NY Real Estate Exam Questions and
Answers 2023
equitable right of redemption. - Answer-Just one day prior to a foreclosure sale, the
homeowner pays to the bank all the past-due payments, late charges, attorney fees,
etc. The homeowner saves the property under the right called
Condominium Act - Answer-Article 9B of New York State's Real Property Law is also
known as the
computerized loan origination. - Answer-An electronic network for handling loan
applications through remote computer terminals linked to several lenders' computers,
which may be used by a real estate broker or salesperson to help a buyer select and
apply for a loan, is called
the level of assessment is full market value. - Answer-An approved assessing unit is
one in which
marketability. - Answer-The ability to convert an asset to cash quickly at any price is
known as
Uniform Commercial Code - Answer-What is the body of law that governs negotiable
instruments?
binder - Answer-a shorter version of a sales contract.
rider - Answer-an addition to a sales contract
contingency - Answer-a provision in the contract that must occur or the contract will not
be performed
option - Answer-a one sided, unilateral agreement
percentage lease - Answer-most common lease for retail property
land contract. - Answer-An installment agreement where the buyer makes payments for
the right to possession but no title transfers until most or all of the terms have been met.
three days to back out of the contract - Answer-In construction, the right of rescission
law allows the homeowner
any homeowners policy - Answer-insurance policy that will cover him for theft, personal
liability, and medical payments
, Polychlorinated biphenyls - Answer-It's organic and it's used as a cooling and insulating
agent for certain electrical equipment
2 years - Answer-A real estate license is good for a period of
covenant - Answer-a promise that runs with property forever in a general warranty deed.
Eminent domain - Answer-the right of the government to take private property for public
use
restriction - Answer-a clause placed in a deed by a grantor, which restricts the use of
the property
fee simple absolute - Answer-absolute ownership without any restriction
amount financed - Answer-Discount points on a mortgage are computed as a
percentage of
portfolio - Answer-ack has made good investments and every year he receives
dividends from the stocks that he owns. What type of income is this?
640 acres - Answer-A section of land contains which of the following?
2 years - Answer-the minimum warranty for new home construction regarding the
plumbing and heating system is
hypothecation - Answer-Pledging a property as security on a loan without giving up
possession of the property is known as
Straight term loan - Answer-What type of note calls for interest payments during the
term of the loan and principal due at the end of the loan?
60 days - Answer-On dwelling property forms, there is no coverage for vandalism if the
dwelling has been vacant for more than
growth, stability, decline, and revitalization. - Answer-The life cycle of a neighborhood
occurs in these four stages, in this order:
exclusive right to sell - Answer-What entitles the listing broker a commission no matter
who procures the sale?
External obsolescence - Answer-a situation outside of the subject property that may
affect the value of the subject property.
alluvian - Answer-The soil added to a property line due to lakes, rivers or streams
Answers 2023
equitable right of redemption. - Answer-Just one day prior to a foreclosure sale, the
homeowner pays to the bank all the past-due payments, late charges, attorney fees,
etc. The homeowner saves the property under the right called
Condominium Act - Answer-Article 9B of New York State's Real Property Law is also
known as the
computerized loan origination. - Answer-An electronic network for handling loan
applications through remote computer terminals linked to several lenders' computers,
which may be used by a real estate broker or salesperson to help a buyer select and
apply for a loan, is called
the level of assessment is full market value. - Answer-An approved assessing unit is
one in which
marketability. - Answer-The ability to convert an asset to cash quickly at any price is
known as
Uniform Commercial Code - Answer-What is the body of law that governs negotiable
instruments?
binder - Answer-a shorter version of a sales contract.
rider - Answer-an addition to a sales contract
contingency - Answer-a provision in the contract that must occur or the contract will not
be performed
option - Answer-a one sided, unilateral agreement
percentage lease - Answer-most common lease for retail property
land contract. - Answer-An installment agreement where the buyer makes payments for
the right to possession but no title transfers until most or all of the terms have been met.
three days to back out of the contract - Answer-In construction, the right of rescission
law allows the homeowner
any homeowners policy - Answer-insurance policy that will cover him for theft, personal
liability, and medical payments
, Polychlorinated biphenyls - Answer-It's organic and it's used as a cooling and insulating
agent for certain electrical equipment
2 years - Answer-A real estate license is good for a period of
covenant - Answer-a promise that runs with property forever in a general warranty deed.
Eminent domain - Answer-the right of the government to take private property for public
use
restriction - Answer-a clause placed in a deed by a grantor, which restricts the use of
the property
fee simple absolute - Answer-absolute ownership without any restriction
amount financed - Answer-Discount points on a mortgage are computed as a
percentage of
portfolio - Answer-ack has made good investments and every year he receives
dividends from the stocks that he owns. What type of income is this?
640 acres - Answer-A section of land contains which of the following?
2 years - Answer-the minimum warranty for new home construction regarding the
plumbing and heating system is
hypothecation - Answer-Pledging a property as security on a loan without giving up
possession of the property is known as
Straight term loan - Answer-What type of note calls for interest payments during the
term of the loan and principal due at the end of the loan?
60 days - Answer-On dwelling property forms, there is no coverage for vandalism if the
dwelling has been vacant for more than
growth, stability, decline, and revitalization. - Answer-The life cycle of a neighborhood
occurs in these four stages, in this order:
exclusive right to sell - Answer-What entitles the listing broker a commission no matter
who procures the sale?
External obsolescence - Answer-a situation outside of the subject property that may
affect the value of the subject property.
alluvian - Answer-The soil added to a property line due to lakes, rivers or streams
