NYS REAL ESTATE EXAM QUESTIONS AND ANSWERS .Buy
Quality Materials
the highest court in new york state
What is the New York Court of Appeals
What are some license exemptions?
attorneys admitted to the ny state bar are exempt from obtaining a license if they
represent a client.
Public officers are exempt when perforing official duties
Persons under the judgment or order of a court.
Why is blind advertising illegal in nys?
All ads by a licensee must indicate that the advertiser is a broker and give the name and
telephone number of the broker.
Stigmatized property discolsure
This is Article 443-a of the ny real property law, seller and seller agents do not have to
disclose the following facts
- occupants who have Aids or other illnesses NOT transmitted through occupancy
- Properties that were a site of death due to natural causes, accidents, suicide,
homicide, crime or other reasons.
How long should a broker maintain records for transcations?
AT LEAST 3 years
What is an example of a general agent?
Property Manager
What is an example of a special agent?
Real estate agent or a real estate broker
What is an example of an universal agent?
Power of attorney
What did the Sherman anti-trust act do?
It made price fixing, group boycots, market allocation and tie-in arrangements illegal
What are some examples of fixtures?
Chandelier, custom book shelves, wall to wall carpeting, plumbing fixtures
Joint tenancy includes what?
A form of co-ownership by two or more persons, each of whom has an undivided
interest WITH the right of survivorship
Tenancy in common includes what?
This is a form of co-ownership by two or more persons, each of whom has an undivided
interest, WITHOUT the right of survivorship
What is a sill plate in terms of building elements?
It is a horizontal wood member that sits on top of the house's foundation. IT is used as a
nailing surface for the floor system. IT is considered the lowest horizontal beam and
wood member in the frame of a house
What are the different roof components?
Eave - lowest part of the roof that projects beyond the wall of the structure.
Soffit- the area under the roof extension
fascia- the area of the material facing the outer edge of the soffit.
, What is sheathing typically made out of?
On the exterior, plywood and the interior is gypsum board.
What is a forced warm air system
Provides cooling as well as heating through the same ducts.
What are CFCs?
They are synthetic chemical substances used in refrigerators and air conditioners. Most
home air conditioning units use HCFCs, however.
What is a direct cost in terms of constructions?
AKA hard costs, they include the cost of labor and materials
What is an indirect cost in terms of construction
Costs that create and support the project. These include architectural and engineering
fees, attorney feeds and financing costs.
The civil rights act of 1866
has no exemptions and contains the blanket statement that citizens have the same
rights to buy sell or lease real and personal property. It is primarily interpreted to prohibit
racial discrimination
Civil rights act of 1968
Fair housing act was included in this, protects, race, color, religion and national origin.
What is steering?
The practice in which real estate brokers guide prospective home buyers towards or
away from certain neighborhoods based on their race.
What is the HO-1 basic policy of homeowners insurance?
It ensures the home and its contents against perils, including fire, theft, or vandalism. It
does not cover falling objects.
Ho-3 special form policy
Most widely used and recommended. BC it covers the home for all risks or physical loss
except damage caused by flood, earthquake, war or nuclear accident.
HO-4 Tenants or cooperative owners policies
Commonly referred to as renters insurance, regardless if you are renting a home, condo
or apartment. This policy also covers cooperative owners since they hold a proprietary
lease (not real property)
HO6 condominium unit owners policies
Insure against damage to the contents of an apartment, cooperative or condominium.
What is Ad Valorem?
Property is taxed on this basis, that is, according to value. In new york, the real property
tax is based on the fair market value of real property
What is a homestead property?
1-3 family houses, condos, mixed use properties, mobile homes, vacant land under 10
acres, farm land/farm dwellings
What is a non homestead property?
Commercial, industrial, special franchise, utility properties.
What is a condominium?
Real property that owners receive a deed at closing. They are considered freehold
estates.
What is a cooperative?
Quality Materials
the highest court in new york state
What is the New York Court of Appeals
What are some license exemptions?
attorneys admitted to the ny state bar are exempt from obtaining a license if they
represent a client.
Public officers are exempt when perforing official duties
Persons under the judgment or order of a court.
Why is blind advertising illegal in nys?
All ads by a licensee must indicate that the advertiser is a broker and give the name and
telephone number of the broker.
Stigmatized property discolsure
This is Article 443-a of the ny real property law, seller and seller agents do not have to
disclose the following facts
- occupants who have Aids or other illnesses NOT transmitted through occupancy
- Properties that were a site of death due to natural causes, accidents, suicide,
homicide, crime or other reasons.
How long should a broker maintain records for transcations?
AT LEAST 3 years
What is an example of a general agent?
Property Manager
What is an example of a special agent?
Real estate agent or a real estate broker
What is an example of an universal agent?
Power of attorney
What did the Sherman anti-trust act do?
It made price fixing, group boycots, market allocation and tie-in arrangements illegal
What are some examples of fixtures?
Chandelier, custom book shelves, wall to wall carpeting, plumbing fixtures
Joint tenancy includes what?
A form of co-ownership by two or more persons, each of whom has an undivided
interest WITH the right of survivorship
Tenancy in common includes what?
This is a form of co-ownership by two or more persons, each of whom has an undivided
interest, WITHOUT the right of survivorship
What is a sill plate in terms of building elements?
It is a horizontal wood member that sits on top of the house's foundation. IT is used as a
nailing surface for the floor system. IT is considered the lowest horizontal beam and
wood member in the frame of a house
What are the different roof components?
Eave - lowest part of the roof that projects beyond the wall of the structure.
Soffit- the area under the roof extension
fascia- the area of the material facing the outer edge of the soffit.
, What is sheathing typically made out of?
On the exterior, plywood and the interior is gypsum board.
What is a forced warm air system
Provides cooling as well as heating through the same ducts.
What are CFCs?
They are synthetic chemical substances used in refrigerators and air conditioners. Most
home air conditioning units use HCFCs, however.
What is a direct cost in terms of constructions?
AKA hard costs, they include the cost of labor and materials
What is an indirect cost in terms of construction
Costs that create and support the project. These include architectural and engineering
fees, attorney feeds and financing costs.
The civil rights act of 1866
has no exemptions and contains the blanket statement that citizens have the same
rights to buy sell or lease real and personal property. It is primarily interpreted to prohibit
racial discrimination
Civil rights act of 1968
Fair housing act was included in this, protects, race, color, religion and national origin.
What is steering?
The practice in which real estate brokers guide prospective home buyers towards or
away from certain neighborhoods based on their race.
What is the HO-1 basic policy of homeowners insurance?
It ensures the home and its contents against perils, including fire, theft, or vandalism. It
does not cover falling objects.
Ho-3 special form policy
Most widely used and recommended. BC it covers the home for all risks or physical loss
except damage caused by flood, earthquake, war or nuclear accident.
HO-4 Tenants or cooperative owners policies
Commonly referred to as renters insurance, regardless if you are renting a home, condo
or apartment. This policy also covers cooperative owners since they hold a proprietary
lease (not real property)
HO6 condominium unit owners policies
Insure against damage to the contents of an apartment, cooperative or condominium.
What is Ad Valorem?
Property is taxed on this basis, that is, according to value. In new york, the real property
tax is based on the fair market value of real property
What is a homestead property?
1-3 family houses, condos, mixed use properties, mobile homes, vacant land under 10
acres, farm land/farm dwellings
What is a non homestead property?
Commercial, industrial, special franchise, utility properties.
What is a condominium?
Real property that owners receive a deed at closing. They are considered freehold
estates.
What is a cooperative?
