Content Flashcards
7 cards from real NY REAL ESTATE EXAM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
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Under New York's license law, a broker must keep escrow funds in a separate account for at least:
Answer: Until all parties consent to disbursement or a court orders release
Escrow funds must be held until all parties agree on disbursement, the transaction closes, or a court of competent jurisdiction orders their release.
Which type of legal description divides land into townships, ranges, and sections using principal meridians and baselines?
Answer: Rectangular (government) survey
The rectangular survey system uses a grid of principal meridians and base lines to divide land into townships (6×6 miles) and sections (1 square mile).
A buyer signs a sales contract and pays a $10,000 deposit. The seller then refuses to sell. Which remedy allows the buyer to force the seller to complete the sale?
Answer: Specific performance
Specific performance is a court-ordered equitable remedy that compels the breaching party to fulfill the exact terms of the real estate contract.
In a condominium, each unit owner holds title to their individual unit and what type of ownership interest in the common elements?
Answer: Tenancy in common
Condominium owners hold their unit in severalty and share the common elements as tenants in common with all other unit owners.
Which New York law requires landlords of pre-1978 buildings to disclose known lead-based paint hazards to prospective tenants with children under age six?
Answer: NY Lead Poisoning Prevention Act
New York's Lead Poisoning Prevention Act imposes disclosure and remediation duties on landlords in buildings built before 1978 when young children occupy the unit.
A contract clause that makes one party's obligation contingent on a specified event occurring is called a/an:
Answer: Contingency clause
A contingency clause suspends a party's obligation until a specific condition is met, such as obtaining financing or a satisfactory inspection.
What is the maximum number of continuing education hours a New York real estate salesperson must complete to renew a two-year license?
Answer: 22 hours
New York salespersons must complete 22.5 hours of continuing education, including prescribed courses, during each two-year license renewal cycle.