New York Real Estate Flashcards
7 cards from real New York State Exam practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 New York Real Estate flashcards as text
Under New York law, a real estate salesperson license must be renewed every:
Answer: Two years
New York real estate salesperson licenses must be renewed every two years.
A broker in New York who holds client funds must deposit them into a:
Answer: Escrow or trust account
New York law requires brokers to hold client funds in a separate escrow or trust account.
What is the minimum age to obtain a real estate salesperson license in New York?
Answer: 18
Applicants must be at least 18 years old to obtain a real estate salesperson license in New York.
In New York, a 'listing agreement' that gives the broker the exclusive right to sell but still pays commission even if the owner sells the property themselves is called a(n):
Answer: Exclusive right-to-sell listing
An exclusive right-to-sell listing entitles the broker to commission regardless of who produces the buyer.
Under the New York Human Rights Law, discrimination in the sale or rental of housing based on sexual orientation is:
Answer: Prohibited
New York State's Human Rights Law explicitly prohibits housing discrimination based on sexual orientation statewide.
A property in New York is described using metes and bounds. The term 'metes' refers to:
Answer: Distances and directions
In metes and bounds, 'metes' refers to measured distances and compass directions along the boundary.
Which New York disclosure form must sellers of one-to-four family residential property complete or provide a $500 credit to the buyer?
Answer: Property Condition Disclosure Statement
New York's Property Condition Disclosure Act requires sellers to provide a PCDS or give the buyer a $500 credit at closing.