NYC REAL ESTATE TESTED EXAM
QUESTIONS WITH VERIFIED
ANSWERS LATEST UPDATE
What is the right to use anthers land that falls short of ownership called? - Answer-
Easement
Joe was not paid for the supplies and labor he provided to homeowner Smith. What kind
of lien will he file against Smith? - Answer-Mechanics Lien
What serves the same function as a circuit breaker? - Answer-Fuse
What type of estate is created when only one person holds title to real property? -
Answer-Ownership in severalty
How much should the seller reimburse the buyer for refusing to provide a property
disclosure form? - Answer-$500
Seller tells the listing agent he filed for bankruptcy the previous year. The seller ends up
not listing the property with the agent. Still, what fiduciary duty does the agent owe the
seller? - Answer-Confidentiality
What type of financing is used to purchase a new property when the old property hasn't
been sold yet? - Answer-Swing loan or Bridge loan
Who is the borrower of a mortgage loan? - Answer-Mortgagor
What does the Real Estate Settlement Procedures Act (RESPA) require? - Answer-
Good faith estimate of the closing costs for federally funded loans
What is the right reserved for the condo association that gives them the first opportunity
to buy or lease a unit when it becomes available? - Answer-Right of first refusal
What did the Civil Rights Act of 1866 protect, without exception? - Answer-Race
What did the 1988 amendment to the civil rights at protect? - Answer-Disability &
familial status
, What is convincing owners to sell/lease property by telling them a particular group of
people are moving into the area called? - Answer-blockbusting
What is it called when lenders/insurance agents refuse to do business in a certain area
based on the characteristics of the people living there? - Answer-redlining
Unless specified a lesser estate, transfer of the title to real property in NYS creates what
type of interest? - Answer-Fee Simple
What is another name for transfer of title to real property? - Answer-Conveyance
What is it called when the government dictates how a property can be used? - Answer-
Zoning
Who issues real estate Licenses? - Answer-NY department of State (DOS)
Who oversees licensing & registration of mortgage bankers and brokers? - Answer-NYS
banking department
Which department oversees drinking water safety? - Answer-NYS department of health
Who determines the commission? - Answer-Principal/Client & the broker
It is essential that every deed be signed by the:
a) Devisee
b) grantee
c) grantor & grantee
d) Grantor - Answer-D- grantor
Jim's mechanic's lien will remain against the property for at least:
a) 1 year
2) 8 Months
c) 10 years
d) 4 months - Answer-A- 1 year
A specific tract of land is known as a:
a) devise
b) chattel
c) parcel
d) littoral - Answer-C- parcel
If you are a salesperson working with a buyer, then the buyer is your client:
a) if you are servicing the buyer
b) if you have an agency contract with buyer
c) if the buyer has shared financial info with you
QUESTIONS WITH VERIFIED
ANSWERS LATEST UPDATE
What is the right to use anthers land that falls short of ownership called? - Answer-
Easement
Joe was not paid for the supplies and labor he provided to homeowner Smith. What kind
of lien will he file against Smith? - Answer-Mechanics Lien
What serves the same function as a circuit breaker? - Answer-Fuse
What type of estate is created when only one person holds title to real property? -
Answer-Ownership in severalty
How much should the seller reimburse the buyer for refusing to provide a property
disclosure form? - Answer-$500
Seller tells the listing agent he filed for bankruptcy the previous year. The seller ends up
not listing the property with the agent. Still, what fiduciary duty does the agent owe the
seller? - Answer-Confidentiality
What type of financing is used to purchase a new property when the old property hasn't
been sold yet? - Answer-Swing loan or Bridge loan
Who is the borrower of a mortgage loan? - Answer-Mortgagor
What does the Real Estate Settlement Procedures Act (RESPA) require? - Answer-
Good faith estimate of the closing costs for federally funded loans
What is the right reserved for the condo association that gives them the first opportunity
to buy or lease a unit when it becomes available? - Answer-Right of first refusal
What did the Civil Rights Act of 1866 protect, without exception? - Answer-Race
What did the 1988 amendment to the civil rights at protect? - Answer-Disability &
familial status
, What is convincing owners to sell/lease property by telling them a particular group of
people are moving into the area called? - Answer-blockbusting
What is it called when lenders/insurance agents refuse to do business in a certain area
based on the characteristics of the people living there? - Answer-redlining
Unless specified a lesser estate, transfer of the title to real property in NYS creates what
type of interest? - Answer-Fee Simple
What is another name for transfer of title to real property? - Answer-Conveyance
What is it called when the government dictates how a property can be used? - Answer-
Zoning
Who issues real estate Licenses? - Answer-NY department of State (DOS)
Who oversees licensing & registration of mortgage bankers and brokers? - Answer-NYS
banking department
Which department oversees drinking water safety? - Answer-NYS department of health
Who determines the commission? - Answer-Principal/Client & the broker
It is essential that every deed be signed by the:
a) Devisee
b) grantee
c) grantor & grantee
d) Grantor - Answer-D- grantor
Jim's mechanic's lien will remain against the property for at least:
a) 1 year
2) 8 Months
c) 10 years
d) 4 months - Answer-A- 1 year
A specific tract of land is known as a:
a) devise
b) chattel
c) parcel
d) littoral - Answer-C- parcel
If you are a salesperson working with a buyer, then the buyer is your client:
a) if you are servicing the buyer
b) if you have an agency contract with buyer
c) if the buyer has shared financial info with you
