NYREI STATE LICENSING GROUP SESSION
CERTIFICATION SCRIPT 2026 QUESTIONS
WITH SOLUTIONS GRADED A+
⩥ Physical land and everything attached to it is called. Answer: Real
Estate
⩥ Equipment a tenant installs for use in his or her business is called.
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. Answer: Blockbusting
⩥ Loans that follow the criteria set by secondary markets are called.
Answer: Conforming loans
⩥ A "Rule" that says an informed buyer will not pay more for one home
than a comparable one is. Answer: Substitution
⩥ Funds offered as an indication of good faith regarding a future
performance of a purchase agreement is called. Answer: Earnest money
,⩥ Possession of property by a holdover tenant is. Answer: Tenancy at
sufferance
⩥ An agent authorized to do everything that can be lawfully delegated to
be a representative is a. Answer: Universal agent
⩥ The relationship between the cost of borrowing money and the total
amount financed is. Answer: APR
⩥ A revocable, non assignable permission to enter another persons land
for a particular purpose is. Answer: License
⩥ Lease for which a landlord pays all property taxed, insurance ect.
Answer: Gross lease
⩥ Loan where the interest rate remains the same for the duration of the
loan. Answer: Fixed rate loan
⩥ When something outside the control of a property makes it less
desirable. Answer: Economic/External obsolescence
⩥ An acre is a measure of a land area that is equal to. Answer: 43,560
feet
,⩥ 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.
Answer: Marketable title
⩥ A right that goes along with the ownership of real property. Answer:
Appurtenance
⩥ A financial encumbrance on the owners title is called a. Answer: Lien
⩥ A written agency between a seller and broker is a. 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. Answer: Negative Amortization
⩥ The agent who finds a buyer in a real estate transaction. Answer:
Sellers agent
⩥ Broker Bob uses money from the firms escrow account to pay the
electrical bill. This could be best described as. Answer: Conversion
(Conversion is another word for stealing)
⩥ A latent defect can be best described as. 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. 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?. Answer: Antitrust
⩥ When is a broker/agent entitled to commission?. 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.
Answer: Fraud
(E&O) cover mistakes and negligence
⩥ What duties does an agent owe a customer?. Answer: Fair dealing,
Honesty, and integrity
They only owe loyalty to their client
⩥ How long must a New York Broker maintain record of sales?.
Answer: 3 years for one too four family dwellings
CERTIFICATION SCRIPT 2026 QUESTIONS
WITH SOLUTIONS GRADED A+
⩥ Physical land and everything attached to it is called. Answer: Real
Estate
⩥ Equipment a tenant installs for use in his or her business is called.
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. Answer: Blockbusting
⩥ Loans that follow the criteria set by secondary markets are called.
Answer: Conforming loans
⩥ A "Rule" that says an informed buyer will not pay more for one home
than a comparable one is. Answer: Substitution
⩥ Funds offered as an indication of good faith regarding a future
performance of a purchase agreement is called. Answer: Earnest money
,⩥ Possession of property by a holdover tenant is. Answer: Tenancy at
sufferance
⩥ An agent authorized to do everything that can be lawfully delegated to
be a representative is a. Answer: Universal agent
⩥ The relationship between the cost of borrowing money and the total
amount financed is. Answer: APR
⩥ A revocable, non assignable permission to enter another persons land
for a particular purpose is. Answer: License
⩥ Lease for which a landlord pays all property taxed, insurance ect.
Answer: Gross lease
⩥ Loan where the interest rate remains the same for the duration of the
loan. Answer: Fixed rate loan
⩥ When something outside the control of a property makes it less
desirable. Answer: Economic/External obsolescence
⩥ An acre is a measure of a land area that is equal to. Answer: 43,560
feet
,⩥ 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.
Answer: Marketable title
⩥ A right that goes along with the ownership of real property. Answer:
Appurtenance
⩥ A financial encumbrance on the owners title is called a. Answer: Lien
⩥ A written agency between a seller and broker is a. 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. Answer: Negative Amortization
⩥ The agent who finds a buyer in a real estate transaction. Answer:
Sellers agent
⩥ Broker Bob uses money from the firms escrow account to pay the
electrical bill. This could be best described as. Answer: Conversion
(Conversion is another word for stealing)
⩥ A latent defect can be best described as. 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. 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?. Answer: Antitrust
⩥ When is a broker/agent entitled to commission?. 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.
Answer: Fraud
(E&O) cover mistakes and negligence
⩥ What duties does an agent owe a customer?. Answer: Fair dealing,
Honesty, and integrity
They only owe loyalty to their client
⩥ How long must a New York Broker maintain record of sales?.
Answer: 3 years for one too four family dwellings
