Content Flashcards
7 cards from real NY REAL ESTATE EXAM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
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Under New York law, a buyer's agent who also represents the seller in the same transaction must obtain what?
Answer: Written informed consent from both parties
New York requires written informed consent from both the buyer and seller before a licensee may act as a dual agent.
Which of the following disclosures is a New York licensee required to give a prospective buyer at the first substantive contact?
Answer: Agency disclosure form
NY Real Property Law §443 requires the agency disclosure form to be presented at the first substantive contact with a prospective buyer or seller.
A listing agreement in New York that automatically renews itself unless cancelled is called a/an:
Answer: Evergreen clause listing
An evergreen clause causes a listing agreement to automatically renew for additional periods unless either party provides timely notice of cancellation.
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:
Answer: Liquidated damages
Earnest money retained by the seller upon buyer default is treated as liquidated damages, a pre-agreed remedy set forth in the contract.
Under the New York Property Condition Disclosure Act, what is the financial penalty a seller may pay instead of completing the disclosure statement?
Answer: $500
A seller who fails to deliver the required Property Condition Disclosure Statement must give the buyer a $500 credit at closing.
A real estate salesperson in New York who negotiates a deal independently, without the knowledge of their sponsoring broker, has violated which duty?
Answer: Duty to act within the scope of authority granted by the broker
A salesperson must act within the authority granted by the sponsoring broker and cannot conduct real estate activities outside that supervisory relationship.
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:
Answer: Assignment
An assignment transfers the tenant's entire remaining interest in the lease to a new party, making the assignee directly responsible to the landlord.