NYREI SCHOOL EXAM 2025 QUESTIONS
AND ANSWERS
What is the minimum licensing requirement to sell commercial real estate in New York? -
ANS a real estate salesperson's license
What is the preferred method of creating an agency relationship? - ANS expressed agency
An amenity purchaser - ANS occupies or uses the purchased property
Condominium units are considered _____ property and are conveyed by _____. - ANS real /
deed
A salesperson who is an independent contractor - ANS is not subject to withholding
requirements.
A homeowner facing foreclosure has a number of liens: The original mortgage, a mechanic's
lien from six months ago, a judgment lien from two years ago, and a property tax lien that was
just filed. When the property is sold, which lien will be paid first from the proceeds? -
ANS property tax lien
What is another word for principal? - ANS Client. The principal in any fiduciary relationship is
the client.
The tenant signs a two-month lease on an apartment ending September 1. What type of
leasehold estate does this represent? - ANS estate for years
COPYRIGHT © 2025 THESTAR ALL RIGHTS RESERVED 1
, What are the age and experience requirements to apply for a salesperson license? - ANS 18
years old and no experience necessary
Craig owns a warehouse and his property taxes were recently raised. In turn, Craig charged the
tenant currently occupying the building additional operating expenses. This is an example of -
ANS a pass-through.
Which federal environmental law, known as the Superfund, creates requirements for closed
and abandoned waste sites? - ANS Comprehensive Environmental Response, Compensation,
and Liability Act
Who is responsible for approving septic and other sanitation systems in New York State? -
ANS NYS Department of Health
Who pays the property taxes in a triple net lease? - ANS tenant
Opal lives in an apartment that is going cooperative. The current residents are given the first
option to buy in, and Opal decides to take advantage of the opportunity. Which statement
about Opal's new co-op is FALSE? - ANS She will own the airspace inside her co-op fee
simple.
An example of chattel is - ANS wheat that has been harvested.
A mortgage loan originator can perform each of these activities EXCEPT - ANS lend money.
Which type of listing agreement provides the greatest opportunity for a listing broker to earn a
commission? - ANS exclusive right to sell agreement
Ad valorem taxes are based on a property's - ANS assessed value
What is it called when a lender evaluates a prospective buyer and documents, in writing, that
he is willing to loan this buyer up to a certain amount of money? - ANS pre-approval
COPYRIGHT © 2025 THESTAR ALL RIGHTS RESERVED 2
AND ANSWERS
What is the minimum licensing requirement to sell commercial real estate in New York? -
ANS a real estate salesperson's license
What is the preferred method of creating an agency relationship? - ANS expressed agency
An amenity purchaser - ANS occupies or uses the purchased property
Condominium units are considered _____ property and are conveyed by _____. - ANS real /
deed
A salesperson who is an independent contractor - ANS is not subject to withholding
requirements.
A homeowner facing foreclosure has a number of liens: The original mortgage, a mechanic's
lien from six months ago, a judgment lien from two years ago, and a property tax lien that was
just filed. When the property is sold, which lien will be paid first from the proceeds? -
ANS property tax lien
What is another word for principal? - ANS Client. The principal in any fiduciary relationship is
the client.
The tenant signs a two-month lease on an apartment ending September 1. What type of
leasehold estate does this represent? - ANS estate for years
COPYRIGHT © 2025 THESTAR ALL RIGHTS RESERVED 1
, What are the age and experience requirements to apply for a salesperson license? - ANS 18
years old and no experience necessary
Craig owns a warehouse and his property taxes were recently raised. In turn, Craig charged the
tenant currently occupying the building additional operating expenses. This is an example of -
ANS a pass-through.
Which federal environmental law, known as the Superfund, creates requirements for closed
and abandoned waste sites? - ANS Comprehensive Environmental Response, Compensation,
and Liability Act
Who is responsible for approving septic and other sanitation systems in New York State? -
ANS NYS Department of Health
Who pays the property taxes in a triple net lease? - ANS tenant
Opal lives in an apartment that is going cooperative. The current residents are given the first
option to buy in, and Opal decides to take advantage of the opportunity. Which statement
about Opal's new co-op is FALSE? - ANS She will own the airspace inside her co-op fee
simple.
An example of chattel is - ANS wheat that has been harvested.
A mortgage loan originator can perform each of these activities EXCEPT - ANS lend money.
Which type of listing agreement provides the greatest opportunity for a listing broker to earn a
commission? - ANS exclusive right to sell agreement
Ad valorem taxes are based on a property's - ANS assessed value
What is it called when a lender evaluates a prospective buyer and documents, in writing, that
he is willing to loan this buyer up to a certain amount of money? - ANS pre-approval
COPYRIGHT © 2025 THESTAR ALL RIGHTS RESERVED 2
