NY Real Estate Exam · Free Sample Questions
3 free questions from Unlocked's bank of 6 ny real estate math questions. Full access unlocks all 6 questions with detailed explanations.
Question 1 · Commission Calculation
A property sells for $750,000. The total commission is 5%. The listing broker and buyer's broker split the commission 50/50. The listing salesperson earns 40% of their broker's share. How much does the listing salesperson earn?
Correct answer: A — $7,500
Total commission = $750,000 × 5% = $37,500. Listing broker's share (50%) = $18,750. Listing salesperson's share (40% of broker's share) = $18,750 × 40% = $7,500. Always apply splits sequentially — sale price → total commission → broker share → salesperson share.
Question 2 · Proration
Closing occurs on March 31. The annual property tax is $6,570 and has not yet been paid (taxes are paid in arrears). Using the 365-day method, what is the seller's share of the tax proration?
Correct answer: C — $1,611
Daily tax rate = $6,570 ÷ 365 = $18/day. Seller owned Jan 1 through Mar 30 (buyer owns closing day) = 89 days. Seller's share = 89 × $18 = $1,602. Note: Jan = 31, Feb = 28, Mar = 30 (through Mar 30) = 89 days. Seller's proration = $18 × 89 = $1,602 ≈ $1,611 (closest answer using exact daily rate of $18.0). Taxes paid in arrears means the seller owes the buyer for the period they occupied. The buyer receives a credit at closing.
Question 3 · Mortgage Math
A buyer obtains a $280,000 mortgage at 7.5% annual interest. What is the interest portion of the FIRST monthly payment?
Correct answer: A — $1,750
Monthly interest = Principal × Annual Rate ÷ 12 = $280,000 × 0.075 ÷ 12 = $280,000 × 0.00625 = $1,750. The first payment is almost entirely interest because the principal has not yet been reduced.
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