NY Real Estate Exam · Free Sample Questions
3 free questions from Unlocked's bank of 40 ny real estate property valuation questions. Full access unlocks all 40 questions with detailed explanations.
Question 1 · Sales Comparison
A comparable sold for $350,000 and has a fireplace the subject property lacks. If a fireplace is worth $8,000, what is the adjusted sale price of the comparable?
Correct answer: A — $342,000
The comp is better than the subject (it has a fireplace the subject lacks). Subtract from the comp: $350,000 − $8,000 = $342,000. Rule: 'Adjust the comp, not the subject.'
Question 2 · Cost Approach
Which appraisal approach is most appropriate for appraising a church?
Correct answer: C — Cost approach
The cost approach is best for special-use properties like churches, schools, and government buildings because there are few comparable sales and these properties are not typically income-producing.
Question 3 · Income Approach
A property has an annual NOI of $60,000 and a capitalization rate of 8%. What is the estimated value?
Correct answer: C — $750,000
Value = NOI ÷ Cap Rate = $60,000 ÷ 0.08 = $750,000. This is the fundamental income approach formula — know it cold.
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