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NYREI SCHOOL EXAM 2025
BRAND NEW ACTUAL EXAM
WITH ANSWERS.
1. Which type of legal description uses a survey map of a
subdivision? - correct answer -rectangular survey system
2. Which is a characteristic of a pro forma statement that is NOT a
characteristic of an operating statement? - correct answer -
provides hypothetical data to assist in making decisions
3. An advantage for businesses to do a sale-and-leaseback is to -
correct answer -free up liquid assets to invest in other product
or resources.
4. Revocation of a license means a license is withdrawn and -
correct answer -can only be reinstated after one year.
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5. Sue faces possible foreclosure, and contacts a mortgage
lender whose ad promises to save her home for her. At closing,
Sue sees that the lender changed the terms of the loan that
they had agreed to, but she felt she had no choice but to go
ahead with the loan or lose her house. This is an example of -
correct answer -predatory lending.
6. property owner who needs a high limit of liability coverage
would likely consider - correct answer -an umbrella policy.
7. Which is an example of a general involuntary lien? - correct
answer -judgment lien
8. The theoretical price real estate should bring in a typical
transaction is known as the - correct answer -market value.
9. Wilma sells her house for $600,000 two months after her
husband passed away. They had purchased the house in 1952
for $58,000. Assuming they met the requirement for filing
jointly, on what amount will Wilma have to pay income tax? -
correct answer -
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10. When finding comparable properties for a comparative
market analysis, a real estate agent will consider - correct
answer -only homes that have recently sold.
11. When someone dies without a will and without heirs or
creditors, his properly reverts to the state through the process
of - correct answer -escheat
12. Lyle bought a duplex for $200,000 and leases each
apartment for $580 a month. The land on which the duplex sits
is valued at $30,000. How much can Lyle deduct from his
income tax each year for straight line depreciation (rounded to
the nearest dollar)? - correct answer -
13. A _____ has a fiduciary obligation to a _____. - correct
answer -property manager / property owner
14. Fred has missed two mortgage payments. What clause
would allow his lender to demand that he pay the entire
balance now? - correct answer -acceleration clause
NYREI SCHOOL EXAM 2025
BRAND NEW ACTUAL EXAM
WITH ANSWERS.
1. Which type of legal description uses a survey map of a
subdivision? - correct answer -rectangular survey system
2. Which is a characteristic of a pro forma statement that is NOT a
characteristic of an operating statement? - correct answer -
provides hypothetical data to assist in making decisions
3. An advantage for businesses to do a sale-and-leaseback is to -
correct answer -free up liquid assets to invest in other product
or resources.
4. Revocation of a license means a license is withdrawn and -
correct answer -can only be reinstated after one year.
, Page | 2
5. Sue faces possible foreclosure, and contacts a mortgage
lender whose ad promises to save her home for her. At closing,
Sue sees that the lender changed the terms of the loan that
they had agreed to, but she felt she had no choice but to go
ahead with the loan or lose her house. This is an example of -
correct answer -predatory lending.
6. property owner who needs a high limit of liability coverage
would likely consider - correct answer -an umbrella policy.
7. Which is an example of a general involuntary lien? - correct
answer -judgment lien
8. The theoretical price real estate should bring in a typical
transaction is known as the - correct answer -market value.
9. Wilma sells her house for $600,000 two months after her
husband passed away. They had purchased the house in 1952
for $58,000. Assuming they met the requirement for filing
jointly, on what amount will Wilma have to pay income tax? -
correct answer -
, Page | 3
10. When finding comparable properties for a comparative
market analysis, a real estate agent will consider - correct
answer -only homes that have recently sold.
11. When someone dies without a will and without heirs or
creditors, his properly reverts to the state through the process
of - correct answer -escheat
12. Lyle bought a duplex for $200,000 and leases each
apartment for $580 a month. The land on which the duplex sits
is valued at $30,000. How much can Lyle deduct from his
income tax each year for straight line depreciation (rounded to
the nearest dollar)? - correct answer -
13. A _____ has a fiduciary obligation to a _____. - correct
answer -property manager / property owner
14. Fred has missed two mortgage payments. What clause
would allow his lender to demand that he pay the entire
balance now? - correct answer -acceleration clause
