NYC Real Estate Exam Questions And
Answers
/. It is essential that every deed be signed by the:
a) Devisee
b) grantee
c) grantor & grantee
d) Grantor - Answer-D- grantor
/.Jim's mechanic's lien will remain against the property for at least:
a) 1 year
2) 8 Months
c) 10 years
d) 4 months - Answer-A- 1 year
/.A specific tract of land is known as a:
a) devise
b) chattel
c) parcel
d) littoral - Answer-C- parcel
/.If you are a salesperson working with a buyer, then the buyer is your client:
a) if you are servicing the buyer
b) if you have an agency contract with buyer
c) if the buyer has shared financial info with you
d) none of the above - Answer-B- if you have an agency contract with the buyer
/.Rosita buys a summer cottage that has a mechanic's lien against it, placed by the
workman who was not paid by the former owner Jim, for constructing a dock. The lien
now:
a) is void
b) is Jims responsibility only
c) remains as a claim against the property
d) is considered satisfied - Answer-C- remains as a claim against the property
/.A home was purchased in 2005, for $425,000. It was sold recently for $478,000. What
is the rate of return on profit on this house? - Answer-12.47%
478,000-425,000= 53,000
53,000*100=5,300,000
, 5,300,000/425,000= 12.47
/.Which of the following contains a list of all real property in the jurisdiction with annual
information including its assessed value?
a) Assessment roll
b) equalization rate list
c) grievance list
d) in rem document - Answer-a- assessment roll
/.The assignment of costs between the buyer and the seller at the closing is called:
a) Finishing fees
b) proration
c) closing accounting
d) real estate settlement & procedures - Answer-B- proration
/.In NYS, how old must one be to enter into contracts? - Answer-18
/.What other capability should they possess? (to enter contract) - Answer-Mental and
emotional capability
/.What happens if one of the parties to the contract is a minor? - Answer-The contract is
voidable by the minor
/.What does the zoning board of appeals do? - Answer-Grants variances
/.What regulates construction standards in NYS? - Answer-Building codes
/.What does municipal engineer's office do? - Answer-Oversees planning and
construction of major highways, sewer systems & water connections
/.If a property ad states that the property is near the vicinity of a geographical area, what
else must the ad include? - Answer-It must include the name of the geographical area
where the property is actually located
/.Who is usually exempt from property taxes? - Answer-Disabled, veterans, farmers,
elderly, gold star parents (whose kids dies in war) and star program homeowners
/.Who is not usually exempt from property taxes? - Answer-Second home owners
/.What covers fully for personal property lost in a fire? - Answer-replacement cost
/.Find the square footage of a rectangular shaped floor plan. - Answer-
/.What's the cash on cash return on a $2,000,000 property with a down payment of
500,000 and $15000 monthly rental income? - Answer-36%
Answers
/. It is essential that every deed be signed by the:
a) Devisee
b) grantee
c) grantor & grantee
d) Grantor - Answer-D- grantor
/.Jim's mechanic's lien will remain against the property for at least:
a) 1 year
2) 8 Months
c) 10 years
d) 4 months - Answer-A- 1 year
/.A specific tract of land is known as a:
a) devise
b) chattel
c) parcel
d) littoral - Answer-C- parcel
/.If you are a salesperson working with a buyer, then the buyer is your client:
a) if you are servicing the buyer
b) if you have an agency contract with buyer
c) if the buyer has shared financial info with you
d) none of the above - Answer-B- if you have an agency contract with the buyer
/.Rosita buys a summer cottage that has a mechanic's lien against it, placed by the
workman who was not paid by the former owner Jim, for constructing a dock. The lien
now:
a) is void
b) is Jims responsibility only
c) remains as a claim against the property
d) is considered satisfied - Answer-C- remains as a claim against the property
/.A home was purchased in 2005, for $425,000. It was sold recently for $478,000. What
is the rate of return on profit on this house? - Answer-12.47%
478,000-425,000= 53,000
53,000*100=5,300,000
, 5,300,000/425,000= 12.47
/.Which of the following contains a list of all real property in the jurisdiction with annual
information including its assessed value?
a) Assessment roll
b) equalization rate list
c) grievance list
d) in rem document - Answer-a- assessment roll
/.The assignment of costs between the buyer and the seller at the closing is called:
a) Finishing fees
b) proration
c) closing accounting
d) real estate settlement & procedures - Answer-B- proration
/.In NYS, how old must one be to enter into contracts? - Answer-18
/.What other capability should they possess? (to enter contract) - Answer-Mental and
emotional capability
/.What happens if one of the parties to the contract is a minor? - Answer-The contract is
voidable by the minor
/.What does the zoning board of appeals do? - Answer-Grants variances
/.What regulates construction standards in NYS? - Answer-Building codes
/.What does municipal engineer's office do? - Answer-Oversees planning and
construction of major highways, sewer systems & water connections
/.If a property ad states that the property is near the vicinity of a geographical area, what
else must the ad include? - Answer-It must include the name of the geographical area
where the property is actually located
/.Who is usually exempt from property taxes? - Answer-Disabled, veterans, farmers,
elderly, gold star parents (whose kids dies in war) and star program homeowners
/.Who is not usually exempt from property taxes? - Answer-Second home owners
/.What covers fully for personal property lost in a fire? - Answer-replacement cost
/.Find the square footage of a rectangular shaped floor plan. - Answer-
/.What's the cash on cash return on a $2,000,000 property with a down payment of
500,000 and $15000 monthly rental income? - Answer-36%
