New York State Exam New York Real Estate 3

Question 1

Under New York's Real Property Law, an 'easement appurtenant' benefits:

Accepted Answer

The neighboring dominant estate

Answer

An easement appurtenant is attached to and benefits a neighboring parcel called the dominant estate.

Question 2

In a New York co-op transaction, the buyer is actually purchasing:

Accepted Answer

Shares in the cooperative corporation and a proprietary lease

Answer

Co-op buyers receive shares in the corporation and a proprietary lease, not real property title.

Question 3

The New York State DOS can suspend or revoke a real estate license for which of the following?

Accepted Answer

Both B and C

Answer

Commingling funds and undisclosed dual agency are both grounds for license suspension or revocation in New York.

Question 4

A real estate salesperson in New York may only be employed by:

Accepted Answer

One sponsoring broker at a time

Answer

New York law requires a salesperson to be sponsored by and work under a single licensed broker at a time.

Question 5

Under New York's 'law of agency,' a broker representing only the seller owes the buyer a duty of:

Accepted Answer

Honest dealing and disclosure of material facts

Answer

Even as the seller's agent, the broker must deal honestly and disclose material facts that could affect the buyer's decision.

New York State Exam Practice Test