REAL ESTATE U FINAL EXAM TEST BANK AND STUDY GUIDE | ALL EXAM VERSIONS 1 , 2 AND 3 | ACCURATE REAL EXAM QUESTIONS AND ANSWERS | RECENTLY TESTED | EXPERT VERIFIED | GUARANTEED PASS | GRADED A | LATEST UPDATE

REAL ESTATE U FINAL EXAM TEST BANK AND STUDY
GUIDE | ALL EXAM VERSIONS 1 , 2 AND 3 | ACCURATE
REAL EXAM QUESTIONS AND ANSWERS | RECENTLY
TESTED | EXPERT VERIFIED | GUARANTEED PASS |
GRADED A | LATEST UPDATE | 2023/2024
Which of the following documents shows the list of owners to a property, from the original
owner to the present owner? – CORRECT ANSWER chain of title
In a sub-lease, who is responsible for paying rent to the landlord? – CORRECT ANSWER the
original tenant
The division of expenses and income between a buyer and seller at closing is known as…? –
CORRECT ANSWER proration
Who typically signs the sales contract first? – CORRECT ANSWER the buyer
A homeowner recently hired a broker to sell their house. If the property is destroyed by fire,
what happens to the agency relationship between the owner and their listing broker? –
CORRECT ANSWER The agency relationship is terminated
Who is responsible for prosecuting criminal actions for violations of the Real Property Law? –
CORRECT ANSWER attorney general
This occurs when a landlord takes matters into their own hands and removes a tenant from the
property? – CORRECT ANSWER actual eviction
Which of the following loans is considered interest-only? – CORRECT ANSWER straight
term loan
In which of the following loan types does the seller become the mortgagee? – CORRECT
ANSWER Purchase money mortgage

Which of the following loans has a monthly payment that is lower in the early years but
increases over the term of the loan? – CORRECT ANSWER graduated payment mortgage
Loans created by commercial banks are bought and sold in the ……….. mortgage market. –
CORRECT ANSWER secondary
Which of the following parties gives a mortgage? – CORRECT ANSWER Mortgagor
Which of the following allows a borrower to obtain a lower interest rate by paying additional
points upfront to the lender? – CORRECT ANSWER buydown
If a property owner has been using their property as a manufacturing facility for the past 40
years, but the current zoning laws only allow residential use in the neighborhood, the
manufacturing facility will be considered as a/an…? – CORRECT ANSWER Non-conforming
use
If a property owner needs to obtain a variance on their property, which of the following should
they apply to…? – CORRECT ANSWER zoning board of appeals
Which of the following construction elements sits on top of the foundation of a wood-framed
house? – CORRECT ANSWER still plate
Brokers must maintain records of all real estate transactions for at least…? – CORRECT
ANSWER 3 years
The slope of a roof is also referred to as the…? – CORRECT ANSWER pitch
The lowest part of a roof, which projects beyond the wall of the structure is known as a/an…? –
CORRECT ANSWER Eave

Sheathing on the exterior of a building is typically what material? – CORRECT ANSWER
plywood
Which of the following building systems can provide both heating and cooling through the same
ducts? – CORRECT ANSWER forced warm air system
A circuit breaker is similar to which of the following? – CORRECT ANSWER fuse
Which of the following is a friable, naturally occurring mineral fiber material sometimes found
in insulation in older homes? – CORRECT ANSWER asbestos
Disclosures about lead-based paint must be provided for the sale of any home built prior to what
year? – CORRECT ANSWER 1978
The Fair Housing Act was enacted as part of what federal legislation? – CORRECT ANSWER
Civil Rights Act of 1968
The Civil Rights Act of 1866 made ……… only a protected class. – CORRECT ANSWER race
A broker represents an Asian-American client who is looking to rent a 2-bedroom apartment. If
the broker only shows the client apartments in predominantly Asian neighborhoods, they will
most likely be guilty of…? – CORRECT ANSWER steering
Which of the following individuals is required to file a Form 1099-MISC with the IRS? –
CORRECT ANSWER a real estate salesperson working under a sponsoring broker
Residential properties are appraised using which method? – CORRECT ANSWER sales
comparison approach
Which of the following is performed by an agent to determine how to market a residential listing
within a given marketplace? – CORRECT ANSWER residential market analysis

A broker earns a total commission of 5% from the sale of a house. If the broker received $14,250
in commissions, what was the final sales price of the house? – CORRECT ANSWER $285,000
Which of the following municipal agencies is responsible for enforcing the Building Code? –
CORRECT ANSWER department of buildings
Which of the following individuals is NOT required to have a real estate license? – CORRECT
ANSWER An attorney admitted to the NY State Bar
If a real estate salesperson violates Article 12-A of the Real Property Law, they shall be guilty of
a/an…? – CORRECT ANSWER Misdemeanor
According to this fiduciary duty, the agent must put the interests of the client above their own
interests? – CORRECT ANSWER Loyalty
Someone in a position of great trust serves as a/an…? – CORRECT ANSWER Fiduciary
This type of agency is created when a principal does not stop an individual from representing his
or her interests? – CORRECT ANSWER Agency by estoppel
A licensee is guilty of what if they conceal a material fact from the prospective buyer? –
CORRECT ANSWER misrepresentation
Everything that is not real property is considered…? – CORRECT ANSWER personal property
Which of the following interests in real property offer the most complete form of ownership? –
CORRECT ANSWER fee simple absolute estates
A couple owns a property as a tenancy by the entirety. When one of the spouses passes away, the
other spouse gains full ownership of the property. When the remaining spouse passes away, the
children inherit the property. This is known as what type of interest in real property? –
CORRECT ANSWER Life estate
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