New York State Real Estate Salesperson Licensing Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the New York State Real Estate Salesperson Licensing Exam. Learn with flashcards and multiple choice questions, each question includes hints and explanations. Be confident and ready for your exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

How much should the seller reimburse the buyer for refusing to provide a property disclosure form?

$250
$500
$750
$1,000

The correct answer is: $500

The seller's obligation to reimburse the buyer when a property disclosure form is not provided is established under New York State law. The law specifies that if a seller fails to provide this form, which is intended to disclose material facts about the property, the seller owes the buyer a sum of $500. This amount serves as a standardized penalty to compensate buyers for any potential lack of information regarding the property. In this context, the reimbursement acts as a deterrent for sellers to ensure they comply with the disclosure requirements, promoting transparency in real estate transactions. The form is crucial for buyers to make informed decisions regarding their purchase, and the law emphasizes the importance of full disclosure. The other amounts listed as choices may have relevance in different contexts or jurisdictions, but within New York State, the specifically defined reimbursement amount is set at $500. Understanding this provision helps buyers and sellers navigate their responsibilities during a transaction, ensuring adherence to legal expectations in real estate dealings.