New York State Real Estate License
Salesperson.
A court renders a judgment which authorizes a lien to be placed against the defendant's
house, car, and personal belongings. What is this an example of? - answer General
judgement lien.
What is required for a title to be marketable? - answer It must be free of undisclosed
defects and encumbrances.
Which law extended discrimination to include handicap and familial status? - answer
Fair Housing Amendments Act.
What is the most common reason a property fails to sell? - answer Overpricing.
What is overage rent? - answer Rent calculated on a percentage of sales volume
The first fine for a violation of federal fair housing law could be as much as what
amount? - answer$10,000
Real estate agents are typically what kind of agent? - answerSpecial Agent
Which is considered to be a fixed operating expense? - answerInsurance premiums.
Which of these is a distinguishing feature of a deed condition? - answerIt gives the
grantor the right to re-possess the property if the grantee violates the condition.
What is a policy that protects against claims above and beyond the amount covered by
primary policies? - answerUmbrella.
Broker Jim signs a listing agreement with seller, Grace and a buyer agency agreement
with buyer, Pat. Both Grace and Pat signed written disclosure statements agreeing to
this arrangement. What is this relationship called? - answerConsensual dual agency.
What is the amount of the surety bond that a mortgage broker must furnish when
applying for licensure in New York? - answer$10,000
A landlord suddenly terminates a tenant's lease in violation of the lease terms. The
tenant takes action to compel the landlord to comply with the violated terms. What kind
of suit is this? - answerSpecific performance.
,Under federal income tax law, the "sale price" for a personal property is which of the
following? - answerSales price, minus any sales expenses.
What is the difference between a balloon loan and an amortized loan? - answerAn
amortized loan is paid off by the end of the term. Balloon loan has a large "Balloon"
Payment at the end.
What is an emblement? - answerA plant or crop that is considered personal property.
A daycare center is allowed to open in a residentially-zoned area. What is this an
example of? - answerA special use permit.
A historic preservation commission does not have the power to do which of these?
A. Prevent an historic landmark from being torn down.
B. Review building plans for renovation of an historic landmark.
C.Recommend a property for inclusion on the historic landmark list.
D. Require a property owner to restore a historic building. - answerRequire a property
owner to restore a historic building.
Who are the essential parties involved in an estate in trust? - answerTrustor, trustee
and beneficiary.
"Everyone charges the same so you might as well list with me" is an example of what? -
answerPrice fixing.
Which of these properties would be considered a nonhomestead property?
A. Single family home.
B. Owner-occupied mobile home.
C. Small vacant lot.
D. Warehouse. - answerWarehouse
What do we use to show the percent of gross income that is required to meet cash
expenditures? - answerBreak-even ratio.
Broker Greg performed all of the following actions. Which one violates license law?
A. Split a commission with another broker.
B. Fired a non-productive salesperson.
C. Withheld earnest money that should have been returned to a purchaser.
D. Sent compensation to a licensed broker in another state. - answerWithheld earnest
money that should have been returned to a purchaser.
What is the effective rental income for a company that has a gross rent income of
$164,100, vacancies worth $12,000, extra income of $8,200 and operating expenses of
$28,400? - answer$152,100
,A parcel of land 250 feet wide and 150 feet deep sold for $240,000. What was the price
per square foot? - answer$6.40
Hometown Bank and Trust refuses to lend money to homeowners trying to purchase
property in a predominantly Hispanic neighborhood. What is this practice called? -
answerRedlining.
Which property would most probably have the longest lease term? - answerIndustrial
property.
In which of these cities is the Board not required to hold a public hearing each year?
A. Albany.
B. Buffalo.
C. New York City.
D. Rochester. - answerRochester.
Which of the following is an allowed activity for an unlicensed assistant?
A. Discuss specific properties with clients or customers.
B. Get status reports on the loan progress.
C. Clarify or interpret listings, contracts or other transaction-related information.
D. Go to and conduct open houses. - answerGet status reports on the loan progress.
Amanda Green sold her property to Sally Fay. Amanda will retain title to the property
until Sally has paid in full. What kind of contract do Amanda and Sally have? -
answerLand contract.
Allison is moving into a new condominium. Which of these documents does not apply to
her purchase?
A. Deed.
B. Certificate of occupancy.
C.Covenants, conditions and restrictions.
D. Stock certificate. - answerStock certificate.
Sandy rents space in a building for her beauty and tanning salon. She pays rent for
occupancy, but the owner of the building pays the taxes, insurance and other operating
expenses. What kind of lease does Sandy have? - answerGross lease.
John is doing a CMA for his potential sellers. He has collected the data on the seller's
property and collected data on a number of comparables. Now he's ready to make his
price adjustments. Which statement is true?
A. If a comparable has a feature that the subject property lacks, he will add the value of
that feature to the subject property.
B. If a comparable lacks a feature the subject property has, he will subtract the value of
that feature from the comparable.
C. He should eliminate any comparable for which he would need to make more than two
adjustments.
, D. If a comparable lacks a feature the subject property has, he will add the value of that
feature to the comparable. - answerIf a comparable lacks a feature the subject property
has, he will add the value of that feature to the comparable.
Which statement is false about Internet advertising?
A. On real estate web sites, a salesperson's name cannot be displayed in type that is
larger than the broker's name.
B. Any ads placed on the Internet must have a link to the licensee's email address.
C. If a salesperson has a web site, the broker must supervise the site.
D. Any ads placed on the Internet must have a link to the firm's web site. - answerAny
ads placed on the Internet must have a link to the licensee's email address.
Who pays the real estate taxes for a condominium? - answerCondominium owner.
Patrick has a written independent contractor agreement with his broker Tami. Last year,
about 25% of his income came from sales commissions. The other 75% came from an
hourly wage paid by Tami. For income tax purposes, the IRS would probably classify
Patrick as - answerAn employee.
What is the amount a buyer owes at closing equal to? - answerThe excess of the
buyer's debits over the buyer's credits.
Which statement is not true?
A. Mold often grows where it can't be seen.
B. Of all environmental hazards, radon is the easiest to detect and mitigate.
C. Underground storage tanks pose no hazard to residential areas.
D. Urea formaldehyde foam insulation is no longer used because of formaldehyde gas
emission. - answerUnderground storage tanks pose no hazard to residential areas.
Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. Whoever
brings the buyer will get the commission. What kind of agreement is this? - answerOpen
listing.
Greta Manes passed the salesperson licensing exam. For how long are her results
valid? - answer24 months.
What does the term "mixed-use development" mean? - answerMore than one use for a
single building.
In which of these places is asbestos not likely to be found?
- Roofing.
- Adhesives in pressed wood.
- Textured paint.
- Vinyl floor tiles. - answerAdhesives in pressed wood.
Salesperson.
A court renders a judgment which authorizes a lien to be placed against the defendant's
house, car, and personal belongings. What is this an example of? - answer General
judgement lien.
What is required for a title to be marketable? - answer It must be free of undisclosed
defects and encumbrances.
Which law extended discrimination to include handicap and familial status? - answer
Fair Housing Amendments Act.
What is the most common reason a property fails to sell? - answer Overpricing.
What is overage rent? - answer Rent calculated on a percentage of sales volume
The first fine for a violation of federal fair housing law could be as much as what
amount? - answer$10,000
Real estate agents are typically what kind of agent? - answerSpecial Agent
Which is considered to be a fixed operating expense? - answerInsurance premiums.
Which of these is a distinguishing feature of a deed condition? - answerIt gives the
grantor the right to re-possess the property if the grantee violates the condition.
What is a policy that protects against claims above and beyond the amount covered by
primary policies? - answerUmbrella.
Broker Jim signs a listing agreement with seller, Grace and a buyer agency agreement
with buyer, Pat. Both Grace and Pat signed written disclosure statements agreeing to
this arrangement. What is this relationship called? - answerConsensual dual agency.
What is the amount of the surety bond that a mortgage broker must furnish when
applying for licensure in New York? - answer$10,000
A landlord suddenly terminates a tenant's lease in violation of the lease terms. The
tenant takes action to compel the landlord to comply with the violated terms. What kind
of suit is this? - answerSpecific performance.
,Under federal income tax law, the "sale price" for a personal property is which of the
following? - answerSales price, minus any sales expenses.
What is the difference between a balloon loan and an amortized loan? - answerAn
amortized loan is paid off by the end of the term. Balloon loan has a large "Balloon"
Payment at the end.
What is an emblement? - answerA plant or crop that is considered personal property.
A daycare center is allowed to open in a residentially-zoned area. What is this an
example of? - answerA special use permit.
A historic preservation commission does not have the power to do which of these?
A. Prevent an historic landmark from being torn down.
B. Review building plans for renovation of an historic landmark.
C.Recommend a property for inclusion on the historic landmark list.
D. Require a property owner to restore a historic building. - answerRequire a property
owner to restore a historic building.
Who are the essential parties involved in an estate in trust? - answerTrustor, trustee
and beneficiary.
"Everyone charges the same so you might as well list with me" is an example of what? -
answerPrice fixing.
Which of these properties would be considered a nonhomestead property?
A. Single family home.
B. Owner-occupied mobile home.
C. Small vacant lot.
D. Warehouse. - answerWarehouse
What do we use to show the percent of gross income that is required to meet cash
expenditures? - answerBreak-even ratio.
Broker Greg performed all of the following actions. Which one violates license law?
A. Split a commission with another broker.
B. Fired a non-productive salesperson.
C. Withheld earnest money that should have been returned to a purchaser.
D. Sent compensation to a licensed broker in another state. - answerWithheld earnest
money that should have been returned to a purchaser.
What is the effective rental income for a company that has a gross rent income of
$164,100, vacancies worth $12,000, extra income of $8,200 and operating expenses of
$28,400? - answer$152,100
,A parcel of land 250 feet wide and 150 feet deep sold for $240,000. What was the price
per square foot? - answer$6.40
Hometown Bank and Trust refuses to lend money to homeowners trying to purchase
property in a predominantly Hispanic neighborhood. What is this practice called? -
answerRedlining.
Which property would most probably have the longest lease term? - answerIndustrial
property.
In which of these cities is the Board not required to hold a public hearing each year?
A. Albany.
B. Buffalo.
C. New York City.
D. Rochester. - answerRochester.
Which of the following is an allowed activity for an unlicensed assistant?
A. Discuss specific properties with clients or customers.
B. Get status reports on the loan progress.
C. Clarify or interpret listings, contracts or other transaction-related information.
D. Go to and conduct open houses. - answerGet status reports on the loan progress.
Amanda Green sold her property to Sally Fay. Amanda will retain title to the property
until Sally has paid in full. What kind of contract do Amanda and Sally have? -
answerLand contract.
Allison is moving into a new condominium. Which of these documents does not apply to
her purchase?
A. Deed.
B. Certificate of occupancy.
C.Covenants, conditions and restrictions.
D. Stock certificate. - answerStock certificate.
Sandy rents space in a building for her beauty and tanning salon. She pays rent for
occupancy, but the owner of the building pays the taxes, insurance and other operating
expenses. What kind of lease does Sandy have? - answerGross lease.
John is doing a CMA for his potential sellers. He has collected the data on the seller's
property and collected data on a number of comparables. Now he's ready to make his
price adjustments. Which statement is true?
A. If a comparable has a feature that the subject property lacks, he will add the value of
that feature to the subject property.
B. If a comparable lacks a feature the subject property has, he will subtract the value of
that feature from the comparable.
C. He should eliminate any comparable for which he would need to make more than two
adjustments.
, D. If a comparable lacks a feature the subject property has, he will add the value of that
feature to the comparable. - answerIf a comparable lacks a feature the subject property
has, he will add the value of that feature to the comparable.
Which statement is false about Internet advertising?
A. On real estate web sites, a salesperson's name cannot be displayed in type that is
larger than the broker's name.
B. Any ads placed on the Internet must have a link to the licensee's email address.
C. If a salesperson has a web site, the broker must supervise the site.
D. Any ads placed on the Internet must have a link to the firm's web site. - answerAny
ads placed on the Internet must have a link to the licensee's email address.
Who pays the real estate taxes for a condominium? - answerCondominium owner.
Patrick has a written independent contractor agreement with his broker Tami. Last year,
about 25% of his income came from sales commissions. The other 75% came from an
hourly wage paid by Tami. For income tax purposes, the IRS would probably classify
Patrick as - answerAn employee.
What is the amount a buyer owes at closing equal to? - answerThe excess of the
buyer's debits over the buyer's credits.
Which statement is not true?
A. Mold often grows where it can't be seen.
B. Of all environmental hazards, radon is the easiest to detect and mitigate.
C. Underground storage tanks pose no hazard to residential areas.
D. Urea formaldehyde foam insulation is no longer used because of formaldehyde gas
emission. - answerUnderground storage tanks pose no hazard to residential areas.
Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. Whoever
brings the buyer will get the commission. What kind of agreement is this? - answerOpen
listing.
Greta Manes passed the salesperson licensing exam. For how long are her results
valid? - answer24 months.
What does the term "mixed-use development" mean? - answerMore than one use for a
single building.
In which of these places is asbestos not likely to be found?
- Roofing.
- Adhesives in pressed wood.
- Textured paint.
- Vinyl floor tiles. - answerAdhesives in pressed wood.
