Gerald. /.Within /.one /.month, /.Martin /.sells /.hi
s /.house /.himself /.and /.refuses /.to /.pay /.a /.commission /.to /.Gerald. /.Martin's /.behavior /.is /.a /.possibl
e: /.
a. /.reformation /.