Download NYS Real Estate Practice Exam Questions and answers 2025 update What does the buyer attac and more Exams Nursing in PDF only on Docsity!
NYS Real Estate Practice Exam Questions
and answers 2025 update
What does the buyer attach to the contract after signing it? - n Ans✔ Down payment Who holds the earnest deposit money from the buyer from the signing of the contract until closing? - n Ans✔ The Sellers Attorney Who signs the contract last? - n Ans✔ The Seller The fullest interest I can have in my ownership of realestate is? - n Ans✔ Fee Simple Absolute In a commercial environment it is understood that if you have cabinets, refrigerators, etc that are leaving when the lease is over, these are called? - n Ans✔ Trade Fixtures Tenants in common is characterized by? - n
Ans✔ Rights of Inheritance Joint Tenants is characterized by? - n Ans✔ Rights of Survivorship In NYS, husband and wife take ownership as? - n Ans✔ Tenants Entirety What is it called when one person buys property for himself/herself? - n Ans✔ Owner in severalty What do you call the power of the government to acquire personally held real property for the benefit of the public? - n Ans✔ Eminent Domain or Condemnation A zoning ordinance would NOT require? - n Ans✔ C-material When I goto the building department and i want to put an extension on my house or modify something, I am making an application for? - n Ans✔
The amount of current available in a structure? - n Ans✔ Amps What is the minimum amperage for new construction in NYS? - n Ans✔ 100-A The force or pressure of current is what? - n Ans✔ Voltage What is the standard voltage in the US? - n Ans✔ 110 V What is the "R-Factor"? - n Ans✔ Resistance to heat The lower part of the roof, which includes the soffit and fascia is called? - n Ans✔ Overhang, Eaves Bent pieces of metal to waterproof a house? - n Ans✔ Flashing
A BTU, British Thermal Unit, Is a measurement of what? - n Ans✔ Heat Energy What is the name of refrigerant that was destroying the ozone layers of the atmosphere? - n Ans✔ Freon What law regulates CFC's? - n Ans✔ Clean Air Act What would you call the first wooden member to be laid down on the foundation wall? - n Ans✔ Still Plate When I build a house, I am going to have an architectural rendering of it, also known as a?
- n Ans✔ Blueprint The spelling out of how it is to be built along the lines of a blueprint are called? - n Ans✔ Specifications
Functional Obsolescence Which term best identifies the most probable price for which specified property right should sell to a knowledeable buyer in a competitive market? - n Ans✔ Market Value What is the study of recently sold properties, currently competiting listing, monthly expiered listings, buyer appeal market position, assets and drawbacks, area market, conditions recommended terms and market value range? - n Ans✔ Comparative Market Analysis (CMA) What do you call people who get into real estate offices to make sure that all people are being treated the same way? - n Ans✔ Testers If i have a disabled tenant who wants to make a modification, what do i do? - n Ans✔ Allow them to make the medication at their own expense and then replace the modification upond vacating the unit all at their own expense. What was the year of the first major federal housing legislation? - n Ans✔ 1866 What was the protected class in the 1866 Civil Rights Act? - n
Ans✔ Race What was the year of the first major legislation to directly affect property ownership rights? - n Ans✔ 1866 What would be an exception to the 1866 civil rights act? - n Ans✔ A person renting out a room in their own home, which they actually live in, to the same sex. What was the year of the second major piece of federal fair housing legislation? - n Ans✔ 1968 What classes were protected under the 1968 FHA? - n Ans✔ Race, Religion, National Origin In 1974, there was an amendment- what class was added to the 1968 legislature? - n Ans✔ Gender In 1988 there was an amendment- what class was added to the 1968 legislature? - n Ans✔
What is the minimum age to enter into a contract? - n Ans✔ 18 If you were to sell your house to someone under the age of 18, how you characterize the contract of sale? - n Ans✔ Voidable by the minor What is the name of the "regulation" that requires the lead paint disclosure form? - n Ans✔ Regulation X Qs What agency issues real estate licenses? - n Ans✔ The New York State Department of State (NYDOS), Divison of Licensing Services At what age can you become a real estate salesperson? - n Ans✔ 18 Do you need experience in the field to become a sales person? - n Ans✔ No What is the minimum age to become a real estate broker? - n
Ans✔ 20 If your license is revoked, how long do you have to wait to re-apply for it? - n Ans✔ One year Do you need experience in the field to become a broker? - n Ans✔ Yes, at least 2 years of experience and 3200 points As a licensing salesperson, I can receive compensation from my? - n Ans✔ Sponsoring Broker As a real estate licensee you will more often than not be an ________, will receive a ____________ and will file a _____________ - n Ans✔ Independent contractor, 1099, Schedule C Attorneys admitted to the bar in NYS are _____ from the licensure law, unless they take on sales people - n Ans✔ Exempt If you mix your clients money with the office operating funds, it is called________ and you have violated which fiducary duty? - n Ans✔
Are Real Estate brokers also required to take the CE classes? - n Ans✔ Yes If a seller decides not to provide the purchaser with the Property Condition Disclosure Form, how much of a reduction in price does he have to give? - n Ans✔ $ If you are a independent contractor what can a broker provide to you? - n Ans✔ Telephone As an independent contractor are you paid for the hours you put into a deal, or for "production'? - n Ans✔ no What is the term of a real estate licensure? - n Ans✔ two years If i was a real estate licensee and wanted to apply to become a mortgage broker, how many years of experience would i need? - n Ans✔ Two Years
Violation of real estate Licensee law is a? - n Ans✔ Misdemeanor What is the possible penalty of violating Real Estate Licensee Law? - n Ans✔ $1000 fine, and up to one year in jail What is the very first document you should fill out with a client or customer? - n Ans✔ Agency Disclosure Form At what moment should you take out the Agency Disclosure form? - n Ans✔ At first Substantive Contact What does First substantive contact mean? - n Ans✔ When the customer begins to ask questions pretaining to the Real Estate Property. What should you do if a customer refuses to sign an Agency Disclousure form? - n Ans✔ Fill out an affidavit stating the refusal to sign, then have it notarizied. As a real estate sales person I am what kind of agent? - n Ans✔ Special Agent
Ans✔ Easement Appurtenant If my driveway crosses my neighbors property, I am the______ - n Ans✔ Dominant If my driveway crosses my neighbors property, My neighbro is the _______ - n Ans✔ Servient If a utility company has a right to use my property, this is called? - n Ans✔ Easement in Gross If someone uses a property that is open and notorious, exclusive and adverse to the best intrest of the owner, this is called? - n Ans✔ Squatters Rights When someone makes use of another's property? - n Ans✔ Adverse Possession For how many years must another use some one else property for it to become theres? - n Ans✔ 10 years through Adverse Possession
If someone has a right to cross your property, this is called a(n)? - n Ans✔ Easement If a thing is crossing over your property, this is called a(n)? - n Ans✔ Encroachment If you buy materials from a supply house and fail to pay them, they can file a? - n Ans✔ Mechanics Lien How is an example of a formal legal description(FLD)? - n Ans✔ Metes and Bounds, Block and Lot, Section What is not a FLD? - n Ans✔ Street name and Street address Who determines what the commission will be on a real estate sale? - n Ans✔ Client and Broker If someone dies without having a valid will, this is called? - n Ans✔
Who creates the real estate "Contract of Sale"? - n Ans✔ Sellers Attorney Who signs the contract first? - n Ans✔ Buyer I have to give the "protect your family from lead paint in your home" and the lead paint disclosure form to prospective buyers and tenants if the building was constructed in? - n Ans✔ 1978 A condo association will reserve the right to be the first buyer if you decide to sell. This is called? - n Ans✔ Right of first refusal I am going to rent an apartment for one week, this is known as what type of leasehold? - n Ans✔ An Estate for years Co-Op ownership is what type of estate? - n Ans✔ Leasehold
How would you describe an interest in a co-op? - n Ans✔ Leasehold A mortgage that covers more than one property is called? - n Ans✔ Blanket Mortgage A mortgage that finances both real property and the personal property is called? - n Ans✔ Package Mortgage A loan that allows you to move from one property to another? - n Ans✔ Bridge, Swing, Interim loan what would you call a financing situation where the buyer receives financial assitance with the down payment and closing costs, in exchange for some share of the equity? - n Ans✔ Shared equity loan There is a type of mortgage where the monthly payment increases as your ability to pay more improves. What type of mortgage is this? - n Ans✔ Graduated Payment Mortgage A transaction that involves the sale of property to free up the liquid assets that are trapped in the real estate and lease of the same property is called? - n
