New York Real Estate Exam Questions and Answers
(Verified Answers) ||GRADED A+||LATEST UPDATE
2025/26
Where is the license law written? -CORRECT ANSWER Article 12-A
Who is responsible for administrative discipline of real estate licensees? -CORRECT
ANSWER Department of State or Secretary of State
Under NYS Real Property Law, when Department of State revokes a salesperson's
license, how much time must past before the salesperson can be relicensed? -
CORRECT ANSWER One year
If a broker's licensed is revoked, what happens to the salesperson's who work under
him/her? -CORRECT ANSWER Their licenses are suspended until they find another
broker to supervise them/work under.
What could happen to somebody who breaks Article 12-A? -CORRECT ANSWER Lose
their license, fined $1,000, a year in jail.
Is a violation of 12-A a misdemeanor or a felony? -CORRECT ANSWER A misdemeanor
,What dollar amount of capital gains is tax-exempt for a single person? -CORRECT
ANSWER $250,000
If a married couple sells their house for a profit of $300,000, on what amount of capital
gains do they pay tax? -CORRECT ANSWER They only pay if the profit is over $500,000
If a married couple bought a house for $50,000 and sold it for $400,000, what amount
do they pay in capital gains tax? -CORRECT ANSWER They don't pay any capital gains.
If a seller fails to deliver a property condition disclosure statement before the buyer
signs the contract of sale, how much credit does the buyer receive? -CORRECT ANSWER
$500
Which properties do not need a property condition disclosure statement? -CORRECT
ANSWER Residential new constructions, foreclosures, condos and co-ops
When does a seller have to deliver a property condition statement to the buyer? -
CORRECT ANSWER Before the buyer signs the sales contract.
What liquid carcinogen can get into water or soil? -CORRECT ANSWER PCBs (poly-
chlorinated bhiphenyls)
,What substance depletes the ozone layer? -CORRECT ANSWER CFCs (Chlor-fluor-
carbons)
What federal law curtailed use of CFCs? -CORRECT ANSWER Clean Air Act
What gas that leaks out of air conditioners is covered by Clean Air Act? -CORRECT
ANSWER CFCs
What is Freon? -CORRECT ANSWER A brand that used to contain CFCs but no longer
does. It's a cooling agent in older air conditioners
What type of UST (underground storage tank) is not regulated? -CORRECT ANSWER
Any tank under 1100 gallons that holds gas or diesel are not regulated.
What NYS Dept. regulates USTs? -CORRECT ANSWER NYS Dept. of Environmental
Conservation
What kind of insulation has cancer-causing substance in it? -CORRECT ANSWER UFFI, a
kind of insulation sprayed into the wall that contains formaldehyde.
, What info must a real estate ad tell? -CORRECT ANSWER Must provide the name of the
real estate broker or brokerage and either the full address of broker or the phone
number, and the specific location of the property.
What is a blind ad? -CORRECT ANSWER Ads that don't have legally required information,
such as the name and address or phone number of the broker and the specific location
of the property.
Unless it is a lesser estate, what kind of freehold is it? -CORRECT ANSWER Fee Simple
What kind of ownership includes the full bundle of rights? -CORRECT ANSWER Fee
Simple
What kind of real estate has the fullest freehold interest? -CORRECT ANSWER Fee
Simple
What rights are included in any deed or lease? -CORRECT ANSWER Possession, quiet
enjoyment and exclusion.
Does the landlord have the right to enter a tenant's apartment in a non-emergency
situation? -CORRECT ANSWER No.
(Verified Answers) ||GRADED A+||LATEST UPDATE
2025/26
Where is the license law written? -CORRECT ANSWER Article 12-A
Who is responsible for administrative discipline of real estate licensees? -CORRECT
ANSWER Department of State or Secretary of State
Under NYS Real Property Law, when Department of State revokes a salesperson's
license, how much time must past before the salesperson can be relicensed? -
CORRECT ANSWER One year
If a broker's licensed is revoked, what happens to the salesperson's who work under
him/her? -CORRECT ANSWER Their licenses are suspended until they find another
broker to supervise them/work under.
What could happen to somebody who breaks Article 12-A? -CORRECT ANSWER Lose
their license, fined $1,000, a year in jail.
Is a violation of 12-A a misdemeanor or a felony? -CORRECT ANSWER A misdemeanor
,What dollar amount of capital gains is tax-exempt for a single person? -CORRECT
ANSWER $250,000
If a married couple sells their house for a profit of $300,000, on what amount of capital
gains do they pay tax? -CORRECT ANSWER They only pay if the profit is over $500,000
If a married couple bought a house for $50,000 and sold it for $400,000, what amount
do they pay in capital gains tax? -CORRECT ANSWER They don't pay any capital gains.
If a seller fails to deliver a property condition disclosure statement before the buyer
signs the contract of sale, how much credit does the buyer receive? -CORRECT ANSWER
$500
Which properties do not need a property condition disclosure statement? -CORRECT
ANSWER Residential new constructions, foreclosures, condos and co-ops
When does a seller have to deliver a property condition statement to the buyer? -
CORRECT ANSWER Before the buyer signs the sales contract.
What liquid carcinogen can get into water or soil? -CORRECT ANSWER PCBs (poly-
chlorinated bhiphenyls)
,What substance depletes the ozone layer? -CORRECT ANSWER CFCs (Chlor-fluor-
carbons)
What federal law curtailed use of CFCs? -CORRECT ANSWER Clean Air Act
What gas that leaks out of air conditioners is covered by Clean Air Act? -CORRECT
ANSWER CFCs
What is Freon? -CORRECT ANSWER A brand that used to contain CFCs but no longer
does. It's a cooling agent in older air conditioners
What type of UST (underground storage tank) is not regulated? -CORRECT ANSWER
Any tank under 1100 gallons that holds gas or diesel are not regulated.
What NYS Dept. regulates USTs? -CORRECT ANSWER NYS Dept. of Environmental
Conservation
What kind of insulation has cancer-causing substance in it? -CORRECT ANSWER UFFI, a
kind of insulation sprayed into the wall that contains formaldehyde.
, What info must a real estate ad tell? -CORRECT ANSWER Must provide the name of the
real estate broker or brokerage and either the full address of broker or the phone
number, and the specific location of the property.
What is a blind ad? -CORRECT ANSWER Ads that don't have legally required information,
such as the name and address or phone number of the broker and the specific location
of the property.
Unless it is a lesser estate, what kind of freehold is it? -CORRECT ANSWER Fee Simple
What kind of ownership includes the full bundle of rights? -CORRECT ANSWER Fee
Simple
What kind of real estate has the fullest freehold interest? -CORRECT ANSWER Fee
Simple
What rights are included in any deed or lease? -CORRECT ANSWER Possession, quiet
enjoyment and exclusion.
Does the landlord have the right to enter a tenant's apartment in a non-emergency
situation? -CORRECT ANSWER No.
