NYS REAL ESTATE EXAM 2025 UPDATE QUESTIONS AND CORRECT
VERIFIED ANSWERS ALREADY GRADED A+ (BRAND NEW VISION)
Proprietary Lease -- answersA lease of property in which the rental is based upon the
percentage of the volume of sales made upon the leased premises, usually provides for
minimal rental.
Percentage lease- answersA lease given by a corporation to another. It is often used in a co-op
context, where the owner is given a certain number of shares in the co-op, along with a
proprietary lease for one of the residences in the building.
Triple Net Lease - answersA lease in which the tenant or lessee is responsible for paying a
portion of or all of the common expenses related to real estate ownership, in addition to base
rent.
Land Lease - answersalso called a ground lease--is a lease agreement that permits the tenant
to use a piece of land owned by the landlord in exchange for rent.
Assignment - answersThe method or manner by which a right or contract is transferred from
one person to another.
Leasehold Estate - answersThe interest or estate which a lessee of real estate has therein by
virtue of the lessee's lease.
Industrial - answerswarehouses, factories, land in industrial districts, and research facilities
(Industrial property is sometimes referred to as manufacturing property in New York City.)
Commercial - answersbusiness property, including offices, shopping malls, theaters, hotels,
and parking facilities
, Disclosure - answersThe release of relevant information about a property that may influence
the final sale, especially if it represents defects or problems.
Obedience - answersThe fiduciary relationship obligates the agent to act in good faith at all
times, obeying the client's instructions in accordance with the contract.
Undisclosed Dual Agency - answersA relationship in which the real estate agent is found to be
the agent of both the buyer and seller in a transaction, but without the knowledge and
informed consent of both parties. Undisclosed Dual Agency is illegal in all states.
Informed Consent - answersAn agreement to do something or to allow something to happen
only after all the relevant facts are disclosed.
Expressed Agency - answersAn actual agency created by written or oral agreement between
the principal and the agent.
Implied Agency - answersForm of agency that occurs when the words and actions of the
parties indicate that there is an agency relationship.
Bundle of Rights - answersThe premise that the ownership of real estate consists of the
ownership of various rights associated with it. These rights include the right to use and/or
occupy, the right to sell in whole or in part, the right to lease, the right to bequeath and the
right to do none of the foregoing.
Fee Simple Estate - answersAbsolute ownership of real property; entitled to the entire
property with unconditional power of disposition during the person's life and descending to
the person's heirs or distributees.
VERIFIED ANSWERS ALREADY GRADED A+ (BRAND NEW VISION)
Proprietary Lease -- answersA lease of property in which the rental is based upon the
percentage of the volume of sales made upon the leased premises, usually provides for
minimal rental.
Percentage lease- answersA lease given by a corporation to another. It is often used in a co-op
context, where the owner is given a certain number of shares in the co-op, along with a
proprietary lease for one of the residences in the building.
Triple Net Lease - answersA lease in which the tenant or lessee is responsible for paying a
portion of or all of the common expenses related to real estate ownership, in addition to base
rent.
Land Lease - answersalso called a ground lease--is a lease agreement that permits the tenant
to use a piece of land owned by the landlord in exchange for rent.
Assignment - answersThe method or manner by which a right or contract is transferred from
one person to another.
Leasehold Estate - answersThe interest or estate which a lessee of real estate has therein by
virtue of the lessee's lease.
Industrial - answerswarehouses, factories, land in industrial districts, and research facilities
(Industrial property is sometimes referred to as manufacturing property in New York City.)
Commercial - answersbusiness property, including offices, shopping malls, theaters, hotels,
and parking facilities
, Disclosure - answersThe release of relevant information about a property that may influence
the final sale, especially if it represents defects or problems.
Obedience - answersThe fiduciary relationship obligates the agent to act in good faith at all
times, obeying the client's instructions in accordance with the contract.
Undisclosed Dual Agency - answersA relationship in which the real estate agent is found to be
the agent of both the buyer and seller in a transaction, but without the knowledge and
informed consent of both parties. Undisclosed Dual Agency is illegal in all states.
Informed Consent - answersAn agreement to do something or to allow something to happen
only after all the relevant facts are disclosed.
Expressed Agency - answersAn actual agency created by written or oral agreement between
the principal and the agent.
Implied Agency - answersForm of agency that occurs when the words and actions of the
parties indicate that there is an agency relationship.
Bundle of Rights - answersThe premise that the ownership of real estate consists of the
ownership of various rights associated with it. These rights include the right to use and/or
occupy, the right to sell in whole or in part, the right to lease, the right to bequeath and the
right to do none of the foregoing.
Fee Simple Estate - answersAbsolute ownership of real property; entitled to the entire
property with unconditional power of disposition during the person's life and descending to
the person's heirs or distributees.
