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NYS Real estate Exam 2025 | All Questions and
Correct Answers | Graded A+ | Verified
Answers | Latest Version
A mortgage that has lower monthly payments in the early years and higher payments in the later years as known as what type of mortgage? ---------CORRECT ANSWER-----------------Graduated payment An interim or temporary short term financing for creating improvement of land, based on the value representing from an appraisal of a property and the construction plans and specifications is a form of? ---------CORRECT ANSWER-------- ---------Construction mortgage The type of mortgage requiring the buyer to pay only interest for a specific duration, and at the end of the term, the principal is paid in a lump sum is? --------- CORRECT ANSWER-----------------Straight term Lending institutions may charge discount points and making mortgage loans one point of a loan amount is? ---------CORRECT ANSWER-----------------One percent
Before constructing or renovating a commercial building or residential property, the property owner is required to obtain? ---------CORRECT ANSWER----------------- Building permit Insulation is rated for the degree of resistance to heat transfer from one area to another, this is rated via an? ---------CORRECT ANSWER-----------------R - factor An appraiser evaluates a multiple dwelling real property for a mortgage, lending institution, the value of the appraisal is? ---------CORRECT ANSWER----------------- Estimate Which of the following does not violate the federal fair housing act of 1968? ------- --CORRECT ANSWER-----------------Persuading a Hispanic couple to sign an exclusive right to sell listing The fair housing amendment act of 1988 or to outlaw discrimination based on? --- ------CORRECT ANSWER-----------------Familial status and disabilities Chemical use in refrigerator and air conditioners, causing the depletion of the ozone layer is? ---------CORRECT ANSWER-----------------CFC
How many days from the day of closing does a real estate exchanger have to to contract for another replacement property ---------CORRECT ANSWER----------------- 45 days In a tax effort exchange, any cash in the exchange is called? ---------CORRECT ANSWER-----------------Boot New York agency that registers mortgage brokers is which of the following? --------
- CORRECT ANSWER-----------------Banking department Which of the following describes the experience requirement for the NYS licensed real estate broker to obtain a mortgage broker license? ---------CORRECT ANSWER- ----------------A current real estate brokers license A mortgage broker who represents a purchaser in negotiating a mortgage loan is, which of the following? ---------CORRECT ANSWER-----------------An agent A mortgage broker who represents the purchaser in negotiating a mortgage while also representing the seller as a real estate broker in the same transaction is acting as a? ---------CORRECT ANSWER-----------------Dual agent
The minimum line of credit required to registered in New York as a mortgage banker is? ---------CORRECT ANSWER-----------------1 million Which of the following involve verifying a purchasers credit and employment history? ---------CORRECT ANSWER-----------------Preapproval A request by a purchaser to reserve a certain loan interest rate for a specified time is called a? ---------CORRECT ANSWER-----------------Rate lock The process in which the lender evaluates all of the borrowers financial data and determines if the borrower will obtain the loan is called? ---------CORRECT ANSWER-----------------loan underwriting A lender's rebate is payment to which of the following? ---------CORRECT ANSWER- ----------------Seller A loan that does not meet the federal reserve bank loan criteria for funding is known as? ---------CORRECT ANSWER-----------------nonconforming
Which document prepared by a property manager relates expenses to the operating budget for the period? ---------CORRECT ANSWER-----------------Property management agreement Linda, a property manager, enlisted her maintenance team to go through the building and assess and repair all items that may need repair or replacement for the calendar year. This is an example of? ---------CORRECT ANSWER----------------- Preventative maintenance If an agents License is canceled, what is the waiting period before they can re- apply for the License? ---------CORRECT ANSWER-----------------After 1 year and Apply Agents Always work for? ---------CORRECT ANSWER-----------------Their sponsering broker The overhang of a roof is called? ---------CORRECT ANSWER-----------------Eaves The material found in the soil and in the rivers used for transformers is called? ---- -----CORRECT ANSWER-----------------PCB
Asbestos are found usually where in the house? ---------CORRECT ANSWER----------- ------On boiler pipes The process of the government to take private property for public use is called? -- -------CORRECT ANSWER-----------------Eminent domain The best type of deed given to the grant aunty is? ---------CORRECT ANSWER-------- ---------Warranty deed How often should you and your broker sign the independent contractors agreement? ---------CORRECT ANSWER-----------------Every year Agent can only get paid commission from? ---------CORRECT ANSWER----------------- Their sponsoring broker A broker can only pay what, for an agent? ---------CORRECT ANSWER----------------- Office phone bill What mortgage if paid an equal installments, is the mortgage loan called? - -------- CORRECT ANSWER-----------------Fully amortized
The seller tells the agent that he can keep whatever amount of the house sold above 300,000 for his commission. What type of listing is this called? --------- CORRECT ANSWER-----------------Net listing If mortgage companies do not grant loan based on someone's geographical region is called? ---------CORRECT ANSWER-----------------Red lining The channeling of prospective buyers two or from certain neighborhoods is called? ---------CORRECT ANSWER-----------------Steering Telling people to sell their apartments for below market because a certain ethnic group is coming in. Is called what? ---------CORRECT ANSWER-----------------Block busting What is the name of the deed to relinquish or release a claim to real property? ---- -----CORRECT ANSWER-----------------Quitclaim deed What are the three appraisal approaches to evaluation of real property? --------- CORRECT ANSWER-----------------Sale, cost, income
Which is not protected under federal and New York State law? ---------CORRECT ANSWER-----------------Occupation The civil rights act of 1866, this law covers which of the following? --------- CORRECT ANSWER-----------------Race and color, no exceptions Which of the following is exempt from real estate licensing requirements --------- CORRECT ANSWER-----------------Attorney in New York State Brokers commission compensation is discussed between? ---------CORRECT ANSWER-----------------Broker and client An agent who has permission from both the seller and the buyer and representing them both, as what? ---------CORRECT ANSWER-----------------Dual agency What is the best kind of listing to a broker? ---------CORRECT ANSWER----------------- Exclusive right to sell
What lien has priority over all other liens? ---------CORRECT ANSWER----------------- Real estate property tax lien Who conveys property to whom? ---------CORRECT ANSWER-----------------Grant or to grantee Combining two or more partials of land to sell for more value is called what? ------- --CORRECT ANSWER-----------------Plottage The transfer of contract right from one to another is called? ---------CORRECT ANSWER-----------------Assignment Contract is not binding until something is met? What is this? Example my wife must sign. ---------CORRECT ANSWER-----------------Contingency The buyer gives the seller money when signing the contract of sale, the money is called? ---------CORRECT ANSWER-----------------Earnest money deposit
Two competent parties enter into a contract, how old must the parties be in order to be able to have a valid contract? ---------CORRECT ANSWER----------------- 18 To help someone finance the property and a return gets to share the profit on top of the loan payment is which mortgage? ---------CORRECT ANSWER----------------- Shared equity mortgage The loan interest is according to some in market index ---------CORRECT ANSWER-- ---------------Variable rate mortgage The adjustment of settlement cost during closing between the buyer and the seller is called? ---------CORRECT ANSWER-----------------Prorations The act which regulates discriminatory ads? ---------CORRECT ANSWER----------------
- Regulation Z In the advertisement of a loan interest, what must be included? ---------CORRECT ANSWER-----------------Detailed loan information and down payment
The Jones tell their agent that they will take 400,000 for their house and the agent may keep any money above the amount as commission. This illegal arrangement is also known as what type of listing? ---------CORRECT ANSWER-----------------Net When a broker commingles the money of a client with a broker's own money, which fiduciary duty is violated? ---------CORRECT ANSWER----------------- Accountability Owners who list property for sale with one broker and grant the broker The right as soul agent to collect a commission upon the sale of the property, even if the owners sell the property without a broker, is called what listing? ---------CORRECT ANSWER-----------------Exclusive rate to sell Real estate brokers employed by and representing only the purchaser in a transaction are known as? ---------CORRECT ANSWER-----------------Buyers broker The brokers principle is always The? ---------CORRECT ANSWER-----------------Client What fiduciary duty is violated when an agent fails to inform a principal that the buyer was not forthcoming with the balance of the earnest money deposit and was unable to fulfill the purchase contract? ---------CORRECT ANSWER----------------- Disclosure
Ownership of real estate is conveyed primarily through the use of? --------- CORRECT ANSWER-----------------Deeds Which of the following types of deeds gives the maximum protection to the purchaser? ---------CORRECT ANSWER-----------------Warranty The highest type of ownership in real estate is which type of a state? --------- CORRECT ANSWER-----------------Fee simple If a man will land to Smith until his death and then to Parker, Smith interest in the property is also known as what type of state? ---------CORRECT ANSWER-------------- ---Life When a husband and wife own a parcel of real estate, the title is said to be hailed in? ---------CORRECT ANSWER-----------------Tenancy by the entirety A mortgage is considered to be one of the following on real property? --------- CORRECT ANSWER-----------------LIEN
The listing of debits and credit of the buyer and seller in real estate transaction is known as the? ---------CORRECT ANSWER-----------------Closing statement The death of a landlord, during the term of the lease, affects the lease in which way? ---------CORRECT ANSWER-----------------There is no change in the lease The main purpose of the secondary mortgage market is The? ---------CORRECT ANSWER-----------------Purchase and sale of mortgages to make new funds available for mortgage lending Payment of a mortgage by periodic installments of principle and interest is referred to what type of mortgage ---------CORRECT ANSWER----------------- Amortized A purchaser receives financial help towards a down payment and a return promises to share the profit when the property is sold. This arrangement is known as? ---------CORRECT ANSWER-----------------Shared equity mortgage A mortgage that has higher payments in later years, is known as what type of mortgage? ---------CORRECT ANSWER-----------------Graduated payment
The federal reserve board, under truth - - lending legislation, requires institutions to state to residential borrowers, accurate information, including effective interest and other financial charges on mortgages that they provide. That requirement is found in regulation? ---------CORRECT ANSWER-----------------Z The right of the government to take property for public use is known as? --------- CORRECT ANSWER-----------------Eminent domain A document which is issued by the governmental agency, indicating that a structure complies with building, safety, and health and may be utilized, is known as? ---------CORRECT ANSWER-----------------A certificate of occupancy Which of the following terms refers to the sheet metal used in roof and chimney construction to prevent the seepage of water into the interior of a building? ------- --CORRECT ANSWER-----------------Flashing The definition of a footing is? ---------CORRECT ANSWER-----------------The concrete support under the foundation The words that explains a building plan are known as? ---------CORRECT ANSWER-- ---------------Specifications
