[FREE] Ny Real Estate Exam Book
In other words, do it now. If you feel like your back is up against a wall, use that as your driving force. Let that wall motivate you to get your New York real estate license faster. If you feel fenced in, remember, you have the ability to take...
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How Hard Is It to Pass the New York Real Estate Exam for the First Time in 2021?
AND, you will become qualified to be a New York real estate agent. Register for and take the NY real estate salesperson exam. Schedule your exam using eAccessNY. On the test date, make sure to bring your government-issued, state-approved photo identification. The test itself takes about one and a half hours. Results are available as soon as scoring is complete and are valid for up to two years. Get sponsorship from a licensed NY real estate broker. Your sponsoring broker guides you through your first year as an agent. Pick someone you like spending time with. Choose a broker that inspires you, and choose one that runs his or her own team. My 1 mistake starting out was not joining a team. Now, I encourage everyone to start with the right broker and the right team.
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How do you find the right broker? Go to open houses, ask around, and see who you like on social media. Some brokers will actually recruit YOU right when you walk out of the testing center. The key is finding the one YOU like, not the other way around. Apply for your license using eAccessNY. Your sponsoring broker must sign into their own eAccessNY account to authorize the application. True story. It took a lot of hard work. It took missing out on weekends so I could show real estate. It took a willingness to take some pretty wild rides to close my first big deals. It took reinventing myself in ways I never thought possible.
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You can do it easier and better. I had to learn it the hard way: By myself. Trust me: If I did this, coming from being a stranger to New York City whose debit card was declined while buying tofu and yogurt, you can too. My program is going to easily put you five years ahead where I was when I was just starting out. Turn Pass the New York real estate salesperson exam. Get sponsorship from a broker. Apply for your New York real estate license. Start selling homes! Take the first step today. Then, enter your new life as the ultimate sales machine. Ready, Set, GO!
New York Real Estate Exam Practice Questions
Passing the real estate exam is not hard, you just need to prepare for it. You are already on the right track by reading this article: it shows that you care. If you follow the advice above, I am sure that you will do well. You might be wondering how many people pass the state exam. There are 75 multiple-choice questions on the NY State real estate salesperson exam. You will have 90 minutes to answer all the questions so you should plan for approximately 2 hours taking the exam. There are approximately math questions on the exam but it can change depending on which set of questions you get.
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Since there are 75 questions, it means that you need to answer 53 questions correctly to pass. Real estate exam results are reported as either passed or failed—you will not receive a numerical score. If you fail the exam, you will need to try again. The good news is that there is no limit to how many times you can try to pass the state exam. You are only allowed to schedule one exam at a time. If you find out that you failed the state exam, you can go ahead and schedule it again right away.
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There is no mandatory wait time in between. Consider the school exam a practice test as it is free and usually harder than the state exam. If you can pass your school exam, you will likely succeed at the state exam. Most schools also offer exam prep courses as well for an additional fee — both online and in-person. This is not typically necessary unless you feel it will supplement your test preparation strategy. Everyone studies and plans differently. Do what you think is best for your aptitude. Of course, the safest way to prepare for the exam is by reading the entire book carefully, multiple times, and memorizing key terms and formulas. I only read the first half of the book and went for the exam, then failed miserably. Your school should be able to provide practice tests, and your teacher is usually up-to-date on the latest trends for the state exam questions. I recommend asking them as to what to expect as they have constant feedback from students.
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You should also pay attention to your teachers: they usually emphasize what they expect to be on the test and cover those sections in more detail. Plan your day carefully and arrive early You need to give yourself plenty of time to get to the exam site. The last thing you want is arriving stressfully because of traffic or train delays. Sleep and eat well It is essential to be in good spirits and capable of focusing, so eat before the exam and sleep at least 8 hours.
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Keep track of time during the exam Do not stress over it but have a general idea of how many questions and how much time you have left. Ignore others in the room There will be people who finish in 20 minutes, but it makes no difference to you. Pass your school exam Included in the cost of the hour course 3. Find a sponsoring broker Free 5. Jules regularly holds seminars to educate others about the sales process. Working with a mixture of A-list celebrities, famous politicians, professionals, and friends, Jules maintains excellent and consistent levels of attention for each individual. He strives to maintain expert knowledge of the real estate market to accommodate his clients, whether they are selling, buying, leasing, or investing. Never Miss a Post.
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All states have their own test. Check your state for specific information. In general, you should expect your real estate licensing exam to be around multiple choice questions; about state-specific questions, and about questions related to generally universal real estate concepts. You will have between hours to complete your exam. What is the best way to study for the Real Estate Licensing Exam? Before you qualify to take the exam , you will be required to take a number of hours of prelicensure classes. This curriculum is meant to help prepare you for your state-specific exam, so make sure you keep these materials and continue to study them after the course has been completed.
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Beyond that, it is absolutely vital that you use all available free real estate practice exams and study resources available online. You can find a comprehensive list of free real estate practice exams, sample questions, study guides, flashcards, and more resources linked above. Is the Real Estate Licensing Exam multiple choice? In general, you should expect state-specific multiple choice questions, and around multiple choice questions on general real estate concepts. The test is usually given in two sections and candidates are expected to pass both sections. What score is needed to pass the real estate licensing exam? Below are some example passing scores. Check the exact score requirements for your state here.
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The actual exam has 75 questions and you are given 90 minutes to complete it. Which of the following is not a fiduciary duty that a real estate agent owes to a client? Principal c. Accountability d. Confidentiality Fiduciary duties include Obedience obey reasonable and legal instructions , Loyalty diligence to serve the best interests of the client , Disclosure promptly communicate all information about the transaction , Confidentiality cannot disclose information given in faith and trust without the permission of the client , Accountability financial accountability including accurate record keeping and Reasonable Skill and Care agents possess the necessary skills and training to perform the requested services.
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Principal is a person who bound by an agency relationship to represent their client. Incorrect answer. Please choose another answer. A special agent is authorized to do the following: a. A special agent also called limited agent, has narrow authorization to perform a specific task or conduct a specific transaction i. This is generally a short-term relationship and generally is limited to tasks such as marketing, showing property, locating property and any other services related to the transaction. Which of the following statements on leasehold estates are true? A leasehold estate is for a limited time.
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A leasehold estate grants possession, but not title. A and B are true d. Neither A nor B are true A leasehold estate grants temporary right of possession to a property without title for a defined amount of time. The title stays with the landlord. The owner of a leasehold estate is a lessee or tenant and has exclusive right of use. Which of the following is not an essential element of a lease? A formal, legal description of the property. A lease term c. A clause addressing when the tenant is takes possession of the property.
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Signatures of the lessee and lessor. A lease does not require a legal description. A street address or other informal reference as to the location of the property may be used as long as both parties are in agreement and have a clear understanding of its location. Additionally, apartment or building numbers should be used if more than one unit share the same street address. A lease term, specified rent, date of possession and the signature of the parties are elements of a lease. New York Real Estate Finance 5. If the loan-to-value ratio is. What is the amount the buyer is mortgaging? Purchase price times the loan-to-value ratio equals the mortgage amount. Loan origination fee divided by mortgage amount equals the loan origination percentage.
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The impact of borrowed funds to purchase property when capital is not available is called: a. Liquidity b. Time value of money c. Leverage d. Rate of return Leverage is the effect borrowed funds have on investment returns. A developer wants to build single family homes, a few groupings of townhomes and a small apartment building along with a small park with basketball courts and walking trails.
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This is an example of what type of zoning? Cluster zoning c. Residential zoning d. Commercial zoning Cluster zoning is an example of multi-use zoning where a number of residential uses are allowed in one zone. Typically, the builder places residences closer together in exchange for leaving certain areas open and available to the community. In eminent domain, what value is the owner entitled to as compensation for the taking of real property? Actual cost c. Market value d. The property owner is paid the fair market value FMV of the property.
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FMV is basically the price that a buyer with reasonable knowledge of the asset would pay under conditions where the buyer is acting in his or her own self-interest without undue influence and with sufficient time to complete the transaction. Market value is simply the price shown in a listing and does not take into account other market factors. The appraised value is only the opinion of one appraiser. To determine FMV, typically the owner and the government will negotiate and attempt to arrive at an agreement of sale. However, in the event a value is not agreed to, the parties will typically call expert witnesses at trial to testify to the FMV based on a number of factors, such as the size of the property, the accessiblity of the property, zoning, level of development and current or potential use. Different valuation approaches can be used to determine FMV, for example, market approach, income approach and cost approach.
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What is the difference between Assessed Value and Appraised Value? One estimates the property value for insurance coverage and the other is used to compute property taxes. One is used to determine what a bank is willing to lend for the property and the other is used to determine a return on a certain dollar investment. One is used to determine a return on a certain dollar investment and the other is used to compute property taxes. One is used to compute property taxes and the other is used to determine what a bank is willing to lend for the property. Assessed value is a dollar amount of worth determined by a town, city or village assessor which is applied to a local tax rate to calculate the amount of real property tax. Assessed value is documented in local tax records and is reviewed every one to two years by the municipality. Appraised value is an estimate of value of a property at a given time for a specific purpose used to determine value is sufficient to secure payment of a mortgage loan.
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In an appraisal of commercial property, which of the following criteria is used to determine the properties highest and best use? Physically possible c. Maximally productive d. All of the above. Highest and best use refers to the use of the land that preserves its usefulness, provides the greatest income and results in the highest property value. This is particularly important with commercial properties.
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Evaluating what is legally allowable, physically possible, maximally productive and financially feasible are all tests that must be considered. In , the Federal Fair Housing Act was amended to include the following protected class: a. Familial status and mental and physical disability b. Race or Color c. Sex d. Religion and national origin Congress passed amendments to the Fair Housing Act in , adding two new protected classes — persons with mental or physical disabilities and familial status.
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The amendments also added new enforcement provisions for the Department of Housing and Urban Development HUD and imposed new regulations for public buildings. Active income, as defined by the IRS, includes: a. Interest income c. Gain from sale of assets d. Dividend income. Active income is income received from performing services, including wages, salaries, commissions, tips and from businesses where the tax payer materially participates. Other types of income are portfolio income; interest, dividends, annuities or royalties and passive income; earnings derived from trade or business where taxpayer is not an active participant and rental activities.
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Real estate taxes are calculated based on: a. An assessed value b. An average value based on surrounding properties c. The last sale price of the property.
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