NYREI practice exam questions
WITH Correct Answers 100% PASS
For the income approach to appraisal, value is a reference to what? - CORRECT
ANSWER-the worth of the investment
Which method of property description is most frequently used in New York State?
- CORRECT ANSWER-Metes and bounds
One important characteristic of investing caused Bill to invest in certificates of
deposit rather than real estate. Bill was concerned with - CORRECT ANSWER-
liquidity.
Who sets the legal description? - CORRECT ANSWER-surveyor
Dwelling policies generally exclude - CORRECT ANSWER-water damage.
John is gathering up his paperwork to complete his income taxes. His home
expenses include: Mortgage interest / month = $520; Property taxes = $3,280;
New deck = $5,300. What is the total deduction John can take for the year? -
CORRECT ANSWER-$9,520
, Broker Sam told the seller that her listing contract would automatically renew after
the expiration date of June 1st. One June 2nd, the seller listed with another agency.
Sam's statement had no effect because - CORRECT ANSWER-New York
prohibits automatic extensions of listings.
Effective gross income best describes - CORRECT ANSWER-gross income
minus a figure for vacancy and collection losses.
A lease temporarily transfers the rights of property from the _________ to the
________. - CORRECT ANSWER-lessor / lessee
When showing a downtown condominium, a licensee brags, "This unit probably
has the best view of Lake Michigan in the whole city!" Would this statement have
legal consequences? - CORRECT ANSWER-No, this is puffing and is the agent's
opinion
The Division of Licensing Service may suspend or revoke a sales license on the
basis of which of the following? - CORRECT ANSWER-All of the above
Alfred and Allie buy a 10-year-old home and have it tested for radon prior to
closing. The test results in an average reading of 4.8 pCi/L. Under federal law, is
the seller required to mitigate the home? - CORRECT ANSWER-No, unless
agreed upon in the contract between buyer and seller.
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
WITH Correct Answers 100% PASS
For the income approach to appraisal, value is a reference to what? - CORRECT
ANSWER-the worth of the investment
Which method of property description is most frequently used in New York State?
- CORRECT ANSWER-Metes and bounds
One important characteristic of investing caused Bill to invest in certificates of
deposit rather than real estate. Bill was concerned with - CORRECT ANSWER-
liquidity.
Who sets the legal description? - CORRECT ANSWER-surveyor
Dwelling policies generally exclude - CORRECT ANSWER-water damage.
John is gathering up his paperwork to complete his income taxes. His home
expenses include: Mortgage interest / month = $520; Property taxes = $3,280;
New deck = $5,300. What is the total deduction John can take for the year? -
CORRECT ANSWER-$9,520
, Broker Sam told the seller that her listing contract would automatically renew after
the expiration date of June 1st. One June 2nd, the seller listed with another agency.
Sam's statement had no effect because - CORRECT ANSWER-New York
prohibits automatic extensions of listings.
Effective gross income best describes - CORRECT ANSWER-gross income
minus a figure for vacancy and collection losses.
A lease temporarily transfers the rights of property from the _________ to the
________. - CORRECT ANSWER-lessor / lessee
When showing a downtown condominium, a licensee brags, "This unit probably
has the best view of Lake Michigan in the whole city!" Would this statement have
legal consequences? - CORRECT ANSWER-No, this is puffing and is the agent's
opinion
The Division of Licensing Service may suspend or revoke a sales license on the
basis of which of the following? - CORRECT ANSWER-All of the above
Alfred and Allie buy a 10-year-old home and have it tested for radon prior to
closing. The test results in an average reading of 4.8 pCi/L. Under federal law, is
the seller required to mitigate the home? - CORRECT ANSWER-No, unless
agreed upon in the contract between buyer and seller.
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
