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NYS REAL ESTATE U FINAL (2 VERSIONS)
NEWEST 2025 COMPLETE 150 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+
NYS REAL ESTATE U FINAL EXAM VERSION 1
Which of the following building systems can provide both heating and cooling through the same ducts? - ANSWER-Forced warm air system
This type of agency is created when a principal does not stop an individual from representing his or her interests? - ANSWER- Agency by estoppel
Which of the following fiduciary duties is most at risk when a broker operates as a dual agent? - ANSWER-Loyalty
If a property is assessed at 40% of market value, what would be the assessed value if the property holds a market value of $250,000? - ANSWER-100,000 Dollars ($)
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Upon selling their home, married couples are exempt from paying taxes on capital gains up to...? - ANSWER-500,000 Dollars ($)
Which of the following parties gives a mortgage? - ANSWER- Mortgagor
Which of the following describes the rights and obligations of owners for a condominium? - ANSWER-By-laws
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
The division of expenses and income between a buyer and seller at closing is known as...? - ANSWER-Proration
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Which of the following interests in real property offer the most complete form of ownership? - ANSWER-Fee simple absolute estates
Which of the following municipal agencies is responsible for enforcing the Building Code? - ANSWER-Department of Buildings
Which of the following documents shows the list of owners to a property, from the original owner to the present owner? - ANSWER-Chain of title
For tax purposes, commercial properties depreciate over how many years using the straight-line depreciation method? - ANSWER-39 years
A broker earns a total commission of 5% from the sale of a house. If the broker received $14,250 in commissions, what was the final sales price of the house? - ANSWER-285,000 Dollars ($)
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Which of the following is a budget that forecasts income and expenses as may be reasonably projected over a short term? - ANSWER-Stabilized budget
If a property owner builds a fence that partially crosses the neighbor's property line, what has been created? - ANSWER- Encroachment
The person appointed by a court to distribute the intestate decedent's property is known as a/an...? - ANSWER- Administrator
Under which section of a deed will the property's address be listed? - ANSWER-Legal description of the property
Which of the following is a basic insurance policy what will cover the home and its contents in the event of a fire? -
ANSWER-HO-1
In which of the following loan types does the seller become the mortgagee? - ANSWER-Purchase money mortgage
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