NEW YORK STATE REAL ESTATE SALESPERSON
LICENSING EXAM PREMIUM PREP PACK 2026
FULLY SOLVED MATERIAL
◉ right of control. Answer: The _______ allows the title holder the
ability to manage the use of the property in any means deemed legal
within the jurisdiction in which the property exists. Entry into an
area regulated by a homeowners' association may lead to additional
restrictions being in place, though the restrictions are not
technically legal standards.
◉ right of exclusion. Answer: The ____ allows the title holder to limit
who may or may not enter the property. This applies to most
situations except when certain easements are in place, or when a
warrant authorizing the search of the property is properly acquired
and served by a member of the law enforcement community.
◉ right to enjoyment. Answer: The ____ asserts the title holder's
right to participate in any activities he finds pleasurable while on the
property. The activities in question must fall within the confines of
the law.
◉ right of disposition. Answer: The ___ protects the title holder's
right to transfer ownership, either permanently or temporarily, to
another qualified party at will. An exclusion exists if the property
,owner owes a current mortgage on the property, as he must pay off
the debt before ownership can be transferred. An exclusion also
applies in cases where the property is subject to a lien, such as when
a homeowner has failed to pay property taxes.
◉ appraisal. Answer: A written justification of the price paid for a
property, primarily based on an analysis of comparable sales of
similar homes nearby.
◉ appraiser. Answer: An individual qualified by education, training,
and experience to estimate the value of real property and personal
property. Although some appraisers work directly for mortgage
lenders, most are independent.
◉ appreciation. Answer: The increase in the value of a property due
to changes in market conditions, inflation, or other causes.
◉ assessed value. Answer: The valuation placed on property by a
public tax assessor for purposes of taxation.
◉ assessment. Answer: The placing of a value on property for the
purpose of taxation.
◉ assessor. Answer: A public official who establishes the value of a
property for taxation purposes.
,◉ asset. Answer: Items of value owned by an individual. Assets that
can be quickly converted into cash are considered "liquid assets."
These include bank accounts, stocks, bonds, mutual funds, and so on.
Other assets include real estate, personal property, and debts owed
to an individual by others.
◉ freehold estate. Answer: A _____ is an estate in which ownership is
for an undefined length of time.
◉ fee, fee simple, fee absolute. Answer: A _____ is an estate in land.
This form of ownership can not be defeated by the previous owner
or the previous owner's heirs; however it is not free from
encumbrances. ______ is the greatest interest in a parcel of land that
one can possibly own. _____ ownership represents absolute
ownership of real property but it is limited by the four basic
government powers of taxation, eminent domain, police power, and
escheat and could also be limited by certain encumbrances or a
condition in the deed.
◉ Life estate. Answer: A ____ is an interest in real property, which is
held for the duration of the life of a designated person. It may be
limited by the life of the person holding it or by the life of another
person.
, ◉ purchase offer contract. Answer: In essence, this decision said
that no licensee may include detailed legal terms and conditions
beyond filling in a _________ approved by the Dept. of State.
◉ Duncan/Hill decision, purchase offer contract. Answer: The ______
was a landmark decision handed down in 1978 by the New York
Appellate Division. In essence, this decision said that no licensee
may include detailed legal terms and conditions beyond filling in a
_________ approved by the Dept. of State.
◉ Reciprocity. Answer: Agreements allow an agent in one state to
obtain a license in another state through a streamlined process. The
specific process the agent must follow depends on each state's real
estate laws.
◉ Advertisements that are published in newspapers of general
circulation if such newspaper has a
general readership throughout the metropolitan New York City area
or throughout a substantial
portion of the metropolitan New York City area IF such newspaper
is:
14
A. published not less than once per week
LICENSING EXAM PREMIUM PREP PACK 2026
FULLY SOLVED MATERIAL
◉ right of control. Answer: The _______ allows the title holder the
ability to manage the use of the property in any means deemed legal
within the jurisdiction in which the property exists. Entry into an
area regulated by a homeowners' association may lead to additional
restrictions being in place, though the restrictions are not
technically legal standards.
◉ right of exclusion. Answer: The ____ allows the title holder to limit
who may or may not enter the property. This applies to most
situations except when certain easements are in place, or when a
warrant authorizing the search of the property is properly acquired
and served by a member of the law enforcement community.
◉ right to enjoyment. Answer: The ____ asserts the title holder's
right to participate in any activities he finds pleasurable while on the
property. The activities in question must fall within the confines of
the law.
◉ right of disposition. Answer: The ___ protects the title holder's
right to transfer ownership, either permanently or temporarily, to
another qualified party at will. An exclusion exists if the property
,owner owes a current mortgage on the property, as he must pay off
the debt before ownership can be transferred. An exclusion also
applies in cases where the property is subject to a lien, such as when
a homeowner has failed to pay property taxes.
◉ appraisal. Answer: A written justification of the price paid for a
property, primarily based on an analysis of comparable sales of
similar homes nearby.
◉ appraiser. Answer: An individual qualified by education, training,
and experience to estimate the value of real property and personal
property. Although some appraisers work directly for mortgage
lenders, most are independent.
◉ appreciation. Answer: The increase in the value of a property due
to changes in market conditions, inflation, or other causes.
◉ assessed value. Answer: The valuation placed on property by a
public tax assessor for purposes of taxation.
◉ assessment. Answer: The placing of a value on property for the
purpose of taxation.
◉ assessor. Answer: A public official who establishes the value of a
property for taxation purposes.
,◉ asset. Answer: Items of value owned by an individual. Assets that
can be quickly converted into cash are considered "liquid assets."
These include bank accounts, stocks, bonds, mutual funds, and so on.
Other assets include real estate, personal property, and debts owed
to an individual by others.
◉ freehold estate. Answer: A _____ is an estate in which ownership is
for an undefined length of time.
◉ fee, fee simple, fee absolute. Answer: A _____ is an estate in land.
This form of ownership can not be defeated by the previous owner
or the previous owner's heirs; however it is not free from
encumbrances. ______ is the greatest interest in a parcel of land that
one can possibly own. _____ ownership represents absolute
ownership of real property but it is limited by the four basic
government powers of taxation, eminent domain, police power, and
escheat and could also be limited by certain encumbrances or a
condition in the deed.
◉ Life estate. Answer: A ____ is an interest in real property, which is
held for the duration of the life of a designated person. It may be
limited by the life of the person holding it or by the life of another
person.
, ◉ purchase offer contract. Answer: In essence, this decision said
that no licensee may include detailed legal terms and conditions
beyond filling in a _________ approved by the Dept. of State.
◉ Duncan/Hill decision, purchase offer contract. Answer: The ______
was a landmark decision handed down in 1978 by the New York
Appellate Division. In essence, this decision said that no licensee
may include detailed legal terms and conditions beyond filling in a
_________ approved by the Dept. of State.
◉ Reciprocity. Answer: Agreements allow an agent in one state to
obtain a license in another state through a streamlined process. The
specific process the agent must follow depends on each state's real
estate laws.
◉ Advertisements that are published in newspapers of general
circulation if such newspaper has a
general readership throughout the metropolitan New York City area
or throughout a substantial
portion of the metropolitan New York City area IF such newspaper
is:
14
A. published not less than once per week
