Real Estate U Final Exam Study Guide Latest
Update 2024-2025 Actual Exam from Credible
Sources with 110 Questions and Verified Correct
Answers Golden Ticket to Guaranteed A+
Verified by Professor
"Summary of Your Submission" - CORRECT ANSWER: Obtained after your register for
the New York State
Salesperson exam using eAccessNY. You must bring this with
you when taking the State exam.
1031 Exchange - CORRECT ANSWER: - 45 days to identify a new property
- 180 days to close on a new property
Acre - CORRECT ANSWER: A measure of land equaling 43,560 square feet.
Adjustable rate mortgage (ARM) - CORRECT ANSWER: A mortgage loan with the
interest rate on the note
periodically adjusted based on an index which reflects the cost to the lender of
borrowing on the credit markets.
Affirmative Easement Appurtenant - CORRECT ANSWER: Parcels without access to a
public way may have an
easement of access over adjacent land if crossing that land is absolutely necessary to
reach the landlocked parcel and there has been some original intent to provide the lot
with access.
Air rights - CORRECT ANSWER: Rights in real property to use the space above the
surface of the land.
, Amortization - CORRECT ANSWER: The process by which a loan principal decreases
over the life of a loan.
Appraisal - CORRECT ANSWER: An estimate of a property's value by an appraiser who
is usually presumed to be expert in his work.
APR - CORRECT ANSWER: The actual interest rate charged, including loan fees and
points
Architectural Review Board - CORRECT ANSWER: Oversees and upholds the quality
and aesthetics of a
neighborhood, town, or city.
Article 12-A of the NYS Real Property Law - CORRECT ANSWER: The section of the
New York Real Property Law
pertaining to real estate salespersons and brokers.
- Primary purpose is to "Protect the Public"
- Requires a salesperson to be at least 18 years of age
- Requires a broker to be at least 20 years of age
Asbestos - CORRECT ANSWER: A naturally occurring mineral fiber sometimes found in
older homes. It is hazardous to health when a possibility exists of exposure to inhalable
fibers. Homeowners should be alert for friable asbestos and always seek professional
advice in dealing with it.
Asbestosis - CORRECT ANSWER: A chronic lung disease caused by inhaling asbestos
fibers.
Assessed value - CORRECT ANSWER: A valuation placed upon property by a public
officer or a board, as a basis for taxation.
Update 2024-2025 Actual Exam from Credible
Sources with 110 Questions and Verified Correct
Answers Golden Ticket to Guaranteed A+
Verified by Professor
"Summary of Your Submission" - CORRECT ANSWER: Obtained after your register for
the New York State
Salesperson exam using eAccessNY. You must bring this with
you when taking the State exam.
1031 Exchange - CORRECT ANSWER: - 45 days to identify a new property
- 180 days to close on a new property
Acre - CORRECT ANSWER: A measure of land equaling 43,560 square feet.
Adjustable rate mortgage (ARM) - CORRECT ANSWER: A mortgage loan with the
interest rate on the note
periodically adjusted based on an index which reflects the cost to the lender of
borrowing on the credit markets.
Affirmative Easement Appurtenant - CORRECT ANSWER: Parcels without access to a
public way may have an
easement of access over adjacent land if crossing that land is absolutely necessary to
reach the landlocked parcel and there has been some original intent to provide the lot
with access.
Air rights - CORRECT ANSWER: Rights in real property to use the space above the
surface of the land.
, Amortization - CORRECT ANSWER: The process by which a loan principal decreases
over the life of a loan.
Appraisal - CORRECT ANSWER: An estimate of a property's value by an appraiser who
is usually presumed to be expert in his work.
APR - CORRECT ANSWER: The actual interest rate charged, including loan fees and
points
Architectural Review Board - CORRECT ANSWER: Oversees and upholds the quality
and aesthetics of a
neighborhood, town, or city.
Article 12-A of the NYS Real Property Law - CORRECT ANSWER: The section of the
New York Real Property Law
pertaining to real estate salespersons and brokers.
- Primary purpose is to "Protect the Public"
- Requires a salesperson to be at least 18 years of age
- Requires a broker to be at least 20 years of age
Asbestos - CORRECT ANSWER: A naturally occurring mineral fiber sometimes found in
older homes. It is hazardous to health when a possibility exists of exposure to inhalable
fibers. Homeowners should be alert for friable asbestos and always seek professional
advice in dealing with it.
Asbestosis - CORRECT ANSWER: A chronic lung disease caused by inhaling asbestos
fibers.
Assessed value - CORRECT ANSWER: A valuation placed upon property by a public
officer or a board, as a basis for taxation.
