NY REAL ESTATE REAL EXAM QUESTIONS AND
WELL VERIFIED ANSWERS [GRADE A+
GUARANTEED] ACTUAL EXAM 100%
Administrative Discipline - ✔✔The Department of State's ability to enforce license
laws through reprimand and denial as well as the suspension and revocation of licenses
Apartment Information Vendor - ✔✔Any person who engages in the business of
claiming, demanding, charging, receiving, collecting, or contracting for the collection of,
a fee from a customer for furnishing information concerning the location and availability
of real property, including apartment housing, which may be leased, rented, shared or
sublet as a private dwelling, abode, or place of residence.
Apartment Sharing Agent - ✔✔Any person who, for a fee, arranges, conducts,
coordinates, handles or causes meetings between a customer and the current owner or
occupant of legally occupied real property, including apartment housing, who wishes to
share that housing with one or more individuals.
Article 12-A - ✔✔The section of the New York Real Property Law pertaining to real
estate salespersons and brokers.
Article 78 Proceeding - ✔✔An appeal brought forth because of a ruling by a
government agency.
Associate Real Estate Broker - ✔✔A licensed real estate broker who by choice elects
to work under the name and supervision of another real estate broker.
Blind Ad - ✔✔An advertisement that fails to reveal that the advertiser is an agent and
not a principal
,Change of Association - ✔✔The process by which a salesperson's license changes
sponsorship.
Commingling - ✔✔Illegally mixing deposits or monies, collected from a client, with
one's personal or business account. Taking money out too soon or putting it into escrow
too late (10 banking days).
Continuing Education - ✔✔Post license education required by salespersons and
brokers. New York State demands 22.5 hours of continuing education.
Escrow - ✔✔A written agreement between two or more parties providing that
certain instruments or property be placed with a third party to be delivered to a
designated person upon the fulfillment or performance of some act or condition.
Exemption - ✔✔Conditions under which a property condition disclosure statement is
not required.
Home Inspection - ✔✔An examination of a real estate property's condition, usually
performed in connection with the property's sale. A qualified home inspector can assess
the condition of a property's roof, foundation, heating and cooling systems, plumbing,
electrical work, water and sewage, and some fire and safety issues. In addition, the
home inspector will look for evidence of insect, water or fire damage or any other issue
that may affect the value of the property.
Irrevocable Consent - ✔✔Incapable of being recalled or revoked; unchangeable;
unalterable
Kickback - ✔✔Payment by a broker of any part of compensation to a real estate
transaction to anyone who is not licensed or who is not exempt from the license law
,Listing Agreement - ✔✔A contract between an owner (as Principal) and a real estate
broker (as agent) by which the broker is employed as agent to find a buyer for the
owner's real estate on the owner's terms, for which service the owner agrees to pay a
commission
Misdemeanor - ✔✔(n.) a crime or offense that is less serious than a felony; any minor
misbehavior or misconduct, 1000 fine
Multiple Listing Service (MLS) - ✔✔A service provided by a group of real estate
brokers. They band together to create a Multiple Listing Service that allows each of
them to list each other's houses. Under this arrangement, the listing broker and the
selling broker split the commission for each sale.
Net Listing - ✔✔A price below which an owner will not sell the property, and at which
price a broker will not receive a commission; the broker receives the excess over and
above the net listing as the broker's commission.
Abstract of Title - ✔✔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 - ✔✔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 - ✔✔A measure of land equaling 43,560 square feet.
Actual Eviction - ✔✔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 - ✔✔according to valuation.
Adjusted Basis - ✔✔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) - ✔✔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 - ✔✔The seller or buyer agrees to dual agency
before it occurs by indicating the same on the agency disclosure form.
Adverse Possession - ✔✔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 - ✔✔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 - ✔✔One who undertakes to transact some business or to manage some affair
for another by authority of the latter.
Americans with Disabilities Act - ✔✔A wide-ranging civil rights law enacted by the
U.S. Congress in 1990, that prohibits, under certain circumstances, discrimination based
on disability.
WELL VERIFIED ANSWERS [GRADE A+
GUARANTEED] ACTUAL EXAM 100%
Administrative Discipline - ✔✔The Department of State's ability to enforce license
laws through reprimand and denial as well as the suspension and revocation of licenses
Apartment Information Vendor - ✔✔Any person who engages in the business of
claiming, demanding, charging, receiving, collecting, or contracting for the collection of,
a fee from a customer for furnishing information concerning the location and availability
of real property, including apartment housing, which may be leased, rented, shared or
sublet as a private dwelling, abode, or place of residence.
Apartment Sharing Agent - ✔✔Any person who, for a fee, arranges, conducts,
coordinates, handles or causes meetings between a customer and the current owner or
occupant of legally occupied real property, including apartment housing, who wishes to
share that housing with one or more individuals.
Article 12-A - ✔✔The section of the New York Real Property Law pertaining to real
estate salespersons and brokers.
Article 78 Proceeding - ✔✔An appeal brought forth because of a ruling by a
government agency.
Associate Real Estate Broker - ✔✔A licensed real estate broker who by choice elects
to work under the name and supervision of another real estate broker.
Blind Ad - ✔✔An advertisement that fails to reveal that the advertiser is an agent and
not a principal
,Change of Association - ✔✔The process by which a salesperson's license changes
sponsorship.
Commingling - ✔✔Illegally mixing deposits or monies, collected from a client, with
one's personal or business account. Taking money out too soon or putting it into escrow
too late (10 banking days).
Continuing Education - ✔✔Post license education required by salespersons and
brokers. New York State demands 22.5 hours of continuing education.
Escrow - ✔✔A written agreement between two or more parties providing that
certain instruments or property be placed with a third party to be delivered to a
designated person upon the fulfillment or performance of some act or condition.
Exemption - ✔✔Conditions under which a property condition disclosure statement is
not required.
Home Inspection - ✔✔An examination of a real estate property's condition, usually
performed in connection with the property's sale. A qualified home inspector can assess
the condition of a property's roof, foundation, heating and cooling systems, plumbing,
electrical work, water and sewage, and some fire and safety issues. In addition, the
home inspector will look for evidence of insect, water or fire damage or any other issue
that may affect the value of the property.
Irrevocable Consent - ✔✔Incapable of being recalled or revoked; unchangeable;
unalterable
Kickback - ✔✔Payment by a broker of any part of compensation to a real estate
transaction to anyone who is not licensed or who is not exempt from the license law
,Listing Agreement - ✔✔A contract between an owner (as Principal) and a real estate
broker (as agent) by which the broker is employed as agent to find a buyer for the
owner's real estate on the owner's terms, for which service the owner agrees to pay a
commission
Misdemeanor - ✔✔(n.) a crime or offense that is less serious than a felony; any minor
misbehavior or misconduct, 1000 fine
Multiple Listing Service (MLS) - ✔✔A service provided by a group of real estate
brokers. They band together to create a Multiple Listing Service that allows each of
them to list each other's houses. Under this arrangement, the listing broker and the
selling broker split the commission for each sale.
Net Listing - ✔✔A price below which an owner will not sell the property, and at which
price a broker will not receive a commission; the broker receives the excess over and
above the net listing as the broker's commission.
Abstract of Title - ✔✔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 - ✔✔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 - ✔✔A measure of land equaling 43,560 square feet.
Actual Eviction - ✔✔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 - ✔✔according to valuation.
Adjusted Basis - ✔✔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) - ✔✔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 - ✔✔The seller or buyer agrees to dual agency
before it occurs by indicating the same on the agency disclosure form.
Adverse Possession - ✔✔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 - ✔✔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 - ✔✔One who undertakes to transact some business or to manage some affair
for another by authority of the latter.
Americans with Disabilities Act - ✔✔A wide-ranging civil rights law enacted by the
U.S. Congress in 1990, that prohibits, under certain circumstances, discrimination based
on disability.
