Nyc city assessor exam – nyc department of finance – 2026/2027 edition –
questions and answers for aspiring city assessors and municipal finance
professionals
The Department of State - -Who is primarily responsible for issuing real estate
licenses, pocket cards, and handing down disciplinary action.
--Article 12-A - -This Law outlines the roles/duties of the Department of State
--Fiduciary Duties - -Obedience - Agent must act in accordance to clients
demands/instructions
Loyalty - Agent must work in the best interest of his client
Disclosure of Information - Agent must communicate with client / must
present all offers
Confidentiality - All confidential information as described by client must remain
so unless given permission in writing.
Accountability - One of the more serious fiduciary responsibilities.
Reasonable Care and Duty to Account - Agent may be liable for costly mistakes.
--Full Coveyant and Warranty Deed - -This deed contains the broadest form of
guarantee of title of any type of deed and provides the greatest protection to
the grantee.
The ________________ deed includes the following covenants:
1) Covenant of seisin - assures the grantee that the grantor holds the title
specified in the deed.
2) Covenant of right to convey - assures the grantee that the grantor has the
legal capacity to convey the title and has the title to convey.
3) Covenant against encumbrances - assures the grantee that no
encumbrances against the title except those set forth in the deed itself exist.
,4) Covenant of quiet enjoyment - assures the grantee that they will have quiet
enjoyment and possession of the property.
5) Covenant for further assurances
6) Covenant of warranty
--Rules of a contract - -- In New York State, an individual must be at least 18
years of age to enter into a contract.
- Minors (less than 18 years old) CANNOT enter into a contract. The contract is
voidable if signed by a minor.
- In New York State, an individual must be mentally and emotionally capable to
enter into a contract.
- The purchaser signs the contract first
--Down payment - -Anyone who holds a __________ must place it in a
separate escrow account.
The following people generally hold the down payment:
- Listing agent
- Seller's attorney
- Selling broker
--Proration - -The division of certain settlement costs between buyer and seller.
These items can include real estate taxes, fuel, a survey, water and sewer
charges, rent, and security deposits.
Proration ensures fair apportionment of expenses between buyer and seller.
--Abstract of Title - -A summary of all of the recorded instruments and
proceedings which affect the title to property, arranged in the order in which
they were recorded.
, --Legal Discription and the 2 types of property descriptions - -The deed must
contain as adequate formal legal description.
The legal description describes where the property is located and the size of
the lot.
There are 3 acceptable types of property descriptions:
1) Metes and bounds
2) Description by reference, lot and block
3) Monuments
--Conveyance - -The transfer of the title of land from one to another. The
means or medium by which title of real estate is transferred.
A deed is a document used to convey title legally to real property. A deed is
also called an instrument of _____________.
--Fee Simple Estate - -Absolute ownership of real property; a person has this
type of estate where the person is entitled to the entire property with
unconditional power of disposition during the person's life and descending to
the person's heirs or distributees.
Most properties in New York have a_______________________ deed, unless
specified otherwise!
--Specific lien example (1) - -A mortgage lien is an example of a _____________
lien.
questions and answers for aspiring city assessors and municipal finance
professionals
The Department of State - -Who is primarily responsible for issuing real estate
licenses, pocket cards, and handing down disciplinary action.
--Article 12-A - -This Law outlines the roles/duties of the Department of State
--Fiduciary Duties - -Obedience - Agent must act in accordance to clients
demands/instructions
Loyalty - Agent must work in the best interest of his client
Disclosure of Information - Agent must communicate with client / must
present all offers
Confidentiality - All confidential information as described by client must remain
so unless given permission in writing.
Accountability - One of the more serious fiduciary responsibilities.
Reasonable Care and Duty to Account - Agent may be liable for costly mistakes.
--Full Coveyant and Warranty Deed - -This deed contains the broadest form of
guarantee of title of any type of deed and provides the greatest protection to
the grantee.
The ________________ deed includes the following covenants:
1) Covenant of seisin - assures the grantee that the grantor holds the title
specified in the deed.
2) Covenant of right to convey - assures the grantee that the grantor has the
legal capacity to convey the title and has the title to convey.
3) Covenant against encumbrances - assures the grantee that no
encumbrances against the title except those set forth in the deed itself exist.
,4) Covenant of quiet enjoyment - assures the grantee that they will have quiet
enjoyment and possession of the property.
5) Covenant for further assurances
6) Covenant of warranty
--Rules of a contract - -- In New York State, an individual must be at least 18
years of age to enter into a contract.
- Minors (less than 18 years old) CANNOT enter into a contract. The contract is
voidable if signed by a minor.
- In New York State, an individual must be mentally and emotionally capable to
enter into a contract.
- The purchaser signs the contract first
--Down payment - -Anyone who holds a __________ must place it in a
separate escrow account.
The following people generally hold the down payment:
- Listing agent
- Seller's attorney
- Selling broker
--Proration - -The division of certain settlement costs between buyer and seller.
These items can include real estate taxes, fuel, a survey, water and sewer
charges, rent, and security deposits.
Proration ensures fair apportionment of expenses between buyer and seller.
--Abstract of Title - -A summary of all of the recorded instruments and
proceedings which affect the title to property, arranged in the order in which
they were recorded.
, --Legal Discription and the 2 types of property descriptions - -The deed must
contain as adequate formal legal description.
The legal description describes where the property is located and the size of
the lot.
There are 3 acceptable types of property descriptions:
1) Metes and bounds
2) Description by reference, lot and block
3) Monuments
--Conveyance - -The transfer of the title of land from one to another. The
means or medium by which title of real estate is transferred.
A deed is a document used to convey title legally to real property. A deed is
also called an instrument of _____________.
--Fee Simple Estate - -Absolute ownership of real property; a person has this
type of estate where the person is entitled to the entire property with
unconditional power of disposition during the person's life and descending to
the person's heirs or distributees.
Most properties in New York have a_______________________ deed, unless
specified otherwise!
--Specific lien example (1) - -A mortgage lien is an example of a _____________
lien.
