TheoryYork Real Estate Study Guide
Study for the York Real Estate with exam topics, practice questions, a free PDF, video walkthrough and timed mock exam links.
How to study for York Real Estate
- Read the topic list so you know what the exam is likely to cover.
- Answer the free practice questions and read every explanation.
- Download the PDF for offline review.
- Use timed mock exams when your untimed practice feels comfortable.
Topics to review
- Property ownership, agency and disclosure
- Contracts, financing and escrow
- Real estate law and fair-housing rules
- Valuation, math and transaction practice
Try York Real Estate questions now
Q1In real estate, an 'agent' is best defined as a person who:
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✓ Correct answer: Acts on behalf of another with that person's authority
An agent is someone authorized to act on behalf of a principal. In real estate, licensees act as agents for buyers or sellers, but the defining characteristic is the authority granted to act for another.
Q2The person on whose behalf an agent acts is called the:
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✓ Correct answer: Principal
The principal is the party who authorizes the agent to act on their behalf. In real estate, the principal is typically the buyer or seller who hires the agent.
Q3A 'customer' in a real estate transaction is most accurately described as:
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✓ Correct answer: A third party who is not represented by the licensee
A customer is a third party (not the licensee's client/principal) to whom the licensee may still owe certain duties such as honest dealing but NOT fiduciary duties.
Q4Which type of agency authorizes the agent to perform only ONE specific act?
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✓ Correct answer: Special agency
A special (or specific) agency limits the agent to performing a single act or transaction, such as selling one particular property. Most real estate agents operate as special agents.
Q5A general agency relationship in real estate typically exists between:
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✓ Correct answer: A broker and their licensed salespersons
Salespersons are general agents of their employing broker because they are authorized to conduct a wide range of activities on the broker's behalf on an ongoing basis, not just for a single transaction.
Q6Universal agency differs from general agency primarily because the universal agent:
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✓ Correct answer: May be authorized to act in ALL matters for the principal, including signing legal documents
Universal agency grants the broadest authority, often via a power of attorney, allowing the agent to act in virtually all matters for the principal. General agency, by contrast, is limited to a specific business or type of activity.
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