NYREI School Exam Questions with Correct Answers (Grade A+)
Question 1: What is the minimum licensing requirement to sell commercial real estate in New York?
Answer: a real estate salesperson's license
Question 2: What is the preferred method of creating an agency relationship?
Answer: expressed agency
Question 3: An amenity purchaser
Answer: occupies or uses the purchased property
Question 4: Condominium units are considered _____ property and are conveyed by _____.
Answer: real / deed
Question 5: A salesperson who is an independent contractor
Answer: is not subject to withholding requirements.
Question 6: A homeowner facing foreclosure has a number of liens: The original mortgage, a
mechanic's lien from six months ago, a judgment lien from two years ago, and a property tax lien that
was just filed. When the property is sold, which lien will be paid first from the proceeds?
Answer: property tax lien
Question 7: What is another word for principal?
Answer: Client. The principal in any fiduciary relationship is the client.
Question 8: The tenant signs a two-month lease on an apartment ending September 1. What type of
leasehold estate does this represent?
Answer: estate for years
Question 9: What are the age and experience requirements to apply for a salesperson license?
Answer: 18 years old and no experience necessary
Page 1
, Question 10: Craig owns a warehouse and his property taxes were recently raised. In turn, Craig
charged the tenant currently occupying the building additional operating expenses. This is an example
of
Answer: a pass-through.
Question 11: Which federal environmental law, known as the Superfund, creates requirements for
closed and abandoned waste sites?
Answer: Comprehensive Environmental Response, Compensation, and Liability Act
Question 12: Who is responsible for approving septic and other sanitation systems in New York State?
Answer: NYS Department of Health
Question 13: Who pays the property taxes in a triple net lease?
Answer: tenant
Question 14: Opal lives in an apartment that is going cooperative. The current residents are given the
first option to buy in, and Opal decides to take advantage of the opportunity. Which statement about
Opal's new co-op is FALSE?
Answer: She will own the airspace inside her co-op fee simple.
Question 15: An example of chattel is
Answer: wheat that has been harvested.
Question 16: A mortgage loan originator can perform each of these activities EXCEPT
Answer: lend money.
Question 17: Which type of listing agreement provides the greatest opportunity for a listing broker to
earn a commission?
Answer: exclusive right to sell agreement
Question 18: Ad valorem taxes are based on a property's
Answer: assessed value
Page 2
Question 1: What is the minimum licensing requirement to sell commercial real estate in New York?
Answer: a real estate salesperson's license
Question 2: What is the preferred method of creating an agency relationship?
Answer: expressed agency
Question 3: An amenity purchaser
Answer: occupies or uses the purchased property
Question 4: Condominium units are considered _____ property and are conveyed by _____.
Answer: real / deed
Question 5: A salesperson who is an independent contractor
Answer: is not subject to withholding requirements.
Question 6: A homeowner facing foreclosure has a number of liens: The original mortgage, a
mechanic's lien from six months ago, a judgment lien from two years ago, and a property tax lien that
was just filed. When the property is sold, which lien will be paid first from the proceeds?
Answer: property tax lien
Question 7: What is another word for principal?
Answer: Client. The principal in any fiduciary relationship is the client.
Question 8: The tenant signs a two-month lease on an apartment ending September 1. What type of
leasehold estate does this represent?
Answer: estate for years
Question 9: What are the age and experience requirements to apply for a salesperson license?
Answer: 18 years old and no experience necessary
Page 1
, Question 10: Craig owns a warehouse and his property taxes were recently raised. In turn, Craig
charged the tenant currently occupying the building additional operating expenses. This is an example
of
Answer: a pass-through.
Question 11: Which federal environmental law, known as the Superfund, creates requirements for
closed and abandoned waste sites?
Answer: Comprehensive Environmental Response, Compensation, and Liability Act
Question 12: Who is responsible for approving septic and other sanitation systems in New York State?
Answer: NYS Department of Health
Question 13: Who pays the property taxes in a triple net lease?
Answer: tenant
Question 14: Opal lives in an apartment that is going cooperative. The current residents are given the
first option to buy in, and Opal decides to take advantage of the opportunity. Which statement about
Opal's new co-op is FALSE?
Answer: She will own the airspace inside her co-op fee simple.
Question 15: An example of chattel is
Answer: wheat that has been harvested.
Question 16: A mortgage loan originator can perform each of these activities EXCEPT
Answer: lend money.
Question 17: Which type of listing agreement provides the greatest opportunity for a listing broker to
earn a commission?
Answer: exclusive right to sell agreement
Question 18: Ad valorem taxes are based on a property's
Answer: assessed value
Page 2
