NYREI Exam Prep Questions and
Answers 100% PASS
A leasehold estate that continues for a successive periods of equal length until
terminated by proper notice from either party is a - CORRECT ANSWER-
Periodic tenancy
Physical land and everything attached to it is called - CORRECT ANSWER-Real
Estate
Equipment a tenant installs for use in his or her business is called - CORRECT
ANSWER-Trade fixture
The illegal practice of inducing homeowners to sell their homes (Usually at a
deflated price) by suggesting the ethinic or racial composition of the neighborhood
Is changing, with the implication that property values will decline is called -
CORRECT ANSWER-Blockbusting
Loans that follow the criteria set by secondary markets are called - CORRECT
ANSWER-Conforming loans
A "Rule" that says an informed buyer will not pay more for one home than a
comparable one is - CORRECT ANSWER-Substitution
,Funds offered as an indication of good faith regarding a future performance of a
purchase agreement is called - CORRECT ANSWER-Earnest money
Possession of property by a holdover tenant is - CORRECT ANSWER-Tenancy at
sufferance
An agent authorized to do everything that can be lawfully delegated to be a
representative is a - CORRECT ANSWER-Universal agent
The relationship between the cost of borrowing money and the total amount
financed is - CORRECT ANSWER-APR
A revocable, non assignable permission to enter another persons land for a
particular purpose is - CORRECT ANSWER-License
Lease for which a landlord pays all property taxed, insurance ect - CORRECT
ANSWER-Gross lease
Loan where the interest rate remains the same for the duration of the loan -
CORRECT ANSWER-Fixed rate loan
When something outside the control of a property makes it less desirable -
CORRECT ANSWER-Economic/External obsolescence
An acre is a measure of a land area that is equal to - CORRECT ANSWER-43,560
feet
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
,A title that is free and clear from undisclosed encumbrances or other defects that
would expose a purchaser to litigation or to impede a purchasers ability to enjoy
the property or to later sell the property - CORRECT ANSWER-Marketable title
A right that goes along with the ownership of real property - CORRECT
ANSWER-Appurtenance
A financial encumbrance on the owners title is called a - CORRECT ANSWER-
Lien
A written agency between a seller and broker is a - CORRECT ANSWER-Listing
The effect when a loan balance grows because of a differed interest when
payments are not covering the interest portion of the loan are called - CORRECT
ANSWER-Negative Amortization
The agent who finds a buyer in a real estate transaction - CORRECT ANSWER-
Sellers agent
Broker Bob uses money from the firms escrow account to pay the electrical bill.
This could be best described as - CORRECT ANSWER-Conversion (Conversion
is another word for stealing)
A latent defect can be best described as - CORRECT ANSWER-Not plainly
visible
, A clause requiring commission to be paid even if the property is sold AFTER the
listing agreement expires is known as a - CORRECT ANSWER-Protection period
clause
Rachel and Monica work for different brokers. One morning over coffee, Rachel
mentions that her broker has raised her commission to 7.5%. This can be
considered what type of violation? - CORRECT ANSWER-Antitrust
When is a broker/agent entitled to commission? - CORRECT ANSWER-When a
ready, willing, and able buyer is found on the terms accepted to the seller
Errors and omissions insurance cover all of the following except - CORRECT
ANSWER-Fraud
(E&O) cover mistakes and negligence
What duties does an agent owe a customer? - CORRECT ANSWER-Fair dealing,
Honesty, and integrity
They only owe loyalty to their client
How long must a New York Broker maintain record of sales? - CORRECT
ANSWER-3 years for one too four family dwellings
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
Answers 100% PASS
A leasehold estate that continues for a successive periods of equal length until
terminated by proper notice from either party is a - CORRECT ANSWER-
Periodic tenancy
Physical land and everything attached to it is called - CORRECT ANSWER-Real
Estate
Equipment a tenant installs for use in his or her business is called - CORRECT
ANSWER-Trade fixture
The illegal practice of inducing homeowners to sell their homes (Usually at a
deflated price) by suggesting the ethinic or racial composition of the neighborhood
Is changing, with the implication that property values will decline is called -
CORRECT ANSWER-Blockbusting
Loans that follow the criteria set by secondary markets are called - CORRECT
ANSWER-Conforming loans
A "Rule" that says an informed buyer will not pay more for one home than a
comparable one is - CORRECT ANSWER-Substitution
,Funds offered as an indication of good faith regarding a future performance of a
purchase agreement is called - CORRECT ANSWER-Earnest money
Possession of property by a holdover tenant is - CORRECT ANSWER-Tenancy at
sufferance
An agent authorized to do everything that can be lawfully delegated to be a
representative is a - CORRECT ANSWER-Universal agent
The relationship between the cost of borrowing money and the total amount
financed is - CORRECT ANSWER-APR
A revocable, non assignable permission to enter another persons land for a
particular purpose is - CORRECT ANSWER-License
Lease for which a landlord pays all property taxed, insurance ect - CORRECT
ANSWER-Gross lease
Loan where the interest rate remains the same for the duration of the loan -
CORRECT ANSWER-Fixed rate loan
When something outside the control of a property makes it less desirable -
CORRECT ANSWER-Economic/External obsolescence
An acre is a measure of a land area that is equal to - CORRECT ANSWER-43,560
feet
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
,A title that is free and clear from undisclosed encumbrances or other defects that
would expose a purchaser to litigation or to impede a purchasers ability to enjoy
the property or to later sell the property - CORRECT ANSWER-Marketable title
A right that goes along with the ownership of real property - CORRECT
ANSWER-Appurtenance
A financial encumbrance on the owners title is called a - CORRECT ANSWER-
Lien
A written agency between a seller and broker is a - CORRECT ANSWER-Listing
The effect when a loan balance grows because of a differed interest when
payments are not covering the interest portion of the loan are called - CORRECT
ANSWER-Negative Amortization
The agent who finds a buyer in a real estate transaction - CORRECT ANSWER-
Sellers agent
Broker Bob uses money from the firms escrow account to pay the electrical bill.
This could be best described as - CORRECT ANSWER-Conversion (Conversion
is another word for stealing)
A latent defect can be best described as - CORRECT ANSWER-Not plainly
visible
, A clause requiring commission to be paid even if the property is sold AFTER the
listing agreement expires is known as a - CORRECT ANSWER-Protection period
clause
Rachel and Monica work for different brokers. One morning over coffee, Rachel
mentions that her broker has raised her commission to 7.5%. This can be
considered what type of violation? - CORRECT ANSWER-Antitrust
When is a broker/agent entitled to commission? - CORRECT ANSWER-When a
ready, willing, and able buyer is found on the terms accepted to the seller
Errors and omissions insurance cover all of the following except - CORRECT
ANSWER-Fraud
(E&O) cover mistakes and negligence
What duties does an agent owe a customer? - CORRECT ANSWER-Fair dealing,
Honesty, and integrity
They only owe loyalty to their client
How long must a New York Broker maintain record of sales? - CORRECT
ANSWER-3 years for one too four family dwellings
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
