Real Estate U Final Exam Questions And
Answers. Verified And Updated.
The Department of State's ability to enforce license laws through reprimand and denial as well as
the suspension and revocation of licenses is known as...? - answer✔✔Administrative Discipline
To mingle or mix funds is known as what...? - answer✔✔Commingling
Chris is a real estate broker involved in a residential transaction. When Chris illegally places his
client's funds into his personal account, what is he engaged in...? - answer✔✔Commingling of
Funds
The post-license education required by salespersons and brokers is known as what...? -
answer✔✔Continuing Education
Conditions under which a property condition disclosure statement is not required is known as
a/an...? - answer✔✔Exemption
Which of the following are NOT assessed by a home inspector...? - answer✔✔Air Rights
A card issued by the Department of State to each licensee is known as a...? - answer✔✔Pocket
Card
Any person who, for a fee, arranges, conducts, coordinates, handles or causes meetings between
a customer and the current owner or occupant of legally occupied real property, including
apartment housing, who wishes to share that housing with one or more individuals is known as
a/an...? - answer✔✔Apartment Sharing Agent
A licensed real estate broker that holds the license of a salesperson is known as what...? -
answer✔✔Sponsor
The discontinuance of an agent's relationship with his/her sponsoring broker is known as what...?
- answer✔✔Termination
A written document that terminates the relationship between an agent and his/her sponsoring
broker is known as what...? - answer✔✔Termination of Association Notice
An act, deed or conditions contrary to law or permissible use of real property is known as a...? -
answer✔✔Violation
EXAM STUDY MATERIALS July 25, 2024 1:06 PM
,This law governs the practice of real estate salespersons and brokers...? - answer✔✔Article 12-A
of the NYS Real Property Law
Who is a real estate salesperson required to work under...? - answer✔✔A licensed real estate
broker
Which of the following individuals works under a real estate broker...? - answer✔✔Real Estate
Salesperson
Which of the following professionals works under and/or for a real estate broker...? -
answer✔✔Associate Broker
According to Article 12-A of the NYS Real Property Law, which of the following is a general
requirement for obtaining a real estate salespersons license...? - answer✔✔Must have at least a
work permit
James wants to become a real estate salesperson. Which of the following requirements must
James satisfy in order to obtain his license...? - answer✔✔Must have at least a work permit
Mark is a real estate salesperson but wants to obtain his real estate broker's license. Which of the
following requirements must Mark satisfy in order to obtain his broker's license...? -
answer✔✔He must be at least 20 years of age
What must a licensed real estate salesperson keep on him or herself at all times when practicing
as an agent...? - answer✔✔A Pocket Card
When is a real estate salesperson required to give notice to the Department of State....? -
answer✔✔When a salesperson changes sponsors
A licensed real estate broker who by choice elects to work under the name and supervision of
another real estate broker is known as a/an...? - answer✔✔Associate Real Estate Broker
Which professional is exempt from obtaining a real estate salespersons or brokers license to
practice real estate...? - answer✔✔Real Estate Attorney
Which of the following individuals are exempt from having to obtain a real estate salespersons or
broker's license to practice real estate...? - answer✔✔Court ordered officials
Which of the following is NOT exempt from having to obtain a real estate salespersons or broker
license to practice real estate...? - answer✔✔Architects
Which of the following are you NOT entitled to without a real estate license...? - answer✔✔A
commission
An ad that remains anonymous as to who is advertising is known as a...? - answer✔✔Blind Ad
EXAM STUDY MATERIALS July 25, 2024 1:06 PM
,Which of the following may NOT lead to a salesperson losing his/her license...? -
answer✔✔Operating as a dual agent
Which of the following may NOT lead to a salesperson losing his/her license...? - answer✔✔Not
earning a commission in their first year as a salesperson
What is often the first step in the process of a salesperson losing his/her license...? - answer✔✔A
complaint is filed with the Department of State
A written explanation, to be signed by a prospective buyer or seller of real estate, explaining to
the client the role that the broker plays in the transaction is described on the...? -
answer✔✔Agency Disclosure Form
The release of relevant information about a property that may influence the final sale, especially
if it represents defects or problems is known as...? - answer✔✔Disclosure
As a special agent in a transaction, a real estate salesperson cannot do which of the following on
behalf of the owner...? - answer✔✔Negotiate the terms of the contract
In addition to the principal, the agent also owes fiduciary duties to which of the following...? -
answer✔✔The Customer
Which of the following may be considered a 3rd party to a transaction...? - answer✔✔Customer
If a principal or agent provides a customer with a material fact, which of the following must
apply...? - answer✔✔The fact must be true and accurate
Although an agent or principal is not obligated to disclose all information in a transaction, it is
recommended that what information be revealed, in order to help the customer make an informed
decision...? - answer✔✔Material information
Whose job is it to act as a middleman in a transaction...? - answer✔✔Broker
The broker, as a franchisee of a national brokerage, is considered what to the national
brokerage...? - answer✔✔Sub-agent
In a typical agency structure, a real estate salesperson is a sub-agent to whom...? -
answer✔✔Broker
Philip is a real estate salesperson who represents a seller in a transaction. However, Philip
violated several of his fiduciary duties to the client. According to the concept of vicarious
liability, who can be held liable for Philip's actions...? - answer✔✔The broker
According to Section 442-C of the NYS Real Property Law, who may be held liable for a
salesperson's actions...? - answer✔✔The broker
EXAM STUDY MATERIALS July 25, 2024 1:06 PM
, There are generally two ways a broker is compensated for a transaction. One is a flat fee, while
the other is...? - answer✔✔Percentage of the sale price
Sandy is a real estate agent who has entered into an agency relationship with Jim, a homeowner,
to sell Jim's house. They agreed upon a flat fee for Sandy as compensation for a successful
transaction. What other means of compensation may be agreed upon between the two...? -
answer✔✔Percentage of the sales price
David's house was listed at $465,000. The property eventually sold for $485,000. The agreed
upon commission was 6%. How much did David pay as a commission at the closing of the
property...? - answer✔✔29100
Cindy's house was listed at $732,100. The property eventually sold for $736,250. The agreed
upon commission was 6%. How much did Cindy pay in commissions at the closing of the
property...? - answer✔✔44175
A property was sold for $605,500. The total commission for the transaction was 6%. The listing
broker and buyer's broker agreed to split the commission 50/50. What is the amount of
commission paid to the listing broker...? - answer✔✔18165
A property was sold for $325,000. The total commission for the transaction was 6%. The listing
broker and buyer's broker agreed to split the commission 50/50. What is the amount of
commission paid to the buyer's broker...? - answer✔✔9750
Justin, a real estate salesperson with City Brokerage, received a referral fee after referring a
client to Mark, another real estate salesperson with City Brokerage. Who ultimately pays Justin
his referral fee...? - answer✔✔Justin's sponsoring Broker
A property was sold for $230,000. The total commission for the transaction was 6%. The listing
broker and buyer's broker agreed to split the commission 50/50. If the listing broker's real estate
agent was responsible for the sale of the property and receives a 60/40 split with his broker, how
much commission is paid to the real estate agent...? - answer✔✔4140
A property was sold for $525,600. The total commission for the transaction was 6%. The listing
broker and buyer's broker agreed to split the commission 50/50. If the buyer's broker's real estate
agent was responsible for the sale of the property and receives a 65/35 split with his broker, how
much commission is paid to the real estate agent...? - answer✔✔10249.2
A property was sold for $750,000. The total commission for the transaction was 6%. The listing
broker and buyer's broker agreed to split the commission 50/50. If the buyer's broker's real estate
agent was responsible for the sale of the property and receives a 40/60 with his broker, how
much commission is paid to the real estate agent...? - answer✔✔9000
A property was sold for $200,000. The total commission for the transaction was 6%. The listing
broker and buyer's broker agreed to split the commission 50/50. If the buyer's broker's real estate
EXAM STUDY MATERIALS July 25, 2024 1:06 PM
