Page 1 of 44
NYS REAL ESTATE EXAM/ NEW YORK STATE REAL
ESTATE EXAM 2024 ALL QUESTIONS ANSWERED
CORRECTLY/ BEST GRADE A+
Administrative Discipline - ANSWER: The Department of State's ability to
enforce license laws through reprimand and denial as well as the suspension and
revocation of licenses
Apartment Information Vendor - ANSWER: Any person who engages in the
business of claiming, demanding, charging, receiving, collecting, or contracting for
the collection of, a fee from a customer for furnishing information concerning the
location and availability of real property, including apartment housing, which may
be leased, rented, shared or sublet as a private dwelling, abode, or place of
residence.
Apartment Sharing Agent - ANSWER: Any person who, for a fee, arranges,
conducts, coordinates, handles or causes meetings between a customer and the
current owner or occupant of legally occupied real property, including apartment
housing, who wishes to share that housing with one or more individuals.
Article 12-A - ANSWER: The section of the New York Real Property Law
pertaining to real estate salespersons and brokers.
Article 78 Proceeding - ANSWER: An appeal brought forth because of a ruling by
a government agency.
Associate Real Estate Broker - ANSWER: A licensed real estate broker who by
choice elects to work under the name and supervision of another real estate broker.
Blind Ad - ANSWER: An advertisement that fails to reveal that the advertiser is
an agent and not a principal
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Change of Association - ANSWER: The process by which a salesperson's license
changes sponsorship.
Commingling - ANSWER: Illegally mixing deposits or monies, collected from a
client, with one's personal or business account. Taking money out too soon or
putting it into escrow too late (10 banking days).
Continuing Education - ANSWER: Post license education required by
salespersons and brokers. New York State demands 22.5 hours of continuing
education.
Escrow - ANSWER: A written agreement between two or more parties providing
that certain instruments or property be placed with a third party to be delivered to a
designated person upon the fulfillment or performance of some act or condition.
Exemption - ANSWER: Conditions under which a property condition disclosure
statement is not required.
Home Inspection - ANSWER: An examination of a real estate property's
condition, usually performed in connection with the property's sale. A qualified
home inspector can assess the condition of a property's roof, foundation, heating
and cooling systems, plumbing, electrical work, water and sewage, and some fire
and safety issues. In addition, the home inspector will look for evidence of insect,
water or fire damage or any other issue that may affect the value of the property.
Irrevocable Consent - ANSWER: Incapable of being recalled or revoked;
unchangeable; unalterable
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Kickback - ANSWER: Payment by a broker of any part of compensation to a real
estate transaction to anyone who is not licensed or who is not exempt from the
license law
Listing Agreement - ANSWER: A contract between an owner (as Principal) and a
real estate broker (as agent) by which the broker is employed as agent to find a
buyer for the owner's real estate on the owner's terms, for which service the owner
agrees to pay a commission
Misdemeanor - ANSWER: (n.) a crime or offense that is less serious than a
felony; any minor misbehavior or misconduct, 1000 fine
Multiple Listing Service (MLS) - ANSWER: A service provided by a group of
real estate brokers. They band together to create a Multiple Listing Service that
allows each of them to list each other's houses. Under this arrangement, the listing
broker and the selling broker split the commission for each sale.
Net Listing - ANSWER: A price below which an owner will not sell the property,
and at which price a broker will not receive a commission; the broker receives the
excess over and above the net listing as the broker's commission.
Abstract of Title - ANSWER: A summary of all of the recorded instruments and
proceedings which the title to property, arranged in the order in which they were
recorded.
Acknowledgement - ANSWER: A formal declaration before a duly authorized
officer by a person who has executed an instrument that such execution is the
person's act and deed.
Acre - ANSWER: A measure of land equaling 43,560 square feet.
, Page 4 of 44
Actual Eviction - ANSWER: Actual eviction occurs when the landlord removes
the tenant from the property without aid or control of the court system. Actual
eviction is wrongful use of self-help.
Ad Valorem Taxes - ANSWER: according to valuation.
Adjusted Basis - ANSWER: The original cost of a property minus depreciation
and sales of portions thereof plus allowable additions such as capital improvements
and certain carrying costs and assessments.
Adjustable Rate Mortgage (ARM) - 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.
Advance Consent to Dual Agency - ANSWER: The seller or buyer agrees to dual
agency before it occurs by indicating the same on the agency disclosure form.
Adverse Possession - ANSWER: A means of acquiring title where an occupant
has been in actual, open, notorious, exclusive, and continuous occupancy of
property under a claim of right for the required statutory period.
Agency Disclosure Form - ANSWER: A written explanation, to be signed by a
prospective buyer or seller of real estate, explaining to the client the role that the
broker plays in the transaction.
Agent - ANSWER: One who undertakes to transact some business or to manage
some affair for another by authority of the latter.
NYS REAL ESTATE EXAM/ NEW YORK STATE REAL
ESTATE EXAM 2024 ALL QUESTIONS ANSWERED
CORRECTLY/ BEST GRADE A+
Administrative Discipline - ANSWER: The Department of State's ability to
enforce license laws through reprimand and denial as well as the suspension and
revocation of licenses
Apartment Information Vendor - ANSWER: Any person who engages in the
business of claiming, demanding, charging, receiving, collecting, or contracting for
the collection of, a fee from a customer for furnishing information concerning the
location and availability of real property, including apartment housing, which may
be leased, rented, shared or sublet as a private dwelling, abode, or place of
residence.
Apartment Sharing Agent - ANSWER: Any person who, for a fee, arranges,
conducts, coordinates, handles or causes meetings between a customer and the
current owner or occupant of legally occupied real property, including apartment
housing, who wishes to share that housing with one or more individuals.
Article 12-A - ANSWER: The section of the New York Real Property Law
pertaining to real estate salespersons and brokers.
Article 78 Proceeding - ANSWER: An appeal brought forth because of a ruling by
a government agency.
Associate Real Estate Broker - ANSWER: A licensed real estate broker who by
choice elects to work under the name and supervision of another real estate broker.
Blind Ad - ANSWER: An advertisement that fails to reveal that the advertiser is
an agent and not a principal
,Page 2 of 44
Change of Association - ANSWER: The process by which a salesperson's license
changes sponsorship.
Commingling - ANSWER: Illegally mixing deposits or monies, collected from a
client, with one's personal or business account. Taking money out too soon or
putting it into escrow too late (10 banking days).
Continuing Education - ANSWER: Post license education required by
salespersons and brokers. New York State demands 22.5 hours of continuing
education.
Escrow - ANSWER: A written agreement between two or more parties providing
that certain instruments or property be placed with a third party to be delivered to a
designated person upon the fulfillment or performance of some act or condition.
Exemption - ANSWER: Conditions under which a property condition disclosure
statement is not required.
Home Inspection - ANSWER: An examination of a real estate property's
condition, usually performed in connection with the property's sale. A qualified
home inspector can assess the condition of a property's roof, foundation, heating
and cooling systems, plumbing, electrical work, water and sewage, and some fire
and safety issues. In addition, the home inspector will look for evidence of insect,
water or fire damage or any other issue that may affect the value of the property.
Irrevocable Consent - ANSWER: Incapable of being recalled or revoked;
unchangeable; unalterable
,Page 3 of 44
Kickback - ANSWER: Payment by a broker of any part of compensation to a real
estate transaction to anyone who is not licensed or who is not exempt from the
license law
Listing Agreement - ANSWER: A contract between an owner (as Principal) and a
real estate broker (as agent) by which the broker is employed as agent to find a
buyer for the owner's real estate on the owner's terms, for which service the owner
agrees to pay a commission
Misdemeanor - ANSWER: (n.) a crime or offense that is less serious than a
felony; any minor misbehavior or misconduct, 1000 fine
Multiple Listing Service (MLS) - ANSWER: A service provided by a group of
real estate brokers. They band together to create a Multiple Listing Service that
allows each of them to list each other's houses. Under this arrangement, the listing
broker and the selling broker split the commission for each sale.
Net Listing - ANSWER: A price below which an owner will not sell the property,
and at which price a broker will not receive a commission; the broker receives the
excess over and above the net listing as the broker's commission.
Abstract of Title - ANSWER: A summary of all of the recorded instruments and
proceedings which the title to property, arranged in the order in which they were
recorded.
Acknowledgement - ANSWER: A formal declaration before a duly authorized
officer by a person who has executed an instrument that such execution is the
person's act and deed.
Acre - ANSWER: A measure of land equaling 43,560 square feet.
, Page 4 of 44
Actual Eviction - ANSWER: Actual eviction occurs when the landlord removes
the tenant from the property without aid or control of the court system. Actual
eviction is wrongful use of self-help.
Ad Valorem Taxes - ANSWER: according to valuation.
Adjusted Basis - ANSWER: The original cost of a property minus depreciation
and sales of portions thereof plus allowable additions such as capital improvements
and certain carrying costs and assessments.
Adjustable Rate Mortgage (ARM) - 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.
Advance Consent to Dual Agency - ANSWER: The seller or buyer agrees to dual
agency before it occurs by indicating the same on the agency disclosure form.
Adverse Possession - ANSWER: A means of acquiring title where an occupant
has been in actual, open, notorious, exclusive, and continuous occupancy of
property under a claim of right for the required statutory period.
Agency Disclosure Form - ANSWER: A written explanation, to be signed by a
prospective buyer or seller of real estate, explaining to the client the role that the
broker plays in the transaction.
Agent - ANSWER: One who undertakes to transact some business or to manage
some affair for another by authority of the latter.
