US Real Estate New York Test 4

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Author: TestGru Team (Education Specialist)

20 questions · All questions on one page

Prepared with up-to-date content

Real Estate — New York Professional (Real Estate, USA) USA — New York State Real Estate License — USA

What is this test? for Real Estate Salesperson/Broker prep, USA (national + state law) — Professional (Real Estate, USA) level, USA — New York.
For adults preparing for Real Estate license in the USA
Section: Real Estate — New York · Education: Professional (Adult) · Part: Real Estate — New York · Country: USA · Region: USA — New York

Finance and real estate acumen covers markets, valuation, contracts, and budget management.

This test is designed to reinforce core concepts and help you succeed on your exams.

By solving this test of 20 questions, you can both test your knowledge and identify the topics you need to improve.

Question 1

Agents in New York answer to which agency?

A) Department of State

B) FBI

C) State Senate

D) City Council

Question 2

What is agency in real estate?

A) zoning

B) ownership

C) tenancy

D) broker acting for a client

Question 3

What is a listing agreement?

A) lease

B) purchase offer

C) deed

D) contract to sell a property

Question 4

What is a CMA?

A) inspection

B) comparative market analysis

C) appraisal

D) survey

Question 5

What is earnest money?

A) buyer good-faith deposit

B) commission

C) tax

D) fee

Question 6

What is a fiduciary duty?

A) dual profit

B) secrecy from client

C) loyalty, obedience, care to client

D) profit first

Question 7

What is dual agency?

A) buyer only

B) two brokers

C) no representation

D) one broker representing both sides

Question 8

What is the Fair Housing Act?

A) tax law

B) zoning code

C) bans housing discrimination

D) building code

Question 9

What classes are protected in housing?

A) income

B) race, color, religion, sex, handicap, family, national origin

C) age only

D) politics

Question 10

What is redlining?

A) illegal denial by neighborhood

B) mapping

C) surveying

D) appraising

Question 11

What is an appraisal?

A) offer

B) inspection

C) professional value opinion

D) listing

Question 12

What are the three appraisal approaches?

A) list, sell, close

B) offer, accept, record

C) sales comparison, cost, income

D) show, stage, sell

Question 13

What is PITI?

A) principal, interest, taxes, insurance

B) a loan type

C) a deed

D) a tax

Question 14

What is LTV?

A) loan-to-value ratio

B) lease term value

C) listing traffic volume

D) land title verification

Question 15

What is PMI?

A) property tax

B) insurance for low down payments

C) flood insurance

D) title insurance

Question 16

What is escrow?

A) commission

B) neutral third-party holding

C) down payment

D) tax

Question 17

What is a deed?

A) loan paper

B) lease

C) ownership transfer document

D) offer

Question 18

What is a warranty deed?

A) lease

B) quitclaim

C) guarantees clear title

D) option

Question 19

What is a quitclaim deed?

A) loan

B) lease

C) transfers whatever interest exists

D) full warranty

Question 20

What is title insurance?

A) flood policy

B) home warranty

C) protects against title defects

D) life insurance

US Real Estate New York Test 4

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