question

1-A broker legitimately may pay all or part of Real estate commission to a a. seller b. salesperson c. buyer d. friend who provides a listing lead

answer

-B: Salesperson can accept compensation only from their sponsoring broker.

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2-The minimum age for a New York real estate broker's license is a. 19. b. 18. c. 20. d. 21.

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C. As of July 1,2008 to become a broker you must be 20 years old.

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3-Which of the following acts would require a real estate license in New York a. Sale of one's own property b. Sale by the owner's lawyer c. Sale of land by an auctioneer d. Foreclosure sale by court order

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C: selling land at an auction.

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4-An associate broker may a. sponsor a person for a salesperson's license. b. collect his or her own real estate fees. c. act as a principal broker for another broker. d. Work as a salesperson for a principal broker

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D: Associate broker is a licensed broker but chooses to work under the supervision of another broker.

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5-Violation of the license law is a misdemeanor, Punishable by up to a year in jail and a fine of Up to a. $500. b. $2,000. c. $1,000. d. $1,500.

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C: DOS may impose a fine not to exceed $1000.

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6-When salesperson Tom Jones left ABC Realty And went to work with XYZ REALTORS, Tom's listings a. became null and void. b. Remained with ABC Realty. c. Went with him to XYZ REALTORS. d. Required the sellers' signatures to remain in the local MLS.

answer

B: When a licensee terminates with a broker they must turn over all information.

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A salesperson's license must be a. displayed on the firm's wall. b. kept in the salesperson's wallet c. retained by the principal broker. d. d. sent to the local REALTORS association.

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C: Kept by the broker in a safe place.

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8-When does offering a client's business for sale Require a real estate license? a. Never b. Always c. When the business includes any real estate d. When more than half the value is real estate

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-D: selling a business where the real estate is greater than the business.

question

An apartment information vendor is licensed by: a. Department of Law b. New York Attorney General's office c. Department of State d. Division of Housing and Community Rental

answer

C: Department of State licenses apartment information vendors....

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When a license is revoked, how long must a licensee wait before applying to have the license reinstated? a. 18 months b. 1 year c. 6 months d. 2 years

answer

B: If a license is revoke licensee must wait 1 year before reapplying..

question

The form of listing whereby an owner lists property for sale with a number of brokers is known as a(n) a. Exclusive agency. b. Open listing. c. Exclusive right to sell. d. Net listing.

answer

B: In an Open listing the seller allows the property to be shown by many Brokers.

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To avoid possible liability for the actions of c cooperating members of a multiple-listing system, the owner who lists property for sale may decline to offer a. commission to the selling agent. b. Subagency. c. Cooperation with buyer brokers. d. A written disclosure of property condition.

answer

B: By accepting subagency the owner will have no vicarious liability for the Acts of cooperating agents

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An agent who has the authority to represent the principal in specific matters is a(n): a. specific agent b. general agent c. unlimited agent d. special agent

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-B: A general agent has specific authority in representing owners.

question

Jan Lipson gave Sun City Realty an exclusive agency listing on her property. If she sells the Property herself without involving Sun City, She will owe Sun City a. Half of the commission. b. All of the commission. c. No commission. d. Only reimbursement for Sun City's expenses.

answer

C: With the Exclusive Agency the owner owes no commission.

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15-When selling a property in New York, the Licensee is required to disclose to a potential Buyer that a. There is a group home 1 ½ miles away. b. The property lies in an agricultural district. c. There is a fundamentalist church three blocks away. d. The former owners were divorced

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B: If property is in an agricultural district buyer must be informed.

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The commission to be paid in a written listing Agreement is the a. rate set by law b. amount of money over the net listing amount. c. Customary rate in the area. d. Percentage of the sales price as negotiated and agreed or a flat fee.

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D: The broker's fee is specified in the listing agreement, management agreement, or rental agreement with the principal and is always subject to negotiation.

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The relationship between an agent and his or her Principal is a. Fiduciary. b. Alluvial. c. Allodial. d. Executory

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-A: The agency relationship is always consensual, meaning both parties enter into it willingly. It is also a fiduciary

question

If you are selling a house in New York, it is necessary to disclose that a. There is a utility surcharge. b. The former owner committed suicide. c. The train station is eight miles away. d. A shopping center is the nearby town is closing.

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A: If a Utility surcharge is assessed shall provide written notice to the prospective purchaser

question

Seller is legally required to reveal to a buyer anything seller knows about a. Crimes committed on the property in the past three years b. How much seller paid for the house. c. Repairs that have been made to a roof leak. d. Lead paint hazards on the property.

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D: Sellers and Landlords shall disclose any lead paint they have knowledge of

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To create an agency relationship, it is necessary that a. A listing contract be registered with the DOS. b. The principal and agent sign a written agreement. c. The principal pay the agent's fees. d. The parties act as principal and agent.

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D: The person who selects the agent to act on his behalf is the principal or client.

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If you are a salesperson working with a buyer, then the buyer is your client: a. if you are servicing the buyer b. if the buyer has shared financial information with you c. if you have an agency contract with the buyer d. none of the above

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C: The obligations of a buyer's agent are also subject to any specific Provisions set forth in an agreement between the agent and the buyer

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-The type of listing illegal in New York State is a (n) a. Net listing. b. Exclusive agency. c. Exclusive right to sell. d. Open listing.

answer

A: Net Listing This type of commission arrangement is illegal in New York.

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A licensed salesperson or broker associate acting as an independent contractor must: a. be paid based upon sales and output b. execute a written independent contractor agreement yearly with the broker c. receive half of her health care premium paid by the broker d. both a and b

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D: Compensation is paid only for output. Law also requires a written agreement, executed by both parties

question

A salesperson sells another firm's listing of a commercial building for $462,500. The 7 percent commission is split 50/50 between the two companies. The salesperson received 60 percent of her office's share. How much does she receive? a. $1,619.75 b. $3,237.50 c. $9,712.50 d. $10,850.00

answer

C: $462500 x 7%=$32375. divided by 2 =$16187.50x60% agent=$9712.50

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A broker may be entitled to a commission in the event that the sale does not close if the problem was caused by the a. Seller. b. Buyer. c. Bank. d. Title Company.

answer

A: The commission is usually considered earned when a broker brings a ready, willing, and able buyer to the seller, or the seller should accept an offer from the buyer.

question

Big Apple Realty is concerned that its Commission on a sale will not be paid. Big Apple Realty may a. file a lis pendens, b. Request a de minimis gift. c. File an affidavit of entitlement. d. File a mechanic's lien.

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C: If a broker feels the commission will not be paid, they must file an affidavit of entitlement for completed brokerage services.

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-A real estate salesperson's compensation is set by a. The local realty association. b. The Department of State, Division of Licensing Services. c. Agreement between broker and salesperson. d. The cooperating broker in a transaction.

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C: The fee or rate of commission paid to a real estate broker is strictly negotiable between the broker and the seller or buyer.

question

The Duncan and Hill decision cautioned real estate licensees against a. Misrepresentation. b. Consumer fraud. c. The unauthorized practice of law. d. Undisclosed dual agency.

answer

C: In Duncan & Hill, the court upheld the Department of State's determination that a real estate broker who was not a licensed attorney demonstrated untrust worthiness and incompetence in violation of Real Property Law sect;441-c, finding that, when he prepared documents that included detailed mortgage terms he had devised, he engaged in the unauthorized practice of law

question

When a buyer/client wants to see property listed by his or her agent's company, the possible conflict of interest can be solved by the use of a. Undisclosed dual agency. b. Designated agents. c. Exclusive/ right/ to/ sell d. Fiduciary duties.

answer

-B: If the buyer and the seller or tenant and the landlord provide their informed consent in writing, the principals and the real estate broker who represents both parties as a dual agent may designate a sales agent to represent the buyer and another sales agent to represent the seller

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Buyers should be careful NOT to reveal the top price they're willing to pay to a (n) a. Buyer's agent. b. Principal broker c. Sellers's agent d. Associate broker

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C: The seller's agent because if the fiduciary must tell the seller.

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Ads made by real estate brokers that do not indicate that the advertiser is a broker are: a. legal in New York b. known as blind ads c. acceptable as long as the phone number of the broker appears in the ad d. acceptable if the broker is doing business as an individual broker in his own name

answer

B: All ads placed by a broker must indicate that the advertiser is a broker. Ads that do not contain this are called BLIND ADS.

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If a licensee becomes a partner in a real estate firm, he must have a(n): a. salesperson license b. broker license c. associate broker license d. minimum of two year's experience as a broker

answer

B: Each officer of a corporation or member of a co-partnership must be licensed as a broker.

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Agency relationship in an in-house sale require a. No notice to the principle broker. b. Full discussion and disclosure in writing to all parties. c. Notice to the title company. d. Notice to the MLS.

answer

-B: Broker dual agency can occur if agents of the broker represent both the buyer and seller in the same transaction, Full discussion and disclosure in writing to all parties must be made

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In a buyer/agency relationship the broker owes the seller a. Care. b. Accounting c. Obedience d. Fair and honest dealing

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D: a buyer's agent should deal honestly, fairly and in good faith.

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If you are a salesperson working with a buyer, then the buyer is your client: a. if you are servicing the buyer b. if the buyer shared financial information with you c. if you have an agency contract with the buyer d. none of the above

answer

C: This is done through a buyer brokerage agreement

question

-In a real estate transaction, a broker had a written representation agreement with the buyer but was paid 6 percent of the selling price at the closing by the seller. Under these facts, whose agent was this broker? a. The broker was the seller's agent. b. The broker was the buyer's agent. c. The broker is a dual agent. d. The broker has violated New York's real Estate license laws and may have his or her License suspended or revoked.

answer

B: Other means of payment can be through multiple listing services when the listing broker offers cooperating compensation to the buyer broker. The buyer broker will then be paid by the seller

question

-A broker signed a listing agreement with the Ghent's to market their luxury downtown condominium. A few days later, the broker Signed a buyer representation agreement with The Smiths, who were looking for a modest suburban single-family home. If the buyers decide they're in the market for a luxury downtown condominium instead, and want to see the Ghent's property, what should the broker do? a. Say nothing and collect a commission from the sellers and a fee from the buyers b. Disclose the intended dual agency and obtain both parties written consent c. Withdraw from representing one of the Parties to avoid any appearance of self-dealing d. Nothing, but accept compensation from Only one of the parties

answer

B: In New York dual agency is legal and permissible with timely and informed consent of both parties. In this case the agent must have the signed disclosure from both parties.

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The DOS regulation 175.7: "A real estate broker Shall make it clear for which party he is acting.. ..." applies to a. The sale or lease of one/to four/unit residential properties. b. Only condominiums and cooperatives c. The sale or lease of commercial space only. d. All types of transactions, not just residential.

answer

D: Regulation 175.7 is not limited to residential transactions, but applies to all real estate transactions....

question

A licensee should use the disclosure form with prospective sellers or buyers at the first substantive contact. Which of the following illustrates the first substantive contact? a. individuals walking through an open house who do not speak to an agent b. individuals who call the real estate office asking about the location of a property for a drive-by on their own c. a prospective purchaser walking into a real estate office, meeting with an agent, and discussing the purchase of a specific property d. an agent giving a seminar on home buying to a group of prospective purchasers

answer

C: When a prospective buyer or seller may walk into a real estate office and want to discuss listing or purchasing a property, at this point, disclosure must be made.

question

-In which clause in a deed would you find metes and bounds and monuments? a. Demising b. Defeasance c. Description d. Habendum

answer

C: The types of legal descriptions are metes&bounds, block&lot, and monuments

question

If Mr. Jones owns his home free and clear of encumbrances and has the right to devise it to his daughter, he owns a (n) a. Life estate. b. Fee simple. c. Estate at will. d. Leasehold.

answer

B: Fee Simple Absolute-provides the most complete form of ownership and bundle of rights in real property

question

The Goodman's purchased a cottage bounding on a stream. They have rights to the stream known as a. Reversionary. b. Littoral. c. Laches. d. Riparian.

answer

D: Riparian rights belong to the owner of property bordering a flowing body of water

question

-Which of the following would NOT be Considered chattel? a. A tractor b. The barn c. The draperies d. A trade fixture

answer

B: Barn is real property.

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The most complete type of ownership in real estate is a. Fee on condition. b. Life estate. c. Qualified fee. d. Fee simple

answer

D: Fee Simple Absolute-provides the most complete form of ownership and bundle of rights in real property

question

-Deed restrictions may be established only by the a. Grantor. b. Local government. c. Zoning board of appeals. d. Grantee.

answer

A: Deed restrictions are in the form of covenants or conditions. These restrictions run with the land, they are put by the "grantor"

question

-One future action that may NOT be limited by a deed restriction is a. The free transfer of the property. b. The illegal covenant against religion. or Nationality. c. Further subdivision. d. The total number of lots in a subdivision.

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B: An illegal covenant cannot be enforced [e.g. excluding people of certain religion, or color.

question

Any right to or interest in the land interfering with its use or transfer is called an a. Encumbrance. b. Encroachment. c. Easement. d. Appurtenance.

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A: An encumbrance is anything that lessens the bundle of rights in real property.

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A deed is valid when it is a. delivered and accepted. b. Recorded. c. Signed. d. Notarized

answer

A: The deed is always signed by the grantor [seller] and must be delivered to the grantee [buyer] to be valid

question

Which type of deed is used to convey title to a Parcel of land through a foreclosure proceeding? a. trust b. quitclaim c. referee's d. warranty

answer

C: Execution of a judicial deed results from a court order; examples are guardian's deed, referee's deed, tax deed, and administrator or executor's deed. They can used for a foreclosure.

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Title to real property is conveyed by a a. contract. b. Lien. c. Lease. d. Deed.

answer

D: A deed is the document used to convey title legally to real property, also known as a conveyance.

question

A lease that provides for the lessee to pay all or part of the expenses of the property in addition to rent is called a(n): a. estate at sufferance b. net lease c. sale and leaseback d. gross lease

answer

B: In a net lease, the tenant pays some or all of the expenses.

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When a lessee transfers the entire remaining interest of his lease to another party who then must pay the owner, is called a(n): a. novation b. sublease c. assignment d. lis pendens

answer

C: The assignment of the lease involves the transfer of the lease contract from the present tenant to the assignee.

question

A contract transferring the rights to possession of real property for a specified term is known as a a. lis pendens. b. Lien. c. Lease. d. Deed on condition.

answer

C: A lease is a contract, in which, for a consideration, an owner of property transfers a property interest to the tenant for a prescribed period of time.

question

Under the New York General Obligations Law, Security deposits by a tenant a. Become the property of the landlord. b. Are held in escrow by the landlord. c. May be commingled with the landlord's funds. d. Can be retained by the landlord after he or she sells the property.

answer

B: The security deposit must be held in an escrow account.

question

-A tenant learns her building has been sold to a new landlord. The sale of the property a. Automatically terminates all preexisting leases. b. Automatically renews the lease for an additional term, although the tenant has the option of declining the renewal. c. has no effect on existing leases, and the tenant must make timely rent payments to the new owner. d. terminates the lease, but the tenant is entitled to a legal holdover tenancy for the remainder of the lease term.

answer

C: Lease agreement does not terminate when an owner sells, new owner is bound by terms of lease

question

-A legally enforceable agreement between competent parties in which each party acquires a right is called a a. Certiorari. b. Consideration. c. Contract. d. Clause.

answer

C: A contract is an agreement between competent legal parties to do or refrain from doing some legal act in exchange for consideration.

question

The usual listing agreement between a seller and a real estate agent is a (n) a. Implied contract. b. Breach of contract. c. Express contract. d. Discharge of contract.

answer

C: Express Contract-the parties to the contract have definitely agreed on all the terms in the contract

question

-When the agreement of the parties is demonstrated by their acts and conduct, this is known as what type of contract? a. express b. voidable c. implied d. unilateral

answer

C: Implied Contract has not been put into words but is implied by the action and conduct of parties

question

When a new contract is substituted for an existing agreement, the process is known as a. Novation. b. Innovation. c. Assignment. d. Default.

answer

A: A form of agreement that terminates contracts is novation the substitution of a new contract for a prior contract or the substitution of a new party for an old party.

question

Except for the amount of mortgage that may be assumed, as sale in New York State is subject to a transfer tax of a. $0.55 per $500 or fraction thereof of the consideration paid. b. 1 percent on a sale of less than $500,000 c. 10 percent where the consideration is more than $1 million. d. $2 per $500 or fraction thereof of the Consideration paid.

answer

D: New York State transfer tax is based on sale price is $4.00 per $1,000 or $2.00 per $500

question

In the transfer of what type of property may a flip tax be imposed? a. condominium b. cooperative c. any fee simple interest d. on all properties sold in New York City

answer

B: Cooperatives may have a flip tax imposed upon transfer, paid by the seller.

question

The Flintstones sold their house to the Simpsons and are to close on July 1. The Flintstones paid their annual town taxes in January. At the closing, the Simpsons will Reimburse the Flintstones for a. the tax for the balance of the year. b. The tax due n November. c. Nothing. d. The tax paid last January.

answer

A: Property taxes are paid in advance so the buyer will pay the seller for the balance of the year.

question

RESPA explicitly prohibits the payment of a. Referral fee from an insurance agent. b. Kickbacks. c. Brokerage referral fee. d. Fee to a moving company.

answer

B: (RESPA) Prohibits kickbacks for services not performed

question

An instrument in writing that is the security for A debt with specific property as a pledge is a a. bond. b. Mortgage c. Deed d. Lease

answer

B: A mortgage is a type of security instrument pledging property to a lender.

question

A Department of Veterans Affairs mortgage is a. Insured b. Guaranteed c. Conventional d. Prepaid

answer

B: Guaranteed Loan Program -offers a loan that guarantees repayment of the top portion of the loan to the lender in the event the borrower defaults.

question

-When a house purchase is financed by a Federally related mortgage loan. RESPA Requires that loan closing information be Prepared on the a. uniform settlement statement. b. Fannie Mae form. c. Mortgage Reduction Certificate. d. Affidavit of title.

answer

A: RESPA requires a standard HUD-1 settlement statement for all federal-related loans

question

A blanket mortgage usually encumbers: a. several mortgages b. an underlying wraparound mortgage c. several parcels of real property d. household goods such as bedding, appliances, and other chattel belongings

answer

C: Blanket mortgage-two or more parcels of real estate are pledged as security for payment of the mortgage debt.

question

Under a mortgage, the mortgagor is the party who: a. lends the money b. receives the payments on the note c. holds the mortgage d. is the borrower

answer

D: The borrower who gives the mortgage is called the mortgagor.

question

Margo and Clarence Stilton have applied for An FHA/insured loan. The mortgage will be a. backed by the full faith and credit of the U.S. Government. b. insured c. guaranteed by the federal government at no cost to the borrower. d. paid for by PMI premiums.

answer

B: FHA-insured loans protect lenders against financial loss.

question

If a real estate broker earned a commission of $5,600 at a commission rate of 7%, at what price was the property sold? a. $39,200 b. $68,000 c. $80,000 d. $125,000

answer

C: $5600 IS COMMISSION DIVIDED BY 7% IS $80,000

question

What type of mortgage loan has an interest rate That may become higher or lower at specified Intervals, keyed to an economic indicator? a. pledged account b. shared equity c. growing equity d. ARM

answer

D: An adjustable rate mortgage permits a lender to adjust the interest rate periodically so it reflects the economy.

question

-Charging more than the legal interest rate is Known as a. points b. usury c. discounting d. novation

answer

B: USURY LAWS are used by New York State to fix a maximum allowable interest rate.

question

Deed restrictions are provisions that apply to current property owners and a. are regulated by a local jurisdiction. b. can be altered by the owner at any time. c. extinguish upon transfer. d follow the chain of title in future transfers

answer

D: Deed restrictions are in the form of covenants or conditions. These restrictions run with the land, they are put by the "grantor"

question

Variances and special use permits are issued by a(n) a. architectural review board. b. building department. c. planning department. d. zoning board of appeals.

answer

D: The Zoning Board of Appeals It is a local administrative appeal agency and an interpreter of the zoning ordinance. They also issue Variances and special use permits

question

When the present usage of land is in legal conflict with an enacted zoning ordinance the usage is called: a. void b. a variance c. spot zoning d. nonconforming

answer

D: Nonconforming uses occur when land does not conform to current zoning laws, but is legally allowed because it was there before new zoning.

question

The owner whose five/unit apartment Building would not be allowed by a new zoning Law may be entitled to a (n) a. nonconforming use b. variance c. accessory use d. special/use permit

answer

A: Nonconforming uses occur when land does not conform to current zoning laws, but is legally allowed because it was there before new zoning

question

Among other methods, land use is controlled Or regulated by a. the local assessor. b. Subdivision regulations. c. Demographics d. The economic cycle.

answer

B: Individual owners have the right to place private controls on their own real estate. Which may effect a home or subdivision

question

Examples of private land use controls would NOT include: a. restrictive covenants b. restrictions placed in deed or wills c. conditions in a deed d. eminent domain

answer

D: Eminent domain is the power of the government or its agencies to acquire private property for public use.

question

Even though a building permit is issued, new Construction will still need a. A certificate of occupancy. b. A variance from the zoning board of appeals. c. Approval by an architectural review board. d. An environmental survey.

answer

A: Permit issued to builder after all inspections are made and property is deemed fit is a Certificate of Occupancy

question

A detailed architectural rendering of a structure is known as a(n): a. site plan b. blueprint c. feasibility study d. plat

answer

B: The building plan, also known as the blueprint, is a detailed architectural rendering of the structure that usually includes the plans for the mechanical systems.

question

Electrical systems are routed through a a. Pier and beam. b. Circuit box. c. Stringer. d. Muntin.

answer

B: Circuit breakers will trip, or switch the electrical power for a given circuit off if the current increases beyond the capacity of the system

question

A lakefront home sold for $385,000. The Broker received $27,912.50. What rate of Commission did this broker charge? a. 7 ¼ % b. 8.5% c. 10% d. 14%

answer

A: COMMISSION IS DIVIDED BY SALE PRICE: $27,912.50 DIVIDED BY $385,000= 7.25%

question

-The most commonly used insulation material is a. rock wool. b. Cellulose fiber. c. Urea formaldehyde foam. d. Fiberglass.

answer

D:R-factor, the greater the degree of insulation. Most common is fiberglass

question

The amount a particular purchaser agrees to pay and a seller agrees to accept is known as: a. cost b. price c. market value d. evaluation value

answer

B: Price is the amount a particular purchaser agrees to pay and a seller agrees to accept under the circumstances surrounding the transaction.

question

A comparative market analysis resembles which approach to real estate evaluation? a. income approach. b. Direct sales comparison. c. Cost approach. d. Guesstimate.

answer

B: The "CMA" is closely related to the sales approach used by appraisers.

question

The definition of market value includes a. Most recent sale price. b. Amount of owner's equity in the building. c. Potential income tax consequences of a sale. d. Neither buyer nor seller under undue pressure.

answer

D: Market value-the most probable price, for which the property should be sold with the buyer and seller acting prudently, neither is under undue duress.

question

It can be dangerous for a real estate broker to a. discount the firm's usual commission rates for a particular client. b. discuss commission rates with another broker c. pay one salesperson 50 percent of earned commissions and another salesperson 60 percent d. charge more for selling vacant land than for selling single/family houses

answer

B: Price Fixing-occurs when competitors in a group conspire to charge a same or similar price for services rendered.

question

A protected class under New York City law and not under state or federal law is which of the following? a. age b. marital status c. lawful occupation d. familial status

answer

C: LAWFUL OCCUPATION is protected class only in NEW YORK CITY!!!!

question

The civil rights act of 1866 a. prohibits any type of discrimination based on race. b. Prohibits discrimination only in federally Funded housing. c. allows an exception for an owner/occupied two/family house. d. does not apply to nonlicensed persons.

answer

A: The Civil Rights Act of 1866-first significant statute affecting equal housing Has no exemptions BASED ON RACE

question

Redlining is defined as a. Steering home seekers to a particular neighborhood. b. Drawing red lines on a local map indicating what areas to look in for listings. c. Denying or restricting loans in a certain area by a lending institution. d. A zoning procedure.

answer

C: Redlining-refusing to make loans to purchase, construct or repair a dwelling by discriminating

question

-New York State law goes beyond federal human rights law when it forbids discrimination based on a. race. b. Marital status. c. Religion. d. Children in a family.

answer

B: New York State Helping to fight discrimination on the basis of... Marital Status

question

PDQ Realty advertises that it specializes in areas suitable for European immigrants. This is A fair housing violation called a. redlining. b. Steering. c. Blockbusting. d. Sexual bias.

answer

B: Steering-direct prospective purchasers from diverse backgrounds to presently integrated areas to avoid integration of nonintegrated areas.

question

Using "scare tactics" regarding the possible change in the demographics of a neighborhood when soliciting listings in a violation called a. redlining. b. Steering. c. Blockbusting. d. Harassment.

answer

-C: Blockbusting-illegal [scare tactic

question

Although a property owner may be exempted sometimes from discrimination laws, a real estate licensee a. Is exempt as an owner. b. May list the property for sale noting the Exemption. c. may advertise the noted exemption d. may not participate in the transaction in any way.

answer

D: Fair Housing Exemptions no transaction involving a real estate licensee is exempt

question

The Sherman Antitrust Law is intended to Promote a. a uniform commission rate schedule in any given area. b. cooperation among brokers for the benefit of consumers. c. free competition in the open market d. Protection for small independent firms.

answer

C: Congress passed the first antitrust law, the Sherman Act, in 1890 as a "comprehensive charter of economic liberty aimed at preserving free and unfettered competition as the rule of trade

question

The Underground Storage Tank Act in New York regulates underground fuel storage tanks That are a. 2,000 gallons or larger. b. 550 gallons or larger. c. 1,100 gallons or larger. d. 750 gallons or larger.

answer

C: Some types of tanks that are exempt Tanks on farms and residential store less than 1100 gallons

question

Underground storage tanks are utilized by business and industry for all of the following reasons EXCEPT they are: a. out of sight b. protected against vandalism c. protected against leakage d. protected against fire

answer

A: Underground storage tanks are utilized by business and industry because the tanks are out of sight and are also protected against vandalism and fire.

question

A salesperson who is an independent contractor a. cannot be charged for office space or supplies provided by the broker. b. is not subject to any direction or control by the broker. c. is paid commission based on sales results. d. is paid for the number of hours worked.

answer

C: Compensation is paid only for output without regard for the number of hours worked

question

An asbestos problem is sometimes best treated by a. installing new distribution boxes. b. Proper ventilation of the building. c. Removal of chipping paint. d. Leaving it alone.

answer

D- If the asbestos is in an area and is not disturbed it is best to leave it alone.

question

The New York regulatory agency that oversees the safety of drinking water in New York is the Department of: a. Agriculture b. Health c. Recreation, Parks and Historic Preservation d. Environmental Conservation Law

answer

B: New York State Department of Health (NYSDOH) is the regulatory agent that oversees the safety of drinking water.

question

A property manager or property management firm is usually a _____ agent. d. general e. principal f. special g. universal

answer

D: A general agent is empowered to represent the principal in a specific range of matters. An example is a property manager,

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