NEW YORK STATE REAL ESTATE
SALESPERSON LICENSE EXAM 2026 BANK
2 VERSIONS AND STUDY GUIDE EXAM
CURRENTLY TESTING EXAM QUESTIONS
WITH DETAILED VERIFIED ANSWERS
(100% CORRECT ANSWERS /ALREADY
GRADED A+
What does Regulation Z (TILA) require beside the
disclosure of interest rates? - ....ANSWER...Down
payment
What does the secondary mortgage market do? -
....ANSWER...Buys and sells mortgages
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? -
....ANSWER...Special Agent
,Which is considered to be a fixed operating expense? -
....ANSWER...Insurance premiums.
Which of these is a distinguishing feature of a deed
condition? - ....ANSWER...It 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? -
....ANSWER...Umbrella.
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? -
....ANSWER...Consensual 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? - ....ANSWER...Specific
performance.
Under federal income tax law, the "sale price" for a
personal property is which of the following? -
....ANSWER...Sales price, minus any sales expenses.
What is the difference between a balloon loan and an
amortized loan? - ....ANSWER...An 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? - ....ANSWER...A 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? - ....ANSWER...A
special use permit.
A historic preservation commission does not have the
power to do which of these?
SALESPERSON LICENSE EXAM 2026 BANK
2 VERSIONS AND STUDY GUIDE EXAM
CURRENTLY TESTING EXAM QUESTIONS
WITH DETAILED VERIFIED ANSWERS
(100% CORRECT ANSWERS /ALREADY
GRADED A+
What does Regulation Z (TILA) require beside the
disclosure of interest rates? - ....ANSWER...Down
payment
What does the secondary mortgage market do? -
....ANSWER...Buys and sells mortgages
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? -
....ANSWER...Special Agent
,Which is considered to be a fixed operating expense? -
....ANSWER...Insurance premiums.
Which of these is a distinguishing feature of a deed
condition? - ....ANSWER...It 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? -
....ANSWER...Umbrella.
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? -
....ANSWER...Consensual 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? - ....ANSWER...Specific
performance.
Under federal income tax law, the "sale price" for a
personal property is which of the following? -
....ANSWER...Sales price, minus any sales expenses.
What is the difference between a balloon loan and an
amortized loan? - ....ANSWER...An 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? - ....ANSWER...A 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? - ....ANSWER...A
special use permit.
A historic preservation commission does not have the
power to do which of these?
