New York State Real Estate Exam 2025

The Real Estate Settlement Procedures Act (RESPA) refers to full disclosure of? - Correct Ans-Closing cost for a federally related mortgage loan The highest type of ownership and Real Estate is? - Correct Ans-Fee simple When a Broker commingles the money of a client with the brokers own money, what's fiduciary duty is being violated? - Correct Ans-Accountability Which one of the following environmental hazards is considered being relatively simple and inexpensive to remedy? - Correct Ans-Radon The area in square feet of the one story house plan pictured below is 18ft, 30ft, 55ft & 15ft - Correct Ans-630.50 A developer in the Platt of subdivision may set aside a portion of the land for common area, parks or sidewalks. This practice is called? - Correct Ans-Dedication How often should you and the broker sign the independent contractors agreement? - Correct Ans-Every year Which is the best kind of Estate to own? - Correct Ans-Fee simple Estate Which of the following is exempt from Real Estate licensing requirements - Correct Ans Attorney in New York State The adjustments of settlement cost during closing between the buyer and seller is called - Correct Ans-Probations Which of the following is a buyers agent not required to comply with - Correct Ans Instructions of the seller Which of the following form is listed a comparison of the properties which have been sold recently and those currently listed for sale - Correct Ans-CMA form The monthly amortized mortgage payment that Julie owes is 1450. What is her annual depth service on this loan? - Correct Ans-17,400 To obtain licensure, Broker applicants must have a minimum of how many years of salesperson licensure - Correct Ans-Two years REAL ESTATE REAL ESTATE An appraiser evaluates a multiple dwelling real property for a mortgage lending institution. The value of the appraisal is - Correct Ans-An unbiased opinion A contract based on illegal consideration is - Correct Ans-Void Creating a panic selling situation in the neighborhood due to the moving end of a certain racial religion or ethnic group is known as - Correct Ans-Block-busting A document which is issued by a governmental agency, indicating that a structure compliance with building safety and health codes and maybe utilize is known as - Correct Ans-A certificate of occupancy A right for a consideration to purchase a property upon specified terms within a specific time is known as - Correct Ans-An option The Jones tell their agent that they will take 480,000 for their house and the agent may keep any money above that amount as commission. This illegal arrangement is known as what type of listing. - Correct Ans-Net The loan interest is according to some market index - Correct Ans-Variable rate mortgage An agent who has permission from both the seller and the buyer and representing them both has what - Correct Ans-Dual agency Agents can only get paid commission - Correct Ans-From their sponsoring broker A chronological summary of all the known recorded instruments and proceedings which affect the title of property is known as the - Correct Ans-Abstract of title A sales person's license has expired in the last year before he can resume in Real Estate activities he must - Correct Ans-Renew Which are the three appraisal approaches to valuation of real property - Correct Ans Sales cost and income If an agent's license is canceled, what is the waiting? Period before they can reapply for the license? - Correct Ans-After one year and apply The best type of deed given to the grantee is - Correct Ans-Warranty deed Money divided between buyer and seller, including mortgage interest, tax, and insurance expenses at the closing is - Correct Ans-Proration In a real estate transaction, the agent always represents the - Correct Ans-Clients REAL ESTATE REAL ESTATE A house sells for 60,000 the buyer obtains an 80% loan if the bank charges three points at the closing how much points must the buyer pay? - Correct Ans-1,440 The agent who works for the buyer or seller is called - Correct Ans-Single agent Combining two or more parcels of land to sell for more value is called what - Correct Ans-Plottage Two competent parties enters into a contract. How old must the parties be in order for it to be a valid contract? - Correct Ans-18 Six brokers got together and decided that they would not sell for less than 4% commission. They have violated what law. - Correct Ans-Anti-Trust laws If Adam gave his estate to his wife for his wife's lifetime, then upon his wife's death, the estate would go to his son Steve what kind of ownership does his wife have? - Correct Ans-Life Estate A broker can only pay what for the agent - Correct Ans-Office phone bill Agents always work for - Correct Ans-Their sponsoring Broker The process of the government to take private property for public use is called - Correct Ans-Eminent domain The Maxwell's bought a house for 100,000. The value has increased by 7% per year for the last three years. What is the present value? - Correct Ans-122,504 An oral contract of five years will not be enforceable according to which of the following - Correct Ans-Statue of fraud If a comparable property has three bedrooms and the subject property has only two bedrooms, which of the following applies - Correct Ans-A minus adjustment is made to the comparable property A brokers compensation is determined in an agreement between the broker and the - Correct Ans-Principal A chronological condensed history of all recorded instruments and proceedings which affect the title of property is known as - Correct Ans-Abstract of title Brokers may require employed sales person to - Correct Ans-Pay self-employment tax REAL ESTATE REAL ESTATE The right to share someone's property for a specific use is called what - Correct Ans Easement The channeling of prospective buyers to or from certain neighborhoods is called - Correct Ans-Steering What part of a contract which means something of value - Correct Ans-Consideration The overhang of a roof is called - Correct Ans-Eaves The civil rights act of 1866 this law covers which of the following - Correct Ans-Race and color no exceptions A plumber did some work but did not get paid he or she can file a - Correct Ans Mechanics lien Which is not protected under federal and New York State law - Correct Ans-Occupation The residential lead based plant hazard reduction act of 1992 sets for the procedures to be followed and disclosing the presence of lead based paint for sale of property - Correct Ans-Built prior to 1/1/78 What is the name of the deed to relinquish or release a claim to a property? - Correct Ans-Quit claim deed A purchaser receives financial help towards a down payment and in return promises to share the profit when the property is so