NY REAL ESTATE EXAM QUESTIONS AND WELL
VERIFIED ANSWERS [GRADED A+] ACTUAL EXAM
100%
Abstract of Title - ✔✔A summary of all of the recorded instruments and proceedings
to the title of property
acknoweledgement - ✔✔a formal declaration before an officer by a person who has
a deed
acre - ✔✔43,560 square feet
Actual Eviction - ✔✔when the landlord removes the tenant from the property
without aid of the court system, it is a wrongful use of self- help
Ad valerum tax - ✔✔according to valuation
Adjusted Bias - ✔✔The original cost of a property - depreciation and sales of portions
Adjustable rate mortgage (ARM) - ✔✔a mortgage with an interest rate that increases
or decreases during the life of the loan
Advance consent to dual agency - ✔✔The seller or buyer agrees to dual agency
before it occurs by indicating the same on the agency disclosure form.
, Adverse Possession - ✔✔A person takes possession & use of a property belonging to
another. Possession must be open, notorious, hostile & uninterrupted for a certain
period of time.
Agency Disclosure Form - ✔✔A written explanation, to be signed by a prospective
buyer or seller of real estate, explaining to the client the role that the broker plays in the
transaction.
agent - ✔✔represents buyers or sellers on a relatively permanent basis
Americans with Disabilities Act - ✔✔Passed by Congress in 1991, discrimination
based off disability
Amortization - ✔✔the reduction of a loan balance through payments made over a
period of time
appraisal - ✔✔An estimate of the current value of the property.
Architectural Review Board - ✔✔Oversees and upholds the quality of a
neighborhood, town, or city.
Area Variance - ✔✔Permission to modify the regulations imposed by local zoning.
Article 12-A - ✔✔The section of the New York Real Property Law pertaining to real
estate salespersons and brokers.
Asbestos - ✔✔A mineral fiber found in older homes. It is hazardous to health.
VERIFIED ANSWERS [GRADED A+] ACTUAL EXAM
100%
Abstract of Title - ✔✔A summary of all of the recorded instruments and proceedings
to the title of property
acknoweledgement - ✔✔a formal declaration before an officer by a person who has
a deed
acre - ✔✔43,560 square feet
Actual Eviction - ✔✔when the landlord removes the tenant from the property
without aid of the court system, it is a wrongful use of self- help
Ad valerum tax - ✔✔according to valuation
Adjusted Bias - ✔✔The original cost of a property - depreciation and sales of portions
Adjustable rate mortgage (ARM) - ✔✔a mortgage with an interest rate that increases
or decreases during the life of the loan
Advance consent to dual agency - ✔✔The seller or buyer agrees to dual agency
before it occurs by indicating the same on the agency disclosure form.
, Adverse Possession - ✔✔A person takes possession & use of a property belonging to
another. Possession must be open, notorious, hostile & uninterrupted for a certain
period of time.
Agency Disclosure Form - ✔✔A written explanation, to be signed by a prospective
buyer or seller of real estate, explaining to the client the role that the broker plays in the
transaction.
agent - ✔✔represents buyers or sellers on a relatively permanent basis
Americans with Disabilities Act - ✔✔Passed by Congress in 1991, discrimination
based off disability
Amortization - ✔✔the reduction of a loan balance through payments made over a
period of time
appraisal - ✔✔An estimate of the current value of the property.
Architectural Review Board - ✔✔Oversees and upholds the quality of a
neighborhood, town, or city.
Area Variance - ✔✔Permission to modify the regulations imposed by local zoning.
Article 12-A - ✔✔The section of the New York Real Property Law pertaining to real
estate salespersons and brokers.
Asbestos - ✔✔A mineral fiber found in older homes. It is hazardous to health.
