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 · 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: B — $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? (Seller is responsible through and including the closing date.)
Correct answer: D — $1,620
Daily tax rate = $6,570 ÷ 365 = $18/day. Seller is responsible Jan 1 through March 31 (inclusive) = 31 + 28 + 31 = 90 days. Seller's share = 90 × $18 = $1,620. Taxes paid in arrears means the seller owes the buyer for the period they owned the property; the buyer receives a $1,620 credit at closing. Note: some conventions assign closing day to the buyer instead, yielding 89 days ($1,602) — exam questions will specify which to use.
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: D — $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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Real Estate Math: What the NY Real Estate Exam Tests
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