NY Real Estate Exam Content 2

Question 1

Under New York law, a buyer's agent who also represents the seller in the same transaction must obtain what?

Accepted Answer

Written informed consent from both parties

Answer

Verbal consent from both parties

Answer

Approval from the Department of State

Answer

A dual-agency license endorsement

Question 2

Which of the following disclosures is a New York licensee required to give a prospective buyer at the first substantive contact?

Accepted Answer

Agency disclosure form

Answer

Lead paint disclosure

Answer

Property condition disclosure statement

Answer

Environmental hazard pamphlet

Question 3

A listing agreement in New York that automatically renews itself unless cancelled is called a/an:

Accepted Answer

Evergreen clause listing

Answer

Open listing

Answer

Exclusive right-to-sell listing

Answer

Net listing

Question 4

A seller in New York accepts an offer but the buyer fails to close because financing fell through. The seller keeps the earnest money. This deposit is legally known as:

Accepted Answer

Liquidated damages

Answer

Punitive damages

Answer

Consequential damages

Answer

Nominal damages

Question 5

Under the New York Property Condition Disclosure Act, what is the financial penalty a seller may pay instead of completing the disclosure statement?

Accepted Answer

$500

Answer

$250

Answer

$1,000

Answer

$2,500

Question 6

A real estate salesperson in New York who negotiates a deal independently, without the knowledge of their sponsoring broker, has violated which duty?

Accepted Answer

Duty to act within the scope of authority granted by the broker

Answer

Duty of loyalty to the client

Answer

Duty to supervise licensees

Answer

Duty to account for funds

Question 7

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:

Accepted Answer

Assignment

Answer

Sublease

Answer

Novation

Answer

Assumption