NYS REAL ESTATE U FINAL (2 VERSIONS)
NEWEST COMPLETE 150 QUESTIO NS AND
CORRECT DETAILED ANS WERS
(VERIFIED ANSWERS) |ALREADY
GRADED A+
Question: Which of the following loans has a monthly
payment that is lower in the early years but increases over the term of the loan?(a) Term loan (b) Graduated payment mortgage
Correct Answer: Graduated payment mortgage
Question: Which of the following federal agencies helps
homeowners obtain flood insurance?(a) FEMA (b) HUD
Correct Answer: FEMA
Question: Which of the following does not qualify as like-
kind property for a tax-deferred exchange?(a) Like-kind property (b) Personal property
Correct Answer: Personal property
Question: Which of the following parties gives a mortgage?
(a) Mortgagor (b) Mortgagee
Correct Answer: Mortgagor
Question: According to this fiduciary duty, the agent must
put the interests of the client above their own interests.(a) Loyalty (b) Confidentiality
Correct Answer: Loyalty
Question: If a property owner needs to obtain a variance on
their property, which of the following should they apply to?(a) Zoning Board of Appeals (b) Department of Buildings
Correct Answer: Zoning Board of Appeals
Question: The Fair Housing Act was enacted as part of what
federal legislation?(a) Civil Rights Act of 1866 (b) Civil Rights Act of 1968
Correct Answer: Civil Rights Act of 1968
Question: A broker represents an Asian-American client who
is looking to rent a 2-bedroom apartment. If the broker only
shows the client apartments in predominantly Asian neighborhoods, they will most likely be guilty of...(a) Steering (b) Blockbusting
Correct Answer: Steering
Question: Which of the following construction elements sits
on top of the foundation of a wood-framed house?(a) Header plate (b) Sill plate
Correct Answer: Header plate
Question: Which of the following fiduciary duties is most at
risk when a broker operates as a dual agent?(a) Confidentiality (b) Loyalty
Correct Answer: Confidentiality
Question: Which of the following documents shows the list
of owners to a property, from the original owner to the present owner?(a) Chain of title (b) Deed
Correct Answer: Chain of title
Question: Which of the following municipal agencies is
responsible for enforcing the Building Code?(a) Department of Buildings (b) Zoning Board of Appeals
Correct Answer: Department of Buildings
Question: Which of the following individuals is NOT
required to have a real estate license?(a) An attorney admitted to the NY State Bar (b) A real estate salesperson
Correct Answer: An attorney admitted to the NY State Bar
Question: In which of the following loan types does the seller
become the mortgagee?(a) Purchase money mortgage (b) Conventional mortgage
Correct Answer: Purchase money mortgage
Question: Which of the following types of leases will most
likely be used when leasing an unoccupied office building?(a) Gross lease (b) Net lease
Correct Answer: Gross lease
Question: What type of lease is typically used for an open,
unfinished commercial space?
