2020 Edition

New York Real Estate Practice Exam

Take this free New York Real Estate Salesperson Practice Exam to prepare for the actual exam administered by the New York Division of Licensing Services. The actual exam has 75 questions and you are given 90 minutes to complete it. To simulate the actual exam, try our New York Real Estate Salesperson Practice Exam.
 

New York Real Estate Salesperson Law of Agency

1. Which of the following is not a fiduciary duty that a real estate agent owes to a client?
2. A special agent is authorized to do the following:

New York Real Estate Contract of Sale and Leases

3. Which of the following statements on leasehold estates are true?
4. Which of the following is not an essential element of a lease?

New York Real Estate Finance

5. If the loan-to-value ratio is .85 and the purchase price for a property is $250,000. What is the amount the buyer is mortgaging?
6. If a lender charges $2,775 loan origination fee and the mortgage amount of the property is $370,000, what is the loan origination percent payable at closing?
7. The impact of borrowed funds to purchase property when capital is not available is called:

New York Real Estate Land Use Regulation

8. A developer wants to build single family homes, a few groupings of townhomes and a small apartment building along with a small park with basketball courts and walking trails. This is an example of what type of zoning?
9. In eminent domain, what value is the owner entitled to as compensation for the taking of real property?
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New York Real Estate Valuation and Pricing

10. What is the difference between Assessed Value and Appraised Value?
11. In an appraisal of commercial property, which of the following criteria is used to determine the properties highest and best use?

New York Real Estate Fair Housing

12. In 1988, the Federal Fair Housing Act was amended to include the following protected class:
13. NYSDOS regulations require New York real estate licensees complete ______ hour(s) of approved continuing education in fair housing  _______.

New York Real Estate Tax and Assessment

14. Active income, as defined by the IRS, includes:
15. Real estate taxes are calculated based on:
16. To calculate realized gain, you must:

New York Real Estate Salesperson - Various Exam Topics

17. When being compensated, the duties that require a real estate license include:
18. John, Matt and Laura have decided to start their own dog walking business. John will have the bulk of the day-to-day responsibilities; Laura will be in charge of appointments and keeping the books while Matt will contribute money to get the business up and running. They decide to rent a space in an unused plaza to use as their business location. What type of business organization have John, Matt and Laura formed?
19. In limited liability companies, the owners:
20. In residential construction, a framing member that supports the structure over door and window openings:
21. The purpose of a planning board is to:
22. In which type of insurance policy does the insurer bear the burden to prove that a cause of loss is excluded from coverage?
23. Which of the following statements about cooperatives is not accurate?
24. The person who receives mortgage payments from a borrower including amounts for escrow is a:
25. All of the following are components of a property management proposal except: