NYS REAL ESTATE EXAM 2026 LATEST UPDATE
QUESTIONS AND CORRECT VEIFIED ANSWES
ALREADY GRADED A+
Who is the borrower of a mortgage loan? - ANS-Mortgagor
What does the Real Estate Settlement Procedures Act (RESPA) require? - ANS-Good
faith estimate of the closing costs for federally funded loans
What is the right reserved for the condo association that gives them the first opportunity
to buy or lease a unit when it becomes available? - ANS-Right of first refusal
A coop is what type of ownership? (prob means co-op) - ANS-Leasehold
What is the summary of the chronological history of title & related documents to that
called? - ANS-Abstract to title
What type of mortgage is when a new mortgage that is higher in amount wraps around
an existing first mortgage thats smaller in amount? - ANS-Wraparound mortgage
What document provides detailed info on a condo or co-op project? - ANS-Offering
plan (also called a blackbook)
What is the process called that calculates the value of an asset in the past, present and
future? - ANS-Time value of money
What is it called when a building loses its desirability because of an outdated design
feature? - ANS-obsolescence
What types of investment properties are warehouses & distribution centers? - ANS-
Manufacturing
What governs issues such as noises, pets in a condo or co-op? - ANS-House rules
What are homestead properties? - ANS-Residential condos, 1-4 family homes,
mobile homes & farm dwellings
Whats the area that tenant actually occupies & uses? - ANS-Usable sq footage or net
sq footage
Who signs the contract first? - ANS-Purchaser
, What is the budget that is set aside for repairs & large improvements? - ANS-Capital
reserve budget OR replacement reserve budget
Whats another name for a land lease? - ANS-Ground lease
What allows landlords to raise rents during the term of the lease? - ANS-Escalation
clause
What are tax advantages on investment properties called? - ANS-Tax shelters
What type of listing agreement is it where the listing broker gets commission for the sale
of the property even if the owners themselves sell the property? - ANS-Exclusive right to
sell
(different from exclusive right to list)
Whats an implied clause in a deed? - ANS-Grantor owns the property & has a right to
convey it or right of quiet enjoyment
What does Regulation Z (TILA) require beside the disclosure of interest rates? - ANS-
Down payment
What does the secondary mortgage market do? - ANS-Buys and sells mortgages
The type of legal listing agreement which is least desirable for for the broker is a(n): -
ANS-Open listing
It is essential that every deed be signed by the:
a) Devisee
b) grantee
c) grantor & grantee
d) Grantor - ANS-D- grantor
Jim's mechanic's lien will remain against the property for at least:
a) 1 year
2) 8 Months
c) 10 years
d) 4 months - ANS-A- 1 year
A specific tract of land is known as a:
a) devise
b) chattel
c) parcel
d) littoral - ANS-C- parcel
If you are a salesperson working with a buyer, then the buyer is your client:
QUESTIONS AND CORRECT VEIFIED ANSWES
ALREADY GRADED A+
Who is the borrower of a mortgage loan? - ANS-Mortgagor
What does the Real Estate Settlement Procedures Act (RESPA) require? - ANS-Good
faith estimate of the closing costs for federally funded loans
What is the right reserved for the condo association that gives them the first opportunity
to buy or lease a unit when it becomes available? - ANS-Right of first refusal
A coop is what type of ownership? (prob means co-op) - ANS-Leasehold
What is the summary of the chronological history of title & related documents to that
called? - ANS-Abstract to title
What type of mortgage is when a new mortgage that is higher in amount wraps around
an existing first mortgage thats smaller in amount? - ANS-Wraparound mortgage
What document provides detailed info on a condo or co-op project? - ANS-Offering
plan (also called a blackbook)
What is the process called that calculates the value of an asset in the past, present and
future? - ANS-Time value of money
What is it called when a building loses its desirability because of an outdated design
feature? - ANS-obsolescence
What types of investment properties are warehouses & distribution centers? - ANS-
Manufacturing
What governs issues such as noises, pets in a condo or co-op? - ANS-House rules
What are homestead properties? - ANS-Residential condos, 1-4 family homes,
mobile homes & farm dwellings
Whats the area that tenant actually occupies & uses? - ANS-Usable sq footage or net
sq footage
Who signs the contract first? - ANS-Purchaser
, What is the budget that is set aside for repairs & large improvements? - ANS-Capital
reserve budget OR replacement reserve budget
Whats another name for a land lease? - ANS-Ground lease
What allows landlords to raise rents during the term of the lease? - ANS-Escalation
clause
What are tax advantages on investment properties called? - ANS-Tax shelters
What type of listing agreement is it where the listing broker gets commission for the sale
of the property even if the owners themselves sell the property? - ANS-Exclusive right to
sell
(different from exclusive right to list)
Whats an implied clause in a deed? - ANS-Grantor owns the property & has a right to
convey it or right of quiet enjoyment
What does Regulation Z (TILA) require beside the disclosure of interest rates? - ANS-
Down payment
What does the secondary mortgage market do? - ANS-Buys and sells mortgages
The type of legal listing agreement which is least desirable for for the broker is a(n): -
ANS-Open listing
It is essential that every deed be signed by the:
a) Devisee
b) grantee
c) grantor & grantee
d) Grantor - ANS-D- grantor
Jim's mechanic's lien will remain against the property for at least:
a) 1 year
2) 8 Months
c) 10 years
d) 4 months - ANS-A- 1 year
A specific tract of land is known as a:
a) devise
b) chattel
c) parcel
d) littoral - ANS-C- parcel
If you are a salesperson working with a buyer, then the buyer is your client:
