New York Real Estate Exam Questions
and Answers 2023
Abstract of Title - Answer-A summary of all of the recorded instruments and
proceedings which the title to property, arranged in the order in which they were
recorded.
Acknowledgement - Answer-A formal declaration before a duly authorized officer by a
person who has executed an instrument that such execution is the person's act and
deed.
Acre - Answer-A measure of land equaling 43,560 square feet.
Actual Eviction - Answer-Actual eviction occurs when the landlord removes the tenant
from the property without aid or control of the court system. Actual eviction is wrongful
use of self-help
Ad Valorem Taxes - Answer-According to valuation.
Adjusted Basis - Answer-The original cost of a property minus depreciation and sales of
portions thereof plus allowable additions such as capital improvements and certain
carrying costs and assessments.
Adjustable Rate Mortgage (ARM) - Answer-A mortgage loan with the interest rate on the
note periodically adjusted based on an index which reflects the cost to the lender of
borrowing on the credit markets.
Advance Consent to Dual Agency - Answer-The seller or buyer agrees to dual agency
before it occurs by indicating the same on the agency disclosure form.
Adverse Possession - Answer-A means of acquiring title where an occupant has been
in actual, open, notorious, exclusive, and continuous occupancy of property under a
claim of right for the required statutory period.
Agency Disclosure Form - Answer-A written explanation, to be signed by a prospective
buyer or seller of real estate, explaining to the client the role that the broker plays in the
transaction.
Agent - Answer-One who undertakes to transact some business or to manage some
affair for another by authority of the latter.
Americans with Disabilities Act - Answer-A wide-ranging civil rights law enacted by the
U.S. Congress in 1990, that prohibits, under certain circumstances, discrimination
based on disability.
, Amortization - Answer-The process by which a loan principal decreases over the life of
a loan.
Appraisal - Answer-An estimate of a property's value by an appraiser who is usually
presumed to be expert in his work.
Architectural Review Board - Answer-Oversees and upholds the quality and aesthetics
of a neighborhood, town, or city.
Area Variance - Answer-Permission to modify or exceed the bulk regulations imposed
by local zoning
ordinances.
Article 12-A - Answer-The section of the New York Real Property Law pertaining to real
estate salespersons and brokers.
Asbestos - Answer-A naturally occurring mineral fiber sometimes found in older homes.
It is hazardous to health when a possibility exists of exposure to inhalable fibers.
Homeowners should be alert for friable asbestos and always seek professional advice
in dealing with it.
Asbestosis - Answer-A chronic lung disease caused by inhaling asbestos fibers.
Assessed Value - Answer-A valuation placed upon property by a public officer or a
board, as a basis for taxation.
Assessment Review Board - Answer-An independent tribunal established to hear
assessment appeals.
Assignment - Answer-The method or manner by which a right or contract is transferred
from one person to another.
Associate Real Estate Broker - Answer-A licensed real estate broker who by choice
elects to work under the name and supervision of another real estate broker.
Beam - Answer-A horizontal structural member that supports a floor. Beams are
typically wood, cold formed metal framing or steel.
Blanket Mortgage - Answer-A type of loan used to fund the purchase of more than one
piece of real property. A blanket mortgage is often used for subdivision financing.
Blind Ad - Answer-An ad that remains anonymous as to who is advertising. Blind ads
are illegal.
and Answers 2023
Abstract of Title - Answer-A summary of all of the recorded instruments and
proceedings which the title to property, arranged in the order in which they were
recorded.
Acknowledgement - Answer-A formal declaration before a duly authorized officer by a
person who has executed an instrument that such execution is the person's act and
deed.
Acre - Answer-A measure of land equaling 43,560 square feet.
Actual Eviction - Answer-Actual eviction occurs when the landlord removes the tenant
from the property without aid or control of the court system. Actual eviction is wrongful
use of self-help
Ad Valorem Taxes - Answer-According to valuation.
Adjusted Basis - Answer-The original cost of a property minus depreciation and sales of
portions thereof plus allowable additions such as capital improvements and certain
carrying costs and assessments.
Adjustable Rate Mortgage (ARM) - Answer-A mortgage loan with the interest rate on the
note periodically adjusted based on an index which reflects the cost to the lender of
borrowing on the credit markets.
Advance Consent to Dual Agency - Answer-The seller or buyer agrees to dual agency
before it occurs by indicating the same on the agency disclosure form.
Adverse Possession - Answer-A means of acquiring title where an occupant has been
in actual, open, notorious, exclusive, and continuous occupancy of property under a
claim of right for the required statutory period.
Agency Disclosure Form - Answer-A written explanation, to be signed by a prospective
buyer or seller of real estate, explaining to the client the role that the broker plays in the
transaction.
Agent - Answer-One who undertakes to transact some business or to manage some
affair for another by authority of the latter.
Americans with Disabilities Act - Answer-A wide-ranging civil rights law enacted by the
U.S. Congress in 1990, that prohibits, under certain circumstances, discrimination
based on disability.
, Amortization - Answer-The process by which a loan principal decreases over the life of
a loan.
Appraisal - Answer-An estimate of a property's value by an appraiser who is usually
presumed to be expert in his work.
Architectural Review Board - Answer-Oversees and upholds the quality and aesthetics
of a neighborhood, town, or city.
Area Variance - Answer-Permission to modify or exceed the bulk regulations imposed
by local zoning
ordinances.
Article 12-A - Answer-The section of the New York Real Property Law pertaining to real
estate salespersons and brokers.
Asbestos - Answer-A naturally occurring mineral fiber sometimes found in older homes.
It is hazardous to health when a possibility exists of exposure to inhalable fibers.
Homeowners should be alert for friable asbestos and always seek professional advice
in dealing with it.
Asbestosis - Answer-A chronic lung disease caused by inhaling asbestos fibers.
Assessed Value - Answer-A valuation placed upon property by a public officer or a
board, as a basis for taxation.
Assessment Review Board - Answer-An independent tribunal established to hear
assessment appeals.
Assignment - Answer-The method or manner by which a right or contract is transferred
from one person to another.
Associate Real Estate Broker - Answer-A licensed real estate broker who by choice
elects to work under the name and supervision of another real estate broker.
Beam - Answer-A horizontal structural member that supports a floor. Beams are
typically wood, cold formed metal framing or steel.
Blanket Mortgage - Answer-A type of loan used to fund the purchase of more than one
piece of real property. A blanket mortgage is often used for subdivision financing.
Blind Ad - Answer-An ad that remains anonymous as to who is advertising. Blind ads
are illegal.
