NYS REAL ESTATE U FINAL (2 VERSIONS)
2025 QUESTIONS AND CORRECT ANSWERS
NYS REAL ESTATE U FINAL EXAM VERSION 1
Which of the following building systems can provide both
heating and cooling through the same ducts? - ANSWER-Forced warm air
system
This type of agency is created when a principal does not stop an individual
from representing his or her interests? - ANSWER- Agency by estoppel
Which of the following fiduciary duties is most at risk when a broker
operates as a dual agent? - ANSWER-Loyalty
If a property is assessed at 40% of market value, what would be the
assessed value if the property holds a market value of
$250,000? - ANSWER-100,000 Dollars ($)
Upon selling their home, married couples are exempt from paying
,taxes on capital gains up to...? - ANSWER-500,000 Dollars ($)
Which of the following parties gives a mortgage? - ANSWER- Mortgagor
Which of the following describes the rights and obligations of owners for a
condominium? - ANSWER-By-laws
If a property owner needs to obtain a variance on their property, which of the
following should they apply to...? - ANSWER-
Zoning Board of Appeals
A couple owns a property as a tenancy by the entirety. When one of the
spouses passes away, the other spouse gains full ownership of the
property. When the remaining spouse passes
away, the children inherit the property. This is known as what type of
interest in real property? - ANSWER-Life estate
The division of expenses and income between a buyer and seller at
closing is known as...? - ANSWER-Proration
Which of the following interests in real property offer the most
complete form of ownership? - ANSWER-Fee simple absolute estates
,Which of the following municipal agencies is responsible for enforcing the
Building Code? - ANSWER-Department of
Buildings
Which of the following documents shows the list of owners to a property,
from the original owner to the present owner? -
ANSWER-Chain of title
For tax purposes, commercial properties depreciate over how many
years using the straight-line depreciation method? - ANSWER-39
years
A broker earns a total commission of 5% from the sale of a house. If the
broker received $14,250 in commissions, what was the final sales price
of the house? - ANSWER-285,000 Dollars
($)
Which of the following is a budget that forecasts income and
expenses as may be reasonably projected over a short term? -
ANSWER-Stabilized budget
, If a property owner builds a fence that partially crosses the
neighbor's property line, what has been created? - ANSWER- Encroachment
The person appointed by a court to distribute the intestate decedent's
property is known as a/an...? - ANSWER-
Administrator
Under which section of a deed will the property's address be listed? -
ANSWER-Legal description of the property
Which of the following is a basic insurance policy what will cover
the home and its contents in the event of a fire? - ANSWER-HO-1
In which of the following loan types does the seller become the mortgagee?
- ANSWER-Purchase money mortgage
Which of the following types of leases will most likely be used when
leasing an unoccupied office building? - ANSWER-Net
lease
This Occurs When A Landlord Takes Matters Into Their Own Hands And
2025 QUESTIONS AND CORRECT ANSWERS
NYS REAL ESTATE U FINAL EXAM VERSION 1
Which of the following building systems can provide both
heating and cooling through the same ducts? - ANSWER-Forced warm air
system
This type of agency is created when a principal does not stop an individual
from representing his or her interests? - ANSWER- Agency by estoppel
Which of the following fiduciary duties is most at risk when a broker
operates as a dual agent? - ANSWER-Loyalty
If a property is assessed at 40% of market value, what would be the
assessed value if the property holds a market value of
$250,000? - ANSWER-100,000 Dollars ($)
Upon selling their home, married couples are exempt from paying
,taxes on capital gains up to...? - ANSWER-500,000 Dollars ($)
Which of the following parties gives a mortgage? - ANSWER- Mortgagor
Which of the following describes the rights and obligations of owners for a
condominium? - ANSWER-By-laws
If a property owner needs to obtain a variance on their property, which of the
following should they apply to...? - ANSWER-
Zoning Board of Appeals
A couple owns a property as a tenancy by the entirety. When one of the
spouses passes away, the other spouse gains full ownership of the
property. When the remaining spouse passes
away, the children inherit the property. This is known as what type of
interest in real property? - ANSWER-Life estate
The division of expenses and income between a buyer and seller at
closing is known as...? - ANSWER-Proration
Which of the following interests in real property offer the most
complete form of ownership? - ANSWER-Fee simple absolute estates
,Which of the following municipal agencies is responsible for enforcing the
Building Code? - ANSWER-Department of
Buildings
Which of the following documents shows the list of owners to a property,
from the original owner to the present owner? -
ANSWER-Chain of title
For tax purposes, commercial properties depreciate over how many
years using the straight-line depreciation method? - ANSWER-39
years
A broker earns a total commission of 5% from the sale of a house. If the
broker received $14,250 in commissions, what was the final sales price
of the house? - ANSWER-285,000 Dollars
($)
Which of the following is a budget that forecasts income and
expenses as may be reasonably projected over a short term? -
ANSWER-Stabilized budget
, If a property owner builds a fence that partially crosses the
neighbor's property line, what has been created? - ANSWER- Encroachment
The person appointed by a court to distribute the intestate decedent's
property is known as a/an...? - ANSWER-
Administrator
Under which section of a deed will the property's address be listed? -
ANSWER-Legal description of the property
Which of the following is a basic insurance policy what will cover
the home and its contents in the event of a fire? - ANSWER-HO-1
In which of the following loan types does the seller become the mortgagee?
- ANSWER-Purchase money mortgage
Which of the following types of leases will most likely be used when
leasing an unoccupied office building? - ANSWER-Net
lease
This Occurs When A Landlord Takes Matters Into Their Own Hands And
