Mixed Deck — All NY REAL ESTATE EXAM Topics Flashcards
100 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.
Read the first 20 Mixed Deck — All NY REAL ESTATE EXAM Topics flashcards as text
The New York DOS may refuse to issue or renew a real estate license on the grounds of:
Answer: Demonstrated untrustworthiness or incompetency
The DOS can deny a license application or renewal if the applicant has demonstrated untrustworthiness, dishonesty, or incompetence.
What is the standard contract contingency period in NY residential transactions?
Answer: There is no standardized contingency period; terms are negotiated between attorneys, but mortgage contingencies typically allow 30-60 days
NY contracts are heavily customized by attorneys. Mortgage contingencies typically allow 30-60 days for loan approval. Inspection contingencies, if included, are also negotiated rather than standardized.
Under the New York Property Condition Disclosure Act, what is the financial penalty a seller may pay instead of completing the disclosure statement?
Answer: $500
A seller who fails to deliver the required Property Condition Disclosure Statement must give the buyer a $500 credit at closing.
In New York, the transfer of a leasehold interest from the original tenant to a third party for the entire remaining lease term is called a/an:
Answer: Assignment
An assignment transfers the tenant's entire remaining interest in the lease to a new party, making the assignee directly responsible to the landlord.
Under RESPA, a lender must provide the borrower with a Loan Estimate within how many business days of receiving a complete loan application?
Answer: 3 business days
RESPA (Regulation X) requires lenders to deliver or mail the Loan Estimate no later than three business days after receiving a complete application.
Which online system is used to register for the New York Real Estate Salesperson Exam?
Answer: eAccessNY
The eAccessNY online system is the official platform used by the New York Department of State for various professional licensing services, including registering for and managing real estate salesperson exams and licenses. It serves as the central hub for applicants to interact with the licensing authority.
After a salesperson passes the NY exam and their application is approved, the DOS will:
Answer: Issue the license electronically; a pocket card can be printed
The NY DOS issues licenses electronically through its eAccessNY system; licensees can print their own pocket card.
What is the importance of communication skills in Real Estate Transactions?
Answer: Clear communication prevents errors, builds relationships, and ensures understanding among all parties
Effective communication is essential for coordination, error prevention, and stakeholder relationships.
What is the importance of communication skills in Financing and Valuation?
Answer: Clear communication prevents errors, builds relationships, and ensures understanding among all parties
Effective communication is essential for coordination, error prevention, and stakeholder relationships.
How many of the 22.5 required CE hours for NY salesperson renewal must cover fair housing and/or discrimination topics?
Answer: 3 hours
New York requires at least 3 hours of the 22.5 CE hours to be dedicated to fair housing and/or discrimination topics.
What is the standard license term for a NY real estate salesperson license once it is issued?
Answer: 2 years
NY real estate salesperson licenses are issued for a 2-year term and must be renewed before expiration.
Which form of identification is typically required when scheduling the New York real estate salesperson licensing exam?
Answer: Government-issued photo ID
Candidates must present a valid government-issued photo ID (such as a driver's license or passport) when scheduling and sitting for the exam.
When submitting a New York real estate license application online through eAccessNY, the applicant must create an account associated with their:
Answer: Social Security Number and date of birth
The eAccessNY portal requires applicants to create an account verified by their Social Security Number and date of birth to ensure identity accuracy.
A salesperson's New York license lapses because they failed to renew on time. To reactivate it, they must:
Answer: Submit a late renewal application and pay applicable fees within two years of expiration
A lapsed license can be reinstated by submitting a late renewal application with the required fees, provided it is done within two years of the expiration date.
How should ethical dilemmas be handled in Financing and Valuation?
Answer: Follow established ethical guidelines, consult with supervisors, and prioritize stakeholder welfare
Ethical decision-making requires following professional guidelines and prioritizing the welfare of all stakeholders.
Under New York law, a buyer's agent who also represents the seller in the same transaction must obtain what?
Answer: Written informed consent from both parties
New York requires written informed consent from both the buyer and seller before a licensee may act as a dual agent.
Which federal act prohibits discriminatory lending practices based on race, color, religion, national origin, sex, marital status, or age?
Answer: Equal Credit Opportunity Act
The Equal Credit Opportunity Act (ECOA) prohibits creditors from discriminating against applicants on the basis of protected characteristics in any aspect of a credit transaction.
In New York, which entity is authorized to administer the real estate salesperson licensing examination?
Answer: Pearson VUE on behalf of DOS
Pearson VUE is contracted by the New York DOS to administer the salesperson and broker licensing examinations at testing centers across the state.
A NY salesperson applicant who fails the licensing exam may retake it:
Answer: After 24 hours, unlimited times within 2 years of course completion
Applicants may retake the NY exam after 24 hours and as many times as needed within 2 years of completing their approved pre-licensing course.
Which fiduciary duty requires a real estate agent to act in the client's best interest and not place personal gain above the client's welfare?
Answer: Loyalty
Loyalty requires the agent to prioritize the client's interests over their own and avoid self-dealing or conflicts of interest.