NY REAL ESTATE EXAM ACTUAL PAPER 2026
QUESTIONS SOLUTIONS GRADED A+
◉ Broker (1/2) Answer: one who is licensed to represent another
person in real estate transaction with the intent to receive
compensation or valuable consideration
◉ Broker (1/2) Answer: one who is licensed to represent another
person in real estate transaction with the intent to receive
compensation or valuable consideration
◉ Broker (2/2) Answer: Person, partnership, association, limited
liability partnership/company, or corporation who for a fee: sells,
lists, leases, exchanges, negotiates, deals in the RE of others or
represents publicly the person who deals
◉ Broker (2/2) Answer: Person, partnership, association, limited
liability partnership/company, or corporation who for a fee: sells,
lists, leases, exchanges, negotiates, deals in the RE of others or
represents publicly the person who deals
◉ Broker (2/2) Answer: Person, partnership, association, limited
liability partnership/company, or corporation who for a fee: sells,
lists, leases, exchanges, negotiates, deals in the RE of others or
represents publicly the person who deals
,◉ Salesperson Answer: individual licensee employed by a broker
who may perform most of the acts of a broker, yet may not work
independently of broker (consent needed)
◉ Salesperson Answer: individual licensee employed by a broker
who may perform most of the acts of a broker, yet may not work
independently of broker (consent needed)
◉ Salesperson Answer: individual licensee employed by a broker
who may perform most of the acts of a broker, yet may not work
independently of broker (consent needed)
◉ A salesperson may not: Answer: enter into listing agreements to
represent people or conclude a sale, receive commission or advertise
◉ A salesperson may not: Answer: enter into listing agreements to
represent people or conclude a sale, receive commission or advertise
◉ A salesperson may not: Answer: enter into listing agreements to
represent people or conclude a sale, receive commission or advertise
◉ Condominium Answer: Joint ownership
,◉ Condominium Answer: Joint ownership
◉ Condominium Answer: Joint ownership
◉ Cooperative Answer: owned by a non profit formed for that
purpose, residents are shareholders
◉ Cooperative Answer: owned by a non profit formed for that
purpose, residents are shareholders
◉ Cooperative Answer: owned by a non profit formed for that
purpose, residents are shareholders
◉ Secondary mortgage markets Answer: Private investors/gov't
agencies that buy and sell real estate mortgages (not primary
lenders)
Fannie Mae: Federal National Mortgage Association
Freddie Mac: Federal Home Loan Mortgage Corporation
Ginnie Mae; Government National Mortgage Association
◉ Secondary mortgage markets Answer: Private investors/gov't
agencies that buy and sell real estate mortgages (not primary
lenders)
Fannie Mae: Federal National Mortgage Association
, Freddie Mac: Federal Home Loan Mortgage Corporation
Ginnie Mae; Government National Mortgage Association
◉ Secondary mortgage markets Answer: Private investors/gov't
agencies that buy and sell real estate mortgages (not primary
lenders)
Fannie Mae: Federal National Mortgage Association
Freddie Mac: Federal Home Loan Mortgage Corporation
Ginnie Mae; Government National Mortgage Association
◉ Federal Housing Administration Answer: Provides mortgage
insurance to help people who have smaller down payments qualify
for mortgages
◉ Federal Housing Administration Answer: Provides mortgage
insurance to help people who have smaller down payments qualify
for mortgages
◉ Federal Housing Administration Answer: Provides mortgage
insurance to help people who have smaller down payments qualify
for mortgages
◉ Cost of home ownership Answer: Principal
Interest
QUESTIONS SOLUTIONS GRADED A+
◉ Broker (1/2) Answer: one who is licensed to represent another
person in real estate transaction with the intent to receive
compensation or valuable consideration
◉ Broker (1/2) Answer: one who is licensed to represent another
person in real estate transaction with the intent to receive
compensation or valuable consideration
◉ Broker (2/2) Answer: Person, partnership, association, limited
liability partnership/company, or corporation who for a fee: sells,
lists, leases, exchanges, negotiates, deals in the RE of others or
represents publicly the person who deals
◉ Broker (2/2) Answer: Person, partnership, association, limited
liability partnership/company, or corporation who for a fee: sells,
lists, leases, exchanges, negotiates, deals in the RE of others or
represents publicly the person who deals
◉ Broker (2/2) Answer: Person, partnership, association, limited
liability partnership/company, or corporation who for a fee: sells,
lists, leases, exchanges, negotiates, deals in the RE of others or
represents publicly the person who deals
,◉ Salesperson Answer: individual licensee employed by a broker
who may perform most of the acts of a broker, yet may not work
independently of broker (consent needed)
◉ Salesperson Answer: individual licensee employed by a broker
who may perform most of the acts of a broker, yet may not work
independently of broker (consent needed)
◉ Salesperson Answer: individual licensee employed by a broker
who may perform most of the acts of a broker, yet may not work
independently of broker (consent needed)
◉ A salesperson may not: Answer: enter into listing agreements to
represent people or conclude a sale, receive commission or advertise
◉ A salesperson may not: Answer: enter into listing agreements to
represent people or conclude a sale, receive commission or advertise
◉ A salesperson may not: Answer: enter into listing agreements to
represent people or conclude a sale, receive commission or advertise
◉ Condominium Answer: Joint ownership
,◉ Condominium Answer: Joint ownership
◉ Condominium Answer: Joint ownership
◉ Cooperative Answer: owned by a non profit formed for that
purpose, residents are shareholders
◉ Cooperative Answer: owned by a non profit formed for that
purpose, residents are shareholders
◉ Cooperative Answer: owned by a non profit formed for that
purpose, residents are shareholders
◉ Secondary mortgage markets Answer: Private investors/gov't
agencies that buy and sell real estate mortgages (not primary
lenders)
Fannie Mae: Federal National Mortgage Association
Freddie Mac: Federal Home Loan Mortgage Corporation
Ginnie Mae; Government National Mortgage Association
◉ Secondary mortgage markets Answer: Private investors/gov't
agencies that buy and sell real estate mortgages (not primary
lenders)
Fannie Mae: Federal National Mortgage Association
, Freddie Mac: Federal Home Loan Mortgage Corporation
Ginnie Mae; Government National Mortgage Association
◉ Secondary mortgage markets Answer: Private investors/gov't
agencies that buy and sell real estate mortgages (not primary
lenders)
Fannie Mae: Federal National Mortgage Association
Freddie Mac: Federal Home Loan Mortgage Corporation
Ginnie Mae; Government National Mortgage Association
◉ Federal Housing Administration Answer: Provides mortgage
insurance to help people who have smaller down payments qualify
for mortgages
◉ Federal Housing Administration Answer: Provides mortgage
insurance to help people who have smaller down payments qualify
for mortgages
◉ Federal Housing Administration Answer: Provides mortgage
insurance to help people who have smaller down payments qualify
for mortgages
◉ Cost of home ownership Answer: Principal
Interest
