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block

What is the minimum age to apply for a New York real estate broker’s license?

Select the correct answer(s).  

(0/0)

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b. 19

c. 20

a. 18

d. 21

none

In designated agency, the parties who are represented are giving up the agent’s duty of

Select the correct answer(s).  

(0/0)

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b. disclosure of latent defects.

d. undivided loyalty.

c. obedience.

a. advocacy in negotiating.

none

Easement by _____ is created by law when land is divided, and there is a long-standing apparent use reasonably necessary for the enjoyment of the land.

Select the correct answer(s).  

(0/0)

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b. express grant

c. implication

a. condemnation

d. necessity

none

Which would be considered a unilateral agreement?

Select the correct answer(s).  

(0/0)

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a. buyer brokerage agreement

b. exclusive agency listing agreement.

d. open listing agreement

c. exclusive right to sell listing agreement.

none

If a salesperson is taking a listing and the seller states he wishes to sell only to members of a particular race, the salesperson should

Select the correct answer(s).  

(0/0)

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b. determine the present racial mix in the neighborhood before agreeing.

d. take the listing but ignore the seller’s request.

a. comply with the seller’s wishes.

c. refuse to take the listing.

b. determine the present racial mix in the neighborhood before agreeing.

d. take the listing but ignore the seller’s request.

a. comply with the seller’s wishes.

none

A property manager or property management firm is usually a _____

Select the correct answer(s).  

(0/0)

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c. principal

e. universal

b. general

a. agent

d. special

none

A seller has enlisted the services of a broker. The relationship between the broker and the seller is best described as what type of agency?

Select the correct answer(s).  

(0/0)

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b. designated

d. subagency

a. broker’s

c. single

none

Variances and special use permits are issued by a(n)

Select the correct answer(s).  

(0/0)

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c. planning department.

b. building department.

a. architectural review board.

d. zoning board of appeals.

none

When a licensee works for a particular party, it is a(n) _____ relationship.

Select the correct answer(s).  

(0/0)

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c. supervisory

a. administrative

b. fiduciary

d. transactional

none

A real estate salesperson has an agency relationship with a buyer as a non-exclusive buyer’s agent. However, the buyer has purchased a property from another brokerage. The agency relationship with the first agent terminated without breech due to

Select the correct answer(s).  

(0/0)

---

b. operation of law.

a. accomplishment of purpose.

c. rejection.

d. renunciation.

none

(Who evaluates a loan application to determine its risk level for a lender or investor?

Select the correct answer(s).  

(0/0)

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b. Real estate salesperson

a. Mortgage broker

c. Title company representative

d. Underwriter

none

Regulation 175.7 of the New York codified rules requires agents to make clear for which party they are acting and to not

Select the correct answer(s).  

(0/0)

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c. disclose information deemed as confidential in nature.

d. represent other parties who would have conflicting interests.

b. act as a dual agent in transactions within the same brokerage.

a. accept compensation from more than one party, unless disclosed and consented.

none

The government entity that insures mortgage loans is

Select the correct answer(s).  

(0/0)

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d. the FHA.

c. Ginnie Mae

b. Freddie Mac.

a. Fannie Mae.

none

A mill equals $_____ per $_____ of assessed value.

Select the correct answer(s).  

(0/0)

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a. $1/$1,000

b. $5/$1,000

d. $5/$10,000

c. $1/$5,000

none

A cooperating broker who procures a buyer in a transaction

Select the correct answer(s).  

(0/0)

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a. becomes a broker’s agent of the listing broker.

d. is designated to represent the buyer by the listing broker.

b. could be acting as a buyer’s agent or a subagent.

c. is a dual agent.