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Below are free New York real estate practice exam questions that will closely resemble your licensing exam. Review these questions and see what you know! The answers are provided beneath the question set.

1. Under the penal law of New York, a misdemeanor is punishable by ________.

  1. A fine of up to $100,000
  2. A fine of up to $1,000 and/or imprisonment for up to one year
  3. A fine of up to $50,000 and/or imprisonment for up to five years
  4. Imprisonment for up to five years

2. " Which type of industrial property is often converted into living spaces?"

  1. "Heavy industrial
  2. Light manufacturing
  3. Loft/warehouse buildings
  4. Manufacturing

3. When the buyer has a mortgage, the buyer will generally have _____________________.

  1. Equal closing costs to the seller
  2. Fewer closing costs than the seller
  3. Fewer papers to sign than the seller
  4. More closing costs than the seller

4. What do Internal Revenue Code Section 3508 (a) (b) and 1986 New York Independent Contractor Law specify with regard to a broker’s treatment of a licensee?

  1. The broker is not allowed to socialize with the licensee.
  2. The broker is not allowed to supervise the licensee.
  3. The broker must not treat the licensee as an employee for federal tax purposes.
  4. The broker must treat the licensee like every other licensee in the firm.

5. " In New York, there are two primary approaches for contract preparation that depend upon the _______."

  1. Brokerage
  2. Loan
  3. Property location
  4. Property size

6. Loan interest rates can only be locked in for a specified number of days, which varies by lender from _____.

  1. 14-30 days
  2. 30-45 days
  3. 30-60 days
  4. 45-75 days

7. Property owners who cannot purchase from regular insurance companies can purchase from an insurance pool. What is a disadvantage of this coverage?

  1. Coverage costs are higher.
  2. Coverage is limited.
  3. Coverage is minimal.
  4. Coverage is sporadic.

8. Which of the following is true about fair housing laws for New York City residents?

  1. Fair housing laws and responsibilities are difficult to comply with.
  2. Fair housing laws and responsibilities remain constant through time.
  3. Local, state, and federal protected classes may be different.
  4. The broker, not the licensee, is responsible for keeping current on fair housing laws.
Answers: 1. B, 2. C, 3. D, 4. C, 5. C, 6. C, 7. A, 8. C


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