REVIEW QUESTIONS FOR NY REAL ESTATE EXAM / (LATEST ACTUAL EXAM QUESTIONS WITH CORRECT SOLUTIONS) COMPLETE ACCURATE QUIZZES WITH VERIFIED ANSWERS || 2025/2026 NY REAL ESTATE

REVIEW QUESTIONS FOR NY REAL ESTATE EXAM / (LATEST ACTUAL EXAM QUESTIONS WITH CORRECT SOLUTIONS) COMPLETE ACCURATE QUIZZES WITH VERIFIED ANSWERS || 2025/2026 NY REAL ESTATE 1) Architectural review board - ANSWER design 2) Conservation advisory council/ wetlands comision - ANSWER conserve open land; parks 3) DoB - ANSWER oversees change of structure on land 4) Tax assessor - ANSWER government appraiser for purpose or real estate taxes; usually lower than market value 5) Receiver of taxes - ANSWER administrative offices-- no decision making power 6) Town engineer - ANSWER architectural review, structure highways, road maps 7) County and City health departments - ANSWER in charge of all water sources 8) Blueprint - ANSWER building specifications 9) site requirements - ANSWER water and drainage (NYSDOH) 10) Building envelope - ANSWER outside structure how tall, wide, long 11) Footings - ANSWER foot of foundation wall 12) foundation walls - ANSWER basement walls 13) wood framing - ANSWER skeleton walls- studs floor- joists roof - rafters (pitch) 14) sill plate - ANSWER piece of wood that sits on foundation 15) girder - ANSWER main carrying beam that spans the distance from one side of the foundation to another 16) lally column - ANSWER support the girder (those poles in the basement) 17) bearing walls - ANSWER support the ceiling and/or the roof and include the outside wall frame 18) flashing - ANSWER waterproofing material 19) insulation - ANSWER keep temperature and sound constant 20) R factor: the higher the # the better the insulation 21) Heating - ANSWER types: hot water steam warm air electric radiant fuels: gas, electric, oil, solar 22) BTU ratings - ANSWER horsepower of heating power 23) Plumbing piping types - ANSWER cast iron - sewers copper- water supply PVC - drainage 24) voltage - ANSWER speed of electicity 25) amperage - ANSWER amount of electicity going through the wires 26) National Electric Code - ANSWER Standard electric code 27) Warranties on New homes - ANSWER ONE year on construction defects 28) TWO years on mechanical systems (electrical, plumbing, heating) 29) SIX years on material defect (usually only applies to first owner) 30) Smoke alarms - ANSWER must come with house 31) EMFs - ANSWER electromagnetic fields must disclose to buyer 32) powerplants near residential areas 33) CERCLA - ANSWER comprehensive environmental response, compensation and liability act (monitors contaminations) 34) SARA - ANSWER superfund amendments and reauthorization act 35) Appraisal - ANSWER opinion done by a certified appraiser 36) CMA - ANSWER "comps" Comparable market analysis 3 houses, add prices must be sold within 6 months 37) Valuation - ANSWER structure of land 38) investment value - ANSWER what is the return on the dollar 39) insured value - ANSWER looked at by the insurance provider 40) Value in use - ANSWER what you are using the property for today 41) Assessed value - ANSWER government value 42) Mortgage value - ANSWER balance of mortgage 43) Evaluation - ANSWER entertaining the SURROUNDINGS of the house 44) Market Value - ANSWER what the house should sell for today. Determined by an appraiser 45) Sales comparison approach - ANSWER CMA, chose 3, 6 months to a year (used for value determination of coop, condo, 1-4 families...) 46) Cost approach - ANSWER special use (hospitals, library, govt, etc). custom homes where there are no comps 47) Income approach - ANSWER investment properties where you would collect rent 48) Testing - ANSWER undercover monitoring, to ensure equal treatment of all customers 49) Steering - ANSWER taking people to a certain neighborhood and not taking them to others because of their appearance and because of assumptions the agent makes about them (totally Illegal!!!) 50) Blockbusting - ANSWER scaring residents into believing that other kinds of people are coming to their neighborhood 51) Redlining - ANSWER financial discrimination - stereotype based on name 52) Brokers responsibility to uphold fair housing - ANSWER 1. office training (CE requirement) 2. Fair housing poster 3. Advertising 53) Civil Rights Act of 1866 - ANSWER cannot discriminate based on race or color 54) Federal fair housing act of 1968 - ANSWER cannot discriminate based on religion or national origin 55) 1974 - ANSWER cannot discriminate based on gender 56) 1988 - ANSWER cannot discriminate based on mental of physical disibilities familial status, families with children 57) 1992 - ANSWER americans with disabilities act 58) NYS human rights laws - ANSWER cannot ask someone: -if they are married, or if they are a single parent -sexual orientation military status 59) NYC commission on human rights laws - ANSWER Cannot discriminate based on alienage or citizenship status can’t discriminate as long as occupation is legal partnership status (can't assume they are gay) lawful source of income - as long as income is legally combined, can't discriminate 60) Property insurance - ANSWER not required if you have no mortgage 61) liability insurance - ANSWER casualty; if someone gets hurt 62) package policy - ANSWER includes real estate and personal property 63) perils insurance - ANSWER fire, water, snow, etc can itemize or "all risk" 64) homeowners policy - ANSWER all risk structure and liability 65) dwelling policy - ANSWER not that popular just for the physical structure 66) Amount of insurance needed - ANSWER must cover replacement cost to replace the physical structure 67) Replacement cost - ANSWER how much it costs to rebuilt the property vs. reproduction cost for custom built homes 68) NYPIUA - ANSWER New York Property Insurance Underwriting Association Government no frills insurance policy - covers residential and commercial 69) FEMA - ANSWER National Flood Insurance Program 70) Deductibles - ANSWER their purpose is to avoid nuisance claims 71) Umbrella policy - ANSWER second policy after a first policy 72) uses primary as deductible before they kick in 73) Purpose of taxation - ANSWER pay for services we receive, such as the police 74) Exempt properties - ANSWER government, schools, library 75) partially exempt: veterans, elderly 76) Assessed value - ANSWER government calculation of a property to keep taxes down 77) Special assessments - ANSWER added tax to RE tax bill = shared by a street 78) Tax grievances process - ANSWER 1. meet with the assessor 79) 2. Board of assessment review 80) 3. Supreme court 81) Tax levy - ANSWER money that is needed to run a geographical area after we get handouts from the feds or the state 82) Assessment role - ANSWER total of all the assessment values put together 83) total of properties 84) Assessing unit - ANSWER geographical unit responsible for our own budget 85) Tax rate - ANSWER role divided by the levy should give you the tax rate 86) Co-op - ANSWER leasehold estate personal property shares of stock, owning with a building long term lease tenantshareholder; rent out to sublease 87) Condo - ANSWER real property (deed) 88) sponsor - ANSWER usually person who developed condo for sale after all are sold, board of directors are in charge 89) Real estate investement - ANSWER return of $$$ 90) Risk - ANSWER put money in, home to make a profit cash flow profit when selling 91) Rate of return - ANSWER depends on income 92) Liquidity - ANSWER Real estate is not liquid; cant be changed to cash immediately 93) selling process 94) Types of investment properties - ANSWER multi family (apt building) office (business) industrial (warehouses) retail (stores) health care (hospitals, dr. offices) 95) Commercial leasing - ANSWER lease by square feet (always calculated by year) 96) Gross lease - ANSWER tenant pays rent and owner pays for everything else (like an apartment) 97) Net lease - ANSWER Tenant agrees to pay some or all of the landlord's expenses 98) Percentage lease - ANSWER used in shopping malls profit sharing after a certain point 99) sub lease - ANSWER finding a tenant when you are still the tenant 100) Capital gains tax - ANSWER not for primary residence but for investment property 101) Active income - ANSWER physical work, salaru 102) Passive income - ANSWER stock dividends, investment 103) 1031 tax exchange - ANSWER defer payment on capital gains 104) Tax depriciation - ANSWER loss of value deduct every year for loss of value - 27.5 years for residential investment - 39 years for commercial investment 105) property management - ANSWER agent to take care of property as if they own it need brokers license to manage charge a flat fee or percentage of rent collected 106) insurance and risk management - ANSWER has to make sure property is insured against lawsuits