New York State Real Estate Salesperson
Licensing Exam Questions With Complete
Solutions | Already Graded A+ | Latest
Update 2025 | Sure to Pass!!
1. What are property taxes based on? - ANSWER ✓ Assessed
value
2. Whats the implied clause in a deed? - ANSWER ✓ Grantor
owns the property and has a right to convey it or right to quiet
enjoyment
3. What does Regulation Z (TILA) require beside the disclosure
of interest rates? - ANSWER ✓ Down payment
4. What does the secondary mortgage market do? - ANSWER ✓
Buys and sells mortgages
5. What is the market value? - ANSWER ✓ What the property
will sell for in a competitive marketplace
, 6. What is a loft lease? - ANSWER ✓ Its a lease for space that
is not divided into rooms
7. Which types of commercial properties use percentage lease? -
ANSWER ✓ Retail stores/ shopping malls
8. Who is responsible for the terms in the lease if the unit has
been subleased? - ANSWER ✓ Lessee
9. What is the tang of private property by the government for
public use called? - ANSWER ✓ Eminent Domain
10. How many years is a residential investment property
depreciable for? - ANSWER ✓ 27.5 years
11. How much profit can a single person claim from the sale of
a personal residence thats tax free? - ANSWER ✓ $250,000
12. What is the right to use another's land that falls short of
ownership called? - ANSWER ✓ Easement
Licensing Exam Questions With Complete
Solutions | Already Graded A+ | Latest
Update 2025 | Sure to Pass!!
1. What are property taxes based on? - ANSWER ✓ Assessed
value
2. Whats the implied clause in a deed? - ANSWER ✓ Grantor
owns the property and has a right to convey it or right to quiet
enjoyment
3. What does Regulation Z (TILA) require beside the disclosure
of interest rates? - ANSWER ✓ Down payment
4. What does the secondary mortgage market do? - ANSWER ✓
Buys and sells mortgages
5. What is the market value? - ANSWER ✓ What the property
will sell for in a competitive marketplace
, 6. What is a loft lease? - ANSWER ✓ Its a lease for space that
is not divided into rooms
7. Which types of commercial properties use percentage lease? -
ANSWER ✓ Retail stores/ shopping malls
8. Who is responsible for the terms in the lease if the unit has
been subleased? - ANSWER ✓ Lessee
9. What is the tang of private property by the government for
public use called? - ANSWER ✓ Eminent Domain
10. How many years is a residential investment property
depreciable for? - ANSWER ✓ 27.5 years
11. How much profit can a single person claim from the sale of
a personal residence thats tax free? - ANSWER ✓ $250,000
12. What is the right to use another's land that falls short of
ownership called? - ANSWER ✓ Easement
