Are You Ready To Become A Real Estate Salesperson In New York? Quiz !!

14 Questions | By Daveyedgar | Last updated: Mar 21, 2022 | Total Attempts: 17614

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Are You Ready To Become A Real Estate Salesperson In New York? Quiz !! - Quiz

Are you planning on becoming a real estate salesperson in New York? Living in New York is the dream of most Americans due to the opportunities it has and how it is welcoming to outsiders with the promise of growth. Getting a place to live around the city can be a little of a hustle unless you have good connections. Take this test and see how much you know about the area.

Questions and Answers

1.

How old must an individual be to obtain a salesperson license?
- A.
  
  18
- B.
  
  19
- C.
  
  21
- D.
  
  No age requirement
2.

In order to be licensed as a broker, a salesperson must first complete:
- A.
  
  One year's experience as a salesperson
- B.
  
  Two year's experience as a salesperson
- C.
  
  An Associate of Arts degree in real estate
- D.
  
  A Bachelor of Arts degree in real estate
3.

Jane is a broker and accepts a $3,000 deposit. What should she do with the deposit?
- A.
  
  Place it in her personal checking account
- B.
  
  Place it in her business operating account immediately
- C.
  
  Place it in her escrow account immediately
- D.
  
  Place it in a safe deposit box
4.

The type of listing that is illegal in NYC is:
- A.
  
  Open
- B.
  
  Exclusive agency
- C.
  
  Exclusive right to sell
- D.
  
  Net
5.

Which of the following duties does NOT require real estate licensure?
- A.
  
  Negotiating the exchange of real property for others
- B.
  
  Renting units for several different owners
- C.
  
  Auctioning real property
- D.
  
  Sale of a business where there is no real property
6.

With regard to the resale of cooperative property for another, which of the following is necessary?
- A.
  
  A minimum of a salesperson license
- B.
  
  A minimum of a broker license
- C.
  
  A stock broker's license
- D.
  
  No license
7.

The listing salesperson must accept compensation directly from the:
- A.
  
  Seller
- B.
  
  Cooperating broker
- C.
  
  Employing broker
- D.
  
  Customer
8.

Unlicensed assistants may NOT:
- A.
  
  Write ad copy
- B.
  
  Type offers to purchase
- C.
  
  Assemble information for a comparative market analysis
- D.
  
  Make a listing presentation
9.

Which of the following are NOT exempt from licensure?
- A.
  
  Attorneys licensed to practice in New York
- B.
  
  Public officers
- C.
  
  Trustees of a bankruptcy
- D.
  
  Property managers working for more than one owner
10.

In New York, dual agency is:
- A.
  
  A violation of Article 12-A of the license law
- B.
  
  Allowable with respect to commercial transactions only
- C.
  
  Allowable under the New York law with disclosure and informed consent
- D.
  
  A violation of the agency laws of New York
11.

An agency relationship created by an oral or written agreement between principal and agent is known as an:
- A.
  
  Implied agency
- B.
  
  Express agency
- C.
  
  Express single agency
- D.
  
  Implied dual agency
12.

The type of legal listing agreement which is least desirable for for the broker is a(n):
- A.
  
  Exclusive agency
- B.
  
  Open listing
- C.
  
  Net listing
- D.
  
  Exclusive right to sell
13.

An "exclusive right to sell" listing provides a:
- A.
  
  Commission to the agent no matter who sells the property
- B.
  
  Full commission to the seller if the principal sells the property
- C.
  
  Commission to the agent whether the property is sold or not
- D.
  
  Commission to the agent only if the principal sells the property
14.

The broker must keep the declaration of refusal to sign the disclosure form for a period of:
- A.
  
  1 year
- B.
  
  2 years
- C.
  
  3 years
- D.
  
  4 years