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NYS REAL ESTATE U FINAL (2 VERSIONS) NEWEST
2026-2027 COMPLETE 150 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+|BRAND NEW!!
If a property owner needs to obtain a variance on their
property, which of the following should they apply to...? -
ANSWER-Zoning Board of Appeals
A couple owns a property as a tenancy by the entirety.
When one of the spouses passes away, the other spouse
gains full ownership of the property. When the remaining
spouse passes away, the children inherit the property. This
is known as what type of interest in real property? -
ANSWER-Life estate
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The division of expenses and income between a buyer
and seller at closing is known as...? - ANSWER-Proration
John and Mary Davis married in 1983. They bought a
home for $42,000 later that same year. They lived in that
home until 2017. They sold that home for $542,000.
Compute the taxes due to the IRS if the Davis' are in a
25% tax bracket. - ANSWER-zero. Married couples are
exempt from paying taxes on up to $500,000 in capital
gains. Since the Davis family's capital gain is $500,000
($542,000 - $42,000), they do not have to pay capital
gains tax.
Which of the following firm licenses is NOT required to
have a Broker in Charge? - ANSWER-S Corporation
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The North Carolina Real Estate Commission has the
authority to: - ANSWER-Fine a developer whose agent
violates the North Carolina Time-Share Act.
Larry Agent has reviewed the Working with Real Estate
Agents brochure with his buyer. The buyer verbally agrees
to have Larry show him some houses as a buyer agent.
Larry has located a house listed with his firm that the
buyer wants to purchase. At the same time the offer to
purchase was prepared, Larry and his buyer also entered
into a written buyer agency agreement allowing for both
dual and designated agency. Which of the following is
true? - ANSWER-Larry should have entered into a verbal
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Dual Agency Agreement before showing the listing to the
buyer.
After discussing with the buyer, including the preparation
of the Working with Real Estate Agents brochure, the
broker has agreed to serve in the capacity of a buyer
agent. The agent must have the buyer sign a written Buyer
Agency Agreement by what specific point in time? -
ANSWER-at the time the broker will present an offer on
the buyer's behalf
John is a licensed real estate broker in NC who is
managing an apartment complex. He wants to run a
promotion to help attract new tenants. Which of the
following would NOT be allowed? - ANSWER-A free
NYS REAL ESTATE U FINAL (2 VERSIONS) NEWEST
2026-2027 COMPLETE 150 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+|BRAND NEW!!
If a property owner needs to obtain a variance on their
property, which of the following should they apply to...? -
ANSWER-Zoning Board of Appeals
A couple owns a property as a tenancy by the entirety.
When one of the spouses passes away, the other spouse
gains full ownership of the property. When the remaining
spouse passes away, the children inherit the property. This
is known as what type of interest in real property? -
ANSWER-Life estate
,2|Page
The division of expenses and income between a buyer
and seller at closing is known as...? - ANSWER-Proration
John and Mary Davis married in 1983. They bought a
home for $42,000 later that same year. They lived in that
home until 2017. They sold that home for $542,000.
Compute the taxes due to the IRS if the Davis' are in a
25% tax bracket. - ANSWER-zero. Married couples are
exempt from paying taxes on up to $500,000 in capital
gains. Since the Davis family's capital gain is $500,000
($542,000 - $42,000), they do not have to pay capital
gains tax.
Which of the following firm licenses is NOT required to
have a Broker in Charge? - ANSWER-S Corporation
,3|Page
The North Carolina Real Estate Commission has the
authority to: - ANSWER-Fine a developer whose agent
violates the North Carolina Time-Share Act.
Larry Agent has reviewed the Working with Real Estate
Agents brochure with his buyer. The buyer verbally agrees
to have Larry show him some houses as a buyer agent.
Larry has located a house listed with his firm that the
buyer wants to purchase. At the same time the offer to
purchase was prepared, Larry and his buyer also entered
into a written buyer agency agreement allowing for both
dual and designated agency. Which of the following is
true? - ANSWER-Larry should have entered into a verbal
, 4|Page
Dual Agency Agreement before showing the listing to the
buyer.
After discussing with the buyer, including the preparation
of the Working with Real Estate Agents brochure, the
broker has agreed to serve in the capacity of a buyer
agent. The agent must have the buyer sign a written Buyer
Agency Agreement by what specific point in time? -
ANSWER-at the time the broker will present an offer on
the buyer's behalf
John is a licensed real estate broker in NC who is
managing an apartment complex. He wants to run a
promotion to help attract new tenants. Which of the
following would NOT be allowed? - ANSWER-A free
