NY Real Estate Exam NY Real Estate License Law & Regulations 2

Question 1

What is the NY Human Rights Law as it applies to real estate?

Accepted Answer

A state law prohibiting discrimination in housing based on protected classes including sexual orientation and marital status, which are broader than federal protections

Answer

A law about working hours for real estate agents

Answer

A building accessibility standard

Answer

A property maintenance code

Question 2

What disclosures must a NY real estate agent provide to buyers and sellers?

Accepted Answer

Agency disclosure form explaining the agent's role, property condition disclosure or credit, and lead paint disclosure for pre-1978 homes

Answer

No disclosures are required in NY

Answer

Only the purchase price must be disclosed

Answer

Only environmental hazards must be disclosed

Question 3

What is the Property Condition Disclosure Act in New York?

Accepted Answer

A law requiring sellers to complete a disclosure statement about the property's condition or provide a $500 credit to the buyer at closing

Answer

A mandatory home inspection law

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A requirement for sellers to repair all defects

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A regulation about property insurance

Question 4

What is commingling in NY real estate law?

Accepted Answer

Illegally mixing client funds (trust money) with the broker's personal or business operating funds

Answer

Combining two property listings

Answer

Mixing residential and commercial properties

Answer

Sharing commission with an unlicensed person

Question 5

Can a NY real estate salesperson receive commission directly from a client?

Accepted Answer

No, commissions must always be paid through the sponsoring broker

Answer

Yes, salespersons can collect commissions directly

Answer

Only for transactions under $10,000

Answer

Only if the client agrees in writing

Question 6

What constitutes unlicensed real estate activity in New York?

Accepted Answer

Performing real estate brokerage services (listing, showing, negotiating) for compensation without holding a valid NY real estate license

Answer

Buying property for personal use

Answer

Renting your own property

Answer

Giving free advice to friends about real estate