NY Real Estate Exam 2025 | All Questions and
Correct Answers | Just Released | Verified
Answers | Newest Version
Except for the amount of mortgage that may be assumed, as sale in New York
State is subject to a transfer tax of
a. $0.55 per $500 or fraction thereof of the consideration paid.
b. 1 percent on a sale of less than $500,000
c. 10 percent where the consideration is more than $1 million.
d. $2 per $500 or fraction thereof of the Consideration paid. ---------CORRECT
ANSWER-----------------D: New York State transfer tax is based on sale price is $4.00
per $1,000 or $2.00 per $500
In the transfer of what type of property may a flip tax be imposed?
a. condominium
b. cooperative
c. any fee simple interest
d. on all properties sold in New York City ---------CORRECT ANSWER-----------------B:
Cooperatives may have a flip tax imposed upon transfer, paid by the seller.
The Flintstones sold their house to the Simpsons and are to close on July 1. The
Flintstones paid their annual town taxes in January. At the closing, the Simpsons
will Reimburse the Flintstones for
,a. the tax for the balance of the year.
b. The tax due n November.
c. Nothing.
d. The tax paid last January. ---------CORRECT ANSWER-----------------A: Property
taxes are paid in advance so the buyer will pay the seller for the balance of the
year.
RESPA explicitly prohibits the payment of
a. Referral fee from an insurance agent.
b. Kickbacks.
c. Brokerage referral fee.
d. Fee to a moving company. ---------CORRECT ANSWER-----------------B: (RESPA)
Prohibits kickbacks for services not performed
An instrument in writing that is the security for A debt with specific property as a
pledge is a
a. bond.
b. Mortgage
c. Deed
d. Lease ---------CORRECT ANSWER-----------------B: A mortgage is a type of security
instrument pledging property to a lender.
,A Department of Veterans Affairs mortgage is
a. Insured
b. Guaranteed
c. Conventional
d. Prepaid ---------CORRECT ANSWER-----------------B: Guaranteed Loan Program -
offers a loan that guarantees repayment of the top portion of the loan to the
lender in the event the borrower defaults.
-When a house purchase is financed by a Federally related mortgage loan. RESPA
Requires that loan closing information be Prepared on the
a. uniform settlement statement.
b. Fannie Mae form.
c. Mortgage Reduction Certificate.
d. Affidavit of title. ---------CORRECT ANSWER-----------------A: RESPA requires a
standard HUD-1 settlement statement for all federal-related loans
A blanket mortgage usually encumbers:
a. several mortgages
b. an underlying wraparound mortgage
c. several parcels of real property
, d. household goods such as bedding, appliances, and other chattel belongings -----
----CORRECT ANSWER-----------------C: Blanket mortgage-two or more parcels of
real estate are pledged as security for payment of the mortgage debt.
Under a mortgage, the mortgagor is the party who:
a. lends the money
b. receives the payments on the note
c. holds the mortgage
d. is the borrower ---------CORRECT ANSWER-----------------D: The borrower who
gives the mortgage is called the mortgagor.
Margo and Clarence Stilton have applied for An FHA/insured loan. The mortgage
will be
a. backed by the full faith and credit of the U.S. Government.
b. insured
c. guaranteed by the federal government at no cost to the borrower.
d. paid for by PMI premiums. ---------CORRECT ANSWER-----------------B: FHA-
insured loans protect lenders against financial loss.
If a real estate broker earned a commission of $5,600 at a commission rate of 7%,
at what price was the property sold?
Correct Answers | Just Released | Verified
Answers | Newest Version
Except for the amount of mortgage that may be assumed, as sale in New York
State is subject to a transfer tax of
a. $0.55 per $500 or fraction thereof of the consideration paid.
b. 1 percent on a sale of less than $500,000
c. 10 percent where the consideration is more than $1 million.
d. $2 per $500 or fraction thereof of the Consideration paid. ---------CORRECT
ANSWER-----------------D: New York State transfer tax is based on sale price is $4.00
per $1,000 or $2.00 per $500
In the transfer of what type of property may a flip tax be imposed?
a. condominium
b. cooperative
c. any fee simple interest
d. on all properties sold in New York City ---------CORRECT ANSWER-----------------B:
Cooperatives may have a flip tax imposed upon transfer, paid by the seller.
The Flintstones sold their house to the Simpsons and are to close on July 1. The
Flintstones paid their annual town taxes in January. At the closing, the Simpsons
will Reimburse the Flintstones for
,a. the tax for the balance of the year.
b. The tax due n November.
c. Nothing.
d. The tax paid last January. ---------CORRECT ANSWER-----------------A: Property
taxes are paid in advance so the buyer will pay the seller for the balance of the
year.
RESPA explicitly prohibits the payment of
a. Referral fee from an insurance agent.
b. Kickbacks.
c. Brokerage referral fee.
d. Fee to a moving company. ---------CORRECT ANSWER-----------------B: (RESPA)
Prohibits kickbacks for services not performed
An instrument in writing that is the security for A debt with specific property as a
pledge is a
a. bond.
b. Mortgage
c. Deed
d. Lease ---------CORRECT ANSWER-----------------B: A mortgage is a type of security
instrument pledging property to a lender.
,A Department of Veterans Affairs mortgage is
a. Insured
b. Guaranteed
c. Conventional
d. Prepaid ---------CORRECT ANSWER-----------------B: Guaranteed Loan Program -
offers a loan that guarantees repayment of the top portion of the loan to the
lender in the event the borrower defaults.
-When a house purchase is financed by a Federally related mortgage loan. RESPA
Requires that loan closing information be Prepared on the
a. uniform settlement statement.
b. Fannie Mae form.
c. Mortgage Reduction Certificate.
d. Affidavit of title. ---------CORRECT ANSWER-----------------A: RESPA requires a
standard HUD-1 settlement statement for all federal-related loans
A blanket mortgage usually encumbers:
a. several mortgages
b. an underlying wraparound mortgage
c. several parcels of real property
, d. household goods such as bedding, appliances, and other chattel belongings -----
----CORRECT ANSWER-----------------C: Blanket mortgage-two or more parcels of
real estate are pledged as security for payment of the mortgage debt.
Under a mortgage, the mortgagor is the party who:
a. lends the money
b. receives the payments on the note
c. holds the mortgage
d. is the borrower ---------CORRECT ANSWER-----------------D: The borrower who
gives the mortgage is called the mortgagor.
Margo and Clarence Stilton have applied for An FHA/insured loan. The mortgage
will be
a. backed by the full faith and credit of the U.S. Government.
b. insured
c. guaranteed by the federal government at no cost to the borrower.
d. paid for by PMI premiums. ---------CORRECT ANSWER-----------------B: FHA-
insured loans protect lenders against financial loss.
If a real estate broker earned a commission of $5,600 at a commission rate of 7%,
at what price was the property sold?
