2020 Edition

New York Real Estate Practice Exam

Take this free New York Real Estate Salesperson Pracice 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.
 

1. When being compensated, the duties that require a real estate license include:
2. Which of the following is not a fiduciary duty that a real estate agent owes to a client?
3. A special agent is authorized to do the following:
4. 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?
5. In limited liability companies, the owners:
6. Which of the following statements on leasehold estates are true?
7. Which of the following is not an essential element of a lease?
8. 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?
9. 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?
10. 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?
11. In eminent domain, what value is the owner entitled to as compensation for the taking of real property?
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12. In residential construction, a framing member that supports the structure over door and window openings:
13. What is the difference between Assessed Value and Appraised Value?
14. NYSDOS regulations require New York real estate licensees complete ______ hour(s) of approved continuing education in fair housing  _______.
15. In 1988, the Federal Fair Housing Act was amended to include the following protected class:
16. The purpose of a planning board is to:
17. In which type of insurance policy does the insurer bear the burden to prove that a cause of loss is excluded from coverage?
18. Active income, as defined by the IRS, includes:
19. Real estate taxes are calculated based on:
20. In an appraisal of commercial property, which of the following criteria is used to determine the properties highest and best use?
21. The impact of borrowed funds to purchase property when capital is not available is called:
22. Which of the following statements about cooperatives is not accurate?
23. To calculate realized gain, you must:
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: