NEW YORK 77 HOUR COURSE UPDATED FINAL EXAM 2025| REAL ESTATE
CONCEPTS |150 QUESTIONS WITH VERIFIED CORRECT RATIONALE
1. What are foundation walls usually constructed on?
footings
concrete
blocks slabs
drain tile
2. What type of estate automatically renews at the end of each
specified period in a lease agreement?
A fixed-term estate
A periodic estate
A tenancy at will
A tenancy at sufferance
3. If a buyer discovers that the seller did not have the right to convey the
property due to an undisclosed lien, which covenant in the warranty
deed would have been violated, and what recourse might the buyer
have?
Covenant of encumbrances; the buyer can sue for damages.
Covenant of right to convey; the buyer can seek rescission of
the sale.
, Covenant of quiet enjoyment; the buyer can demand a reduction
in price.
Covenant of warranty against claims; the buyer can file a claim
against the title insurance.
4. If a new residential development is proposed in a community, how
might the planning board assess its impact on livability and quality
of life?
By evaluating the financial returns for developers
, By analyzing traffic patterns and access to public services
By determining the types of loans available for buyers
By reviewing warranty deeds associated with the property
5. Which of the following costs is typically included in the depreciation
basis for a commercial investment property?
The cost of the electrical system upgrades they did after
purchase The cost of the title insurance for the property
The loan origination and lender fees that they paid at closing
The price that they paid for the property, minus any land costs
6. What type of loan can a borrower get if he or she wants to
purchase a cooperative unit?
Shore loan
Share loan
Proprietary
lease HELOC
7. Explain the term 'mid-rise office building' and how it differs from
low-rise and high-rise buildings.
It has fewer than 4 floors
It typically has 4 to 10 floors
It has more than 10 floors
It is a building with no specific floor count
, 8. A written description that spells out the qualitative requirements for
products, materials and workmanship including installation, testing
and performance criteria for a proposed project is known as
a(n)__________________________________________.
Architectural legend
CONCEPTS |150 QUESTIONS WITH VERIFIED CORRECT RATIONALE
1. What are foundation walls usually constructed on?
footings
concrete
blocks slabs
drain tile
2. What type of estate automatically renews at the end of each
specified period in a lease agreement?
A fixed-term estate
A periodic estate
A tenancy at will
A tenancy at sufferance
3. If a buyer discovers that the seller did not have the right to convey the
property due to an undisclosed lien, which covenant in the warranty
deed would have been violated, and what recourse might the buyer
have?
Covenant of encumbrances; the buyer can sue for damages.
Covenant of right to convey; the buyer can seek rescission of
the sale.
, Covenant of quiet enjoyment; the buyer can demand a reduction
in price.
Covenant of warranty against claims; the buyer can file a claim
against the title insurance.
4. If a new residential development is proposed in a community, how
might the planning board assess its impact on livability and quality
of life?
By evaluating the financial returns for developers
, By analyzing traffic patterns and access to public services
By determining the types of loans available for buyers
By reviewing warranty deeds associated with the property
5. Which of the following costs is typically included in the depreciation
basis for a commercial investment property?
The cost of the electrical system upgrades they did after
purchase The cost of the title insurance for the property
The loan origination and lender fees that they paid at closing
The price that they paid for the property, minus any land costs
6. What type of loan can a borrower get if he or she wants to
purchase a cooperative unit?
Shore loan
Share loan
Proprietary
lease HELOC
7. Explain the term 'mid-rise office building' and how it differs from
low-rise and high-rise buildings.
It has fewer than 4 floors
It typically has 4 to 10 floors
It has more than 10 floors
It is a building with no specific floor count
, 8. A written description that spells out the qualitative requirements for
products, materials and workmanship including installation, testing
and performance criteria for a proposed project is known as
a(n)__________________________________________.
Architectural legend
