Exam (elaborations)
NY REAL ESTATE STATE EXAM (MULT CHOICE)
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NY REAL ESTATE STATE EXAM (MULT CHOICE)
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NY REAL ESTATE STATE EXAM (MULT CHOICE)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 contract - Answers -c) agreement between the principal and the
agent
Heat from outside air is utilized through a:
a.reverse conditioner
b.passive solar system
c.heat pump
d.cold air return - Answers -c) heat pump
Jim Chard was not paid for roofing the Hills ranch home. How long does he have to file
a mechanic's lien?
a) Four Months
b) Eight Months
c) One Year
d) Ten Years - Answers -a) Four Months
Jim's mechanic's lien will remain against the property for at leaset
a) Four Months
b) Eight Months
c) One Year
d) Ten Years - Answers -c) One Year
When the market was depressed in New Town, New York, the brokers association
decided to lower commission rates to have a better chance to list properties. This would
be an antitrust violation called
a) market allocation
b) tie-in arrangement
c) price-fixing
d) group boycotting - Answers -c) price-fixing
The salesperson who joins a real estate company will probably have to pay for his own
a) office space
b) errors and omissions insurance
c) contract forms and "For Sale" signs
d) hospitalization insurance - Answers -d) hospitalization insurance
The broker whose associates are independent contractors may still insist that they
a) keep regular office hours
b) sign a written contract for services
c) attend sales meetings
, d) be paid by the hour - Answers -b) sign a written contract for services
The relationship between an agent and his or her principal is
a) fiduciary
b) alluvial
c) allodial
d) executory - Answers -a) fiduciary
The type of listing illegal in New York State is a
a) net listing
b) exclusive agency
c) exclusive right to sell
d) open listing - Answers -a) net listing
DOS Regulation 175.7: "A real estate broker shall make it clear for which party he is
acting..."applies to
a) the sale or lease of one to four-unit residential properties
b) only condominiums and cooperatives
c) the sale or lease of commercial space only
d) all types of transactions, not just residential - Answers -d) all types of transactions,
not just residential
Every Real Estate Broker must maintain a file of?
a) Agency Disclosure Forms
b) Listings
c) Offers and closing statements
d) all of the above - Answers -d) all of the above
Every Real Estate Broker must keep all documents for how long?
a) 1 year
b) 2 years
c) 3 years
d) 4 years - Answers -c) 3 years
A Real Estate Broker must not, when handling of funds?
a) commingling
b) consideration
c) collateral
d) codicil - Answers -a) Commingling
All of the following are included in the bundle of legal
rights EXCEPT
A. right of control of the property.
B. right of enjoyment.
C. right of exclusion.
D. right of survivorship. - Answers -d) right of survivorship
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