NY REAL ESTATE SALESPERSON FINAL EXAM 2026
BANK 2 VERSIONS AND STUDY GUIDE EXAM
CURRENTLY TESTING EXAM QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100% CORRECT
ANSWERS /ALREADY GRADED A+
How do you calculate rent for commercial properties? -
....ANSWER...Example: If a space is $8 per square foot and
the space is a total of 600 square feet, then the the monthly
rent would be $4000.
$8 x 6000 sqft = $4800 annual
$4800/12 months = $4000
Loss Factor or LOAD - ....ANSWER...The ratio of
rentable space to usable space
How do you calculate Loss Factor (Load) -
....ANSWER...(Rentable Sq Ft - Usable Sq Ft) / Rentbale
Sq Ft = Loss Factor
Example: Bldg has 10,000 sq ft and 8,000 sq ft is usable sq
ft, 20% Loss Factor
,(10,000 - 8,000) / 10,000 = .20 or 20%
How do you calculate building efficiency -
....ANSWER...Usable Sq Ft / Rentable Sq ft = Building
Efficiency
Example: Bldg has 10,000 sq ft and 8,000 sq ft is usable sq
ft, 80% Building Efficiency
8,,000 = .80 0r 80%
What is a management agreement? -
....ANSWER...Agreement between a property manager and
the building owner
Who has to sign the deed? - ....ANSWER...The Grantor
(ONLY!)
What is the best form of deed in the state of NY? -
....ANSWER...Full Warranty Deed
If buying a condo and you want to insure it, which policy
would you buy? - ....ANSWER...HO-6
,What insurance policy would you buy for renter's -
....ANSWER...HO-4
What is the item connected to the foundation? -
....ANSWER...Sill Plate
What is the age and experience required to become a
Salesperson? - ....ANSWER...18 yrs old. no experience
required
Which agency issues real estate licenses in New York? -
....ANSWER...The Department of State Division of
Licenses
In New York, Dual Agency is... - ....ANSWER...Allowed
under NY Law with Full Disclosure information
Name of the person who employs a broker? -
....ANSWER...Client or Principal
What is it called when licensee if clients designated agent -
....ANSWER...Undivided Loyalty
, If client obligates himself to pay commission then he
signed what type of agreement - ....ANSWER...Exclusive
Right to Sell
How long must the listing broker hold onto the signed
agreement for? - ....ANSWER...3 years
Which type of listing agreement gives the broker no
protection - ....ANSWER...Open Listing
What is it called when an agent discusses pricing with
another office? - ....ANSWER...Price-Fixing
Under NY Law Sellers Agent shows property and
customer refuses to sign disclosure form. What must the
agent then do? - ....ANSWER...Complete a refusal to sign
disclosure form
An example of chattle is? - ....ANSWER...Wheat that has
been harvested
What is Chattle? - ....ANSWER...personal property
BANK 2 VERSIONS AND STUDY GUIDE EXAM
CURRENTLY TESTING EXAM QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100% CORRECT
ANSWERS /ALREADY GRADED A+
How do you calculate rent for commercial properties? -
....ANSWER...Example: If a space is $8 per square foot and
the space is a total of 600 square feet, then the the monthly
rent would be $4000.
$8 x 6000 sqft = $4800 annual
$4800/12 months = $4000
Loss Factor or LOAD - ....ANSWER...The ratio of
rentable space to usable space
How do you calculate Loss Factor (Load) -
....ANSWER...(Rentable Sq Ft - Usable Sq Ft) / Rentbale
Sq Ft = Loss Factor
Example: Bldg has 10,000 sq ft and 8,000 sq ft is usable sq
ft, 20% Loss Factor
,(10,000 - 8,000) / 10,000 = .20 or 20%
How do you calculate building efficiency -
....ANSWER...Usable Sq Ft / Rentable Sq ft = Building
Efficiency
Example: Bldg has 10,000 sq ft and 8,000 sq ft is usable sq
ft, 80% Building Efficiency
8,,000 = .80 0r 80%
What is a management agreement? -
....ANSWER...Agreement between a property manager and
the building owner
Who has to sign the deed? - ....ANSWER...The Grantor
(ONLY!)
What is the best form of deed in the state of NY? -
....ANSWER...Full Warranty Deed
If buying a condo and you want to insure it, which policy
would you buy? - ....ANSWER...HO-6
,What insurance policy would you buy for renter's -
....ANSWER...HO-4
What is the item connected to the foundation? -
....ANSWER...Sill Plate
What is the age and experience required to become a
Salesperson? - ....ANSWER...18 yrs old. no experience
required
Which agency issues real estate licenses in New York? -
....ANSWER...The Department of State Division of
Licenses
In New York, Dual Agency is... - ....ANSWER...Allowed
under NY Law with Full Disclosure information
Name of the person who employs a broker? -
....ANSWER...Client or Principal
What is it called when licensee if clients designated agent -
....ANSWER...Undivided Loyalty
, If client obligates himself to pay commission then he
signed what type of agreement - ....ANSWER...Exclusive
Right to Sell
How long must the listing broker hold onto the signed
agreement for? - ....ANSWER...3 years
Which type of listing agreement gives the broker no
protection - ....ANSWER...Open Listing
What is it called when an agent discusses pricing with
another office? - ....ANSWER...Price-Fixing
Under NY Law Sellers Agent shows property and
customer refuses to sign disclosure form. What must the
agent then do? - ....ANSWER...Complete a refusal to sign
disclosure form
An example of chattle is? - ....ANSWER...Wheat that has
been harvested
What is Chattle? - ....ANSWER...personal property
