NY Real Estate Exam Content 4

Question 1

Under New York's license law, a broker must keep escrow funds in a separate account for at least:

Accepted Answer

Until all parties consent to disbursement or a court orders release

Answer

30 days after the transaction closes

Answer

3 years after the transaction closes

Answer

Until the listing period expires

Question 2

Which type of legal description divides land into townships, ranges, and sections using principal meridians and baselines?

Accepted Answer

Rectangular (government) survey

Answer

Metes and bounds

Answer

Lot and block

Answer

Monument system

Question 3

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?

Accepted Answer

Specific performance

Answer

Rescission

Answer

Compensatory damages

Answer

Injunction

Question 4

In a condominium, each unit owner holds title to their individual unit and what type of ownership interest in the common elements?

Accepted Answer

Tenancy in common

Answer

Joint tenancy

Answer

Severalty

Answer

Cooperative tenancy

Question 5

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?

Accepted Answer

NY Lead Poisoning Prevention Act

Answer

NY Multiple Dwelling Law

Answer

Federal TSCA Title X

Answer

NY Safe Housing Act

Question 6

A contract clause that makes one party's obligation contingent on a specified event occurring is called a/an:

Accepted Answer

Contingency clause

Answer

Acceleration clause

Answer

Alienation clause

Answer

Defeasance clause

Question 7

What is the maximum number of continuing education hours a New York real estate salesperson must complete to renew a two-year license?

Accepted Answer

22 hours

Answer

11 hours

Answer

30 hours

Answer

45 hours