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NY REAL ESTATE EXAM 2025 | ALL QUESTIONS AND CORRECT ANSWERS | GRADED A+ | VERIFIED ANS, Exams of Real Estate Management

Concordia University - New YorkReal Estate Management

NY REAL ESTATE EXAM 2025 | ALL QUESTIONS AND CORRECT ANSWERS | GRADED A+ | VERIFIED ANSWERS | LATEST EXAM | BRAND NEW VERSION!

Typology: Exams

2024/2025

Available from 07/06/2025

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NY REAL ESTATE EXAM 2025 | ALL QUESTIONS
AND CORRECT ANSWERS | GRADED A+ |
VERIFIED ANSWERS | LATEST EXAM | BRAND
NEW VERSION!
1. To be licensed as a real estate broker, an individual must be at least how
old?
a. 16
b. 18
c. 20
d. 21 ---------CORRECT ANSWER-----------------c. 20
2. Which of the following individuals is exempt from licensure?
a. attorneys admitted to practice in the New York courts
b. property managers who manage property for more than one individual or
company
c. individuals who only list property for sale
d. auctioneers who only auction commercial real estate ---------CORRECT
ANSWER-----------------a. attorneys admitted to practice in the New York
courts
3. To save in paperwork, Broker Bright decides to combine her office
operating account with the deposits obtained from contracts of sale. Broker
Bright is guilty of:
a. nothing at all
b. illegal commingling of funds
c. an authorized practice of law
d. accepting money without authorization ---------CORRECT ANSWER-------
----------b. illegal commingling of funds
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Download NY REAL ESTATE EXAM 2025 | ALL QUESTIONS AND CORRECT ANSWERS | GRADED A+ | VERIFIED ANS and more Exams Real Estate Management in PDF only on Docsity!

NY REAL ESTATE EXAM 2025 | ALL QUESTIONS

AND CORRECT ANSWERS | GRADED A+ |

VERIFIED ANSWERS | LATEST EXAM | BRAND

NEW VERSION!

  1. To be licensed as a real estate broker, an individual must be at least how old? a. 16 b. 18 c. 20 d. 21 ---------CORRECT ANSWER-----------------c. 20
  2. Which of the following individuals is exempt from licensure? a. attorneys admitted to practice in the New York courts b. property managers who manage property for more than one individual or company c. individuals who only list property for sale d. auctioneers who only auction commercial real estate ---------CORRECT ANSWER-----------------a. attorneys admitted to practice in the New York courts
  3. To save in paperwork, Broker Bright decides to combine her office operating account with the deposits obtained from contracts of sale. Broker Bright is guilty of: a. nothing at all b. illegal commingling of funds c. an authorized practice of law d. accepting money without authorization ---------CORRECT ANSWER------- ----------b. illegal commingling of funds
  1. A net listing is one: a. that requires the broker to have a fixed price for the property b. that is legal in New York c. that most brokers would prefer d. in which the seller specifies a certain amount of money to be received upon sale of the property and all monies above ---------CORRECT ANSWER-----------------d. in which the seller specifies a certain amount of money to be received upon sale of the property and all monies above
  2. A broker's agent is hired by the: a. principal b. seller c. customer d. broker ---------CORRECT ANSWER-----------------d. broker
  3. Which of the following is TRUE regarding dual agency relationships in New York? a. they are permissible with timely disclosure and informed consent b. they are illegal under all circumstances c. they are allowed only in commercial transactions d. they are allowed only in the sale of condominium or cooperative properties ---------CORRECT ANSWER-----------------a. they are permissible with timely disclosure and informed consent
  4. A listing agreement in which the property is listed with only one broker who is entitled to a commission if he sells the property but not if the owner sells the property is called a(n): a. exclusive-right-to-sell agreement
  1. Martin signs an exclusive-right-to-sell listing agreement for six months with Broker Gerald. Within one month, Martin sells his house himself and refuses to pay a commission to Gerald. Martin's behavior is a possible: a. reformation b. breach of contract c. injunction d. assignment ---------CORRECT ANSWER-----------------b. breach of contract
  2. In a brokerage firm, the listing contracts are typically owned by the: a. salesperson who lists the property b. multiple listing service together with the brokerage firm c. all must belong to the multiple listing service. d. are all cooperating agents ---------CORRECT ANSWER-----------------d. are all cooperating agents
  3. Which of the following activities is NOT an element of an independent contractor relationship? a. no compensation for a specific number of hours worked b. salespersons can work any hours they choose c. commissions are paid with deductions for income taxes d. either the salesperson or broker may terminate the relationship at any time ---------CORRECT ANSWER-----------------c. commissions are paid with deductions for income taxes
  4. Real estate licensees are classified as independent contractors under which of the following? a. Section 3508 (a) (b) of the IRS Code b. common law c. Article 12-A of the Real Property Law

d. Section 443 of the Real Property Law ---------CORRECT ANSWER-------- ---------a. Section 3508 (a) (b) of the IRS Code

  1. Which of the following is NOT one of the four unities required for joint tenancy? a. unity of time b. unity of interest c. unity of partition d. unity of possession ---------CORRECT ANSWER-----------------c. unity of partition
  2. Francois and Helena purchase a property and their attorney tells them that their title offers them the most complete form of ownership. Their ownership right is: a. fee simple on condition b. fee simple absolute c. free simple defeasible d. a life estate ---------CORRECT ANSWER-----------------b. fee simple absolute
  3. Kelly's mother deeds Kelly her beach house for Kelly's lifetime. Then the property goes to the A.S.P.C.A. in memory of the mother's favorite cat upon daughter Kelly's death. This is an example of a: a. fee simple absolute b. leasehold c. joint tenancy d. life estate ---------CORRECT ANSWER-----------------d. life estate
  4. A judgment is an example of a(n):
  1. In order to claim title by adverse possession in New York, the use must be open and notorious for how many years? a. 5 b. 10 c. 15 d. 20 ---------CORRECT ANSWER-----------------b. 10
  2. Which of the following would most likely prevent a closing from taking place? a. the imposition of discount points by the lender b. the hiring of an attorney by the purchaser c. the existence of outstanding unpaid liens against the property d. a purchase money mortgage given to the seller by the purchaser --------- CORRECT ANSWER-----------------c. the existence of outstanding unpaid liens against the property
  3. On the closing statement, which of the following appears as a buyer credit? a. earnest money deposit b. prepaid real property taxes c. prepaid insurance premium d. sale of personal property ---------CORRECT ANSWER-----------------a. earnest money deposit
  4. A lease that automatically renews itself for another time frame at the end of the lease term unless notice is given to terminate is a(n) a. illegal lease b. periodic lease c. standard lease

d. proprietary lease ---------CORRECT ANSWER-----------------b. periodic lease

  1. An option is a contract that: a. specifies a time limit within which the optionee may choose to purchase or lease real property b. is a bilateral implied contract c. does not define a specific sales price d. conveys title when the optionee signs the contract ---------CORRECT ANSWER-----------------a. specifies a time limit within which the optionee may choose to purchase or lease real property
  2. Which of the following is NOT a part of a real estate contract of sale? a. contingency b. addenda c. rider d. codicil ---------CORRECT ANSWER-----------------d. codicil
  3. A HUD agency that purchases VA and FHA mortgages on the secondary mortgage market is called: a. RHA b. SONYMA c. Ginnle Mae d. FDIC ---------CORRECT ANSWER-----------------c. Ginnle Mae
  4. A mortgage clause that allows a lender to declare the balance due if the borrower sells the property is the: a. a prepayment penalty clause b. alienation clause
  1. Marcia has recently purchased an old barn in a rural community in upstate New York and wishes to turn it into an art studio. Which administrative body must she apply to for a variance? The: a. town planning board b. zoning board of appeals c. local building department d. county clerk ---------CORRECT ANSWER-----------------b. zoning board of appeals
  2. A document that shows the boundaries and physical dimensions of a property is called a(n): a. feasibility study b. plat c. survey d. architectural rending ---------CORRECT ANSWER-----------------c. survey
  3. Parks and forest land could be classified as being in which zone? a. commercial b. residential c. public open space d. institutional ---------CORRECT ANSWER-----------------c. public open space
  4. A sprayed insulation that caused noxious fumes is called: a. loose fill insulation b. rigid insulation c. UFFI d. batt insulation ---------CORRECT ANSWER-----------------c. UFFI
  1. The amount of electrical current flowing through a wire is called a. voltage b. amperage c. milligaus d. wattage ---------CORRECT ANSWER-----------------b. amperage
  2. The New York statute that mandates minimum R-factors for insulation is the: a. Real Property Law b. Energy Code c. Emergency Tenant Protection Act d. Sanitary Code ---------CORRECT ANSWER-----------------b. Energy Code
  3. Which of the following is exempt from disclosure regulations of the Residential Lead-Based Hazard Reduction Act? a. a duplex built before 1978 b. a single-family residence built before 1978 c. senior citizen housing d. a cooperative apartment built before 1978 ---------CORRECT ANSWER-- ---------------c. senior citizen housing
  4. One of the most prevalent concerns of underground storage tanks is: a. leakage b. combustion c. explosion d. fire ---------CORRECT ANSWER-----------------a. leakage

d. and/or a broker are not entitled to any exemptions to fair housing laws in the sale of a single-family home in New York. ---------CORRECT ANSWER- ----------------d. and/or a broker are not entitled to any exemptions to fair housing laws in the sale of a single-family home in New York.

  1. The fine for a first offensive in violation of the Federal Fair Housing Act can be up to: a. $1, b. $5, c. $10, d. $20,000 ---------CORRECT ANSWER-----------------c. $10,
  2. Which of the following is required by law for real estate brokers? a. memorizing the NYS Division of Human Rights poster b. prominently displaying the HUD fair housing poster c. accepting all real estate listing d. keeping a copy of the New York Human Rights Law in the office as a reference ---------CORRECT ANSWER-----------------b. prominently displaying the HUD fair housing poster
  3. One of the differences between federal human rights law and New York human rights law is that the: a. federal law does not address discrimination based on familial status and the New York law does b. federal law does not address discrimination based on disability and the New York law does c. federal law has fewer protected classes than the New York law d. federal law does not address discrimination based on sec and the New York law does ---------CORRECT ANSWER-----------------c. federal law has fewer protected classes than the New York law
  1. If Calvin buys three parcels of land for $8,000 and sells them as four separate parcels for $9,000 each, what percent profit does he make? a. 33% b. 40% c. 45% d. 50% ---------CORRECT ANSWER-----------------d. 50%
  2. The owner of a rectangular parcel of land measuring 500 feet wide (front) by 150 feet long is offered $20 per from foot or $5,000 per acre. What is the amount of the higher offer? a.$3, b.$6, c. $10, d. $12,000 ---------CORRECT ANSWER-----------------c. $10,
  3. Which of the following is NOT a function of the building department? a. code compliance b. requiring landowners to restore or rehabilitate a historic structure c. inspection during construction d. issuing building permits ---------CORRECT ANSWER-----------------b. requiring landowners to restore or rehabilitate a historic structure
  4. Evie want to grant an area of undeveloped wetlands to her town. What agency would most likely accept this grant? a. conservation advisory council b. planning board c. architectural review board
  1. Property owners are charged an extra amount on their property tax bill for the addition of three new fire trucks in the taxing unit. This charge is known as a(n): a. tax certiorari b. reassessment c. special assessment d. tax levy ---------CORRECT ANSWER-----------------c. special assessment
  2. A legal action brought by the taxing authority when real property taxed are not paid when due is a(n): a. in rem legal proceeding b. injunction c. Article 78 proceeding d. reformation ---------CORRECT ANSWER-----------------a. in rem legal proceeding
  3. In a cooperative, who is generally in charge of the approval of the prospective buyer of a cooperative unit? The: a. lender b. board of directors c. vote of the majority of the share holders d. the management company ---------CORRECT ANSWER-----------------b. board of directors
  4. In a cooperative, who owns the common areas? The: a. the management company b. the unit owner c. cooperative corporation d. all of the above ---------CORRECT ANSWER-----------------c. cooperative corporation
  1. the terms under which a cooperative gives permission to a shareholder to make any structural changes to the individual unit is called: a. a letter of intent b. house rules c. a subscription agreement d. an alteration agreement ---------CORRECT ANSWER-----------------d. an alteration agreement
  2. An investor purchases a $2,300,000 apartment complex with a $600,000 down payment, Each month the cash flow from rentals, les expenses, is $20,000. Over a year's time, the cash-on-cash return would be: a. 25 percent b. 28 percent c. 32 percent d. 40 percent ---------CORRECT ANSWER-----------------d. 40 percent
  3. The profit from income producing property, less income taxes, is known as: a. after tax cash flow b. before tax cash flow c. debt service d. the debt-to-equity ration ---------CORRECT ANSWER-----------------a. after tax cash flow
  4. If a property generates a $10,000 cash flow and a $2,000 tax loss that is used to offset other income, the after-tax cash flow for an investor in the 35 percent tax bracket is:

a. vacancy factor b. loss factor c. unused perimeter d. common areas ---------CORRECT ANSWER-----------------b. loss factor

  1. One of the main differences between a loft and other types of commercial space for a lease is that a loft: a. is not usually divided into rooms b. is always more expensive per square foot than other types of space c. always has a private elevator d. is generally under rent control ---------CORRECT ANSWER----------------- a. is not usually divided into rooms

  2. A lease agreement for commercial property is generally: a. standard throughout the state b. customized to the particular space and tenant c. for ten years or more d. a periodic lease ---------CORRECT ANSWER-----------------b. customized to the particular space and tenant

  3. IayCee paid $400,000 for an investment property. She also has a loss of $50,000 due to a fire. She values her property at $350,000. This value is which of the following? a. appraised value b. adjusted basis c. basis d. market value ---------CORRECT ANSWER-----------------b. adjusted basis

  1. Harry has an ownership interest in a 60-unit apartment building as a limited partner. According to IRS rules, this kind of ownership is: a. active income b. passive income c. portfolio income d. deductible income ---------CORRECT ANSWER-----------------b. passive income
  2. In a tax-deferred exchange, the individual who accepts the funds from the sale and handles the contract is called the: a. arbitrator b. mediator c. qualified intermediary d. coordinator ---------CORRECT ANSWER-----------------c. qualified intermediary
  3. Which of the following documents do mortgage brokers use to make certain disclosures to potential borrowers? a. agency disclosure form b. pre-approval letter c. letter of intent d. pre-application disclosure and fee agreement ---------CORRECT ANSWER-----------------d. pre-application disclosure and fee agreement
  4. Which of the following is FALSE? A (n) mortgage banker: a. may lend money b. may collect the loan payments c. closes the loan in its own name