NEW YORK STATE REAL ESTATE SALESPERSON
LICENSING EXAM FINAL SCRIPT 2026
COMPLETE SOLUTION SET
◉ Co-op. Answer: - building owned by a corporation
- residents own part of building as shareholders, own part of
corporation
- owner gets stock certificate and proprietary lease
- managing agent and board of directors
- personal property possessed in leasehold
- pay monthly maintenance which also covers common area, and
portion of buildings mortgage and real estate tax
- mortgage interest and real estate tax are tax deductible so part of
maintenance is deductible on income tax
◉ Grantor. Answer: person giving up the real estate
- seller
- deed must be signed by all grantors
- must be 18 with sound mind
◉ Grantee. Answer: - person getting the real estate
,◉ Encumbrance. Answer: - something that "weighs down" real
estate making it harder to sell
- ex: liens, easements, taxes
- burden the property and make less marketable
- most common is a lien
◉ Brown v Board of Education. Answer: - 1954 Supreme court
- Linda Brown- all white school- supreme court-
- determined not ok to separate black and white
◉ Please V Ferguson. Answer: - allowed for separate but equal
◉ Pro Forma. Answer: - financial doc that predicts future income of
a property for next 10 years
- (like an operating statement) but has columns for this year, next
year, etc
- helps buyers, banks, owners make financial decisions for future
◉ Operating Statement. Answer: -shows the buildings actual
performance this year
◉ Wall Stud. Answer: wall column that is part of house frame
- beams are horizontal
,columns are vertical
◉ Rafter. Answer: - roof beam on house normally placed diagonally
◉ Pitch. Answer: slope or angle of roof
◉ Eave. Answer: - when rafters hang over the edge of a wall
◉ Keeping Real Estate Records. Answer: - keep for 3 years in
residential
- Keep for 7 years in commercial
◉ Property Tax Exemptions. Answer: - tax exemptions
- religious organizations and governments completely exempt
- Partially exempt:
- STAR (school tax relief)
- Seniors
- Veterans
- Disabilities
- Agricultural props (farms)
, ◉ Lead. Answer: - causes neurological damage if you drink eat or
breath
- not used since 1978
- Residential Lead Based Paint Hazard Disclosure
- Title X (10)
◉ Riparian. Answer: - ownership and use of rivers
◉ Littoral. Answer: -ownership and use of lakes
◉ Agent. Answer: - someone who represents someone else
◉ Subagent. Answer: - salesperson is subagent of broker
◉ Actual Cash Value. Answer: Replacement cost- Depreciation=
Actual Cash Value
- replacement cost is how much it would cost to buy a new house or
personal property at todays prices
- actual cash value is what it would cost to buy new minus
depreciation
◉ Acknowledgement. Answer: - notary public certifies the signature
and date of a document
LICENSING EXAM FINAL SCRIPT 2026
COMPLETE SOLUTION SET
◉ Co-op. Answer: - building owned by a corporation
- residents own part of building as shareholders, own part of
corporation
- owner gets stock certificate and proprietary lease
- managing agent and board of directors
- personal property possessed in leasehold
- pay monthly maintenance which also covers common area, and
portion of buildings mortgage and real estate tax
- mortgage interest and real estate tax are tax deductible so part of
maintenance is deductible on income tax
◉ Grantor. Answer: person giving up the real estate
- seller
- deed must be signed by all grantors
- must be 18 with sound mind
◉ Grantee. Answer: - person getting the real estate
,◉ Encumbrance. Answer: - something that "weighs down" real
estate making it harder to sell
- ex: liens, easements, taxes
- burden the property and make less marketable
- most common is a lien
◉ Brown v Board of Education. Answer: - 1954 Supreme court
- Linda Brown- all white school- supreme court-
- determined not ok to separate black and white
◉ Please V Ferguson. Answer: - allowed for separate but equal
◉ Pro Forma. Answer: - financial doc that predicts future income of
a property for next 10 years
- (like an operating statement) but has columns for this year, next
year, etc
- helps buyers, banks, owners make financial decisions for future
◉ Operating Statement. Answer: -shows the buildings actual
performance this year
◉ Wall Stud. Answer: wall column that is part of house frame
- beams are horizontal
,columns are vertical
◉ Rafter. Answer: - roof beam on house normally placed diagonally
◉ Pitch. Answer: slope or angle of roof
◉ Eave. Answer: - when rafters hang over the edge of a wall
◉ Keeping Real Estate Records. Answer: - keep for 3 years in
residential
- Keep for 7 years in commercial
◉ Property Tax Exemptions. Answer: - tax exemptions
- religious organizations and governments completely exempt
- Partially exempt:
- STAR (school tax relief)
- Seniors
- Veterans
- Disabilities
- Agricultural props (farms)
, ◉ Lead. Answer: - causes neurological damage if you drink eat or
breath
- not used since 1978
- Residential Lead Based Paint Hazard Disclosure
- Title X (10)
◉ Riparian. Answer: - ownership and use of rivers
◉ Littoral. Answer: -ownership and use of lakes
◉ Agent. Answer: - someone who represents someone else
◉ Subagent. Answer: - salesperson is subagent of broker
◉ Actual Cash Value. Answer: Replacement cost- Depreciation=
Actual Cash Value
- replacement cost is how much it would cost to buy a new house or
personal property at todays prices
- actual cash value is what it would cost to buy new minus
depreciation
◉ Acknowledgement. Answer: - notary public certifies the signature
and date of a document
