NY Real Estate Exam · Free Sample Questions
3 free preview questions from Unlocked's NY exam question bank. Full access unlocks all questions across every topic, with detailed explanations.
Question 1 · LTV
A buyer purchases a $400,000 home with a $320,000 mortgage. What is the loan-to-value (LTV) ratio?
Correct answer: B — 80%
LTV = Loan Amount ÷ Property Value = $320,000 ÷ $400,000 = 0.80 = 80%. At 80% LTV, the borrower is at the conventional PMI threshold — PMI is not required at exactly 80%.
Question 2 · Loan Types
Which loan type requires NO down payment and NO private mortgage insurance for eligible borrowers?
Correct answer: B — VA loan
VA loans (guaranteed by the Dept. of Veterans Affairs) require no down payment and no PMI for eligible veterans and service members. USDA also has no down payment but applies only to rural properties with income limits.
Question 3 · Federal Laws
The Truth in Lending Act (TILA) requires lenders to prominently disclose the:
Correct answer: A — Annual Percentage Rate (APR)
TILA (Regulation Z) requires disclosure of the APR, which includes the interest rate plus all fees. The APR is always higher than the stated interest rate and allows apples-to-apples loan comparisons.
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Real Estate Finance: What the NY Real Estate Exam Tests
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