Free NYRES Practice Questions

Question 1

The owner of an occupied two-family home plans to sell it as is. No statutory exemption applies, the buyer has not signed a binding contract, and the seller has not delivered a Property Condition Disclosure Statement. What should the listing salesperson explain?

Accepted Answer

The statement must be delivered before the buyer signs; an as-is clause does not waive the Act

Answer

The statement may be delivered at closing because the as-is clause controls

Answer

The seller may omit the statement and give the buyer the former $500 closing credit

Answer

The seller must first order a professional inspection to determine whether disclosure is required

Question 2

At first substantive contact, a seller's agent gives a prospective buyer the New York agency disclosure form. The buyer reads it, refuses to sign, and still wants to view the property. What is the agent's proper next step?

Accepted Answer

Document the refusal under oath or affirmation, retain it for at least three years, and continue the showing

Answer

End the showing and decline further contact because a signed acknowledgment is required before any residential brokerage service

Answer

Record the refusal in an ordinary transaction note, keep it for one year, and continue because the form was delivered

Answer

Have the buyer sign a waiver of agency disclosure, retain it until closing, and then proceed with the showing

Question 3

A brokerage represents both seller and buyer in the same transaction. After both parties give informed written consent, the broker appoints one salesperson for each party as designated sales agents. What remains true about the brokerage's agency status?

Accepted Answer

The broker remains a dual agent; each designee advocates for the assigned party within designated-agency limits

Answer

Each designee becomes a separate single agent, so the supervising broker is no longer a dual agent

Answer

The buyer's designee becomes a broker's agent with no agency duty to the buyer

Answer

Each designee may now provide the full range of fiduciary duties, including undivided loyalty

Question 4

During a listing, a seller privately tells the agent that a job transfer makes a quick sale essential and that $690,000 is the lowest acceptable price. The listing later expires. Without the seller's authorization or a legal duty to disclose, what may the former agent tell a buyer?

Accepted Answer

Neither the seller's urgency nor the confidential minimum price

Answer

The $690,000 minimum, because the listing has expired

Answer

The job-transfer urgency, but not the minimum price

Answer

The minimum price if another broker represents the buyer

Question 5

A restaurant tenant bolts a walk-in cooler to the floor for business use. The lease is silent, the cooler can be removed without material damage, and the tenant will repair the bolt holes before the lease expires. How is the cooler most appropriately treated?

Accepted Answer

As a trade fixture the tenant may remove before the lease ends

Answer

As the landlord's real property because it was physically attached

Answer

As personal property removable only after the lease has expired

Answer

As the landlord's property because it was adapted to restaurant use

Question 6

For 12 years, a neighbor has used a driveway across an owner's land. Each year the owner expressly renews written permission for that use. The neighbor now claims a prescriptive easement. Which fact defeats the claim?

Accepted Answer

Express permission prevents the use from being adverse or hostile

Answer

The use continued for fewer than New York's required statutory period

Answer

A driveway easement can arise only from strict necessity

Answer

A prescriptive easement is valid only if created by a recorded writing

Question 7

A grantor signs and acknowledges a deed naming a grantee, then locks it in a desk and retains complete control over it. The grantor dies without delivering the deed or authorizing an escrow delivery. When did title pass under that deed?

Accepted Answer

It did not pass because effective delivery and acceptance were absent

Answer

When the grantor acknowledged the signature before a notary

Answer

At the grantor's death, because death automatically completes delivery

Answer

When the grantee first learned that the deed existed

Question 8

A seller sends a signed offer to sell a parcel for $610,000 with a June 1 closing. The buyer signs only after changing the closing date to June 15. The seller rejects that change. The next day, the buyer announces acceptance of the original June 1 terms. What is the legal effect?

Accepted Answer

The change was a counteroffer that terminated the original; only the seller can revive it

Answer

The original offer remains open because changing only the closing date does not reject the price and property terms

Answer

The buyer created an option by signing, preserving the original offer through the proposed June 15 closing

Answer

The original offer remains available until the seller gives a separate written revocation after rejecting the change

Question 9

A buyer takes title subject to the seller's existing mortgage. The seller is personally liable on the note, the lender does not approve an assumption, the buyer signs no promise to repay, and the seller receives no release. What remains true after closing?

Accepted Answer

The lien and seller's liability remain; a due-on-sale clause may apply

Answer

The lender must release the seller because ownership transferred

Answer

The buyer becomes personally liable by making later loan payments

Answer

The mortgage is extinguished because the buyer did not sign a replacement note

Question 10

A home is under contract for $480,000 and appraises for $500,000. The buyer borrows $408,000, and the lender charges 1.25 points. The lender calculates purchase-loan LTV using the lower of price or appraised value. Which pair is correct?

Accepted Answer

$5,100 in points and an 85% LTV

Answer

$6,000 in points and an 85% LTV

Answer

$5,100 in points and an 81.6% LTV

Answer

$6,000 in points and an 81.6% LTV

Free NYRES Practice Questions

Domain 1: License Law and Regulations

Question 1

Domain 2: Law of Agency

Question 2

Question 3

Question 4

Domain 3: Legal Issues

Question 5

Question 6

Question 7

Domain 4: The Contract of Sales and Leases

Question 8

Domain 5: Real Estate Finance

Question 9

Question 10

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