NYS Real Estate Final Exam 2026 | Complete Study Guide & Verified Answers
Which of the following is considered a fixed operating expense? utilities, cleaning expenses, insurance
premiums, management fees. - (answer)Insurance Premiums
What is overage rent? - (answer)Rent calculated on a percentage of sales volume
what is the amount a buyer owes at closing equal to? - (answer)The excess of the buyers debits over the
buyers credits
real estate agents are typically what kind of agent - (answer)special agent
what is the employment contract between a property manager and owner called -
(answer)management agreement
the first fine for a violation of federal fair housing law could be as much as what amount -
(answer)10,000
what is a feature of a deed condition - (answer)it gives the grantor the right to re possess the property if
the grantee violates the condition
according to truth in lending, a lender must disclose all of the following except service charges points
loan origination fee brokers commission - (answer)brokers commission
if a landlord terminates a lease illegally what type of suit would a tenant file to comply with violated
terms - (answer)specific performance
what must a listing agent do before entering into a cooperative agreement creating a subagency -
(answer)obtain the informed consent of the seller
what is the minimum period of time over which the owner of an apartment building can depreciate the
improvements? - (answer)27.5 years
,NYS Real Estate Final Exam 2026 | Complete Study Guide & Verified Answers
who pays the real estate taxes for a condominium - (answer)condominium owner
which type of property usually has the longest lease term - (answer)industrial
what is a policy that protects against claims above and beyond the amount covered by primary policies -
(answer)umbrella
what is the amount of the surety bond that a mortgage broker must furnish when applying for licensure
in NYS - (answer)10,000
A section contains how many acres - (answer)640
seller will retain title to the property until buyer has paid in full. what kind of contract do seller and
buyer have? - (answer)land contract
who are the essential parties involved in an estate in trust - (answer)trustor trustee and beneficiary
allison is moving into a new condo. which of these documents does not apply to her purchase -
(answer)stock certificate
what is the difference between a balloon loan and an amortized loan - (answer)an amortized loan is paid
off by the end of the term
a daycare center is allowed to open in a residentially zoned area. what is this an example of -
(answer)special use permit
which of these citites is the board not required to hold a public hearing each year? albany buffalo nyc
rochester - (answer)rochachacha
in which of these places is asbestos not likely to be found? roofing, adhesives in pressed wood, textured
paint, vinyl floor tiles - (answer)adhesives in pressed wood
,NYS Real Estate Final Exam 2026 | Complete Study Guide & Verified Answers
which law extended discrimination to include handicap and familial status - (answer)fair housing
amendment act
what is an emblement? - (answer)A plant or crop that is considered personal property
which of the following statements about plumbing venting is true - (answer)venting is not required for
structures taller than 2 stories.
which statement is not true? mold often grows where it can't be seen, of all environmetnal hazards,
radon is the easiest to detect and mitigate, underground storage tanks pose no hazard to residential
areas, urea formaldehyde foam insulation is no longer used because of formaldehyde gas emission -
(answer)underground storage tanks pose no hazard to residential areas
what is required for a title to be marketable? it must be registered in torrens, it must be free of
undisclosed defects and encumbrances, it must be abstracted by and attorney, it must be guaranteed by
a title certificate. - (answer)int must be free of undisclosed defects and encumbrances
a loan company was referring loan applicants to a particular insurance company, which in turn paid the
loan company a referral fee. this is... - (answer)illegal, since the real estate settlement procedures act
prohibits kickbacks
the seller under a land contract is known as - (answer)the vendor
a point, line or surface from which elevations are measured is known as the - (answer)datum
earnest money is provided when - (answer)the offer to purchase real estate is made
madison davidson negotiated for a 30k loan with 200 dollar monthly payments plus 9 percent interest.
what is the payment on her first month? - (answer)225
, NYS Real Estate Final Exam 2026 | Complete Study Guide & Verified Answers
the tax rate in manatee county is 35 mills how much is this for every 1k of assessed value? - (answer)35.
( a mill is one one thousandth of a dollar. a tax rate of one mill means that the owner pays one dollar for
every thousand dollars of assessed value. 35 mills is 35 dollars for every 1000 dollars assessed
a trust deed gives the lender a right to request that the trustee perform certain tasks in order to fulfill
the terms of the trust. a trustee may take action in those circumstances because he holds -
(answer)naked title (a title without the usual rights of ownership)
An action taken by a creditor in which the court simply retains custody of the property while a lawsuit is
being decided is known as: - (answer)a write of attachment. Remember, a writ of attachment is an
action taken by a creditor in which the court simply retains custody of the property while a lawsuit is
being decided. This is easily confused with a writ of execution, which authorizes the sale of the property
A lease that goes from month to month is known as - (answer)an estate from period to period
Find the capitalization rate on a building that is worth $430,000, and rents for $1,500 a month. -
(answer)4.19 To solve this, find the yearly rent, and divide that amount by the cost of the building. So,
$1,500 x 12 = $18,000, and $18,000/$430,000 = 4.19%.
Spence Construction Company built a hangar for an helicopter, which was kept on the owner's property.
The owner did not pay for the hangar, so Spence filed a mechanic's lien on the helicopter. Was Spence
Construction Company justified in doing this? - (answer)No, because a mechanic's lien can only be
placed on the improvement.
Several legal steps must sometimes be taken before a creditor can have his outstanding debt satisfied
through the sale of the debtor's property. Which of the following is NOT one of the steps in the process?
- (answer)writ of persocution-
A portion of a township in the rectangular survey system, which is a square with mile-long sides, is called
a: - (answer)section- a township is divided into 36 sections
Property over which an easement runs in favor of another parcel of real estate is known as a -
(answer)servient tenement
Which of the following is considered a fixed operating expense? utilities, cleaning expenses, insurance
premiums, management fees. - (answer)Insurance Premiums
What is overage rent? - (answer)Rent calculated on a percentage of sales volume
what is the amount a buyer owes at closing equal to? - (answer)The excess of the buyers debits over the
buyers credits
real estate agents are typically what kind of agent - (answer)special agent
what is the employment contract between a property manager and owner called -
(answer)management agreement
the first fine for a violation of federal fair housing law could be as much as what amount -
(answer)10,000
what is a feature of a deed condition - (answer)it gives the grantor the right to re possess the property if
the grantee violates the condition
according to truth in lending, a lender must disclose all of the following except service charges points
loan origination fee brokers commission - (answer)brokers commission
if a landlord terminates a lease illegally what type of suit would a tenant file to comply with violated
terms - (answer)specific performance
what must a listing agent do before entering into a cooperative agreement creating a subagency -
(answer)obtain the informed consent of the seller
what is the minimum period of time over which the owner of an apartment building can depreciate the
improvements? - (answer)27.5 years
,NYS Real Estate Final Exam 2026 | Complete Study Guide & Verified Answers
who pays the real estate taxes for a condominium - (answer)condominium owner
which type of property usually has the longest lease term - (answer)industrial
what is a policy that protects against claims above and beyond the amount covered by primary policies -
(answer)umbrella
what is the amount of the surety bond that a mortgage broker must furnish when applying for licensure
in NYS - (answer)10,000
A section contains how many acres - (answer)640
seller will retain title to the property until buyer has paid in full. what kind of contract do seller and
buyer have? - (answer)land contract
who are the essential parties involved in an estate in trust - (answer)trustor trustee and beneficiary
allison is moving into a new condo. which of these documents does not apply to her purchase -
(answer)stock certificate
what is the difference between a balloon loan and an amortized loan - (answer)an amortized loan is paid
off by the end of the term
a daycare center is allowed to open in a residentially zoned area. what is this an example of -
(answer)special use permit
which of these citites is the board not required to hold a public hearing each year? albany buffalo nyc
rochester - (answer)rochachacha
in which of these places is asbestos not likely to be found? roofing, adhesives in pressed wood, textured
paint, vinyl floor tiles - (answer)adhesives in pressed wood
,NYS Real Estate Final Exam 2026 | Complete Study Guide & Verified Answers
which law extended discrimination to include handicap and familial status - (answer)fair housing
amendment act
what is an emblement? - (answer)A plant or crop that is considered personal property
which of the following statements about plumbing venting is true - (answer)venting is not required for
structures taller than 2 stories.
which statement is not true? mold often grows where it can't be seen, of all environmetnal hazards,
radon is the easiest to detect and mitigate, underground storage tanks pose no hazard to residential
areas, urea formaldehyde foam insulation is no longer used because of formaldehyde gas emission -
(answer)underground storage tanks pose no hazard to residential areas
what is required for a title to be marketable? it must be registered in torrens, it must be free of
undisclosed defects and encumbrances, it must be abstracted by and attorney, it must be guaranteed by
a title certificate. - (answer)int must be free of undisclosed defects and encumbrances
a loan company was referring loan applicants to a particular insurance company, which in turn paid the
loan company a referral fee. this is... - (answer)illegal, since the real estate settlement procedures act
prohibits kickbacks
the seller under a land contract is known as - (answer)the vendor
a point, line or surface from which elevations are measured is known as the - (answer)datum
earnest money is provided when - (answer)the offer to purchase real estate is made
madison davidson negotiated for a 30k loan with 200 dollar monthly payments plus 9 percent interest.
what is the payment on her first month? - (answer)225
, NYS Real Estate Final Exam 2026 | Complete Study Guide & Verified Answers
the tax rate in manatee county is 35 mills how much is this for every 1k of assessed value? - (answer)35.
( a mill is one one thousandth of a dollar. a tax rate of one mill means that the owner pays one dollar for
every thousand dollars of assessed value. 35 mills is 35 dollars for every 1000 dollars assessed
a trust deed gives the lender a right to request that the trustee perform certain tasks in order to fulfill
the terms of the trust. a trustee may take action in those circumstances because he holds -
(answer)naked title (a title without the usual rights of ownership)
An action taken by a creditor in which the court simply retains custody of the property while a lawsuit is
being decided is known as: - (answer)a write of attachment. Remember, a writ of attachment is an
action taken by a creditor in which the court simply retains custody of the property while a lawsuit is
being decided. This is easily confused with a writ of execution, which authorizes the sale of the property
A lease that goes from month to month is known as - (answer)an estate from period to period
Find the capitalization rate on a building that is worth $430,000, and rents for $1,500 a month. -
(answer)4.19 To solve this, find the yearly rent, and divide that amount by the cost of the building. So,
$1,500 x 12 = $18,000, and $18,000/$430,000 = 4.19%.
Spence Construction Company built a hangar for an helicopter, which was kept on the owner's property.
The owner did not pay for the hangar, so Spence filed a mechanic's lien on the helicopter. Was Spence
Construction Company justified in doing this? - (answer)No, because a mechanic's lien can only be
placed on the improvement.
Several legal steps must sometimes be taken before a creditor can have his outstanding debt satisfied
through the sale of the debtor's property. Which of the following is NOT one of the steps in the process?
- (answer)writ of persocution-
A portion of a township in the rectangular survey system, which is a square with mile-long sides, is called
a: - (answer)section- a township is divided into 36 sections
Property over which an easement runs in favor of another parcel of real estate is known as a -
(answer)servient tenement
