New York State Exam New York Real Estate 2

Question 1

Under New York law, a real estate salesperson license must be renewed every:

Accepted Answer

Two years

Answer

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:

Accepted Answer

Escrow or trust account

Answer

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?

Accepted Answer

18

Answer

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):

Accepted Answer

Exclusive right-to-sell listing

Answer

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:

Accepted Answer

Prohibited

Answer

New York State's Human Rights Law explicitly prohibits housing discrimination based on sexual orientation statewide.

New York State Exam Practice Test

New York State Exam Practice Test

New York State Exam New York Real Estate 2