NY Real Estate Salesperson Exam
Study online at https://quizlet.com/_3gjf5r
1. What is your status under the Internal Revenue code: A statutory non-employee
2. What is your status under NY Law, and where you are supervised by a Bro-
ker: Independent Contractor
3. How long are records to be maintained for: 3 years
4. Where do we get our license from: NY State Department of State Division of Licensing Services
5. How many hours of classes does a salesperson need? Broker?: Salesperson = 75 /
Broker = 120
6. What are the age requirements for Salesperson? Broker?: Salesperson = 18 / Broker =
20
7. When renewing your license, how many hours of Fair Housing is required?
How many hours of Agency?: Fair Housing = 3 hours / Agency = 2 hours
8. Who gives their opinion of value: Appraiser
9. Illegal advertisement that does not disclose brokers name, number, etc.: Blind
Ads
10. As a salesperson, you are unauthorized to practice what?: Law
11. Gross Potential Income: total income, both cash and non cash, before any expenses are accounted for
12. Effective Gross Income: The estimated rental income the owner anticipates collecting and that will be
available to pay the expenses of owning the property
13. How is commercial commission calculated?: Fixed % method (sale price x commission % =
commission), Graduated % (lg parcels split up using a scale 7% on 1st $500,000, 6% on the next etc), Fixed Fee (fixed
$ amount), Retainer or hourly fee
14. What type of expense remains the same for a year: Fixed Expense
15. What type of expense changes weekly: Variable Expense
16. Who is in charge of enforcing building codes?: Building Department
17. What does a tax assessor do?: Assess property value for real estate tax purposes
18. The difference between an independent contractor and an employee is?: In-
dependent Contractor pays their own taxes
19. What kind of agent is a salesperson?: Special Agent
20. What kind of agent is a property manager: General Agent
21. Who is liable for payments under a sub lease: original tenant
22. What fiduciary responsibility is broken if you co-mingle?: Accountability
23. If a contract has illegal objectives is is?: Void
, NY Real Estate Salesperson Exam
Study online at https://quizlet.com/_3gjf5r
24. What kind of lease has increasing payments?: Graduated Lease of Escalating Lease
25. RESPA (Real Estate Settlement Procedures Act) protects?: The consumer in mortgage
lending
26. What clause in a lease would state that a tenant can't have a cocktail party
on the roof?: USE Clause
27. Capitalization Rate: IRV Formula: Income/Rate = Value, Income/Value=Rate
28. Cash-on-Cash Return: Before Tax Cash Flow/Purchase Costs= Cash-on-Cash Return
29. Depreciation of residential property takes how long?: 27.5 years
30. Depreciation of commercial property takes how long?: 39 years
31. The best form of ownership in land would be?: Fee Simple Estate
32. In a co-op building, what group manages it?: Board of Directors
33. Which of the following properties are exempt from Real Estate Tax Assess-
ments?: NONE (are are assessed)
34. What is R Value?: Measure of heat resistance
35. Radon Gas, where does it come from?: The ground
36. What kind of mortgage loan has monthly interest payments followed by one
lump sum at the end?: Interest Only Loan or Straight Loan
37. What is a CONDOP?: Building divided into 2 condos. 1/2 residential, 1/2 professional or commercial
38. Rentable Square Footage (Gross Sq Ft): The amount of space used in calculating lease payment.
Total foor area.
39. Usable square footage: The amount of actual space within the perimeter of the area
40. How do you calculate rent for commercial properties?: Example: If a space is $8 per
square foot and the space is a total of 600 square feet, then the the monthly rent would be $4000.
$8 x 6000 sqft = $4800 annual
$4800/12 months = $4000
41. Loss Factor or LOAD: The ratio of rentable space to usable space
42. How do you calculate Loss Factor (Load): (Rentable Sq Ft - Usable Sq Ft) / Rentbale Sq Ft =
Loss Factor
Example: Bldg has 10,000 sq ft and 8,000 sq ft is usable sq ft, 20% Loss Factor
(10,000 - 8,000) / 10,000 = .20 or 20%
, NY Real Estate Salesperson Exam
Study online at https://quizlet.com/_3gjf5r
43. How do you calculate building efficiency: Usable Sq Ft / Rentable Sq ft = Building Efficiency
Example: Bldg has 10,000 sq ft and 8,000 sq ft is usable sq ft, 80% Building Efficiency
8,,000 = .80 0r 80%
44. What is a management agreement?: Agreement between a property manager and the building
owner
45. Who has to sign the deed?: The Grantor (ONLY!)
46. What is the best form of deed in the state of NY?: Full Warranty Deed
47. If buying a condo and you want to insure it, which policy would you buy?: HO-6
48. What insurance policy would you buy for renter's: HO-4
49. What is the item connected to the foundation?: Sill Plate
50. What is the age and experience required to become a Salesperson?: 18 yrs old.
no experience required
51. Which agency issues real estate licenses in New York?: The Department of State Division
of Licenses
52. In New York, Dual Agency is...: Allowed under NY Law with Full Disclosure information
53. Name of the person who employs a broker?: Client or Principal
54. What is it called when licensee if clients designated agent: Undivided Loyalty
55. If client obligates himself to pay commission then he signed what type of
agreement: Exclusive Right to Sell
56. How long must the listing broker hold onto the signed agreement for?: 3 years
57. Which type of listing agreement gives the broker no protection: Open Listing
58. What is it called when an agent discusses pricing with another office?: Price-Fix-
ing
59. Under NY Law Sellers Agent shows property and customer refuses to sign
disclosure form. What must the agent then do?: Complete a refusal to sign disclosure form
60. An example of chattle is?: Wheat that has been harvested
61. What is Chattle?: personal property
62. The fullest interest in property is known as which type of estate?: Fee Simple Estate
63. Husband and Wife buy home - unless specified, it is assumed they take
ownership as?: Tenants in Common (assumed)
64. What is it called when ABC utility has right to enter to repair electric lines?: -
Easement in Gross (the right to cross over a specific parcel of land to get to where they need to work)
Study online at https://quizlet.com/_3gjf5r
1. What is your status under the Internal Revenue code: A statutory non-employee
2. What is your status under NY Law, and where you are supervised by a Bro-
ker: Independent Contractor
3. How long are records to be maintained for: 3 years
4. Where do we get our license from: NY State Department of State Division of Licensing Services
5. How many hours of classes does a salesperson need? Broker?: Salesperson = 75 /
Broker = 120
6. What are the age requirements for Salesperson? Broker?: Salesperson = 18 / Broker =
20
7. When renewing your license, how many hours of Fair Housing is required?
How many hours of Agency?: Fair Housing = 3 hours / Agency = 2 hours
8. Who gives their opinion of value: Appraiser
9. Illegal advertisement that does not disclose brokers name, number, etc.: Blind
Ads
10. As a salesperson, you are unauthorized to practice what?: Law
11. Gross Potential Income: total income, both cash and non cash, before any expenses are accounted for
12. Effective Gross Income: The estimated rental income the owner anticipates collecting and that will be
available to pay the expenses of owning the property
13. How is commercial commission calculated?: Fixed % method (sale price x commission % =
commission), Graduated % (lg parcels split up using a scale 7% on 1st $500,000, 6% on the next etc), Fixed Fee (fixed
$ amount), Retainer or hourly fee
14. What type of expense remains the same for a year: Fixed Expense
15. What type of expense changes weekly: Variable Expense
16. Who is in charge of enforcing building codes?: Building Department
17. What does a tax assessor do?: Assess property value for real estate tax purposes
18. The difference between an independent contractor and an employee is?: In-
dependent Contractor pays their own taxes
19. What kind of agent is a salesperson?: Special Agent
20. What kind of agent is a property manager: General Agent
21. Who is liable for payments under a sub lease: original tenant
22. What fiduciary responsibility is broken if you co-mingle?: Accountability
23. If a contract has illegal objectives is is?: Void
, NY Real Estate Salesperson Exam
Study online at https://quizlet.com/_3gjf5r
24. What kind of lease has increasing payments?: Graduated Lease of Escalating Lease
25. RESPA (Real Estate Settlement Procedures Act) protects?: The consumer in mortgage
lending
26. What clause in a lease would state that a tenant can't have a cocktail party
on the roof?: USE Clause
27. Capitalization Rate: IRV Formula: Income/Rate = Value, Income/Value=Rate
28. Cash-on-Cash Return: Before Tax Cash Flow/Purchase Costs= Cash-on-Cash Return
29. Depreciation of residential property takes how long?: 27.5 years
30. Depreciation of commercial property takes how long?: 39 years
31. The best form of ownership in land would be?: Fee Simple Estate
32. In a co-op building, what group manages it?: Board of Directors
33. Which of the following properties are exempt from Real Estate Tax Assess-
ments?: NONE (are are assessed)
34. What is R Value?: Measure of heat resistance
35. Radon Gas, where does it come from?: The ground
36. What kind of mortgage loan has monthly interest payments followed by one
lump sum at the end?: Interest Only Loan or Straight Loan
37. What is a CONDOP?: Building divided into 2 condos. 1/2 residential, 1/2 professional or commercial
38. Rentable Square Footage (Gross Sq Ft): The amount of space used in calculating lease payment.
Total foor area.
39. Usable square footage: The amount of actual space within the perimeter of the area
40. How do you calculate rent for commercial properties?: Example: If a space is $8 per
square foot and the space is a total of 600 square feet, then the the monthly rent would be $4000.
$8 x 6000 sqft = $4800 annual
$4800/12 months = $4000
41. Loss Factor or LOAD: The ratio of rentable space to usable space
42. How do you calculate Loss Factor (Load): (Rentable Sq Ft - Usable Sq Ft) / Rentbale Sq Ft =
Loss Factor
Example: Bldg has 10,000 sq ft and 8,000 sq ft is usable sq ft, 20% Loss Factor
(10,000 - 8,000) / 10,000 = .20 or 20%
, NY Real Estate Salesperson Exam
Study online at https://quizlet.com/_3gjf5r
43. How do you calculate building efficiency: Usable Sq Ft / Rentable Sq ft = Building Efficiency
Example: Bldg has 10,000 sq ft and 8,000 sq ft is usable sq ft, 80% Building Efficiency
8,,000 = .80 0r 80%
44. What is a management agreement?: Agreement between a property manager and the building
owner
45. Who has to sign the deed?: The Grantor (ONLY!)
46. What is the best form of deed in the state of NY?: Full Warranty Deed
47. If buying a condo and you want to insure it, which policy would you buy?: HO-6
48. What insurance policy would you buy for renter's: HO-4
49. What is the item connected to the foundation?: Sill Plate
50. What is the age and experience required to become a Salesperson?: 18 yrs old.
no experience required
51. Which agency issues real estate licenses in New York?: The Department of State Division
of Licenses
52. In New York, Dual Agency is...: Allowed under NY Law with Full Disclosure information
53. Name of the person who employs a broker?: Client or Principal
54. What is it called when licensee if clients designated agent: Undivided Loyalty
55. If client obligates himself to pay commission then he signed what type of
agreement: Exclusive Right to Sell
56. How long must the listing broker hold onto the signed agreement for?: 3 years
57. Which type of listing agreement gives the broker no protection: Open Listing
58. What is it called when an agent discusses pricing with another office?: Price-Fix-
ing
59. Under NY Law Sellers Agent shows property and customer refuses to sign
disclosure form. What must the agent then do?: Complete a refusal to sign disclosure form
60. An example of chattle is?: Wheat that has been harvested
61. What is Chattle?: personal property
62. The fullest interest in property is known as which type of estate?: Fee Simple Estate
63. Husband and Wife buy home - unless specified, it is assumed they take
ownership as?: Tenants in Common (assumed)
64. What is it called when ABC utility has right to enter to repair electric lines?: -
Easement in Gross (the right to cross over a specific parcel of land to get to where they need to work)
