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The New York real estate exam is a state-administered test that evaluates your knowledge of real estate law, ethics, practices, and procedures in New York State. Passing this exam is essential to obtain your real estate license, whether you’re aiming to become a salesperson or broker.
You’ll be tested on multiple areas such as:
This guide is tailored to help you navigate each of these topics efficiently and with confidence.
Preparing for the real estate exam takes more than just reading a textbook; it requires a structured and consistent study plan. Whether you’re balancing a job or studying full-time, knowing how long to study and how to organize your time can make all the difference.
Consistency is more effective than cramming. Use flashcards, take notes, and work through practice exams frequently.
Get 100 FREE practice questions and unlock an exclusive discount on our top-rated exam prep – your first step to passing with confidence!
Studying for your real estate license exam? Here are five essential questions you should master, complete with multiple-choice options, correct answers, and full explanations to help you understand the concepts.
A. Acceleration clause
B. Defeasance clause
C. Cancellation clause
D. Balloon payment clause
Correct Answer: A. Acceleration clause
Explanation:
An acceleration clause is a provision in a mortgage, contract, or trust deed that enables the lender to demand immediate payment of the entire outstanding balance if the borrower defaults. It protects the lender by allowing them to “accelerate” the loan repayment schedule.
Mortgage acceleration clause | All you need to know about
A. Fixed by law for conventional loans
B. Not determined by federal statute in the case of FHA loans
C. Based on the competitive analysis of the market by the banker
D. Based on sale price or appraised value, whichever is lower
Correct Answer: D. Based on sale price or appraised value, whichever is lower
Explanation:
Lenders calculate the loan-to-value (LTV) ratio by comparing the loan amount to the property’s value. For risk management, the maximum permissible LTV is determined based on the lower of the appraised value or the actual sale price. This ensures the loan amount does not exceed the property’s true worth.
A. The loan will be amortized over a period of 20 years or less
B. A minimum down payment of 10% will be required
C. The veteran attests that rental income will cover the mortgage
D. The veteran agrees to live there
Correct Answer: D. The veteran agrees to live there
Explanation:
To qualify for a VA loan on a one-to-four unit property, the veteran must agree to occupy one of the units as their primary residence. This occupancy requirement ensures that VA loans are used for housing and not investment purposes.
A. They can proceed with the refinance loan and pay the discount points
B. They can only refinance with a VA loan that doesn’t include discount points
C. They can only refinance with a VA loan that charges no more than two discount points
D. They can pay a maximum of 1% of the loan amount as an origination fee
Correct Answer: A. They can proceed with the refinance loan and pay the discount points
Explanation:
Discount points are fees paid upfront to reduce a loan’s interest rate. Veterans using a VA loan can choose to pay these points if they believe it leads to long-term savings. The decision is voluntary, and paying the points is allowed under VA guidelines.
A. An ostensible agent
B. A factor agent
C. A general agent
D. A special agent
Correct Answer: D. A special agent
Explanation:
A real estate broker representing a seller acts as a special agent, meaning they are hired for a specific, limited purpose, typically to find a buyer and facilitate the sale. Their authority is confined to that one transaction.
Ready to take your exam prep to the next level? Keep practicing with more real estate exam questions, explore video and audio lessons, and stay consistent, success is closer than you think.
Preparation isn’t just about content; logistics matter too. Ensure you’re not turned away for something as simple as forgetting your ID.
Master the NY real estate sample test today
Preparing for the New York real estate exam may seem overwhelming at first, but with a strategic study guide, a clear plan, and the right materials, you can pass with confidence. Whether you’re pursuing your real estate license or advancing with the New York real estate broker exam study guide, staying consistent is key.
Want more tips, free practice exams, and expert guidance?
Explore more with Lexawise, your trusted source for real estate exam prep in New York.
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