Real Estate New York Exam (2022/2023) Already Passed

Document Content and Description Below

Real Estate New York Exam (2022/2023) Already Passed The practice of inducing homeowners in a particular neighborhood to sell their homes quickly, often at below market prices, by creating the fear... that the entry of a minority group or groups into the neighborhood will cause a precipitous decline in property values. ✔✔Blockbusting The very first document to be submitted to all prospective clients or customers is known as a ✔✔Disclosure regarding real estate agency relationships form What is the maximum loan amount a bank will grant under the following circumstances: LTV: 75% Purchase Price: $450,000. Appraised Value: $430,000 ✔✔322500 which valuation method is typically used to value commercial office buildings? ✔✔Income approach which entity oversees and upholds the quality and aesthetics of a neighborhood, town, or city. ✔✔Architectural Review Board Which of the following is a characteristic of an independent contractor relationship...? ✔✔The agent is not required to work in a specific location Which of the following has the least amount of value in the loan origination process...? ✔✔Prequalification. a municipality's tax rate is determined by ✔✔Tax Assessor shares in a cooperative unit are considered what kind of property and are conveyed by a ✔✔Personal / Proprietary Lease what must an agent carry with them all times when serving as a salesperson ? ✔✔Pocket Card A crime punishable by up to a year in prison and/or a $1,000 fine is known as a ✔✔Misdemeanor A series of documents submitted for the review by a cooperative board. ✔✔Board Package In New York State, who has oversight of public water supplies and private well drilling? ✔✔NYS Department of Health The right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on ✔✔Littoral Rights which of the following lease will most likely be found in a building with a single, long term tenant ✔✔Triple Net Lease Which of the following is a fiduciary duty owed by an agent to their client...? ✔✔Loyalty a broker who deposits escrow funds into his brokerage business account is guilty of ✔✔nothing these are structural walls that transfer building loads down to the foundation ✔✔Bearing Wall this type of leasehold estate lasts for a specified period of time and does not renew automatically ? ✔✔Estate for years A colorless, odorless gas that is emitted from soils, rocks and water as a result of radioactive decay ✔✔Radon Which of the following is considered a depreciable asset. ✔✔Equipment an assessment of taxes is know as ✔✔Levy This legal policy mandates that a deed to real property be a matter of public record ✔✔Delivery and Acceptance an exclusive agency agreement is a contract between a ✔✔Broker and a Seller this type of deed simply conveys the grantor's rights or interest in real estate, without any agreement or covenant as to the nature or extent of that interest, or any other covenants; ✔✔Quitclaim Deed which of the following is a legal agreement by which a bank lends money in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon payment of the debt. ✔✔Mortgage Each month a cooperative owner pays? while a condominium owner pays? ✔✔Maintenance / Common Charges the valuation method which compares a subject property's characteristics with those of comparable properties which have recently sold in similar transactions is known as the ✔✔Sales Comparison Approach a mortgage is an example of what type of lien ✔✔Voluntary lien Any method of reducing taxable income resulting in a reduction of the payments to tax collecting entities, including state and federal governments. ✔✔Tax Shelter a horizontal structural member that supports a floor. ✔✔Beam this material must be especially removed from a house if discovered, as it is hazardous to one's health ✔✔Asbestos this refers to the taking of private property for public use, with fair compensation to the owner ✔✔condemnation The right of a property owner whose land orders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property. ✔✔Riparian Rights How many acres are in a lot that measures 198' x 220' ✔✔1.0 Acres the use of borrowed capital (mortgage) to increase the potential return on an investment is known as what....? ✔✔Leverage The dollar amount an insured must pay out of pocket on each loss known as ✔✔Deductible Homeowner A has the right of way to cross Homeowner B's property to reach a landlocked property. This is an example of: ✔✔affirmative easement appurtenant A town or city agency that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. ✔✔Building Department which of the following is an employer of an agent or broker? ✔✔Principal This is a federal prohibition that protects a buyer/renter of a dwelling from seller/landlord discrimination with regards to race, color, religion, gender, national origin, familial status, or disability. ✔✔Fair Housing Act of 1968 The federal law known as Title X makes real estate licensees liable for the disclosure of what potentially hazardous environmental concern? ✔✔Lead Paint a document issued by a governmental authority that a building is readdy and fit for accoupancy is know as ✔✔certificate of occupancy a condominium unit is considered what kind of property and is conveyed by a ✔✔Real / Deed The rights in real property to use the space above the surface of the land are known as what...? ✔✔Air Rights a condominium is conveyed by a ✔✔deed A property in Albany is assessed at 50%. The tax rate is $5 per $100 of assessed value. What are the annual taxes of the home that is value at $200,000 ✔✔5000 a mortgage is considered what kind of lien ✔✔Specific and voluntary the supreme court case determined that separate is not equal ✔✔Brown vs Board of Education If the final sales price on a property is 480000 what is the commission rate assuming the broker earned a commission of 28800 ✔✔6% when executing a 1031 exchange how many days does an owner have to identify a new property ✔✔45 days What is the age and experience requirement to apply for a broker license? ✔✔20 years old and at least two years of experience this is a legal proceeding by a landlord to recover possession of real property ✔✔eviction the to have and to hold clause is also known as the ✔✔Habendum clause [Show More]

Last updated: 1 year ago

Preview 1 out of 9 pages