NY REAL ESTATE LICENSE FINAL PAPER
2026 QUESTIONS WITH 100% VERIFIED
ANSWERS
⩥ real estate salesperson. Answer: -employed by a broker, may perform
most of the acts of the broker
-cannot work independently or without consent of his/her broker
-cannot independently enter into listing agreements or other contracts to
represent people
-cannot independently conclude a sale, receive a commission, or
advertise
⩥ Converted-Use Properties. Answer: converted buildings for residential
purposes
⩥ Manufactured Housing. Answer: mobile homes but attached to
foundations / are permanent
⩥ Timeshares. Answer: purchase of undivided interest for fixed or
variable time period
⩥ "blue sky laws". Answer: to sell securities you need a registered
securities broker-dealers license
,⩥ Listing Agreement. Answer: written agency contract stating that the
broker will be paid a commission for finding/attempting to find a buyer
for the seller's real property
⩥ economic base of an area. Answer: main business or industry the area
uses to support itself
⩥ police power. Answer: constitutional power of state and local
governments to enact and enforce laws that protect the public's health,
safety, morals, and general welfare
⩥ eminent domain. Answer: police can condemn public use of property
as long as they give just compensation
⩥ fiscal policy. Answer: government spending of taxes / debt
management; higher taxes → less spending by people,more by
government (and gov doesn't buy houses)
⩥ monetary policy. Answer: government controls supply and cost of
money(including interest rates - higher interest → harder for people to
borrow)
,⩥ reserve requirements. Answer: % of customers' deposits banks are
required to keep on deposit (can't lend to other people); higher → higher
interest rates
⩥ federal discount rates. Answer: interest rates charged by Fed on loans
to banks; higher → higher interest rates for customers too
⩥ open market transactions. Answer: Fed buying/selling government
securities - to hit a target fed funds rate; more securities → higher
interest (more $ out of circulation)
⩥ moral sussion. Answer: using persuasive influences on the public / fin
to perceive credit in a specific way
⩥ secondary mortgage markets. Answer: private investors &
government agencies that buy and sell real estate mortgages (primary -
neighborhood banks that make loans directly)
⩥ Federal Housing Administration (FHA). Answer: provides mortgage
insurance to help people who have smaller down payments qualify for
home mortgages by insuring lenders against losses on the mortgage loan
⩥ Veteran's Administration (VA). Answer: guarantees mortgage loans for
eligible veterans
, ⩥ Article 12-A. Answer: addresses basics of licensing real estate
brokers/salespersons; requirements and qualifications for licensure,
duties of licensees, prohibited acts, penalties, etc.
⩥ NYS Board of Real Estate. Answer: -oversees all activities in New
York that would require a real estate license
-meets at least 3 times a year in Albany, Buffalo, and NYC
⩥ ARELLO (Association of Real Estate License Officials). Answer:
promotes uniform standards and policies of real estate licenses in North
America
⩥ Apartment Information Vendor. Answer: someone who, for a fee,
furnishes information concerning the location and availability of
residential rental property
⩥ Apartment Sharing Agent. Answer: someone who, for a fee,
coordinates with customer and the current owner/occupant of legally
occupied real property who wishes to share it
⩥ Irrevocable Consent. Answer: submission of an out-of-state agent to
the jurisdiction of state courts in which the agent agrees to allow
summons or other processes to be served against him
⩥ Real Property. Answer: -real estate plus the rights of ownership
2026 QUESTIONS WITH 100% VERIFIED
ANSWERS
⩥ real estate salesperson. Answer: -employed by a broker, may perform
most of the acts of the broker
-cannot work independently or without consent of his/her broker
-cannot independently enter into listing agreements or other contracts to
represent people
-cannot independently conclude a sale, receive a commission, or
advertise
⩥ Converted-Use Properties. Answer: converted buildings for residential
purposes
⩥ Manufactured Housing. Answer: mobile homes but attached to
foundations / are permanent
⩥ Timeshares. Answer: purchase of undivided interest for fixed or
variable time period
⩥ "blue sky laws". Answer: to sell securities you need a registered
securities broker-dealers license
,⩥ Listing Agreement. Answer: written agency contract stating that the
broker will be paid a commission for finding/attempting to find a buyer
for the seller's real property
⩥ economic base of an area. Answer: main business or industry the area
uses to support itself
⩥ police power. Answer: constitutional power of state and local
governments to enact and enforce laws that protect the public's health,
safety, morals, and general welfare
⩥ eminent domain. Answer: police can condemn public use of property
as long as they give just compensation
⩥ fiscal policy. Answer: government spending of taxes / debt
management; higher taxes → less spending by people,more by
government (and gov doesn't buy houses)
⩥ monetary policy. Answer: government controls supply and cost of
money(including interest rates - higher interest → harder for people to
borrow)
,⩥ reserve requirements. Answer: % of customers' deposits banks are
required to keep on deposit (can't lend to other people); higher → higher
interest rates
⩥ federal discount rates. Answer: interest rates charged by Fed on loans
to banks; higher → higher interest rates for customers too
⩥ open market transactions. Answer: Fed buying/selling government
securities - to hit a target fed funds rate; more securities → higher
interest (more $ out of circulation)
⩥ moral sussion. Answer: using persuasive influences on the public / fin
to perceive credit in a specific way
⩥ secondary mortgage markets. Answer: private investors &
government agencies that buy and sell real estate mortgages (primary -
neighborhood banks that make loans directly)
⩥ Federal Housing Administration (FHA). Answer: provides mortgage
insurance to help people who have smaller down payments qualify for
home mortgages by insuring lenders against losses on the mortgage loan
⩥ Veteran's Administration (VA). Answer: guarantees mortgage loans for
eligible veterans
, ⩥ Article 12-A. Answer: addresses basics of licensing real estate
brokers/salespersons; requirements and qualifications for licensure,
duties of licensees, prohibited acts, penalties, etc.
⩥ NYS Board of Real Estate. Answer: -oversees all activities in New
York that would require a real estate license
-meets at least 3 times a year in Albany, Buffalo, and NYC
⩥ ARELLO (Association of Real Estate License Officials). Answer:
promotes uniform standards and policies of real estate licenses in North
America
⩥ Apartment Information Vendor. Answer: someone who, for a fee,
furnishes information concerning the location and availability of
residential rental property
⩥ Apartment Sharing Agent. Answer: someone who, for a fee,
coordinates with customer and the current owner/occupant of legally
occupied real property who wishes to share it
⩥ Irrevocable Consent. Answer: submission of an out-of-state agent to
the jurisdiction of state courts in which the agent agrees to allow
summons or other processes to be served against him
⩥ Real Property. Answer: -real estate plus the rights of ownership
