NYREI School Exam Questions and
Answers Graded A+
What is the minimum licensing requirement to sell commercial real estate in New
York? - Correct answer-a real estate salesperson's license
What is the preferred method of creating an agency relationship? - Correct answer-
expressed agency
An amenity purchaser - Correct answer-occupies or uses the purchased property
Condominium units are considered _____ property and are conveyed by _____. -
Correct answer-real / deed
A salesperson who is an independent contractor - Correct answer-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? - Correct answer-property tax lien
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
, What is another word for principal? - Correct answer-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? - Correct answer-estate for years
What are the age and experience requirements to apply for a salesperson license? -
Correct answer-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 - Correct answer-a pass-through.
Which federal environmental law, known as the Superfund, creates requirements
for closed and abandoned waste sites? - Correct answer-Comprehensive
Environmental Response, Compensation, and Liability Act
Who is responsible for approving septic and other sanitation systems in New York
State? - Correct answer-NYS Department of Health
Who pays the property taxes in a triple net lease? - Correct answer-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
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
Answers Graded A+
What is the minimum licensing requirement to sell commercial real estate in New
York? - Correct answer-a real estate salesperson's license
What is the preferred method of creating an agency relationship? - Correct answer-
expressed agency
An amenity purchaser - Correct answer-occupies or uses the purchased property
Condominium units are considered _____ property and are conveyed by _____. -
Correct answer-real / deed
A salesperson who is an independent contractor - Correct answer-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? - Correct answer-property tax lien
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
, What is another word for principal? - Correct answer-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? - Correct answer-estate for years
What are the age and experience requirements to apply for a salesperson license? -
Correct answer-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 - Correct answer-a pass-through.
Which federal environmental law, known as the Superfund, creates requirements
for closed and abandoned waste sites? - Correct answer-Comprehensive
Environmental Response, Compensation, and Liability Act
Who is responsible for approving septic and other sanitation systems in New York
State? - Correct answer-NYS Department of Health
Who pays the property taxes in a triple net lease? - Correct answer-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
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
