NYC Real Estate Exam Questions with
Math EXAM REVIEW
QUESTIONSWITH CORRECT
SOLUTIONS UPDATED 2025/2026
SYLLABUS ALREADY GRADED!!100%
GUARANTEED PASS!!!<<BRAND
NEW VERSION>>
1. Which department oversees drinking water safety? - ANSWER ✓ NYS
department of health
2. Who determines the commission? - ANSWER ✓ Principal/ client and the
broker
3. What occurs when the agent represents the seller but also works in the best
interest of the buyer? - ANSWER ✓ Undisclosed dual agency
4. A real estate person is what type of agent? - ANSWER ✓ Special agent
5. What clause In the deed describes the property? - ANSWER ✓ Legal
Discription
6. What type of income is partnerships/ investments? - ANSWER ✓ Portfolio
7. What's the name of the policy that provides additional liability coverage beyond
the primary policy? - ANSWER ✓ Umbrella policy
8. What type of maintenance is fixing a leaking faucet? - ANSWER ✓ Corrective
maintenance
9. What are property taxes based on? - ANSWER ✓ Assessed Value
, 10. What is the market value? - ANSWER ✓ What the property will sell for in
competitive marketplaces
11. What is a loft lease? - ANSWER ✓ It's a lease for space that is not divided into
rooms
12. Which types of commercial properties use percentage lease? - ANSWER ✓
Retail stores / shopping malls
13. Who is responsible for the terms in the lease if the unit has been subleased? -
ANSWER ✓ Lessee
What is the taking of private property by the government for public use called? -
ANSWER ✓ Eminent domain
How many years is a residential investment property depreciable for? - ANSWER
✓ 27.5 years
How much profit can a single person claim from the sale of a personal residence
that's tax free? - ANSWER ✓ $250,000
What is the right to use another's land that falls short of ownership called? -
ANSWER ✓ Easement
Joe was not paid for the supplies and labor he provided to homeowner Smith.
What kind of lien will he file against Smith? - ANSWER ✓ Mechanics lien
What serves the same function as a circuit breaker? - ANSWER ✓ Fuse
What type of estate is created when only one person holds title to real property? -
ANSWER ✓ Ownership in severalty
How much should the seller reimburse the buyer for refusing to provide a property
disclosure form? - ANSWER ✓ $500
, Seller tells the listing agent he filed for bankruptcy the previous year. The seller
ends up not listing the property with the agent. Still, what fiduciary duty does the
agent owe the seller? - ANSWER ✓ Confidentiality
What type of financing is used to purchase a new property when the old property
hasn't been sold yet? - ANSWER ✓ Swing loan or bridge loan
Who is the borrower of a mortgage loan? - ANSWER ✓ Mortgagor
What does the Real Estate Settlement Procedures Act (RESPA) require? -
ANSWER ✓ Good faith estimate of the closing costs for federally funded loans
What is the right reserved for the condo association that gives them the first
opportunity to buy or lease a unit when it becomes available? - ANSWER ✓ Right
of first refusal
A coop is what type of ownership? - ANSWER ✓ Leasehold
What is the summary of the chronological history of title and related documents to
that called? - ANSWER ✓ Abstract of Title
What type of mortgage is when a new mortgage that is higher in amount wraps
around an existing first mortgage that's smaller in amount? - ANSWER ✓
Wraparound mortgage
What document provides detailed information on a condo or coop project? -
ANSWER ✓ Offering plan
What is the process called that calculates the value of an asset in the past, present
and future? - ANSWER ✓ Time value of money
What is it called when a building loses its desirability because of an outdated
design feature? - ANSWER ✓ Obsolescence
What types of investment properties are warehouses and distribution centers? -
ANSWER ✓ Manufacturing
Math EXAM REVIEW
QUESTIONSWITH CORRECT
SOLUTIONS UPDATED 2025/2026
SYLLABUS ALREADY GRADED!!100%
GUARANTEED PASS!!!<<BRAND
NEW VERSION>>
1. Which department oversees drinking water safety? - ANSWER ✓ NYS
department of health
2. Who determines the commission? - ANSWER ✓ Principal/ client and the
broker
3. What occurs when the agent represents the seller but also works in the best
interest of the buyer? - ANSWER ✓ Undisclosed dual agency
4. A real estate person is what type of agent? - ANSWER ✓ Special agent
5. What clause In the deed describes the property? - ANSWER ✓ Legal
Discription
6. What type of income is partnerships/ investments? - ANSWER ✓ Portfolio
7. What's the name of the policy that provides additional liability coverage beyond
the primary policy? - ANSWER ✓ Umbrella policy
8. What type of maintenance is fixing a leaking faucet? - ANSWER ✓ Corrective
maintenance
9. What are property taxes based on? - ANSWER ✓ Assessed Value
, 10. What is the market value? - ANSWER ✓ What the property will sell for in
competitive marketplaces
11. What is a loft lease? - ANSWER ✓ It's a lease for space that is not divided into
rooms
12. Which types of commercial properties use percentage lease? - ANSWER ✓
Retail stores / shopping malls
13. Who is responsible for the terms in the lease if the unit has been subleased? -
ANSWER ✓ Lessee
What is the taking of private property by the government for public use called? -
ANSWER ✓ Eminent domain
How many years is a residential investment property depreciable for? - ANSWER
✓ 27.5 years
How much profit can a single person claim from the sale of a personal residence
that's tax free? - ANSWER ✓ $250,000
What is the right to use another's land that falls short of ownership called? -
ANSWER ✓ Easement
Joe was not paid for the supplies and labor he provided to homeowner Smith.
What kind of lien will he file against Smith? - ANSWER ✓ Mechanics lien
What serves the same function as a circuit breaker? - ANSWER ✓ Fuse
What type of estate is created when only one person holds title to real property? -
ANSWER ✓ Ownership in severalty
How much should the seller reimburse the buyer for refusing to provide a property
disclosure form? - ANSWER ✓ $500
, Seller tells the listing agent he filed for bankruptcy the previous year. The seller
ends up not listing the property with the agent. Still, what fiduciary duty does the
agent owe the seller? - ANSWER ✓ Confidentiality
What type of financing is used to purchase a new property when the old property
hasn't been sold yet? - ANSWER ✓ Swing loan or bridge loan
Who is the borrower of a mortgage loan? - ANSWER ✓ Mortgagor
What does the Real Estate Settlement Procedures Act (RESPA) require? -
ANSWER ✓ Good faith estimate of the closing costs for federally funded loans
What is the right reserved for the condo association that gives them the first
opportunity to buy or lease a unit when it becomes available? - ANSWER ✓ Right
of first refusal
A coop is what type of ownership? - ANSWER ✓ Leasehold
What is the summary of the chronological history of title and related documents to
that called? - ANSWER ✓ Abstract of Title
What type of mortgage is when a new mortgage that is higher in amount wraps
around an existing first mortgage that's smaller in amount? - ANSWER ✓
Wraparound mortgage
What document provides detailed information on a condo or coop project? -
ANSWER ✓ Offering plan
What is the process called that calculates the value of an asset in the past, present
and future? - ANSWER ✓ Time value of money
What is it called when a building loses its desirability because of an outdated
design feature? - ANSWER ✓ Obsolescence
What types of investment properties are warehouses and distribution centers? -
ANSWER ✓ Manufacturing
