New York License Law
In New York, a 'net listing' is:
AA listing where the broker keeps all amounts above a specified net to the seller✓ Correct
BA listing where the broker's commission is a flat fee
CA listing that requires the property to be placed in the MLS within 24 hours
DPermitted only for commercial listings
Explanation
A net listing is one where the seller specifies a minimum net amount they wish to receive, and the broker keeps any sale proceeds above that amount as commission. Net listings are considered unethical and potentially legal but strongly discouraged in New York because they create a conflict of interest between the broker's financial interest and the duty to serve the client.
Related New York New York License Law Questions
- Under New York law, which of the following is required for a real estate licensee to lawfully collect a finder's fee or referral fee from a mortgage lender for referring a client?
- How many hours of continuing education must a New York real estate salesperson complete each renewal cycle?
- Real Property Law Article 12-A governs which of the following in New York?
- A New York real estate salesperson must be sponsored by:
- An advertisement by a New York licensee that does not identify the brokerage name is known as a:
- Which of the following is TRUE about an associate broker in New York?
- Under New York law, which of the following is required for a real estate broker license?
- Which of the following individuals is EXEMPT from needing a real estate license in New York?
Practice More New York Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New York Quiz →