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Real Estate U NYS - Chapter 1 Exam Questions with Accurate Answers
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Real Estate U NYS - Chapter 1 Exam
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Real Estate U NYS - Chapter 1 ExamWhat must a licensed real estate salesperson keep on him or herself at all times when
practicing as an agent...?
A. Business Card
B. Pocket Card
C. NYS Driver's License
D. Cell Phone - answerB. Pocket Card
How many hours of course study must an individual take in order to sit for the New York
State real estate salespersons exam...?
A. 120
B. 75
C. 22.5
D. 40 - answerB. 75
Which of the following are NOT assessed by a home inspector...?
A. Electrical Work
B. Insect Damage
C. Foundations
D. Air Rights - answerD. Air Rights
According to Article 12-A of the NYS Real Property Law, which of the following will
prevent an individual from obtaining their real estate salespersons license...?
A. Not having a college diploma
B. Being a convicted sex offender
C. Not being able to read or write
D. Not having any work experience in the field of real estate - answerB. Being a
convicted sex offender
To mingle or mix funds is known as what...?
A. Commingling
B. Blending
C. Sponsoring
D. Escrow - answerA. Commingling
How often must a real estate salesperson renew his/her license...?
, A. 3 years
B. 1 year
C. 4 years
D. 2 years - answerD. 2 years
Mark is a newly licensed real estate salesperson who wants to start selling real estate.
What must Mark do first in order to begin selling real estate...?
A. He must subscribe to the MLS
B. He must get sponsored by a licensed real estate broker
C. He must notify the State that he will begin selling real estate
D. He must find an individual looking to buy real estate - answerB. He must get
sponsored by a licensed real estate broker
A price below which an owner will not sell the property, and at which price a broker will
not receive a commission is referred to as what...?
A. Distressed Price
B. Net Price
C. Below Market Value
D. Net Listing - answerD. Net Listing
Which of the following individuals works under a real estate broker...?
A. Real Estate Salesperson
B. Real Estate Attorney
C. Mortgage broker
D. A homeowner looking to sell their property - answerA. Real Estate Salesperson
A written agreement between two or more parties providing that certain instruments or
property be placed with a third party to be delivered to a designated person upon the
fulfillment or performance of some act or condition is known as what...?
A. Disclosure
B. Lease
C. Escrow
D. Contract - answerC. Escrow
An appeal brought forth because of a ruling by a government agency is known as...?
A. Article 12-A
B. Change of Association
C. Article 78 Proceeding
D. Exemption - answerC. Article 78 Proceeding
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