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Real Estate Salesperson Exam — National Portion

Terms (NY): practice questions

Our Real Estate (National) bank has 6 questions on this topic. Here are 4 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · New York

What is an abstract of title?

  1. A summary of all recorded documents affecting title, in recording order
  2. An appraisal of the property
  3. A survey of the boundaries
  4. A tax bill showing the assessed value and any unpaid property taxes
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A. A summary of all recorded documents affecting title, in recording order — Title companies use it to check ownership history.

Question 2 · New York

What is a subordination clause?

  1. A clause ending a lease early
  2. A clause transferring a listing
  3. A clause allowing a later mortgage to take priority over an existing one
  4. A clause fixing the commission
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C. A clause allowing a later mortgage to take priority over an existing one — It's defined in the license law glossary.

Question 3 · New York

What is blockbusting?

  1. Selling a property in a bidding war
  2. Inducing owners to sell by creating fear that a minority group moving in will lower values
  3. Building a block of new homes
  4. Combining lots into one parcel
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B. Inducing owners to sell by creating fear that a minority group moving in will lower values — It is illegal under fair housing laws.

Question 4 · New York

What is market allocation?

  1. Assigning listings by price
  2. An agreement between competitors not to compete in certain market areas
  3. Dividing a property into lots
  4. Allocating closing costs
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B. An agreement between competitors not to compete in certain market areas — It violates antitrust law.

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