Questions and Answers
How many square feet are in one acre?
Mr. and Mrs. Conners sold their home and paid an 8% commission to their realtor. Assuming no other fees, if they walked away from the sale with $306,000, about how much did their house sell for?
Which of the following is a violation of the Fair Housing Act?
According to Fair Housing laws, which of these people is not considered disabled?
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Sarah owns a warehouse and has decided to sell it as an open listing. She has contacted three brokers to sell it for her, Brokers A, B, and C. If Broker B makes the sale, who gets the commission?
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What information would be unethical for a listing agent to share with a potential buyer?
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A subdivision has a rule that each home in the neighborhood be at least 2,500 square feet. This is an example of which concept?
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Which of the following describes a transaction brokerage?
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Who takes the biggest risk in an open listing?
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An agency contract is being terminated. In which scenario might there be damages owed to one of the parties?
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A reconveyance deed ____.
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When dividing a single plot of land into two or three units, the process is called ____, and the units are called ____.
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A reverse mortgage ____.
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Study Notes
Real Estate Basics
- One acre equals 43,560 square feet.
- If a homeowner walks away with $306,000 after selling their house with an 8% commission, the total sale price is about $332,600.
Fair Housing Act Violations
- A violation occurs if a service dog is denied entry in a no-pets apartment.
- Individuals considered disabled under Fair Housing laws include those with HIV and alcoholism, but former convicts are not classified as disabled.
Listing and Commissions
- In open listings, if a specific broker (e.g., Broker B) makes the sale, that broker receives the commission.
- Unethical information for a listing agent to disclose includes the seller's desperate need for an offer due to job loss.
Property Regulations and Broker Roles
- A subdivision rule requiring homes to be at least 2,500 square feet is an example of a restrictive covenant.
- A transaction brokerage does not represent either party but offers general information and services.
Open Listings and Agency Agreements
- The biggest risk in an open listing falls on the agent since they work without exclusivity.
- Damages might be owed if an agent resigns due to being overloaded with homes to sell.
Deeds and Property Division
- A reconveyance deed removes a lien and shows a trust deed has been fully paid upon the trustee's signature.
- Dividing land into smaller sections is called partitioning, with the resulting sections referred to as parcels.
Reverse Mortgages
- A reverse mortgage is available for those 62 or older and allows conversion of home equity into cash.
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Description
Prepare for the NY Real Estate Exam with this comprehensive set of 150 questions in flashcard format. Each card covers crucial concepts, such as property dimensions and commission calculations, ensuring you have the knowledge needed for success. Test your understanding and improve your chances of passing the exam.
