NY Real Estate Exam Cheat Sheet 150
Questions
How many square feet in one acre?
A. 55,430
B. 24,650
C. 43,560
D. 46,530 - correct answer-C. 43,650
Mr. and Mrs. Conners sold their home and paid an 8% commission to their realtor. Assuming
no other fees, if they walked away from the sale with $306,000, about how much did their
house sell for?
A. $330,400
B. $332,600
C. $328,400
D. $327,900 - correct answer-B $332,600
Which of the following is a violation of the Fair Housing act?
A. not renovating second-story apartments to accommodate handicapped residents
B. not allowing a service dog in an apartment complex that doesn't allow pets
C. a private club that provides lodging and gives preferential treatment to club members
D. refusing to rent to someone who does not meet economic qualifications - correct
answer-B not allowing a service dog in an apartment complex that doesn't allow pets
According to Fair Housing laws, which of these people is not considered disabled?
A. a former convict
B. a person with HIV infection
C. a drug addict
D. a person with alcoholism - correct answer-A a former convict
,Sarah owns a warehouse and has decided to sell it as an open listing. She has contacted
three brokers to sell it for her, Brokers A, B, and C. If Broker B makes the sale, who gets the
commission?
A. Brokers A, B, and C
B. It is up to the brokers to decide how to split the commission.
C. Broker B
D. It is up to Sarah to decide how to split the commission. - correct answer-C Broker B
What information would be unethical for a listing agent to share with a potential buyer?
A. "The seller is very eager for an offer because he lost his job and found a new one in a
different state."
B. "The neighbors next door are really great and have two young children about the age of
your kids."
C. "The roof might need to be replaced in the next year or two."
D. "The community association fees are $800 this year, but they will be going up to $1200
next year." - correct answer-A "The seller is very eager for an offer because he lost his job
and found a new one in a different state."
A subdivision has a rule that each home in the neighborhood be at least 2,500 square feet.
This is an example of which concept?
A. homestead laws
B. cooperative ownership
C. restrictive covenant
D. Fair Housing Laws violation - correct answer-C. restrictive covenant
Which of the following describes a transaction brokerage?
A. The broker represents both the buying and selling parties.
B. The broker represents the buyer in the transaction.
C. The broker represents the seller in the transaction.
,D. The broker does not represent either party, but provides general information and services
to each. - correct answer-D. The broker does not represent either party, but provides general
information and services to each.
Who takes the biggest risk in an open listing?
A. the seller
B. the lending institution
C. the buyer
D. the agent - correct answer-D. The Agent
An agency contract is being terminated. In which scenario might there be damages owed to
one of the parties?
A. The property owner discovers another claim on the title of the house.
B. The agent resigns from the contract because he is overloaded with homes to sell.
C. The agency files for bankruptcy.
D. The owners discharge the agent because she was not acting in their best interest. -
correct answer-b. The agent resigns from contract because he is overloaded
A reconveyance deed ____.
A. is only used for personal property and not real property transfer
B. removes a lien and is evidence a trust deed has been paid in full when it is signed by the
trustee
C. can remove a lien without needing the signature of the trustee
D. requires court approval to remove a lien - correct answer-B. removes a lien and is
evidence a trust deed has been paid in full when it is signed by the trustee
When dividing a single plot of land into two or three units, the process is called ____, and the
units are called ____.
A. subdividing; lots
B. partitioning; parcels
C. subdividing; parcels
D. partitioning; lots - correct answer-B. partitioning; parcels
, A reverse mortgage ____.
A. requires participant to be 62 or older and removes all remaining interest payments from
mortgage
B. requires participant to be 65 or older and removes all remaining interest payments from
mortgage
C. requires participant to be 62 or older and converts equity into cash
D. requires participant to be 55 or older and converts equity into cash - correct answer-C.
requires participant to be 62 or older and converts equity into cash
Real property is defined as ____.
A. land and all chattel
B. land
C. land and all personal property on that land
D. land and everything permanently attached - correct answer-D. land and everything
permanently attached
____ are rights and privileges belonging to the land.
A. Attachments
B. Assemblages
C. Appurtenances
D. Assignments - correct answer-A. Attachments
Which of these is a fixture?
A. refrigerator
B. microwave
C. free-standing workbench
D. window blinds - correct answer-D. window blinds
A ____ is a promise of real property, kept by the lender to secure the loan.
A. note
Questions
How many square feet in one acre?
A. 55,430
B. 24,650
C. 43,560
D. 46,530 - correct answer-C. 43,650
Mr. and Mrs. Conners sold their home and paid an 8% commission to their realtor. Assuming
no other fees, if they walked away from the sale with $306,000, about how much did their
house sell for?
A. $330,400
B. $332,600
C. $328,400
D. $327,900 - correct answer-B $332,600
Which of the following is a violation of the Fair Housing act?
A. not renovating second-story apartments to accommodate handicapped residents
B. not allowing a service dog in an apartment complex that doesn't allow pets
C. a private club that provides lodging and gives preferential treatment to club members
D. refusing to rent to someone who does not meet economic qualifications - correct
answer-B not allowing a service dog in an apartment complex that doesn't allow pets
According to Fair Housing laws, which of these people is not considered disabled?
A. a former convict
B. a person with HIV infection
C. a drug addict
D. a person with alcoholism - correct answer-A a former convict
,Sarah owns a warehouse and has decided to sell it as an open listing. She has contacted
three brokers to sell it for her, Brokers A, B, and C. If Broker B makes the sale, who gets the
commission?
A. Brokers A, B, and C
B. It is up to the brokers to decide how to split the commission.
C. Broker B
D. It is up to Sarah to decide how to split the commission. - correct answer-C Broker B
What information would be unethical for a listing agent to share with a potential buyer?
A. "The seller is very eager for an offer because he lost his job and found a new one in a
different state."
B. "The neighbors next door are really great and have two young children about the age of
your kids."
C. "The roof might need to be replaced in the next year or two."
D. "The community association fees are $800 this year, but they will be going up to $1200
next year." - correct answer-A "The seller is very eager for an offer because he lost his job
and found a new one in a different state."
A subdivision has a rule that each home in the neighborhood be at least 2,500 square feet.
This is an example of which concept?
A. homestead laws
B. cooperative ownership
C. restrictive covenant
D. Fair Housing Laws violation - correct answer-C. restrictive covenant
Which of the following describes a transaction brokerage?
A. The broker represents both the buying and selling parties.
B. The broker represents the buyer in the transaction.
C. The broker represents the seller in the transaction.
,D. The broker does not represent either party, but provides general information and services
to each. - correct answer-D. The broker does not represent either party, but provides general
information and services to each.
Who takes the biggest risk in an open listing?
A. the seller
B. the lending institution
C. the buyer
D. the agent - correct answer-D. The Agent
An agency contract is being terminated. In which scenario might there be damages owed to
one of the parties?
A. The property owner discovers another claim on the title of the house.
B. The agent resigns from the contract because he is overloaded with homes to sell.
C. The agency files for bankruptcy.
D. The owners discharge the agent because she was not acting in their best interest. -
correct answer-b. The agent resigns from contract because he is overloaded
A reconveyance deed ____.
A. is only used for personal property and not real property transfer
B. removes a lien and is evidence a trust deed has been paid in full when it is signed by the
trustee
C. can remove a lien without needing the signature of the trustee
D. requires court approval to remove a lien - correct answer-B. removes a lien and is
evidence a trust deed has been paid in full when it is signed by the trustee
When dividing a single plot of land into two or three units, the process is called ____, and the
units are called ____.
A. subdividing; lots
B. partitioning; parcels
C. subdividing; parcels
D. partitioning; lots - correct answer-B. partitioning; parcels
, A reverse mortgage ____.
A. requires participant to be 62 or older and removes all remaining interest payments from
mortgage
B. requires participant to be 65 or older and removes all remaining interest payments from
mortgage
C. requires participant to be 62 or older and converts equity into cash
D. requires participant to be 55 or older and converts equity into cash - correct answer-C.
requires participant to be 62 or older and converts equity into cash
Real property is defined as ____.
A. land and all chattel
B. land
C. land and all personal property on that land
D. land and everything permanently attached - correct answer-D. land and everything
permanently attached
____ are rights and privileges belonging to the land.
A. Attachments
B. Assemblages
C. Appurtenances
D. Assignments - correct answer-A. Attachments
Which of these is a fixture?
A. refrigerator
B. microwave
C. free-standing workbench
D. window blinds - correct answer-D. window blinds
A ____ is a promise of real property, kept by the lender to secure the loan.
A. note
