NYREI GROUP TUTORING STATE EXAM
FINAL PAPER 2026 COMPLETE ANSWERS
GRADED A+
⩥ Eminent Domain. Answer: government's power to take private
property for public use as long as the owner is paid just compensation
⩥ Escheat. Answer: property reverts back to the state when someone
dies without a will and without heirs
⩥ Fiscal. Answer: governments plan for spending, taxation, and debt
management
⩥ Monetary. Answer: government exerts control over money supply
⩥ secondary mortgage markets. Answer: private investors and
government agencies that buy and sell real estate mortgages
⩥ Federal Housing Administration (FHA). Answer: provides mortgage
insurance to help people who have smaller down payments to quality for
a loan
,⩥ Veteran's Administration. Answer: guarantees mortgage loans for
eligible vets
⩥ Who issues state licenses?. Answer: Department of State
⩥ Secretary of State. Answer: administration of licensing and
compliance with the Article 12-A
⩥ NYS Board of Real Estate. Answer: oversees all activities in New
York that would require a real estate license
⩥ How often are NYS Board of Real Estate meetings?. Answer: 3 times
a year, and one public hearing
⩥ Reciprocity. Answer: allows a license in one state to be valid in
another
⩥ You need a license because. Answer: it is illegal to act on behalf of
another for a fee or valuable consideration
⩥ Who's exempt from needing a license ?. Answer: an owner selling
their own property, attorney-at law, a trustee or guardian who is acting
under the authority of a court order, an employee of a single owner,
public officers
,⩥ Vicarious Liability for brokers. Answer: Brokers must supervise their
salespeople
⩥ Broker:. Answer: - At least 20 years old
- 45 hours of licensing education
- 2 years of salesperson experience
⩥ Salesperson:. Answer: - At least 18 years old
- 75 hours of licensing education
⩥ How many hours of continuuing education are required during every
license renewal cycle?. Answer: 22.5
⩥ kickbacks. Answer: prohibited compensation from service companies
⩥ escrow account. Answer: separate account to handle funds
⩥ How long should contracts and agreements be retained for?. Answer:
3 years after the transaction ended
⩥ Actual authority. Answer: power or permission given intentionally to
an agent by the principal
, ⩥ Expressed authority. Answer: power or permission for a specific act or
outcome communicated by the client to the agent
⩥ Implied Authority. Answer: authority to do everything reasonably
necessary to carry out the client's express orders
⩥ License law violations are considered _____________. Answer:
misdemeanors
⩥ Agent/Broker and. Answer: Client/Principal
⩥ Universal Agent. Answer: authorized to do anything and everything
that can be lawfully delegated to a representative
⩥ General Agent. Answer: authorized to represent the client in a broad
range of matters as specified, usually as part of a long-term relationship,
such as a property manager who represents a property owner
⩥ Special Agent. Answer: has limited authority to do a specific task or
conduct a specific transaction. Generally a short term relationship such
as a licensee listing a client's property to sell
FINAL PAPER 2026 COMPLETE ANSWERS
GRADED A+
⩥ Eminent Domain. Answer: government's power to take private
property for public use as long as the owner is paid just compensation
⩥ Escheat. Answer: property reverts back to the state when someone
dies without a will and without heirs
⩥ Fiscal. Answer: governments plan for spending, taxation, and debt
management
⩥ Monetary. Answer: government exerts control over money supply
⩥ secondary mortgage markets. Answer: private investors and
government agencies that buy and sell real estate mortgages
⩥ Federal Housing Administration (FHA). Answer: provides mortgage
insurance to help people who have smaller down payments to quality for
a loan
,⩥ Veteran's Administration. Answer: guarantees mortgage loans for
eligible vets
⩥ Who issues state licenses?. Answer: Department of State
⩥ Secretary of State. Answer: administration of licensing and
compliance with the Article 12-A
⩥ NYS Board of Real Estate. Answer: oversees all activities in New
York that would require a real estate license
⩥ How often are NYS Board of Real Estate meetings?. Answer: 3 times
a year, and one public hearing
⩥ Reciprocity. Answer: allows a license in one state to be valid in
another
⩥ You need a license because. Answer: it is illegal to act on behalf of
another for a fee or valuable consideration
⩥ Who's exempt from needing a license ?. Answer: an owner selling
their own property, attorney-at law, a trustee or guardian who is acting
under the authority of a court order, an employee of a single owner,
public officers
,⩥ Vicarious Liability for brokers. Answer: Brokers must supervise their
salespeople
⩥ Broker:. Answer: - At least 20 years old
- 45 hours of licensing education
- 2 years of salesperson experience
⩥ Salesperson:. Answer: - At least 18 years old
- 75 hours of licensing education
⩥ How many hours of continuuing education are required during every
license renewal cycle?. Answer: 22.5
⩥ kickbacks. Answer: prohibited compensation from service companies
⩥ escrow account. Answer: separate account to handle funds
⩥ How long should contracts and agreements be retained for?. Answer:
3 years after the transaction ended
⩥ Actual authority. Answer: power or permission given intentionally to
an agent by the principal
, ⩥ Expressed authority. Answer: power or permission for a specific act or
outcome communicated by the client to the agent
⩥ Implied Authority. Answer: authority to do everything reasonably
necessary to carry out the client's express orders
⩥ License law violations are considered _____________. Answer:
misdemeanors
⩥ Agent/Broker and. Answer: Client/Principal
⩥ Universal Agent. Answer: authorized to do anything and everything
that can be lawfully delegated to a representative
⩥ General Agent. Answer: authorized to represent the client in a broad
range of matters as specified, usually as part of a long-term relationship,
such as a property manager who represents a property owner
⩥ Special Agent. Answer: has limited authority to do a specific task or
conduct a specific transaction. Generally a short term relationship such
as a licensee listing a client's property to sell
