NYS REAL ESTATE EXAM QUESTIONS AND ANSWERS .Buy
Quality Materials
According to Article 12-A (NYS Real Property Law), this person shall prosecute
criminal actions for violations of the Real Property Law.
Attorney General
Highest court in New York State
New York Court of Appeals
Real Estate License Requirements
A real estate salesperson must be at least 18 years old.
A real estate salesperson's license is valid for 2 years.
Every 2 years, the salesperson must renew their license online through eAccessNY.
Before renewing a license, the salesperson must complete 22.5-hours of Continuing
Education.
Real estate brokers license requirements
- Have at least two years of experience as a real estate salesperson.
- Be at least 20 years of age.
- Complete the 45-hour NYS real estate broker's course (120 hours of total coursework
including the 75-hour real estate salespersons course).
- Pass the State real estate broker's exam.
General Agent
Someone authorized to transact every kind of business for the principal.
Example: Property Manager
Special Agent
An agent with limited authority to act on behalf of the principal, such as created by a
listing.
Example: Real Estate Agent / Real Estate Broker
Universal Agent
A universal agent has complete authority over any activity of the principal.
Example: Power of Attorney
Which of the following interests in real property offer the most complete form of
ownership?
Fee simple absolute estates
Which of the following types of leases will most likely be used when leasing an
unoccupied office building?
Net lease
Percentage lease
Gross lease
Ground lease
Net lease
The Fair Housing Act was enacted as part of what federal legislation?
Civil Rights Act of 1968
If a real estate salesperson violates Article 12-A of the Real Property Law, they
shall be guilty of a/an...?
,Misdemeanor
Upon selling their home, married couples are exempt from paying taxes on
capital gains up to...?
500,000 Dollars ($)
According to this fiduciary duty, the agent must put the interests of the client
above their own interests?
Loyalty
A homeowner recently hired a broker to sell their house. If the property is
destroyed by fire, what happens to the agency relationship between the owner
and their listing broker?
The agency relationship is terminated.
This type of agency is created when a principal does not stop an individual from
representing his or her interests?
Agency by estoppel
A couple owns a property as a tenancy by the entirety. When one of the spouses
passes away, the other spouse gains full ownership of the property. When the
remaining spouse passes away, the children inherit the property. This is known
as what type of interest in real property?
Life estate
Which of the following leasehold estates automatically renews for another fixed
period of time?
Estate at will
Estate for years
Periodic estate
Estate at sufferance
Periodic estate
What type of easement is commonly used by utility companies?
Easement in gross
The person appointed by a court to distribute the intestate decedent's property is
known as a/an...?
Administrator
In a sub-lease, who is responsible for paying rent to the landlord?
The original tenant
Who typically signs the sales contract first?
the buyer
Which of the following loans is considered interest-only?
Straight-term loan
In which of the following loan types does the seller become the mortgagee?
Blanket mortgage
Graduated payment mortgage
Term loan
Purchase money mortgage
Purchase money mortgage
, Loans created by commercial banks are bought and sold in the ........... mortgage
market.
Secondary
Which of the following construction elements sits on top of the foundation of a
wood-framed house?
Sill plate
Base plate
Header plate
Column
Sill plate
Brokers must maintain records of all real estate transactions for at least...?
3 years
The lowest part of a roof, which projects beyond the wall of the structure is
known as a/an...?
Eave
Sheathing on the exterior of a building is typically what material?
Plywood
Disclosures about lead-based paint must be provided for the sale of any home
built prior to what year?
1978
A broker represents an Asian-American client who is looking to rent a 2-bedroom
apartment. If the broker only shows the client apartments in predominantly Asian
neighborhoods, they will most likely be guilty of...?
Steering
Residential properties are appraised using which method?
Sales comparison approach
Which of the following is a basic insurance policy what will cover the home and
its contents in the event of a fire?
HO-1
HO-4
HO-6
HO-8
HO-1
Which of the following insurance policies may be purchased by landlords for
their rental properties?
Commercial general liability
HO-4
Worker's compensation
HO-6
Commercial general liability
If a broker and seller enter into an Exclusive Agency Agreement, who is entitled
to a commission if the seller finds the buyer themselves?
Quality Materials
According to Article 12-A (NYS Real Property Law), this person shall prosecute
criminal actions for violations of the Real Property Law.
Attorney General
Highest court in New York State
New York Court of Appeals
Real Estate License Requirements
A real estate salesperson must be at least 18 years old.
A real estate salesperson's license is valid for 2 years.
Every 2 years, the salesperson must renew their license online through eAccessNY.
Before renewing a license, the salesperson must complete 22.5-hours of Continuing
Education.
Real estate brokers license requirements
- Have at least two years of experience as a real estate salesperson.
- Be at least 20 years of age.
- Complete the 45-hour NYS real estate broker's course (120 hours of total coursework
including the 75-hour real estate salespersons course).
- Pass the State real estate broker's exam.
General Agent
Someone authorized to transact every kind of business for the principal.
Example: Property Manager
Special Agent
An agent with limited authority to act on behalf of the principal, such as created by a
listing.
Example: Real Estate Agent / Real Estate Broker
Universal Agent
A universal agent has complete authority over any activity of the principal.
Example: Power of Attorney
Which of the following interests in real property offer the most complete form of
ownership?
Fee simple absolute estates
Which of the following types of leases will most likely be used when leasing an
unoccupied office building?
Net lease
Percentage lease
Gross lease
Ground lease
Net lease
The Fair Housing Act was enacted as part of what federal legislation?
Civil Rights Act of 1968
If a real estate salesperson violates Article 12-A of the Real Property Law, they
shall be guilty of a/an...?
,Misdemeanor
Upon selling their home, married couples are exempt from paying taxes on
capital gains up to...?
500,000 Dollars ($)
According to this fiduciary duty, the agent must put the interests of the client
above their own interests?
Loyalty
A homeowner recently hired a broker to sell their house. If the property is
destroyed by fire, what happens to the agency relationship between the owner
and their listing broker?
The agency relationship is terminated.
This type of agency is created when a principal does not stop an individual from
representing his or her interests?
Agency by estoppel
A couple owns a property as a tenancy by the entirety. When one of the spouses
passes away, the other spouse gains full ownership of the property. When the
remaining spouse passes away, the children inherit the property. This is known
as what type of interest in real property?
Life estate
Which of the following leasehold estates automatically renews for another fixed
period of time?
Estate at will
Estate for years
Periodic estate
Estate at sufferance
Periodic estate
What type of easement is commonly used by utility companies?
Easement in gross
The person appointed by a court to distribute the intestate decedent's property is
known as a/an...?
Administrator
In a sub-lease, who is responsible for paying rent to the landlord?
The original tenant
Who typically signs the sales contract first?
the buyer
Which of the following loans is considered interest-only?
Straight-term loan
In which of the following loan types does the seller become the mortgagee?
Blanket mortgage
Graduated payment mortgage
Term loan
Purchase money mortgage
Purchase money mortgage
, Loans created by commercial banks are bought and sold in the ........... mortgage
market.
Secondary
Which of the following construction elements sits on top of the foundation of a
wood-framed house?
Sill plate
Base plate
Header plate
Column
Sill plate
Brokers must maintain records of all real estate transactions for at least...?
3 years
The lowest part of a roof, which projects beyond the wall of the structure is
known as a/an...?
Eave
Sheathing on the exterior of a building is typically what material?
Plywood
Disclosures about lead-based paint must be provided for the sale of any home
built prior to what year?
1978
A broker represents an Asian-American client who is looking to rent a 2-bedroom
apartment. If the broker only shows the client apartments in predominantly Asian
neighborhoods, they will most likely be guilty of...?
Steering
Residential properties are appraised using which method?
Sales comparison approach
Which of the following is a basic insurance policy what will cover the home and
its contents in the event of a fire?
HO-1
HO-4
HO-6
HO-8
HO-1
Which of the following insurance policies may be purchased by landlords for
their rental properties?
Commercial general liability
HO-4
Worker's compensation
HO-6
Commercial general liability
If a broker and seller enter into an Exclusive Agency Agreement, who is entitled
to a commission if the seller finds the buyer themselves?
