Pg. 1
NEW YORK REAL ESTATE LICENSE EXAM 2025-
2026. 76 QUESTIONS & CORRECT VERIFIED
ANSWERS. GRADED A+
What is subtracted from the adjusted net operating income of a property to
determine its taxable income? - CORRECT ANSWER - Mortgage interest +
reverses
What kind of budget would a property manager create to project expenses planned
for the future for major repairs and replacements? - CORRECT ANSWER -
Capital reserves
An increase in the amount of money in circulation without a corresponding
increase of goods and services to be purchased results in - CORRECT ANSWER -
Inflation
Which type of mortgage would be secured by a number of lots in subdivision? -
CORRECT ANSWER - Blanket mortgage
Which board or department would be responsible for recommending zoning
changes? - CORRECT ANSWER - Planning board
A building departments main purpose is to - CORRECT ANSWER - Enforce code
For property tax valuation purposes, an industrial warehouse is classified as what
type of property? - CORRECT ANSWER - Non-homestead
, Pg. 2
When a property owner appeals an assessment, Who has the burden of proof? -
CORRECT ANSWER - The property owner
Which group is not eligible for a reduction or exemption in a real property taxes? -
CORRECT ANSWER - Second home (vacation) owners
The use of borrowed funds for investment purposes is known as - CORRECT
ANSWER - Leverage
The usable square footage of a rental space is - CORRECT ANSWER - The
carpetable or floored area
Amelia wants to make some renovation for her cooperative apartment. Which
agreement will she most likely have to sign in order to undertake these
renovations? - CORRECT ANSWER - Alteration
Which clause in a contract of sale would allow a condominium association the
right to purchase a unit when it goes up for sale? - CORRECT ANSWER - Right
of first refusal
Which group oversees the management of a cooperative corporation? - CORRECT
ANSWER - Board of directors
A process that calculates the value of an investment asset in the past, present, or
future is known as - CORRECT ANSWER - The rate of return
Which type of home owner insurance policies provide content coverage for
apartment renters? - CORRECT ANSWER - HO-4
NEW YORK REAL ESTATE LICENSE EXAM 2025-
2026. 76 QUESTIONS & CORRECT VERIFIED
ANSWERS. GRADED A+
What is subtracted from the adjusted net operating income of a property to
determine its taxable income? - CORRECT ANSWER - Mortgage interest +
reverses
What kind of budget would a property manager create to project expenses planned
for the future for major repairs and replacements? - CORRECT ANSWER -
Capital reserves
An increase in the amount of money in circulation without a corresponding
increase of goods and services to be purchased results in - CORRECT ANSWER -
Inflation
Which type of mortgage would be secured by a number of lots in subdivision? -
CORRECT ANSWER - Blanket mortgage
Which board or department would be responsible for recommending zoning
changes? - CORRECT ANSWER - Planning board
A building departments main purpose is to - CORRECT ANSWER - Enforce code
For property tax valuation purposes, an industrial warehouse is classified as what
type of property? - CORRECT ANSWER - Non-homestead
, Pg. 2
When a property owner appeals an assessment, Who has the burden of proof? -
CORRECT ANSWER - The property owner
Which group is not eligible for a reduction or exemption in a real property taxes? -
CORRECT ANSWER - Second home (vacation) owners
The use of borrowed funds for investment purposes is known as - CORRECT
ANSWER - Leverage
The usable square footage of a rental space is - CORRECT ANSWER - The
carpetable or floored area
Amelia wants to make some renovation for her cooperative apartment. Which
agreement will she most likely have to sign in order to undertake these
renovations? - CORRECT ANSWER - Alteration
Which clause in a contract of sale would allow a condominium association the
right to purchase a unit when it goes up for sale? - CORRECT ANSWER - Right
of first refusal
Which group oversees the management of a cooperative corporation? - CORRECT
ANSWER - Board of directors
A process that calculates the value of an investment asset in the past, present, or
future is known as - CORRECT ANSWER - The rate of return
Which type of home owner insurance policies provide content coverage for
apartment renters? - CORRECT ANSWER - HO-4
