Exam (elaborations)
NY Real Estate Salesperson Exam Questions and Answers 2024
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NY Real Estate Salesperson Exam
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NY Real Estate Salesperson ExamWhat is your status under the Internal Revenue code - answer A statutory non-
employee
What is your status under NY Law, and where you are supervised by a Broker - answer
Independent Contractor
How long are records to be maintained for - answer3 years
Where do we get our license from - answerNY State Department of State Division of
Licensing Services
How many hours of classes does a salesperson need? Broker? - answer Salesperson =
75 / Broker = 120
What are the age requirements for Salesperson? Broker? - answer Salesperson = 18 /
Broker = 20
When renewing your license, how many hours of Fair Housing is required? How many
hours of Agency? - answerFair Housing = 3 hours / Agency = 2 hours
Who gives their opinion of value - answerAppraiser
Illegal advertisement that does not disclose brokers name, number, etc. - answerBlind
Ads
As a salesperson, you are unauthorized to practice what? - answerLaw
Gross Potential Income - answertotal income, both cash and non cash, before any
expenses are accounted for
Effective Gross Income - answerThe estimated rental income the owner anticipates
collecting and that will be available to pay the expenses of owning the property
How is commercial commission calculated? - answerFixed % method (sale price x
commission % = commission), Graduated % (lg parcels split up using a scale 7% on 1st
$500,000, 6% on the next etc), Fixed Fee (fixed $ amount), Retainer or hourly fee
What type of expense remains the same for a year - answerFixed Expense
What type of expense changes weekly - answerVariable Expense
,Who is in charge of enforcing building codes? - answerBuilding Department
What does a tax assessor do? - answerAssess property value for real estate tax
purposes
The difference between an independent contractor and an employee is? -
answerIndependent Contractor pays their own taxes
What kind of agent is a salesperson? - answerSpecial Agent
What kind of agent is a property manager - answerGeneral Agent
Who is liable for payments under a sub lease - answeroriginal tenant
What fiduciary responsibility is broken if you co-mingle? - answerAccountability
If a contract has illegal objectives is is? - answerVoid
What kind of lease has increasing payments? - answerGraduated Lease of Escalating
Lease
RESPA (Real Estate Settlement Procedures Act) protects? - answerThe consumer in
mortgage lending
What clause in a lease would state that a tenant can't have a cocktail party on the roof?
- answerUSE Clause
Capitalization Rate - answerIRV Formula: Income/Rate = Value, Income/Value=Rate
Cash-on-Cash Return - answerBefore Tax Cash Flow/Purchase Costs= Cash-on-Cash
Return
Depreciation of residential property takes how long? - answer27.5 years
Depreciation of commercial property takes how long? - answer39 years
The best form of ownership in land would be? - answerFee Simple Estate
In a co-op building, what group manages it? - answerBoard of Directors
Which of the following properties are exempt from Real Estate Tax Assessments? -
answerNONE (are are assessed)
What is R Value? - answerMeasure of heat resistance
, Radon Gas, where does it come from? - answerThe ground
What kind of mortgage loan has monthly interest payments followed by one lump sum
at the end? - answerInterest Only Loan or Straight Loan
What is a CONDOP? - answerBuilding divided into 2 condos. 1/2 residential, 1/2
professional or commercial
Rentable Square Footage (Gross Sq Ft) - answerThe amount of space used in
calculating lease payment. Total foor area.
Usable square footage - answerThe amount of actual space within the perimeter of the
area
How do you calculate rent for commercial properties? - answerExample: If a space is $8
per square foot and the space is a total of 600 square feet, then the the monthly rent
would be $4000.
$8 x 6000 sqft = $4800 annual
$4800/12 months = $4000
Loss Factor or LOAD - answerThe ratio of rentable space to usable space
How do you calculate Loss Factor (Load) - answer(Rentable Sq Ft - Usable Sq Ft) /
Rentbale Sq Ft = Loss Factor
Example: Bldg has 10,000 sq ft and 8,000 sq ft is usable sq ft, 20% Loss Factor
(10,000 - 8,000) / 10,000 = .20 or 20%
How do you calculate building efficiency - answerUsable Sq Ft / Rentable Sq ft =
Building Efficiency
Example: Bldg has 10,000 sq ft and 8,000 sq ft is usable sq ft, 80% Building Efficiency
8,,000 = .80 0r 80%
What is a management agreement? - answerAgreement between a property manager
and the building owner
Who has to sign the deed? - answerThe Grantor (ONLY!)
What is the best form of deed in the state of NY? - answerFull Warranty Deed
If buying a condo and you want to insure it, which policy would you buy? - answerHO-6
What insurance policy would you buy for renter's - answerHO-4
What is the item connected to the foundation? - answerSill Plate
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