NYC Real estate Exam Questions with Math
Paper Questions and Answers (Verified
Answers) BEST FOR 2024 EXAM
1). It is essential that every deed be signed by the:
a) devisee
b) grantee
c) grantor & grantee
d) grantor
Ans: grantor
2). 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
Ans: 1 year
3). A specific tract of land is known as a:
a) devise
b) chattel
c) parcel
d) littoral
Ans: parcel
4). 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
Ans: if you have an agency contract with the buyer
5). 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:
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, a) is void
b) is jims responsibility only
c) remains as a claim against the property
d) is considered satisfied
Ans: remains as a claim against the property
6). 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?
Ans: 12.47%
478,000-425,000= 53,000
53,000*100=5,300,000
5,300,000/425,000= 12.47
7). 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
Ans: assessment roll
8). 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
Ans: B- proration
9). In nys, how old must one be to enter into contracts?
Ans: 18
10). What other capability should they possess? (to enter contract)
Ans: Mental and emotional capability
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, 11). What happens if one of the parties to the contract is a minor?
Ans: The contract is voidable by the minor
12). What does the zoning board of appeals do?
Ans: Grants variances
13). What regulates construction standards in nys?
Ans: Building codes
14). What does municipal engineer's office do?
Ans: Oversees planning and construction of major highways, sewer systems & water
connections
15). If a property ad states that the property is near the vicinity of a geographical area, what
else must the ad include?
Ans: It must include the name of the geographical area where the property is actually
located
16). Who is usually exempt from property taxes?
Ans: Disabled, veterans, farmers, elderly, gold star parents (whose kids dies in war)
and star program homeowners
17). Who is not usually exempt from property taxes?
Ans: Second home owners
18). What covers fully for personal property lost in a fire?
Ans: replacement cost
19). Find the square footage of a rectangular shaped floor plan.
Ans:
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Paper Questions and Answers (Verified
Answers) BEST FOR 2024 EXAM
1). It is essential that every deed be signed by the:
a) devisee
b) grantee
c) grantor & grantee
d) grantor
Ans: grantor
2). 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
Ans: 1 year
3). A specific tract of land is known as a:
a) devise
b) chattel
c) parcel
d) littoral
Ans: parcel
4). 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
Ans: if you have an agency contract with the buyer
5). 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:
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, a) is void
b) is jims responsibility only
c) remains as a claim against the property
d) is considered satisfied
Ans: remains as a claim against the property
6). 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?
Ans: 12.47%
478,000-425,000= 53,000
53,000*100=5,300,000
5,300,000/425,000= 12.47
7). 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
Ans: assessment roll
8). 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
Ans: B- proration
9). In nys, how old must one be to enter into contracts?
Ans: 18
10). What other capability should they possess? (to enter contract)
Ans: Mental and emotional capability
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, 11). What happens if one of the parties to the contract is a minor?
Ans: The contract is voidable by the minor
12). What does the zoning board of appeals do?
Ans: Grants variances
13). What regulates construction standards in nys?
Ans: Building codes
14). What does municipal engineer's office do?
Ans: Oversees planning and construction of major highways, sewer systems & water
connections
15). If a property ad states that the property is near the vicinity of a geographical area, what
else must the ad include?
Ans: It must include the name of the geographical area where the property is actually
located
16). Who is usually exempt from property taxes?
Ans: Disabled, veterans, farmers, elderly, gold star parents (whose kids dies in war)
and star program homeowners
17). Who is not usually exempt from property taxes?
Ans: Second home owners
18). What covers fully for personal property lost in a fire?
Ans: replacement cost
19). Find the square footage of a rectangular shaped floor plan.
Ans:
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