NYC REAL ESTATE EXAM QUESTIONS WITH
REVIEWD 100% CORRECT DETAILED
ANSWERS GUARANTEED PASS
What happens if one of the parties to the contract is a minor? - Answer-The contract is
voidable by the minor
What does the zoning board of appeals do? - Answer-Grants variances
What regulates construction standards in NYS? - Answer-Building codes
What does municipal engineer's office do? - Answer-Oversees planning and
construction of major highways, sewer systems & water connections
If a property ad states that the property is near the vicinity of a geographical area, what
else must the ad include? - Answer-It must include the name of the geographical area
where the property is actually located
Who is usually exempt from property taxes? - Answer-Disabled, veterans, farmers,
elderly, gold star parents (whose kids dies in war) and star program homeowners
Who is not usually exempt from property taxes? - Answer-Second home owners
What covers fully for personal property lost in a fire? - Answer-replacement cost
What's the cash on cash return on a $2,000,000 property with a down payment of
500,000 and $15000 monthly rental income? - Answer-36%
What is convincing owners to sell/lease property by telling them a particular group of
people are moving into the area called? - Answer-blockbusting
What is it called when lenders/insurance agents refuse to do business in a certain area
based on the characteristics of the people living there? - Answer-redlining
Unless specified a lesser estate, transfer of the title to real property in NYS creates what
type of interest? - Answer-Fee Simple
What is another name for transfer of title to real property? - Answer-Conveyance
, What is it called when the government dictates how a property can be used? - Answer-
Zoning
Who issues real estate Licenses? - Answer-NY department of State (DOS)
Who oversees licensing & registration of mortgage bankers and brokers? - Answer-NYS
banking department
Which department oversees drinking water safety? - Answer-NYS department of health
Who determines the commission? - Answer-Principal/Client & the broker
What occurs when the agent represents the seller but also works in the best interests of
the buyer? - Answer-Undisclosed dual agency
A real estate salesperson is what type of agent? - Answer-Special agent
What clause in the deed describes the property? - Answer-Legal descriptions
What type of income is partnerships/investments? - Answer-Portfolio
It is essential that every deed be signed by the:
a) Devisee
b) grantee
c) grantor & grantee
d) Grantor - Answer-D- grantor
Jim's mechanic's lien will remain against the property for at least:
a) 1 year
2) 8 Months
c) 10 years
d) 4 months - Answer-A- 1 year
A specific tract of land is known as a:
a) devise
b) chattel
c) parcel
d) littoral - Answer-C- parcel
If you are a salesperson working with a buyer, then the buyer is your client:
a) if you are servicing the buyer
b) if you have an agency contract with buyer
c) if the buyer has shared financial info with you
d) none of the above - Answer-B- if you have an agency contract with the buyer
REVIEWD 100% CORRECT DETAILED
ANSWERS GUARANTEED PASS
What happens if one of the parties to the contract is a minor? - Answer-The contract is
voidable by the minor
What does the zoning board of appeals do? - Answer-Grants variances
What regulates construction standards in NYS? - Answer-Building codes
What does municipal engineer's office do? - Answer-Oversees planning and
construction of major highways, sewer systems & water connections
If a property ad states that the property is near the vicinity of a geographical area, what
else must the ad include? - Answer-It must include the name of the geographical area
where the property is actually located
Who is usually exempt from property taxes? - Answer-Disabled, veterans, farmers,
elderly, gold star parents (whose kids dies in war) and star program homeowners
Who is not usually exempt from property taxes? - Answer-Second home owners
What covers fully for personal property lost in a fire? - Answer-replacement cost
What's the cash on cash return on a $2,000,000 property with a down payment of
500,000 and $15000 monthly rental income? - Answer-36%
What is convincing owners to sell/lease property by telling them a particular group of
people are moving into the area called? - Answer-blockbusting
What is it called when lenders/insurance agents refuse to do business in a certain area
based on the characteristics of the people living there? - Answer-redlining
Unless specified a lesser estate, transfer of the title to real property in NYS creates what
type of interest? - Answer-Fee Simple
What is another name for transfer of title to real property? - Answer-Conveyance
, What is it called when the government dictates how a property can be used? - Answer-
Zoning
Who issues real estate Licenses? - Answer-NY department of State (DOS)
Who oversees licensing & registration of mortgage bankers and brokers? - Answer-NYS
banking department
Which department oversees drinking water safety? - Answer-NYS department of health
Who determines the commission? - Answer-Principal/Client & the broker
What occurs when the agent represents the seller but also works in the best interests of
the buyer? - Answer-Undisclosed dual agency
A real estate salesperson is what type of agent? - Answer-Special agent
What clause in the deed describes the property? - Answer-Legal descriptions
What type of income is partnerships/investments? - Answer-Portfolio
It is essential that every deed be signed by the:
a) Devisee
b) grantee
c) grantor & grantee
d) Grantor - Answer-D- grantor
Jim's mechanic's lien will remain against the property for at least:
a) 1 year
2) 8 Months
c) 10 years
d) 4 months - Answer-A- 1 year
A specific tract of land is known as a:
a) devise
b) chattel
c) parcel
d) littoral - Answer-C- parcel
If you are a salesperson working with a buyer, then the buyer is your client:
a) if you are servicing the buyer
b) if you have an agency contract with buyer
c) if the buyer has shared financial info with you
d) none of the above - Answer-B- if you have an agency contract with the buyer
