New York State Exam New York Real Estate 2 — Questions and Answers
Question 1: Under New York law, a real estate salesperson license must be renewed every:
- One year
- Two years (Correct answer)
- Three years
- Four years
Correct answer: Two years
New York real estate salesperson licenses must be renewed every two years.
Question 2: A broker in New York who holds client funds must deposit them into a:
- Personal checking account
- Escrow or trust account (Correct answer)
- Business operating account
- Money market fund
Correct answer: Escrow or trust account
New York law requires brokers to hold client funds in a separate escrow or trust account.
Question 3: What is the minimum age to obtain a real estate salesperson license in New York?
- 16
- 18 (Correct answer)
- 21
- 25
Correct answer: 18
Applicants must be at least 18 years old to obtain a real estate salesperson license in New York.
Question 4: 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):
- Open listing
- Exclusive agency listing
- Exclusive right-to-sell listing (Correct answer)
- Net listing
Correct answer: Exclusive right-to-sell listing
An exclusive right-to-sell listing entitles the broker to commission regardless of who produces the buyer.
Question 5: Under the New York Human Rights Law, discrimination in the sale or rental of housing based on sexual orientation is:
- Permitted if the property is owner-occupied
- Prohibited (Correct answer)
- Only prohibited in NYC
- Permitted for religious organizations
Correct answer: Prohibited
New York State's Human Rights Law explicitly prohibits housing discrimination based on sexual orientation statewide.
Question 6: A property in New York is described using metes and bounds. The term 'metes' refers to:
- Boundary monuments
- Distances and directions (Correct answer)
- Acreage calculations
- Survey benchmarks
Correct answer: Distances and directions
In metes and bounds, 'metes' refers to measured distances and compass directions along the boundary.
Question 7: Which New York disclosure form must sellers of one-to-four family residential property complete or provide a $500 credit to the buyer?
- Lead Paint Disclosure
- Property Condition Disclosure Statement (Correct answer)
- Agency Disclosure Form
- Radon Disclosure Form
Correct 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.
New York State Exam New York Real Estate 2
Under New York law, a real estate salesperson license must be renewed every: