NEW YORK PRE-LICENSING EXAM
QUESTIONS WITH CORRECT
SOLUTIONS||100% GUARANTEED
PASS||UPDATED 2026/2027
SYLLABUS||A+ GRADED!!!||<RECENT
VERSION>
Planned Unit Development (PUD) - ANSWER ✓ a subdivision that includes
residential dwellings along with nonresidential real estate, departing from normal
zoning and subdivision regulations; recreational facilities may be co-owned by
PUD lot owners as tenants in common
planning board - ANSWER ✓ a board that develops a municipality's master plan,
advises other boards on planning issues, takes specific zoning actions, and advises
legislators on zoning and planning issues
platform framing - ANSWER ✓ a method of framing that builds one story of a
building at a time and uses each story as a platform for the next
pledged account mortgage - ANSWER ✓ a mortgage loan program in which the
lendee sets up a savings account; the lender withdraws money from the account
each month to be applied towards the monthly payment; the interest earned is used
to subsidize the mortgage's interest
plot plan - ANSWER ✓ a diagram that shows the layout of the property site,
including the position of the building, roads, and utility runs; also known as a site
plan
plottage - ANSWER ✓ an increase in value (to cover the cost of acquiring the
parcels) by successful assemblage, usually due to use
pocket card - ANSWER ✓ a form of identification prepared, issued, and delivered
by the New York Department of State with the assistance of the Department of
,Motor Vehicles, that contains a licensee's photo, name and business address and, in
the case of a real estate salesperson, the name and business address of the broker
with whom they are associated
point - ANSWER ✓ a loan fee that is one percent of the loan; lenders can charge
borrowers for points for a variety of reasons, including underwriting, processing
applications, or for lower interest rate
police power - ANSWER ✓ the government right to regulate and restrict land use
in order to protect the public; right includes the power to enforce zoning and
building codes
polychlorinated biphenyls (PCBs) - ANSWER ✓ a group of human-made organic
chemicals made of carbon, hydrogen, and chlorine atoms that were used in
hundreds of industrial and commercial applications prior to 1979 and can cause a
variety of adverse health effects
possessory - ANSWER ✓ describes an interest in property that includes the right
to possess and occupy the property, now or in the future
post and beam framing - ANSWER ✓ a method of framing in which structural
columns support the floors of higher stories or roofs with beams placed on top of
posts with an outside wall perimeter
power of attorney - ANSWER ✓ a legal instrument used to confer the right of one
individual to act on behalf of another
pre-approval - ANSWER ✓ official process of a borrower being approved by a
lender to borrow a specific amount at an interest rate within a small range; a
mortgage application, credit report, and supporting financial documentation are
required
prepayment penalty clause - ANSWER ✓ a clause that levees a fee to the lendee
for paying a loan off early
pre-qualification - ANSWER ✓ the first step in the loan application process in
which lenders give prospective borrowers a general estimate of the loan amount for
which they may be approved; based on information reported by the borrower
,preventative maintenance - ANSWER ✓ periodic, routine inspections to catch
minor issues before they worsen and to keep equipment and property in good
working order
price - ANSWER ✓ the amount a ready, willing, and able buyer agrees to pay
(and a seller agrees to accept) for a property
price fixing - ANSWER ✓ any effort made by competitors to jointly establish a
fixed rate, price, or commission; considered an antitrust violation
primary mortgage market - ANSWER ✓ the market in which loans are
originated/created/funded by the lender
principal - ANSWER ✓ the client of a broker in an agency relationship; the
parties to a contract in a real estate transaction (as opposed to license holders,
lenders, escrow agents, etc.); also, the amount borrowed in a loan from which
interest is accrued
private mortgage insurance (PMI) - ANSWER ✓ insurance that protects the
lender if a borrower defaults on a conventional loan; required when the borrower
has less than 20% equity
proforma statement - ANSWER ✓ a statement that shows the projected profits
and expenses for an investment property for the future
promissory note - ANSWER ✓ a document where the borrower acknowledges
their debt and promises to repay the lender; also called the note
property insurance - ANSWER ✓ insurance that indemnifies the policy holder for
direct and indirect property losses; coverage can be broad, as with an all-risk
policy, or more limited via a named-peril policy
property management - ANSWER ✓ the vocation of renting or leasing someone
else's real property on their behalf in exchange for compensation and in accordance
with a property management employee contract
, property management report - ANSWER ✓ a report that informs the property
owner(s) of their property's expenses, income, and disbursements; prepared by the
property manager
property manager - ANSWER ✓ someone who is hired by a property owner to
market, maintain, and oversee the day-to-day operation of a property (usually a
rental property)
proprietary lease - ANSWER ✓ long-term and exclusive lease given to resident
and stock owner of a cooperative
proration - ANSWER ✓ the act of dividing or allocating expenses between buyers
and sellers based on the actual period of usage of the item or service
qualified fee estate - ANSWER ✓ many estate that is conveyed by a grantor with
a condition attached to it (also known as a fee simple defeasible estate); two types
are fee simple determinable and fee on condition
quitclaim deed - ANSWER ✓ type of deed that conveys any interest, title, or right
to a parcel of land the grantor has at the time the deed is executed; grantor does not
represent that there is any interest at all
radon - ANSWER ✓ an odorless, radioactive gas produced by the decay of other
radioactive materials in rocks under the surface of the earth; can cause lung cancer
rafters - ANSWER ✓ a series of sloped internal beams that extend from the eaves
to the peak of a roof, running parallel to the roof's pitch
rate cap/payment cap - ANSWER ✓ terms in a mortgage that protect a borrower
from large payment or interest rate increases
rate of return - ANSWER ✓ a measure of the gain or loss of an investment
weighed in relation to a metric of cost and/or time
real estate - ANSWER ✓ a part of the surface of the land to the center of the earth
and upward to space, plus all improvements
QUESTIONS WITH CORRECT
SOLUTIONS||100% GUARANTEED
PASS||UPDATED 2026/2027
SYLLABUS||A+ GRADED!!!||<RECENT
VERSION>
Planned Unit Development (PUD) - ANSWER ✓ a subdivision that includes
residential dwellings along with nonresidential real estate, departing from normal
zoning and subdivision regulations; recreational facilities may be co-owned by
PUD lot owners as tenants in common
planning board - ANSWER ✓ a board that develops a municipality's master plan,
advises other boards on planning issues, takes specific zoning actions, and advises
legislators on zoning and planning issues
platform framing - ANSWER ✓ a method of framing that builds one story of a
building at a time and uses each story as a platform for the next
pledged account mortgage - ANSWER ✓ a mortgage loan program in which the
lendee sets up a savings account; the lender withdraws money from the account
each month to be applied towards the monthly payment; the interest earned is used
to subsidize the mortgage's interest
plot plan - ANSWER ✓ a diagram that shows the layout of the property site,
including the position of the building, roads, and utility runs; also known as a site
plan
plottage - ANSWER ✓ an increase in value (to cover the cost of acquiring the
parcels) by successful assemblage, usually due to use
pocket card - ANSWER ✓ a form of identification prepared, issued, and delivered
by the New York Department of State with the assistance of the Department of
,Motor Vehicles, that contains a licensee's photo, name and business address and, in
the case of a real estate salesperson, the name and business address of the broker
with whom they are associated
point - ANSWER ✓ a loan fee that is one percent of the loan; lenders can charge
borrowers for points for a variety of reasons, including underwriting, processing
applications, or for lower interest rate
police power - ANSWER ✓ the government right to regulate and restrict land use
in order to protect the public; right includes the power to enforce zoning and
building codes
polychlorinated biphenyls (PCBs) - ANSWER ✓ a group of human-made organic
chemicals made of carbon, hydrogen, and chlorine atoms that were used in
hundreds of industrial and commercial applications prior to 1979 and can cause a
variety of adverse health effects
possessory - ANSWER ✓ describes an interest in property that includes the right
to possess and occupy the property, now or in the future
post and beam framing - ANSWER ✓ a method of framing in which structural
columns support the floors of higher stories or roofs with beams placed on top of
posts with an outside wall perimeter
power of attorney - ANSWER ✓ a legal instrument used to confer the right of one
individual to act on behalf of another
pre-approval - ANSWER ✓ official process of a borrower being approved by a
lender to borrow a specific amount at an interest rate within a small range; a
mortgage application, credit report, and supporting financial documentation are
required
prepayment penalty clause - ANSWER ✓ a clause that levees a fee to the lendee
for paying a loan off early
pre-qualification - ANSWER ✓ the first step in the loan application process in
which lenders give prospective borrowers a general estimate of the loan amount for
which they may be approved; based on information reported by the borrower
,preventative maintenance - ANSWER ✓ periodic, routine inspections to catch
minor issues before they worsen and to keep equipment and property in good
working order
price - ANSWER ✓ the amount a ready, willing, and able buyer agrees to pay
(and a seller agrees to accept) for a property
price fixing - ANSWER ✓ any effort made by competitors to jointly establish a
fixed rate, price, or commission; considered an antitrust violation
primary mortgage market - ANSWER ✓ the market in which loans are
originated/created/funded by the lender
principal - ANSWER ✓ the client of a broker in an agency relationship; the
parties to a contract in a real estate transaction (as opposed to license holders,
lenders, escrow agents, etc.); also, the amount borrowed in a loan from which
interest is accrued
private mortgage insurance (PMI) - ANSWER ✓ insurance that protects the
lender if a borrower defaults on a conventional loan; required when the borrower
has less than 20% equity
proforma statement - ANSWER ✓ a statement that shows the projected profits
and expenses for an investment property for the future
promissory note - ANSWER ✓ a document where the borrower acknowledges
their debt and promises to repay the lender; also called the note
property insurance - ANSWER ✓ insurance that indemnifies the policy holder for
direct and indirect property losses; coverage can be broad, as with an all-risk
policy, or more limited via a named-peril policy
property management - ANSWER ✓ the vocation of renting or leasing someone
else's real property on their behalf in exchange for compensation and in accordance
with a property management employee contract
, property management report - ANSWER ✓ a report that informs the property
owner(s) of their property's expenses, income, and disbursements; prepared by the
property manager
property manager - ANSWER ✓ someone who is hired by a property owner to
market, maintain, and oversee the day-to-day operation of a property (usually a
rental property)
proprietary lease - ANSWER ✓ long-term and exclusive lease given to resident
and stock owner of a cooperative
proration - ANSWER ✓ the act of dividing or allocating expenses between buyers
and sellers based on the actual period of usage of the item or service
qualified fee estate - ANSWER ✓ many estate that is conveyed by a grantor with
a condition attached to it (also known as a fee simple defeasible estate); two types
are fee simple determinable and fee on condition
quitclaim deed - ANSWER ✓ type of deed that conveys any interest, title, or right
to a parcel of land the grantor has at the time the deed is executed; grantor does not
represent that there is any interest at all
radon - ANSWER ✓ an odorless, radioactive gas produced by the decay of other
radioactive materials in rocks under the surface of the earth; can cause lung cancer
rafters - ANSWER ✓ a series of sloped internal beams that extend from the eaves
to the peak of a roof, running parallel to the roof's pitch
rate cap/payment cap - ANSWER ✓ terms in a mortgage that protect a borrower
from large payment or interest rate increases
rate of return - ANSWER ✓ a measure of the gain or loss of an investment
weighed in relation to a metric of cost and/or time
real estate - ANSWER ✓ a part of the surface of the land to the center of the earth
and upward to space, plus all improvements
