Download New York State Real Estate Salesperson Licensing Exam 75 rated solutions. and more Exams Real Estate Management in PDF only on Docsity!
In NYS, how old must one be to enter into contracts? - ANSWER 18
What other capability should they possess? - ANSWER Mental and emotional capability
What happens if one of the parties to the contract is a minor? - ANSWER The contract is voidable by the minor
What does the zoning board of appeals do? - ANSWER Grants variances
What regulates construction standards in NYS? - ANSWER Building codes
What does municipal engineer's office do? - ANSWER Oversees planning and construction of major highways, sweet systems and water connections
If a property ad states that the property is near the vicinity of a geographical area, what else mud the ad include? - ANSWER It must include the name of the geographical area where the property is actually located
Who is usually exempt from property taxes? - ANSWER Disabled, veterans, farmers, elderly gold star parents *kids die in the war, star program homeowners
Who is not usually exempt from property taxes? - ANSWER Second home owners
What covers fully or personal property lost in a fire? - ANSWER Replacement cost
Find the square footage of a rectangular shaped floor plan. How do you find the area of a square/rectangle? - ANSWER Length x Width = Area
What is the cash on cash return on a $2,000,000 property with a down payment of $500,000 and $15,000 monthly rental income? - ANSWER 36%
Who hires the agent? - ANSWER Principal or client
What is not a CMA (Comparative Market Analysis?) - ANSWER An apprasial
What cannot a salesperson do? - ANSWER Collect money directly from the client or customer
When should the Agency disclosure form be submitted? - ANSWER At the first substantive contact
Which document describes the agency (who he or she represents) of the salesperson? - ANSWER Agency disclosure form
What is another name for the slope of a roof? - ANSWER Pitch
What carcinogenic component was used as insulation in electric transformers that contaminated soil and ground water? - ANSWER PCB's or polychlorinated biphenyls
What can brokers provide their salespeople if they are independent contractors? - ANSWER Office phone
Whats right to access whiter from a river or stream called? - ANSWER Riparian
What occurs when the agent represents the seller but also works in the best interests of the buyer? - ANSWER Undisclosed dual agency
A real estate salesperson is what type of agent? - ANSWER Special
What clause in the deed describes the property? - ANSWER Legal descriptions
What type of income is partnership/investments? - ANSWER Portfolio
Whats the name of the policy that provides additional liability coverage beyond the primary policy? - ANSWER Umbrella policy
What type of maintenance is fixing a leaky faucet? - ANSWER Corrective maintenance
What are property taxes based on? - ANSWER Assessed value
What is the market value? - ANSWER What the property will sell for in a competitive marketplace
What is a loft lease? - ANSWER Its a lease for space that is not divided into rooms
Which types of commercial properties use percentage lease? - ANSWER Retail stores/ shopping malls
Who is responsible for the terms in the lease if the unit has been subleased? - ANSWER Lessee
What is the tang of private property by the government for public use called? - ANSWER Eminent Domain
How many years is a residential investment property depreciable for? - ANSWER 27.5 years
How much profit can a single person claim from the sale of a personal residence thats tax free? - ANSWER $250,
What is the right to use another's land that falls short of ownership called? - ANSWER Easement
Joe was not paid for the supplies and labor he provided to homeowner Smith. What kind of lien will he file against Smith? - ANSWER Mechanics Lien
What serves the same function as a circuit breaker? - ANSWER Fuse
What type of estate is created when only one person holds title to real property? - ANSWER Ownership in severalty
How much should the seller reimburse the buyer for refusing to provide a property disclosure form? - ANSWER $
Seller tells the listing agent he filed for bankruptcy the previous year. The seller ends up not listing the property with the agent, Still, what fiduciary duty does the agent owe the seller? - ANSWER Confidentiality
What type of financing is used to purchase a new property when the old property hasn't been sold yet? - ANSWER Swing loan or bridge loan
Who is the borrower of a mortgage loan? - ANSWER Mortgagor
What does the Real Estate Settlement Procedures Act (RESPA) require? - ANSWER Good faith estimate of the closing costs for federally funded loans
Whats the area the tenant actually occupies and uses? - ANSWER Usable square footage or net square footage
Who signs the contract first? - ANSWER Purchaser
What is the budget that is set aside for repairs and large improvements? - ANSWER Capital reserve budget or replacement reserve budget
Whats another name for land lease? - ANSWER Ground lease
What allows landlords to raise rents during the term of the lease? - ANSWER Escalation clause
What are tax advantages on investment properties called? - ANSWER Tax Shelters
What type of listing agreement is it where the listing broker gets commission for the sale of the property even if the owners themselves sell the property? - ANSWER Exclusive right to sell
Whats the implied clause in a deed? - ANSWER Grantor owns the property and has a right to convey it or right to quiet enjoyment
What does Regulation Z (TILA) require beside the disclosure of interest rates? - ANSWER Down payment
What does the secondary mortgage market do? - ANSWER Buys and sells mortgages
