Free New York real estate practice test with 20 questions on real estate principles, contracts and agency, finance, and DOS salesperson licensing.
These questions are for study practice only and are not official exam questions.
Question 1
1
What are the essential elements required for a valid real estate contract?
Question 2
2
A property has an assessed value of $250,000 and the local tax rate is 2.4 percent. What is the approximate annual property tax?
Question 3
3
What type of mortgage allows the interest rate to change periodically based on a financial index?
Question 4
4
How often must a New York real estate license be renewed, and how many continuing education hours are typically required?
Question 5
5
What does loan-to-value (LTV) ratio measure?
Question 6
6
Which federal law requires lenders to provide borrowers with standardized disclosures about loan terms and closing costs?
Question 7
7
As of February 1, 2023, how does New York treat real estate license reciprocity with other states?
Question 8
8
For how long is New York's 77-hour salesperson qualifying course valid after completion?
Question 9
9
Who administers the New York real estate salesperson exam on behalf of the Department of State?
Question 10
10
In New York, what distinguishes a Real Estate Broker license from a Real Estate Salesperson license?
Question 11
11
In an agency relationship, what duty requires an agent to place the client's interests above their own?
Question 12
12
Under federal fair housing law, which of the following is a protected class?
Question 13
13
Which of the following best describes fee simple ownership?
Question 14
14
Who must sponsor a candidate before they can become a licensed New York real estate salesperson?
Question 15
15
What is the primary purpose of an appraisal in a real estate transaction?
Question 16
16
What is a listing agreement in which the seller retains the right to sell the property without owing a commission, but a commission is owed if any broker procures a buyer?
Question 17
17
Which state agency licenses real estate salespersons and brokers in New York?
Question 18
18
How many hours of DOS-approved qualifying education must a New York real estate salesperson candidate complete?
Question 19
19
What is the passing score on the New York real estate salesperson exam?
Question 20
20
In New York, what type of agency relationship exists when a broker represents both the buyer and the seller in the same transaction, with informed consent from both parties?
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