RE Final

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Which of the following is NOT a mission of the Division of Licensing?

to protect the health, safety and welfare of consumers

to provide accurate information and qualified licensees to the business community

to provide a vehicle for hearings for license law violations (correct)

to provide efficient processing and examination services to license applicants

How many hours of education is a broker candidate required to complete in addition to those required for a salesperson’s license?

75 hours (correct)

55 hours

100 hours

120 hours

Which of the following is NOT one of the real estate broker license types?

salesperson (correct)

trade name broker

partnership broker

corporate broker

In order to become a licensed salesperson in NY, a candidate must ____ successfully.

complete the 77-hour pre-license course Signup and view all the answers

What NY law gives the DOS authority to regulate real estate brokers?

Article 12-A of the NY Real Property Law Signup and view all the answers

Sellers employ a broker to sell their home through the use of which of these documents?

listing contract Signup and view all the answers

Which penalty is not imposed by the DOS on a real estate broker for engaging in fraud?

imprisonment Signup and view all the answers

The Salesperson Exam is a written exam in a multiple-choice format and contains ___ questions.

75 Signup and view all the answers

Which additional requirement must a candidate meet to become a licensed associate broker?

submit the name of the sponsoring broker Signup and view all the answers

How much is the fee charged by the DOS for an associate broker license?

$185 Signup and view all the answers

Which of the following is a requirement for becoming a licensed real estate broker in NY?

demonstrate fair knowledge of the English language Signup and view all the answers

Which of the following is NOT a real estate license issued in NY?

sponsoring broker license Signup and view all the answers

The final step of the real estate transaction when the buyer gets the deed to the property, the seller gets the proceeds from the sale, and the broker gets his or her commission is called?

settling the transaction Signup and view all the answers

The mission of the NY Department of State, Division of Licensing Services (DOS) includes all of the following except?

to administer the compliance provisions of Article 12-A Signup and view all the answers

How many members does the Governor appoint to the Board of Real Estate?

3 brokers and 4 public members Signup and view all the answers

How many points are given for hotel sales experience?

400 Signup and view all the answers

Which of the following real estate licenses has a fee of $185?

broker and associate broker Signup and view all the answers

The final step of the real estate transaction is

closing Signup and view all the answers

How many total years may a member of the NYS Board of Real Estate serve?

10 years Signup and view all the answers

Which of the following is NOT part of the transaction closing?

the title agent clears the title Signup and view all the answers

How many members are on the Board of Real Estate?

15 Signup and view all the answers

In order to become a licensed broker in NY, a candidate must be at lease ___ years of age.

20 Signup and view all the answers

Real estate licensees should have a good knowledge of the loan programs that are currently available from local banks and other lenders so they can perform this state of the real estate transaction?

helping the purchaser with the financing process Signup and view all the answers

A listing contract gives the broker the authority to

market the property Signup and view all the answers

NY has established a point system to help determine the experience a Broker candidate needs. A total of ____ points and the equivalent to two years of full-time experience for broker candidates.

3500 Signup and view all the answers

In NY the real estate examinee must correctly answer at least ___ percent of the questions to pass the exam.

70 Signup and view all the answers

When does a broker receive his or her commission for listing and selling a property?

when the transaction is settled Signup and view all the answers

Failure to notify the DOS of a change of business address is grounds for which of the followings?

suspension Signup and view all the answers

An officer of a legal entity may only be licensed as

a broker Signup and view all the answers

Which of the following is NOT a requirement regarding real estate business signs?

the sign must include the business telephone number Signup and view all the answers

To avoid consumer confusion a business card must include all of the following information except?

the brokers social security number Signup and view all the answers

Which of the following is required of an apartment information vendor?

pay a $400 licensure fine Signup and view all the answers

In a partnership brokerage, what else do the partners need besides a broker license?

a partnership certificate Signup and view all the answers

Which of the following statements is TRUE?

an associate broker who wants additional licenses must submit to the Department from each sponsoring broker acknowledging each licensure Signup and view all the answers

Every licensed broker must keep and maintain a file of agency disclosures, listings, offers, closing statements and other transaction-related documents for a period of ___ years.

3 Signup and view all the answers

The fee for changing a broker's name or status is ____, except if the change is made on the renewal application.

$185 Signup and view all the answers

license

22.5 Signup and view all the answers

Brokers may share compensation with any of the following licensed persons except?

certified residential appraisers Signup and view all the answers

How many hours of continuing education credit will a licensee receive for teaching an approved real estate course?

2 hours for each teaching hour Signup and view all the answers

How many hours of continuing education is the salesperson licensee required to complete in cultural competency?

2 hours Signup and view all the answers

Of the 22.5 hours of continuing education, the topic of fair housing and/or discrimination in the sale or rental of real property must be at least how many hours?

3 Signup and view all the answers

What score is required to pass the written examination if an individual failed to renew his or her license on time because the individual enlisted in the US armed forces?

the exam is not required Signup and view all the answers

How would you define the following add placed by a broker in NY, "Two-family home, $190,000, Call 212-123-4567"?

a blind ad which is illegal in NY Signup and view all the answers

The Licensing Department may issue a license to a corporation to conduct business as a real estate brokerage only if the applicant

is an officer of the corporation prior to licensing Signup and view all the answers

Which of the following is required of a real property appraiser?

pay a $300 licensure fee Signup and view all the answers

A broker maintaining more than one place of business must apply for and secure an additional ___ for each of the branch offices.

license Signup and view all the answers

Which would be a service charged by the NYS Commission?

change from individual to a corporate license Signup and view all the answers

Which of the following is required of an apartment information vendor?

pay a $400 licensure fee Signup and view all the answers

What must a licensee do to renew a license after the 2-year renewal date?

retake and pass the licensure examination Signup and view all the answers

Which of the following courses would not be acceptable to meet the continuing education requirment?

basic computer skills Signup and view all the answers

If a licensee changes brokers, what must he or she do?

notify the DOS within 5 days of the change Signup and view all the answers

Of the 22.5 hours of continuing education, the topic of fair housing and/or discrimination in the sale or rental of real property must be at least how many hours?

3 Signup and view all the answers

Which of the following is required of an apartment-sharing vendor?

maintain a trust account of $2,500 Signup and view all the answers

A salesperson can accept a commission from _____.

their sponsoring broker Signup and view all the answers

A _______ is a fee or rebate that is paid to an agent or another participant in a transaction as an incentive to refer customers to a particular vendor.

kickback Signup and view all the answers

Jayson is a NY licensed salesperson. A local moving company asks Jayson to recommend his moving company to clients looking to relocate. In exchange, the mover will pay Jayson $200 for every client who moves with his company. This type of arrangement is which of the following?

this type of kickback arrangement is prohibited in the Real Estate Settlement Procedures Act Signup and view all the answers

The NY Department of State requires a broker to maintain what kind of bank account for client funds?

a separate, federally-insured trust or escrow account Signup and view all the answers

Broker Dean has a file cabinet full of agency disclosures, listings, offers, closing statements and other transaction-related documents. How long does he need to keep these documents?

3 years Signup and view all the answers

Other professions that deal with real estate but require other types of licenses other than a real estate broker or salesperson license include all of the following except?

attorney Signup and view all the answers

How many hours of continuing education are required for salesperson license renewal?

22.5 Signup and view all the answers

Which of the following is NOT required of a home inspector?

a $2,500 interest-bearing escrow account Signup and view all the answers

If a broker changes his or her business address and does not notify the DOS, what can happen?

the broker's license can be suspended Signup and view all the answers

Under what conditions may a broker allow an associate broker to operate a branch office?

only under the broker's direct supervision (and an active Broker Association for a minimum of two years of four years of licensure Signup and view all the answers

If the Department denies a license application, the applicant will be notified in writing and may then ask for a hearing within ___ days of receiving the denial notice.

30 Signup and view all the answers

The Determination section of a hearing decision

cites the penalty the court is imposing on the respondent Signup and view all the answers

Who is responsible is an unlicensed assisant performs any activity that requires licensure?

both the associated licensee employer and the broker Signup and view all the answers

What section of Real Property Law makes practicing real estate without a license unlawful?

Section 440-a Signup and view all the answers

What is an Article 78 proceeding?

a judicial appeal Signup and view all the answers

In the case studies, the Department of State is always which party?

complainant Signup and view all the answers

If a licensee fails to pay child support, what is the DOS authorized to do?

suspend the licensee's license Signup and view all the answers

Under which of the following circumstances would a broker lose or have their license suspended for a law violation committed by an associated licensee?

if the broker had actual knowledge of the violation Signup and view all the answers

Which section of a hearing decision explains what violations the respondent committed?

opinion and conclusions of law Signup and view all the answers

In the case studies, the person and/or firm against whom the complaint was filed is always which party?

respondent Signup and view all the answers

Which of the following tasks may an unlicensed assistant legally perform?

compute commission checks Signup and view all the answers

In cases brought against licensees in NY by the Department of State which of the following are the correct names of the parties?

complainant/respondent Signup and view all the answers

Which of the following is NOT a penalty the DOS may impose for license law violations?

$5,000 fine Signup and view all the answers

Which of these actions would be a license law violation?

a salesperson accepting a commission directly from a seller Signup and view all the answers

Which of the following statements is FALSE?

an agency relationship disclosure must be presented to the client prior to signing a listing agreement Signup and view all the answers

In the hearing decision the licensee being charged with a violation is always which party?

the respondent Signup and view all the answers

Which of the following tasks is illegal for an unlicensed assistant to perform?

discuss specific properties with customers Signup and view all the answers

Which section of a hearing decision outlines what the court believes happened?

findings of fact Signup and view all the answers

An owner's agent is showing a buyer an apartment building. The buyer notices water stains on the ceiling and informs the agent. What is the agent's best course of action?

inform the seller Signup and view all the answers

Several real estate boards and associations were prosecuted in the 1970s under federal antitrust statutes and abandoned price-fixing by settling under which of the following?

consent decree Signup and view all the answers

If an agency relationship arises because of the actions of the parties involved rather than by a written agreement, what is that agency called?

ostensible agency Signup and view all the answers

The legal doctrine by which a person is prevented from asserting rights or facts that are inconsistent with a previous or representation made by act, conduct or silence is called?

estoppel Signup and view all the answers

The principles of an agency relationship include all of these factors except which one?

compensation Signup and view all the answers

The statement "Let's not do business with XYZ Real Estate Company; they discount their commissions", would probably violate antitrust laws as an example of which of the following?

boycotting Signup and view all the answers

Broker Bob must obey Seller Sue's directives in all EXCEPT which of the following?

do not show the home to families with more than 2 children Signup and view all the answers

A property seller empowers an agent to market and sell a property on his behalf. What is this an example of?

special agency Signup and view all the answers

The statement "Why don't you take the south side of town and our company will take the north side", would probably violate antitrust laws as an example of which of the following?

market allocating Signup and view all the answers

If an agent fails to verify a fact before passing it to the buyer, the agent has committed

negligent misrepresentation Signup and view all the answers

If Broker Bob lists Seller Sue's home for sale and then shows the home to Buyer John, to whom does Broker Bob owe fiduciary duties?

Seller Sue Signup and view all the answers

When is a commission earned?

when an offer from a qualified buyer has been submitted and accepted and both parties have received signed copies of the agreement Signup and view all the answers

When a client enters into a listing agreement with a brokerage firm, the broker is the agent of the client. The licensees that are affiliated with the brokerage firm are the agents of the broker and the _____ of the broker's clients.

subagents Signup and view all the answers

In real estate the fiduciary relationship between agent and principal is called?

agency Signup and view all the answers

The _____ can enforce compliance with the Sherman Act and some sections of the Clayton Act.

Federal Trade Commission (FTC) Signup and view all the answers

The act by brokers from different brokerages having a conversation about the commission rates they charge clients may be considered?

price fixing Signup and view all the answers

If Broker Bob lists Seller Sue's home for sale and then shows the home to Buyer Bill, who is the principal?

Seller Sue Signup and view all the answers

Which of the following is not a fiduciary duty an agent owes to his or her principal?

blind obedience Signup and view all the answers

Which of the following duties best describes what an agent owes customers?

fairness, care, and honesty Signup and view all the answers

All of the following are common types of agency relationships that exist except?

facilitator agency Signup and view all the answers

Which is the most confusing form of agency relationship?

subagency Signup and view all the answers

When is dual agency allowed in NY?

only with disclosure and informed consent Signup and view all the answers

Usually, dual agency must be disclosed at the time it arises; so the seller _______ agree to dual agency at the time he or she signs the listing.

does not have to Signup and view all the answers

When the agency relationship has been terminated, the licensee is no longer considered the principal's agent and does not owe any further duties to the principal, except for the following?

confidentiality Signup and view all the answers

Which of the following statement is TRUE?

a seller is not required to accept a subagency option when he or she signs a listing agreement Signup and view all the answers

residential real property includes which of the following?

property that contains a single-family home Signup and view all the answers

When must a seller agree to dual agency?

at the time a dual agency situation arises Signup and view all the answers

Under the new regulations when a seller gives permission to a broker to submit the property to the MLS, the seller is authorizing the broker to make a blanker unilateral offer of/or _______ to all the other members of that MLS.

agree to accept or reject subagency Signup and view all the answers

AS of January 1, 2011 the new residential disclosure form allows for advanced approval by each customer and client for _____ agency.

dual Signup and view all the answers

What does a client give up in a designated agency?

the broker's fiduciary duty of undivided loyalty Signup and view all the answers

Which part of the NY License law requires agency disclosures?

Article 12-A, Section 443 Signup and view all the answers

An agency relationship may be involuntarily terminated by which of the following?

by destruction of the property through fire, vandalism, or natural disaster Signup and view all the answers

Subagents working for the seller have what duty to the buyer?

honesty Signup and view all the answers

A broker can enter into a single agency agreement with any of the following except?

seller and buyer Signup and view all the answers

A subagent owes customer level services to the buyer which include?

honesty, fair dealing and the proper disclosure of pertinent facts that affect the value of the property Signup and view all the answers

If a cooperating broker accepts the offer of subagency from a listing broker, to whom does the cooperating broker owe fiduciary duties?

seller Signup and view all the answers

In all residential transactions licensees must give potential sellers or buyers a written disclosure form when thy make their _____ contact.

first substantive Signup and view all the answers

Which of the following types of agency is not allowed in NY?

undisclosed dual agency Signup and view all the answers

In an open listing, who is paid commission?

only the selling broker Signup and view all the answers

A Property Condition Disclosure is

a representation of what the seller knows about the property Signup and view all the answers

An agency must keep a copy of a signed agency disclosure document for

at least year years Signup and view all the answers

Which listing agreement is the most commonly used?

exclusive right to sell Signup and view all the answers

When does the first substantive contact take place?

a potential buyer or seller begins to discus his or her needs Signup and view all the answers

Who is paid a commission with a NY property net listing?

no one Signup and view all the answers

An open listing is often considered to be

a unilateral contract Signup and view all the answers

All written residential listing agreements must contain which of the following definitions?

exclusive right to represent and exclusive agency Signup and view all the answers

Which listing is illegal in NY?

net Signup and view all the answers

Which statement is true about the Property Condition Disclosure?

it is required by law Signup and view all the answers

What action must an agent take if a buyer or seller refuses to sign a disclosure form?

complete an affidavit and attach the original NYS disclosure form and have it notarized Signup and view all the answers

When must a buyer's agent provide the agency disclosure to a seller?

at the time of first substantive contact Signup and view all the answers

An agent must present a copy of the agency disclosure to a potential buyer and get it signed

before they sign a buyer's agency agreement Signup and view all the answers

Which type of listing provides the most incentive for a broker to market a property?

exclusive right to sell Signup and view all the answers

Brokers must include the DOS Disclose Form definitions of "exclusive right to sell", "exclusive agency", and "open listing" with the listing agreement except for:

commercial properties Signup and view all the answers

How would a seller inform a buyer that the property has an underground storage tank?

the seller must include the information on the property condition disclosure Signup and view all the answers

A property condition must include

anything the seller knows about the condition of the property Signup and view all the answers

What occurs when the broker appoints one agent to represent the seller as a seller's agent and another to represent the buyer as a buyer's agent in a transaction?

Dual Agent with Designated Sales Agents Signup and view all the answers

If the seller fails to provide the property disclosure statement to the buyer before they buyer signs the purchase contract

the buyer will receive $500 credit at closing Signup and view all the answers

A broker must file an IRS Form 1099-MISC for an independent contractor who earns more than

$600 Signup and view all the answers

Which of these statements about an independent contractor is true?

he or she is paid in commission on all sales Signup and view all the answers

Which of these guidelines is not part of the IRS safe harbor test?

contractors must have access to workers compensation benefits Signup and view all the answers

DOS Regulation 175.23 requires that a broker do what?

keep written records of all real estate listings any salesperson obtains Signup and view all the answers

Who would most likely pay advertising expenses?

the independent contractor Signup and view all the answers

When negotiating an independent contractor agreement, which question should NOT be asked?

how many hours am I required to work each week? Signup and view all the answers

What is the suggested length of time for a contractor's agreement?

12 months Signup and view all the answers

Which NY law regulates how long brokers must retain transaction records?

DOS Regulation 175.23 Signup and view all the answers

Which of the following may a broker pay for an independent contractor?

errors and omissions insurance Signup and view all the answers

When determining the level of control and independence of an employee or independent contractor, which category covers how the worker does his or her job?

behavioral Signup and view all the answers

What method may a broker use to determine how an independent contractor is to perform the assigned tasks

none Signup and view all the answers

Verification of the level of control and independence regarding IRS job classification falls into which of these?

Behavioral, Financial, and Type of Relationship Signup and view all the answers

Salespersons must perform all activities in the name of _______.

the employing broker Signup and view all the answers

If an IRS audit determines a salesperson is an employee and not an independent contractor, which of the following will the employing broker NOT be liable for?

liability insurance Signup and view all the answers

Which of the following is NOT a characteristic of an estate in common?

unequal rights Signup and view all the answers

Which of the following best defines accretions?

any increase in the land mass that results from the deposit of soil by water or wind action Signup and view all the answers

Surface rights include

water rights Signup and view all the answers

Co-tenants share property in what is known as

undivided possession Signup and view all the answers

Upon the death of the owner, a life estate passes to whom?

the original owner or other named person Signup and view all the answers

When does a landowner own the actual water to which he or she has water rights?

when the body of water is entirely contained within the boundaries of the property Signup and view all the answers

Brothers Jim and Frank jointly hold a parcel of land. The property is held in

co-ownership Signup and view all the answers

When a single individual or entity owns a fee or life estate in a real property, the type of ownership is what?

tenancy in severalty Signup and view all the answers

If a landowner retains the right to plant and cultivate crops on the land but leases the rest of the land to a tenant, what right has the owner exercised?

right to transfer Signup and view all the answers

If an owner wants an antique chandelier to remain personal property, what must he or she do?

any of the above Signup and view all the answers

What does the right to encumber all a landowner to do?

mortgage the land Signup and view all the answers

Mary and sister Jill jointly hold a parcel of land. The property is held in

co-ownership Signup and view all the answers

Three people have identical rights but unequal shares in a property, share an indivisible interest, and may sell or transfer their interest without consent of the others. What type of ownership is this?

tenancy in common Signup and view all the answers

Which of the following best describes personal property?

is readily moveable from one location to another Signup and view all the answers

What determines a landowner's water rights?

movement of the water Signup and view all the answers

What distinguishes a freehold estate from a leasehold estate?

a leasehold endures only for a specific period of time Signup and view all the answers

What is the highest form of ownership interest one can acquire in real estate?

absolute fee simple estate Signup and view all the answers

If a person owned one airspace unit together with associated interest in common elements, this person would have ownership in what?

condominium Signup and view all the answers

Which of the following is NOT an act of waste?

maintaining landscape features Signup and view all the answers

Which of the following is special purpose real estate?

a public park Signup and view all the answers

What part of a non-navigable waterway does the owner of an abutting property own?

to the middle of the waterway Signup and view all the answers

Tenancy in severalty is the same as

sole ownership Signup and view all the answers

The right to encumber property means the right to

mortgage the property as collateral for debt Signup and view all the answers

Littoral rights include

land ownership up to the high-water mark Signup and view all the answers

If a third party has been using a portion of a landowner's land without the owner's permission but with the owner's knowledge for 12 years, what type of easement may the third party obtain from a court order?

easement by prescription Signup and view all the answers

Rancher Norm is allowed to bring his cattle onto the neighbor's property to access a public water source. What type of easement does Norm have?

easement by implication Signup and view all the answers

Which of the following is a superior lien?

special assessment lien Signup and view all the answers

In New York, how long can a judgement real property lien remain in effect?

10 years Signup and view all the answers

Jill was notified that a piece of property she owns has a pending suit. What type of notice has Jill received?

lis pendens Signup and view all the answers

When a notice of lis pendens has been served

the property cannot be freely encumbered Signup and view all the answers

How many liens can be attached to a property at one time?

multiple Signup and view all the answers

When must a mechanic's lien be placed if the contractor is not paid?

within 4 months of work completion on a single dwelling Signup and view all the answers

How is a lien terminated?

payment of the debt Signup and view all the answers

Seller John sold two parcels of land. Parcel B is now land-locked by Parcel A. What type of easement is given to provide road access to Parcel B?

easement by necessity Signup and view all the answers

Which type of estate is an encumbrance?

none of the above Signup and view all the answers

What type of lien does an owner create when a property mortgage in negotiated?

voluntary Signup and view all the answers

What is it called when an unauthorized, physical intrusion of one owner's real property comes into that of another?

an encroachment Signup and view all the answers

What type of action might a creditor take to force the sale of attached property to collect a debt?

writ of execution Signup and view all the answers

Which of the following statements is TRUE?

an easement does not give possessory rights Signup and view all the answers

Which of the following encumbrances would restrict the landowner's ownership, value, and right to transfer a clear title?

lien Signup and view all the answers

Which type of lien has priority over all other liens regardless of the date placed?

ad valorem tax liens Signup and view all the answers

Which of the following describes a situation in which an easement might be created again the wishes of the property owner?

the property has been continuously used as an easement with the knowledge but without the permission of the owner for a period of time Signup and view all the answers

What does a Habendum clause do?

describes the type of estate being conveyed Signup and view all the answers

The gradual addition of land as a result of movement by streams or rivers is called

accretion Signup and view all the answers

When does a deed become valid?

upon delivery and acceptance by the grantee Signup and view all the answers

Why should a grantee record a deed?

recording the deed gives the public constructive notice of the grantee's ownership Signup and view all the answers

A bargain and sale deed with covenants has which of the following special warranty covenants?

I own and will defend against my acts only Signup and view all the answers

How many sections are there in a township?

thirty-six Signup and view all the answers

What instrument is used by an owner to voluntarily transfer title to real estate?

deed Signup and view all the answers

A property owner can gain real estate through the action of water depositing soil on a bank through what process?

accretion Signup and view all the answers

Which of the following is NOT a method of determining legal description?

property inspection Signup and view all the answers

Which type of will is generally not valid for the transfer of real property?

nuncupative Signup and view all the answers

What action might a property owner take to avoid adverse possession?

sue to quiet title Signup and view all the answers

A deed of conveyance occurs when

a living owner makes a private grant Signup and view all the answers

Acceptance by the grantee

allows for a deed to convey title Signup and view all the answers

Farmer Nick's property has a stream that floods almost every year and deposits soil to his side of the bank. This action is known as what?

accretion Signup and view all the answers

If a person having several heirs dies intestate, what will happen to the property?

the estate passes to lawful heirs according to the state's laws of descent and distribution, or succession Signup and view all the answers

Which of the following would NOT be used as a legal land description?

parcel method Signup and view all the answers

Reliction is

the gradual receding of water from its usual watermark to allow access to "newly" found land Signup and view all the answers

Which of the following is NOT a process by which involuntary alienation occurs?

death of the owner Signup and view all the answers

RESPA gives the buyer the right to review the completed settlement statement how long before closing?

three days before closing Signup and view all the answers

The TRID Rule requires lenders to give a loan estimate to borrowers

at the time of loan application Signup and view all the answers

What is the total a seller would pay in state transfer tax and NYC transfer tax for a property with a sale price of $499,000?

$6,986 Signup and view all the answers

Sellers Glen and Jill are closing on their home sale next week. How will they know how much money they will receive from the sale?

the escrow agent will subtract the seller's total debits from the total credits and arrive at what the seller will receive at closing Signup and view all the answers

Which statement is true about accepting referral fees?

it could be a violation of state licensing laws Signup and view all the answers

Who should have title insurance?

the buyer and the lender Signup and view all the answers

Which of the following locations is the least likely place to hold a closing?

broker's office Signup and view all the answers

Which of these would be a CREDIT to the seller at closing?

insurance premium paid in advance Signup and view all the answers

Which statement about the Torrens system is FALSE?

it is necessary to search public records to ascertain the status of title Signup and view all the answers

Who should have title insurance?

the buyer and the lender Signup and view all the answers

A defective conveyance of title in the property's history results in a

clouded title Signup and view all the answers

Which of the following does NOT occur at closing?

the mortgage loan is approved Signup and view all the answers

Paul will get the second quarter water bill at the end of June. The bill is $39.00 per quarter. If closing is on May 7, what will be Paul's share of the bill?

$23.09 Signup and view all the answers

How much is the NYC RPTT for a property with a sale price of $600,000?

$8,550 Signup and view all the answers

Revenue stamps are also known as

transfer tax Signup and view all the answers

What property is exempt from FIRPTA requirements?

buyer's personal residence with a sale price under $300,000 Signup and view all the answers

Which of the following is not an item that a buyer usually pays at closing?

fee for clearing the title Signup and view all the answers

What is the broker's main role leading up to closing?

checking on progress of closing activities Signup and view all the answers

Which of the following statements best describes the purpose of a Closing Disclosure?

an official settlement statement used by settlement agents and title companies to itemize all charges for a borrower and seller Signup and view all the answers

Money that the buyer or seller needs to pay at closing is called what?

debit Signup and view all the answers

A Closing Disclosure is required by RESPA for all

federally-related mortgage loans Signup and view all the answers

What is "chain of title"?

a chronology or successive owners of record of a parcel of real estate Signup and view all the answers

Who files a satisfaction of mortgage document with the county clerk's office?

the seller's attorney Signup and view all the answers

Proof of ownership of a property is called what?

evidence of title Signup and view all the answers

The buyer's primary function at closing is to

pay the purchase price for the property Signup and view all the answers

Prepaid expenses are those that

were paid in advance Signup and view all the answers

Most lenders require buyers to purchase

homeowner's insurance Signup and view all the answers

Which of these would be a CREDIT to the buyer at closing?

earnest money deposit Signup and view all the answers

Who pays for the credit investigation?

the buyer Signup and view all the answers

How much is NYC RPTT for a property with a sale price of $492,000?

$4,920 Signup and view all the answers

Which of the following is not an item that a seller usually pays at closing?

homeowner's insurance Signup and view all the answers

Who reports the property transfer transaction to the IRS?

closing agent Signup and view all the answers

On closing day, the broker

all of the above Signup and view all the answers

Recording the deed is done through which of these?

constructive notice Signup and view all the answers

When might decontrolling of an apartment occur?

when the apartment becomes vacant Signup and view all the answers

A lease conveys exclusive use and

it may also restrict some uses Signup and view all the answers

Constructive eviction occurs when

the landlord defaults on the lease terms Signup and view all the answers

Which kind of lease has no time limit?

estate at will Signup and view all the answers

When a tenant agrees to pay all taxes, insurance, maintenance, and repairs, that tenant has what kind of lease?

net Signup and view all the answers

Which lease would include a recapture clause?

percentage lease Signup and view all the answers

Which type of lease has no automatic renewal?

estate for years Signup and view all the answers

Mark earns $185,000 a year and he pays $2,600 per month for a rent-stabilized apartment. Which statement is true?

the apartment can be decontrolled Signup and view all the answers

Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. During this interim period, Grant makes monthly rent payments and the owner accepts them. How would Grant's lease at this time be classified?

estate from period to period Signup and view all the answers

If a tenant leaves a leased premises, under what condition would that not be considered abandonment?

the tenant continues to abide by the lease terms Signup and view all the answers

Which of the following statements is TRUE?

the landlord may limit the total number of occupants of a rental unti Signup and view all the answers

Most apartment leases are

estates from period to period Signup and view all the answers

Which lease is common for office properties?

gross lease Signup and view all the answers

Which type of lease requires proper notice to terminate?

estate from period to period Signup and view all the answers

Mary has remained in her apartment two weeks past her move-out date, without any payment. What type of tenant is Mary?

holdover tenant Signup and view all the answers

Bill has informed his landlord that he will be moving in 30 days. What action has Bill taken regarding his lease requirement?

he has given notice Signup and view all the answers

For a rent-regulated apartment, how much is the typical security deposit?

1 month's rent Signup and view all the answers

In NYC, how often may rent be adjusted for an apartment under rent control?

every 2 years Signup and view all the answers

What is an important legal characteristic of an option to buy agreement?

the option must perform if the optionee takes the option, but the optionee is under no obligation to do so Signup and view all the answers

installment sales contract is which type of contract?

bilateral Signup and view all the answers

An option-to-buy is what kind of contract?

unilateral contract Signup and view all the answers

Mike signed a rental agreement for his friend Norm. What must be enforced for this contract to be binding?

power of attorney Signup and view all the answers

When is a contract terminated?

after it is performed Signup and view all the answers

If Joe entered into a contract with Sue only to discover the circumstances leading up to the contract, Joe has entered into which kind of contract?

voidable Signup and view all the answers

What contract provision shows a division of expenses between buyers and sellers?

Apportionments Signup and view all the answers

A contract is

an intangible agreement Signup and view all the answers

The NY sales contract provision that states whatever was promised in prior negotiations is of no importance is called the

merger clause Signup and view all the answers

Which contract element indicates a mutual agreement?

offer and acceptance Signup and view all the answers

Which legal remedy resets parties to pre-contract status?

rescission Signup and view all the answers

Buyer Bill has agreed to pay for a computer system after all hardware has been installed and operational. What type of contract does Bill hold?

executory Signup and view all the answers

What is a parol contract?

an oral contract Signup and view all the answers

During the specified period of an installment sales contract, what type of title does the buyer receive?

equitable title Signup and view all the answers

Which contract provision makes previous promises null and void?

Merger Clause Signup and view all the answers

A contract that conveys an interest in real estate must

contain a legal description of the property Signup and view all the answers

A prospective homebuyer submits a signed offer to buy a house with the condition that the seller pays financing points at closing. The seller disagrees, crosses out the points clause, then signs and returns the document to the buyer. At this point, assuming all other contract validity items are in order, what is the status of the offer?

it's still an offer Signup and view all the answers

An option to buy is what kind of contract?

unilateral Signup and view all the answers

When an agent is reviewing the accuracy of a contract, which item does not need to be included?

the date the buyers will begin occupancy Signup and view all the answers

How does the Lawyer's Fund help legal clients?

the Fund reimburses losses caused by attorney misconduct Signup and view all the answers

The buyer typically has ______ from the date the purchase contract is signed to obtain a loan commitment.

60 days Signup and view all the answers

Why would a buyer choose to make an additional down payment at closing?

the buyer wants to lower the mortgage loan Signup and view all the answers

If a real estate salesperson prepares a contract without using a preprinted form, the salesperson may

all of the above Signup and view all the answers

In what area of NY are sit-down contract signings most common?

Upstate NY Signup and view all the answers

If an attorney makes changes to an offer, what action should follow?

all parties to the contact must initial the changes Signup and view all the answers

Which statement best defines a Certificate of Occupancy?

a certificate issued by a local building department that indicates that the building is in proper condition to be occupied Signup and view all the answers

Which one of the following documents is lease like a binder?

property disclosure statement Signup and view all the answers

Which of the following is one of the purposes of the Lawyers' Fund?

to reimburse clients for money that was misused by their attorney Signup and view all the answers

Broker Norm prints and completes lease agreements to which he is not a party. What can be said about Norm's action?

brokers may not complete leases to which they are not a party Signup and view all the answers

What is the customary down payment amount on residential property in NY

10 percent Signup and view all the answers

What is the purpose of the Lawyer's Fund?

designed for law clients who are unable to get reimbursement from their lawyer who has causes them loss Signup and view all the answers

If a real estate agent prepares a sales contract and an attorney makes modifications to it, which statement is TRUE?

all the parties must initial the changes Signup and view all the answers

Who typically holds the down payment?

the broker Signup and view all the answers

Any modifications or additions to a contract must be

initialed by all parties Signup and view all the answers

Which of the following terms is not used to describe a binder?

buyer's statement Signup and view all the answers

In NY, an earnest money deposit can equal up to ______

10% of the property purchase price Signup and view all the answers

Jim has a loan where the entire payment amount goes tot he interest owed What type of loan does Jim hold?

straight Signup and view all the answers

Which method of selling a property with a mortgage is the simplest?

free and clear Signup and view all the answers

A measure of economic conditions is a(n)

index Signup and view all the answers

Al is seeking an FHA loan. Where would he NOT go to make an application?

local HUD office Signup and view all the answers

In the event of default by the purchaser, the lender has the right to bring legal action through the courts to satisfy the debt. This is called by what name?

judicial foreclosure Signup and view all the answers

The loan origination fee on a VA loan cannot exceed

1 percent of the loan amount Signup and view all the answers

Where does SONYMA get its funding?

proceeds from tax exempt mortgage revenue bonds Signup and view all the answers

Which loan covers the period of time between the end of one mortgage and the beginning of another?

bridge Signup and view all the answers

What is the interest rate on the ARM tied to?

index Signup and view all the answers

Borrower Jake has defaulted on his mortgage and the lender has required the loan to paid in full This action is based on which mortgage feature?

acceleration clause Signup and view all the answers

What percent equity of the purchase price allows a borrower to request cancellation of PMI?

20% Signup and view all the answers

When might a lender be willing to release the original seller from liability in a mortgage assumption?

all of the above Signup and view all the answers

The index plus the margin establishes the

calculated rate Signup and view all the answers

Most conventional loans follow the underwriting standards outlined by

Freddie Mac and Fannie Mae Signup and view all the answers

What would an 8% interest rate become if 4 points were charged??

8 1/2% Signup and view all the answers

What type of loan is often used when a seller will not accept a property sale contingency?

bridge loan Signup and view all the answers

How does a borrower use private mortgage insurance?

a borrower can get a conventional loan with a lower down payment by insuring the loan through private mortgage insurance Signup and view all the answers

PMI loans made after July 1999 require that the loan must be released

when the loan-to-value ratio reaches 78 percent Signup and view all the answers

Mark gets a home loan and the lender will charge him 3 points at closing. If the loan is for $68,000, what will Mark be assessed in points?

$2,040 Signup and view all the answers

Which repayment plan is known as an interest-only loan?

straight Signup and view all the answers

What type of document does a homeowner sign when agreeing to a mortgage?

promissory note Signup and view all the answers

Which mortgage clause requires a borrower to maintain the physical condition of the mortgaged property?

Preservation and Maintenance of Property Signup and view all the answers

Which mortgage clause requires the borrower to maintain the physical condition of the property?

preservation and maintenance of property Signup and view all the answers

In which of the following types of loans is the payment allocated only to interest?

interest only Signup and view all the answers

Loan flipping is

when a lender encourages a borrower to refinance a loan so that they can charge high points and fees for the new loan Signup and view all the answers

Which of the secondary mortgage market agencies is a shareholder-owned company?

Fannie Mae Signup and view all the answers

Which of the following is a major credit reporting agency?

Experian Signup and view all the answers

Which of the secondary mortgage market agencies is now a private corporation?

Fannie Mae Signup and view all the answers

When a lender requires a higher down payment due to the neighborhood where the property is located, this is called

redlining Signup and view all the answers

Lenders use all of the following to determine whether or not to grant a loan EXCEPT

the marketability of the property's title Signup and view all the answers

Licensees who violate Regulation Z advertising requirements may be fined up to

$1,000 Signup and view all the answers

Which of the secondary mortgage market agencies sets guidelines for conforming loans?

Fannie Mae Signup and view all the answers

________ is a shareholder-owned company that works to make sure mortgage money is available for people across the country

Fannie Mae Signup and view all the answers

Ginnie Mae developed the first mortgage-backed security in

1970 Signup and view all the answers

What is the risk of debt consolidation?

a person could lose all his financed assets when they cannot pay the one bill Signup and view all the answers

In what type of mortgage-backed security does the security holder receive payment of both principal and interest, whether or not it has been collected?

the fully modified pass-through security Signup and view all the answers

Loans originated in the primary mortgage market can be bought, sold, or traded in the

secondary mortgage market Signup and view all the answers

It is important for the lender to determine the ______ of a particular piece of property at any given point in time.

market value Signup and view all the answers

Freddie Mac introduced the first conventional-loan-backed security in

1970 Signup and view all the answers

If Tara and Al are putting 35% down on their home purchase, this is considered a(n)

low loan-to-value ratio Signup and view all the answers

What is not a common way that mortgage funds are shifted?

the Federal Reserve purchasing mortgages from smaller member banks Signup and view all the answers

What is a type of zoning in which density is determined for an entire area, rather than on a lot-by-lot basis?

cluster zoning Signup and view all the answers

Who can enact zoning ordinances?

city or county governments Signup and view all the answers

What can Sarah's neighbors do if she violates restrictive covenants and installs a swimming pool on her property?

file for an injunction Signup and view all the answers

A non-profit organization wants to erect a much-needed daycare center in a residential zone. Given other favorable circumstances, the local authorities grant permission by allowing what?

a special exception Signup and view all the answers

If a municipality exerts its power of eminent domain against a certain property owner, what happens?

the owner must sell the property or grant an easement to the municipality for just compensation Signup and view all the answers

What is typically not covered by building codes?

the zoning of a building Signup and view all the answers

If a person dies with no heirs and no one else to receive the deceased person's property, the state uses the power of ______ to claim the property.

escheat Signup and view all the answers

New York's ___________________ requires all state and local government agencies to assess the environmental significance of all actions they have discretion to approve, fund, or directly undertake.

State Environmental Quality Review Act Signup and view all the answers

In NY, ________ liens take priority over any other liens.

property tax Signup and view all the answers

The following is NOT an example of the exercise of police power.

restrictive covenants Signup and view all the answers

What do we call programs that encourage a shift in development away from environmentally sensitive areas to more appropriate areas?

transfer of development rights Signup and view all the answers

If the zoning appeals board rejects a zoning appeal, the landowner may appeal the ruling by petitioning the NY Supreme Court through a/n

Article 78 proceeding Signup and view all the answers

Which of the following has a stake in privately owner property?

all of the above Signup and view all the answers

What is the fundamental purpose of a building permit?

to ensure that improvements comply with codes Signup and view all the answers

Zoning is

the process of planning for land use by a locality to allocate certain kinds of structures in certain areas Signup and view all the answers

Where does the term "taking" come from in regard to eminent domain?

The Fifth Amendment Signup and view all the answers

The regulation that requires a sub-divider to make a filing with the NYS DOS before offering to sell or lease subdivided vacant lands on an installment plan is

NYS Article 9-A Signup and view all the answers

What makes it possible for there to be a free exchange of development rights without having to buy or sell land?

transfer of development rights Signup and view all the answers

________ control of land use was the precursor to public land use control in the US.

private Signup and view all the answers

How are covenants enforced?

by injunction Signup and view all the answers

In platform framing, what are the members called that frame the structure?

studs Signup and view all the answers

A ________ is a protective device containing a wire that melts and breaks the circuit when the current exceeds a certain value.

fuse Signup and view all the answers

The double top plate used in load-bearing walls is called a

flitch beam Signup and view all the answers

Oil-fired heating has what disadvantage?

requires delivery and storage Signup and view all the answers

_______ insulation is a two-part liquid containing a polymer and a foaming agent.

Spray foam Signup and view all the answers

How is amperage calculated?

watts or kilowatts Signup and view all the answers

What kind of gas is used for cooling in air conditioners?

freon Signup and view all the answers

What does the NY Unifrom Fire Prevention and Building Code require regarding vapor barriers that the National Building Code does not require?

the barrier must be treated for termites Signup and view all the answers

A building envelope

is the outer shell that protects the indoor environment Signup and view all the answers

Where would a contract find a list of materials needed for building construction?

the specifications Signup and view all the answers

What holds the entire weight of the structure?

footings Signup and view all the answers

The part of the foundation which transmits loads directly to the soil is called

the footing Signup and view all the answers

Who provides guidelines for the construction of private wells in NY?

The NYS Department of Health Signup and view all the answers

What type of furnace has a heat exchanger to burn the fuel, which is either natural gas, propane, or butane?

a gas-fired furnace Signup and view all the answers

Which of these types of wire would probably not be found in a residence/

steel wire Signup and view all the answers

When construction is complete, final inspections will be done and if all is up to code, the building department will issue a

certificate of occupancy Signup and view all the answers

________ is anything attached to a piece of land or building such that it becomes a part of that property and is passed on to a new owner when the property sells.

an appurtenance Signup and view all the answers

What amount of heat energy is needed to raise the temperature of one pound of water by one degree F?

a british thermal unit Signup and view all the answers

What onsite system is designed to treat and dispose of domestic sewage?

a septic system Signup and view all the answers

_______ minerals are fibrous silicates with a crystalline structure and are found in rock formations throughout the US and the world.

asbestos Signup and view all the answers

Radon is caused by the decay of

uranium Signup and view all the answers

Who should remove asbestos?

a certified professional Signup and view all the answers

Which phase of an environmental assessment confirms contamination at a site?

Phase II Signup and view all the answers

The government regulates USTs when the storage capacity reaches how many gallons?

1100 Signup and view all the answers

What is the primary environmental hazard of underground storage tanks?

they might leak hazardous substances which will contaminate the groundwater Signup and view all the answers

What is the primary hazard of chlorofluorocarbons to the environment?

they deplete the ozone layer Signup and view all the answers

Which of the following statements is TRUE regarding sick building syndrome?

live plants reduce the number of contaminants Signup and view all the answers

Whose responsibility is it to have private well water tested?

the homeowner Signup and view all the answers

An area that contains water at or near the surface of the soil is called a

all of the above Signup and view all the answers

The maximum water containment level is defined by

The NY Sanitary Code Signup and view all the answers

In most cities and towns, water utility companies provide drinking water through a

municipal system Signup and view all the answers

Areas where water covers the soil, or is present either at or near the surface of the soil all year are

wetlands Signup and view all the answers

Asbestos should only be removed

by a professional Signup and view all the answers

When is a percolation test used?

before a septic tank is installed Signup and view all the answers

When does asbestos pose a health hazard?

when it is released into the air as dust or fibers Signup and view all the answers

The Superfund regulates

cleanup of hazardous waste dumps and spills Signup and view all the answers

Mold grows as a result of

moisture Signup and view all the answers

In the ________ section of the Lead-Based Paint Disclosure Form, the real estate licensee initials to indicate that he or she has informed the sellers as required and is aware of his or her responsibility to ensure compliance.

Agent's Acknowledgment Signup and view all the answers

Which of the following is not a consideration when doing a residential market analysis?

the value of the property's land Signup and view all the answers

Under the ______ heading of the Comparative Market Analysis Form is a row to add all the pertinent information about the seller's property.

subject Signup and view all the answers

The cost approach would be most reliable for which of these properties?

county court house Signup and view all the answers

The highest price a buyer is willing to pay and the lowest price the seller will accept for a property is known as what?

market value Signup and view all the answers

The licensee should keep track of the pending sales and the active listings of the homes that he or she included in the CMA. This responsibility falls under

documentation Signup and view all the answers

If a comparable lacks a feature that the seller's property has the licensee will

add the value of the feature to the price of the comparable Signup and view all the answers

The nominal value of a property that has reached the end of its economic life is called _______ value.

salvage Signup and view all the answers

Which of the following would not be found in a competitive market analysis?

recently remodeled homes Signup and view all the answers

Ian Prazer is assessing Ryan Seller's property using the sales comparison method. Which of the following statements is FALSE?

Ian's first step will be to estimate the potential gross income of Ryan's property Signup and view all the answers

What is the last step in the cost valuation approach?

add the land value to the depreciated cost Signup and view all the answers

If a comparable has a feature that the seller's property does not have, the licensee will

subtract the value of that feature from the price of the comparable Signup and view all the answers

The income capitalization approach, or income approach, is more specifically used for appraising

income or rental properties Signup and view all the answers

The licensee will always be making the adjustments to

the comparables Signup and view all the answers

A competitive market analysis is an attempt to do what?

identify an estimate of a property's value based on comparables Signup and view all the answers

The extra value created by merging two parcels of land is called

plottage value Signup and view all the answers

A taxing authority determines the

assessment value Signup and view all the answers

A broker or salesperson who is attempting to establish a listing price, or range of prices for a property, uses a scaled-down version of the appraiser's sales comparison approach called a

comparative market analysis, or CMA Signup and view all the answers

If the appraiser is using the cost approach to determine the value or a property where the land is valued at $20,000 and the replacement cost of the improvements is $125,000 with a total depreciation of $9,000, what is the indicated value of the property?

$136,000 Signup and view all the answers

A property's market price is

the highest price a buyer will pay and the lowest price the seller will accept Signup and view all the answers

When did the Americans with Disabilities Act become effective?

1992 Signup and view all the answers

How many hours must a licensee complete in fair housing and discrimination education as part of continuing education requirements?

3 hours Signup and view all the answers

Which of the following is not prohibited by a non-solicitation order?

advertisements in the newspaper Signup and view all the answers

A person who believes he or she has been discriminated against has how long from the time of the alleged violation to file a suit in a state or federal court?

24 months Signup and view all the answers

Which of the following BEST describes the term "preference?"

knowingly liking one thing or one person better than others Signup and view all the answers

Which section of the NYS Human Rights Law prohibits discrimination in employment, housing, credit, places of public accommodations, and educational institutions?

Article 15 Signup and view all the answers

If discrimination is found, the Commissioner may order the respondent

to cease and desist and take appropriate action Signup and view all the answers

Violations of the Americans with Disabilities Act may result in the Department of Justice imposing civil penalties up to ______ for second and subsequent violations.

$110,000 Signup and view all the answers

Who would not be protected under the protected class referred to as "familial status"?

a parent with a 24-year old son Signup and view all the answers

Which is not a true statement about the Americans with Disabilities Act?

a duplex owner might need to remodel the kitchen in the rental unit to accommodate persons with disabilities Signup and view all the answers

In a process known as _______, dwellings that were formerly occupied by middle- and upper-income families decline in quality and value and become available to lower-income families.

filtering down Signup and view all the answers

Fair Housing law first began with the ______ which prohibited discrimination in housing based on race.

Civil Rights Act of 1866 Signup and view all the answers

In which of the following NY discrimination exemptions may a real estate broker legally be involved?

restrictions of rentals to senior citizens Signup and view all the answers

______ bias refers to how people primarily search for bits of evidence that back up their opinions, rather than looking at the whole picture.

Confirmation Signup and view all the answers

Homeowners on a cease and desist list

cannot be solicited to sell, lease, or list their property Signup and view all the answers

Testing for fair housing compliance must

report findings to HUD and your broker Signup and view all the answers

Which race-related court case was decided by the Supreme Court to be based on a law that was unconstitutional?

Buchanan v. Warley Signup and view all the answers

When would a model home in a real estate development need to comply with the ADA?

when it is used as the development's sales office Signup and view all the answers

Sue has a seizure disorder and has a 70-pound seizure alert service dog. Bob has refused to rent an apartment to Sue because he has a "no pets over 30 pounds" policy.

Bob must allow Sue to rent the apartment with her larger service dog Signup and view all the answers

Assuming a minimum tax rate of $0.75 to record a mortgage in NY, a mortgage of $175,000 would have a recording tax of?

$1,312.50 Signup and view all the answers

Beth is getting a $375,000 loan at 6.25% and will pay 2 origination points at closing. What will the effective interest rate be?

6.25% Signup and view all the answers

If Joe sells a property for $375,000 with a 6.25% commission rate, how much commission will Joe receive (rounded to the nearest whole dollar)?

$23,438 Signup and view all the answers

A property has an assessed rate of $69,100. What are the annual taxes if the rate is $2.05 per $100?

$1,416.55 Signup and view all the answers

Calculate the transfer tax for a property that sold for $375,000 with an assumed mortgage of $125,000.

$1,000.00 Signup and view all the answers

What are the conventional loan guidelines for income and debt ratios?

28 income/36 debt Signup and view all the answers

If a lender changes three (3) points on a $90,000 loan, the borrower would pay points of?

$2,700.00 Signup and view all the answers

A triangular lot measures 220 feet wide (base) and 160 feet deep (height), what is the area of the lot?

17,600 square feet Signup and view all the answers

What is the simple interest on a $16,000 loan at 8% for 2 years?

$2,560 Signup and view all the answers

Tom is getting a $275,000 loan at 6.5% and will pay 1 origination point and 2 discount points. What will the total point cost be?

$8,250 Signup and view all the answers

John and Trish obtain a $500,000 mortgage loan for 20 years at a fixed rate of 6%. The amortization calculation indicates their monthly payment to be $2,965. How much will their second month's interest payment be?

$2,497.67 Signup and view all the answers

A parcel of property is 609,840 square feet. How many acres are in the parcel?

14 acres Signup and view all the answers

If a property was purchased for $150,000 and appreciated 2% in 1 year, how much did the property appreciate?

$3,000 Signup and view all the answers

Calculate the total interest due on the following loan amount, $12,500 at 5.5% for one year?

$687.50 Signup and view all the answers

Tom and Jenna are getting a $175,000 loan at 5 percent and will pay 4 discount points. What will the effective interest rate be?

5.50% Signup and view all the answers

A rectangular parcel contains 2.5 acres of land and has a road frontage width of 150 feet, what is the depth of the property?

726 feet Signup and view all the answers

If a property was purchased at $250,000 with a land value of $30,000, what is the annual depreciation over an economic life of 25 years?

$8,800 Signup and view all the answers

What is the primary mission of a historic preservation commission?

identify and protect historic landmarks Signup and view all the answers

What is one of the most important documents for a planning board?

master plan Signup and view all the answers

In a city of less than 50,000 people, the board of health must include

at least 1 doctor Signup and view all the answers

Compliance to building codes is overseen by

the building department Signup and view all the answers

Your buyers want to purchase one of your listings and add a second story to it. Who should they consult?

building department Signup and view all the answers

The NYC Board of Health consists of how many members?

1 Signup and view all the answers

A village board of trustees is made up of which of the following?

the mayor and a group of trustees (usually four) who are all elected officers Signup and view all the answers

All residents of NY who do not live in a city or on an Indian reservation live in a

town Signup and view all the answers

A function of a building department is to

oversee compliance to the building codes Signup and view all the answers

If a homeowner wants to install a septic system, whose guidelines must the homeowner follow?

the department of health Signup and view all the answers

Tax assessors are appointed at the _______ level.

municipal Signup and view all the answers

In many cities a(n) ______ acts to preserve existing areas of natural beauty and cultural importance.

Architectural Review Board Signup and view all the answers

What does a town assessor do?

determines a property's tax value Signup and view all the answers

If a local building code happens to be more restrictive than the NY building code, which building code must be enforced?

local Signup and view all the answers

Which statement about a town board is not true?

the town council must create a planning board Signup and view all the answers

Members of the NYC Board of Health serve how long?

6 years Signup and view all the answers

In NY State, a _______ is a highly autonomous incorporated area usually contained within a county.

city Signup and view all the answers

What is the primary mission of the NYS Department of Environmental Conservation?

conservation of natural resources Signup and view all the answers

Replacement cost coverage on a home's contents usually costs an additional

10% - 15% Signup and view all the answers

For a hurricane to be covered by a policy with a compulsory windstorm deductible, regardless of the insurer, the storm must

be classified as a hurricane Signup and view all the answers

Which type of coverage is NOT available through the NY Property Insurance Underwriting Association?

theft Signup and view all the answers

Which of the following would be covered under the liability portion of a homeowner's policy?

injury of a person on the owner's property due to the negligence of the property owner or a member of the owner's family Signup and view all the answers

How can a homeowner with a NYPIUA policy obtain liability coverage?

through wrap-around coverage with another carrier Signup and view all the answers

Sue purchased a homeowner's policy to cover 75% of its replacement value and then experienced a $13,000 loss by vandals. How much can Sue expect to receive from her insurance company to cover the loss?

$12,187.50 Signup and view all the answers

If a homeowner installs hurricane or storm shutters the law mandates

the insurer must offer coverage discounts Signup and view all the answers

Which is one of the things a property owner should do to determine how much insurance to purchase?

determine the cost to replace the home if it was completely destroyed Signup and view all the answers

For consumers who are unable to purchase insurance from individual insurance companies, the NY Property Insurance Underwriting Association (NYPIUA) offers policies for

fire coverage Signup and view all the answers

A Homeowners-1 (HO-1), or Broad Form policy, would insure against

damage from fire Signup and view all the answers

When does an umbrella policy provide coverage?

when the liability on other policies has been exhausted Signup and view all the answers

There is _________ coverage under a homeowner's policy for day care activities which result from a mutual exchange of services (e.g. watching your neighbor's children while she runs errands).

limited liability Signup and view all the answers

How is the amount of coverage available for personal property normally figured?

it is a percentage of the amount of insurance carried on the structure Signup and view all the answers

Which of these policies is the most common for a residential property?

HO-3 Signup and view all the answers

Which policy specifically for older homes whose replacement value exceeds the market value?

HO-8 Signup and view all the answers

Which policy is sold much less than other policies?

HO-1 Signup and view all the answers

The C-MAP program can help homeowners find insurance for what type of area?

coastal Signup and view all the answers

Due to ________ the replacement cost of a home generally increases each year.

inflation Signup and view all the answers

How many distinct codes words to have are considered the right amount?

3 Signup and view all the answers

What is known as "the illegal use of someone else's personal information in order to obtain money or credit?

identity theft Signup and view all the answers

Which of the following is NOT one of the recommended personal agent safety steps listed in this course?

carry multiple firearms Signup and view all the answers

According to the US Bureau of Labor Statistics, how many work related fatalities were recorded in 2014 for real estate salespersons and brokers?

29 Signup and view all the answers

How does the National Association of REALTORS feel about requesting that prospects fill out an ID form prior to showing property?

they recommend an ID Form and provide a template for offices to use Signup and view all the answers

Every time we connect to ___________ we make decisions that affect out cybersecurity.

all the answers shown Signup and view all the answers

There are many steps that can be taken to avoid becoming victims of identity theft or online scams. Which of the following would not qualify as a step to take to minimize your chances of identity theft?

when in doubt, save it Signup and view all the answers

"Assessed value x tax rate = annual taxes" is the formula for circulating

property tax Signup and view all the answers

The installation of __________ is more likely to prompt a reassessment than other types of construction projects.

an in-ground swimming pool Signup and view all the answers

What option is available to a homeowner who receives a tax bill that she feels is outrageous?

file a complaint with the local board of assessment review Signup and view all the answers

Jerry and Sue's home is valued at $500,000 and is assessed at 90% of its value. If the tax rate is 3%, what is Jerry and Sue's annual tax bill?

$13,500 Signup and view all the answers

The purpose of a homestead tax exemption is

to offer some amount of tax relief on an owner's principal residence Signup and view all the answers

Excessive assessment complains fall into any one of the following categories EXCEPT

denial of permanent exemption Signup and view all the answers

The Real Property Tax Law requires that state equalization rates be established _ for __.

annually; each county, city, town, and village Signup and view all the answers

The property tax exemption provided to qualifying seniors is

a 50% reduction of the taxable value of their home Signup and view all the answers

Who has the burden of proof for an assessment change when a homeowner appeals an assessment?

the homeowner Signup and view all the answers

What does a tax certificate do?

entitles its holder to apply for a tax deed after a certain period Signup and view all the answers

The Real Property Tax Law requires state equalization rates to be established every

year Signup and view all the answers

Who is eligible to a small claims assessment review?

single family homeowner occupant Signup and view all the answers

Which limited use farm structure does NOT qualify for a permanent property tax exemption?

milking barn Signup and view all the answers

The alternative veteran's exemption is available only for residential property owned by veterans who

served during wartime and/or earned a medal Signup and view all the answers

What is a unique characteristic of a special assessment tax?

it only applies to properties which will benefit from the public improvement Signup and view all the answers

Which of the following is one reason why equalization is necessary in NY?

there isn't a fixed percentage at which property must be assessed; municipalities can set their own percentages Signup and view all the answers

Tax bills are calculated based on

the assessment of the property and the local tax rates Signup and view all the answers

To recover taxes owed on a property, the state of NY allows a taxing district to

foreclose on the property and hold an administrative tax sale Signup and view all the answers

Local taxing authorities find taxing land to be beneficial. Which of the following is one of those benefits?

property taxes raise more revenue than income and sales taxes Signup and view all the answers

A borrower's _________ is calculated based on all of the monthly obligations the borrower has, including those items or payments the borrowers must make for other debts, such as car payments or revolving charge accounts.

debt ratio Signup and view all the answers

Condominium common elements can include which of the following?

elevator Signup and view all the answers

What can happen if a buyer's temporary certificate of occupancy expires?

inability to extend homeowner's insurance, or to sell or refinance home Signup and view all the answers

Which of the following fees are NOT the buyer's responsibility?

transfer tax Signup and view all the answers

A temporary certificate of occupancy is typically effective for _______ after the issue date.

90 days Signup and view all the answers

Which document is used to reserve a condominium for purchase?

letter of intent Signup and view all the answers

What are the monthly payments that cover a condo owner's share of the costs of operating the building, including building upkeep, insurance, and salaries for building staff?

common charges Signup and view all the answers

What are the three documents that are considered the legal blueprint of a condominium?

Declaration, Articles of Incorporation, and Rules and Regulations Signup and view all the answers

The document intended to help buyers make an informed decision about their purchase is called a(n)

all of the above Signup and view all the answers

The consent of the cooperative corporation is required for a shareholder to make any changes to his or her unit. This is done in the form of

an alteration agreement Signup and view all the answers

Condominium flipping requires

the developer's permission Signup and view all the answers

Which closing cost is the seller responsible for?

NY State Transfer Tax Signup and view all the answers

In a new building, when does the sponsor have to submit an amendment to the Attorney General?

only if the price changes for all units or a section of units Signup and view all the answers

The sale of co-op shares, condo units, or interest in homeowners' associations is subject to the Martin Act, as is the sale of other securities, such as stocks and bonds. The law requires that a complete description of these kinds of real estate interest be provided in

an offering plan Signup and view all the answers

A condominium can be

all of the above Signup and view all the answers

The document that describes the way the condominium is governed is called the

Declaration Signup and view all the answers

Who approves a prospective purchaser's purchase in a cooperative?

board of directors Signup and view all the answers

How long do tenants have exclusive right to buy their units in converted buildings?

90 days Signup and view all the answers

CPS1 allows the developer to

market test the condominiums Signup and view all the answers

The condo sponsor does not

serve on the board Signup and view all the answers

Along with the amount of income, what else do banks want to see in a borrower's income?

stability and permanence of the income Signup and view all the answers

Which type of property is the riskiest investment?

unimproved land Signup and view all the answers

What type of retail centers have a total leasable area of up to 30,000 square feet and are usually anchored by a convenience store, such as a minimarket?

strip centers Signup and view all the answers

How can an investor obtain a substantial tax benefit when investing in a fixer upper?

live in the home for 2 years Signup and view all the answers

Mega malls contain

three or more full-line department stores Signup and view all the answers

Which occurrence is advantageous to investing in undeveloped land?

appreciation potential Signup and view all the answers

A building that contains retail space on the first floor and office space on the second floor is what type of property?

mixed-use Signup and view all the answers

With a two-to-four family dwelling as an investment, which of the following expenses would the owner probably not pay for?

gas Signup and view all the answers

Financial leverage can be measured as

a debt to equity ratio Signup and view all the answers

Leverage is

using other people's money for investing Signup and view all the answers

Real estate is typically

illiquid Signup and view all the answers

What is the primary advantage(s) of owning a condominium as an investment property?

condos are easy to rent and the condo's association provides exterior and grounds maintenance Signup and view all the answers

Which of the following is an advantage of investing in a two-to-four unit dwelling?

tenants ofter pay for their own utilities and repairs Signup and view all the answers

Why are condominiums good investment properties?

they are easy to rent and the investor is not responsible for exterior maintenance Signup and view all the answers

Which office building would have one to five stories with landscaping?

garden Signup and view all the answers

When dealing with a fixer-upper, which principle of value will not have an effect on the property?

progression Signup and view all the answers

What covenant might a condominium have that would interfere with an investor's plans for the condo?

requirement to live in the condo for 1 year before leasing it Signup and view all the answers

Unexpected inflation can diminish an investor's rate of return if the income from the investment does not increase enough to make up for the effect of the inflation. This risk is known as

inflation risk Signup and view all the answers

Which of the following is NOT a disadvantage of investing in a single-family home?

scarcity Signup and view all the answers

If an investor has a property that has an income of $100,000, expenses of $16,000, and a debt service of $25,000, what is that property's BTCF?

$59,000 Signup and view all the answers

Which of the following factors does NOT affect the net operating income of a property?

purchase price Signup and view all the answers

Which of these factors does not affect net operating income?

amenities Signup and view all the answers

The principal and interest payments made over a period of time is called the

debt service Signup and view all the answers

At any particular point in time, all the space that is available in a building may not be leased. When units are empty, this is referred to as

vacancy Signup and view all the answers

A tax shelter is

any investment designed to delay, reduce, or avoid income taxes Signup and view all the answers

If a property has an NOI of $23,500 and mortgage expenses of $12,000, what is the amount of before-tax cash flow for this property?

$11,500 Signup and view all the answers

The ______ measures the investor's ability to pay the property's monthly mortgage payments from the cash generated from renting the property.

debt coverage ratio Signup and view all the answers

Which of the following is a variable expense?

management fees Signup and view all the answers

If an investor has a before-tax cash flow of $18,000 and a tax liability of $2,500, what is this investor's after-cash tax flow?

$15,500 Signup and view all the answers

What is the formula for cash-on-cash return?

(annual before-tax cash flow) / (total cash invested) Signup and view all the answers

Investor Kiki's property has a potential rental income of $86,000. The vacancy and collection losses for the year were $21,400. The property had operating expenses of $38,780. Kiki's mortgage expenses for the property were $40,200. What is the before-tax cash flow for Kiki's property?

($14,380) Signup and view all the answers

Investor Amanda’s property has a potential rental income of $44,400. The vacancy and collection losses for the year were $1,230. The property had operating expenses of $5,120. Amanda’s mortgage expenses for the property were $12,550. Amanda invested $200,000 cash with the property's down payment. What is the before-tax cash-on-cash return for Amanda’s property?

12.75% Signup and view all the answers

Which rate is used to determine the value of a property?

capitalization rate Signup and view all the answers

If John's investment property has an NOI of $100,000 the first year, mortgage payments of $75,000 with $60,000 in interest, and a first-year depreciation of $55,000, how much tax will John pay?

none Signup and view all the answers

What is the profit that an investor actually received from income-producing property?

after-tax cash flow Signup and view all the answers

Sue's NOI is $128,000, and her operating expenses are $26,400. She has mortgage expenses of $55,250 with $48,000 of that being interest. Her property has depreciated $8,500 for the year and is in a 24% tax bracket. What is Sue's tax liability?

$17,160 Signup and view all the answers

To find the _______, subtract the debt service from the net operating income.

before-tax cash flow Signup and view all the answers

The best starting point for estimating a property's current operations is by

looking at the property's recent past operations Signup and view all the answers

What document assigns rights, duties, and responsibilities between the owner and the tenant?

the lease Signup and view all the answers

A lease escalation clause

periodically increases the rent Signup and view all the answers

How is usable square footage determined?

(rentable square footage) - ((rentable square footage) x (loss factor)) Signup and view all the answers

Which of the following is NOT a common type of insurance purchased to cover the risks of leasing commercial property?

worker's compensation insurance Signup and view all the answers

Which lease option allows the owner to relocate the tenant to another space in the same building during the term of the lease?

tenant relocation option Signup and view all the answers

Which type of lease includes fluctuating periodic rent increases and a low base rent?

indexed lease Signup and view all the answers

If the landlord quotes the size of a building at 128,000 square feet "rentable," with an 11% loss factor, how much usable space is there?

113,920 square feet Signup and view all the answers

The ________ restricts a commercial tenant's utilization of the rented space by indicating what business activities are allowed by the tenant.

use clause Signup and view all the answers

CAM stands for

common area maintenance Signup and view all the answers

Which of the following is NOT a reason to lease instead of buy?

less flexibility with leasing Signup and view all the answers

leases are usually individualized and are net leases. Most _ leases have a three to five year term, although many tenants prefer longer-term leases, especially when they are installing expensive equipment that would be very difficult.

industrial Signup and view all the answers

Which lease escalation clause passes on prorated increase in taxes, heat, and maintenance to the tenant?

direct operating Signup and view all the answers

The difference between the rentable and useable square footage is the

loss factor Signup and view all the answers

When evaluating a tenant, the owner considers all of the following EXCEPT which?

employee background Signup and view all the answers

When the landlord pays the electric usage for the entire building based on one meter, this is called

master metering Signup and view all the answers

What is the footage within the tenant's space that excludes such things as elevator shafts, public restrooms, heating and air conditioning equipment areas, and public stairwells?

usable square footage Signup and view all the answers

With what kind of lease does the owner pay all of the operating expenses?

gross Signup and view all the answers

Leases for small retail businesses tend to be for

1 to 2 years Signup and view all the answers

Matt sold his house for $2,200,000 and had $195,000 in closing costs. His beginning basis was $1,955,000 and he spent $5,000 on capital improvements. What is Matt's capital gain for tax purposes? (assume he doesn't qualify for an exclusion)

$45,000 Signup and view all the answers

Carol sold her investment property for $450,000 and had $21,000 in closing costs. The property had a beginning basis of $312,000, capital improvements of $34,000, and depreciation of $80,000. What was Carol's capital gain?

$163,000 Signup and view all the answers

Homeowners can deduct all but which of the following from their income taxes?

depreciation Signup and view all the answers

Home equity debt is any mortgage taken out after October 13, 1987 that

does not qualify as either home acquisitioned debt or grandfathered debt and is secured by the homeowner's qualified home Signup and view all the answers

What is a measurement of how much is invested in the property for tax purposes?

basis Signup and view all the answers

Rob and Lori purchased a home for $350,000 with an additional $5,000 in related purchase costs and then added a garage at a cost of $25,000. They sold the home for $450,000 and paid $28,000 in selling costs. How much was adjusted basis?

$380,000 Signup and view all the answers

Sam purchased a factory with an initial tax basis of $13,000,000. What is his monthly depreciation allowance?

$27,778 Signup and view all the answers

In a 1031 exchange, what is the period within which a person who has sold the relinquished property must receive the replacement property?

the exchange period Signup and view all the answers

What is the formula for determining the amount realized from the sale of a home?

(sale price) - (costs of sale) Signup and view all the answers

An unrealized capital gain is

the amount of profit that would result in the sale of an investment if it were to be sold Signup and view all the answers

When was the Taxpayer Relief Act signed into law?

1997 Signup and view all the answers

A(n) _______ is the financial result of an investment that has been sold at a profit.

realized capital gain Signup and view all the answers

Stan sold his investment property for $97,000 and had $8,000 in closing costs. The property had a beginning basis of $77,000, capital improvements of $4,000, and depreciation of $15,000. What was Stan's capital gain?

$23,000 Signup and view all the answers

The tax rate that applies to income is called the =

marginal tax bracket Signup and view all the answers

The process wherein the depreciation portion of the gain is taxed as capital gain is called

recaptured depreciation Signup and view all the answers

Rob and Lori purchased a home for $350,000 with an additional $5,000 in related purchase costs and then added a garage at a cost of $25,000. They sold the home for $450,000 and paid $28,000 in selling costs. How much was the gain on the sale of their home?

$42,000 Signup and view all the answers

Section 1031 exchanges are

tax deferred Signup and view all the answers

In order to qualify for a tax-deferred exchange, how many days does an exchanger have to contract for the replacement property?

45 Signup and view all the answers

What income taxes do residents of NYC have to pay?

federal, state, and city income taxes Signup and view all the answers

What is the maximum net capital loss that can be deducted annually?

$3,000 Signup and view all the answers

Jesse sold his home for $187,999. During the sale process, Jesse paid his broker a commission of 6% of the sale price, $1,500 in marketing for the home, and $5,000 in other closing costs. How much did Jesse realize from the sale of his home, rounded to the nearest dollar?

$170,219 Signup and view all the answers

A mortgage broker must provide which of the following disclosures to each person applying for a mortgage loan?

the amount of compensation the mortgage broker will receive from the lender Signup and view all the answers

One way for a mortgage broker to get a favorable interest rate is to use a rate lock. The the length of the rate lock, the the interest rate will be.

longer, higher Signup and view all the answers

Because mortgage bankers lend their own money, they are regulated __________.

less than traditional lending institutions, on a state level Signup and view all the answers

All of the following statements are TRUE except

mortgage bankers use depositor money to make loans Signup and view all the answers

What does a mortgage broker usually do?

bring borrower and lender together Signup and view all the answers

The longer the length of the rate lock,

the higher the interest rate will be Signup and view all the answers

Which of these components is not part of a lock in?

appraisal Signup and view all the answers

The lender's loan prequalification letter

states that a potential borrower would qualify for a loan of a certain amount Signup and view all the answers

All of the following are exempt from continuing education requirements EXCEPT

mortgage brokers Signup and view all the answers

What is the main similarity of a mortgage banker and a savings and loan association in terms of mortgage loans?

they both make residential mortgage loans Signup and view all the answers

Which of the following statements is TRUE?

a prequalification letter shows the seller that the buyer is qualified to make the purchase Signup and view all the answers

Loans that are more than the bank funding criteria limits are called

nonconforming loans Signup and view all the answers

All of the following are loan servicing duties EXCEPT for

title search Signup and view all the answers

Penalties for violating the banking law do NOT include

letter of reprimand Signup and view all the answers

When the owner and property manager sign a management agreement, they are creating a

general agency Signup and view all the answers

What is an important task for a manager of a condominium or cooperative?

physically managing the property Signup and view all the answers

Which of the following is an organization that offers educational and professionals programs in property management?

IREM Signup and view all the answers

When a property manager or management company performs real-estate related tasks (such as collecting rent) for one owner, and that owner is paying the manager a salary,

the property manager is not required to have a real estate license Signup and view all the answers

Which of the following is NOT a professional property management organization?

ISCC Signup and view all the answers

When demand falls and the vacancy rates rise, the result is

fierce competition for tenants and reduced rental rates Signup and view all the answers

When setting up a rent schedule, a property manager should analyze all of the following EXCEPT

new home sales Signup and view all the answers

The property manager's responsibilities are outlined and bound in

the management agreement Signup and view all the answers

To better achieve the owner's goal of return on investment and seeing a profit, the property manager should

provide as many tenant benefits as possible while staying within the budget Signup and view all the answers

The property manager is responsible to

the property owner and tenants Signup and view all the answers

"PUD" stands for

planned unit development Signup and view all the answers

Which function is not performed by a property manager?

preparing the property deed Signup and view all the answers

The Institute for Real Estate Management (IREM) was created as a subsidiary group of

National Association of REALTORS Signup and view all the answers

BOMA includes ________ local associations, with chapters in all the major cities.

94 Signup and view all the answers

When thinking about tenant retention and owner profits, a property manager should

give tenants the most benefits possible while still ensuring a good return to the owner Signup and view all the answers

A property manager must be license if he or she

is working for more than one owner Signup and view all the answers

A high vacancy factor in the local area may result in

a high vacancy rate for the subject property Signup and view all the answers

Which IREM Designation is reserved for individuals who meet a certain level of education and experience?

CPM Signup and view all the answers

RE Final

Choose a study mode

Podcast

Questions and Answers

Which of the following is NOT a mission of the Division of Licensing?

How many hours of education is a broker candidate required to complete in addition to those required for a salesperson’s license?

Which of the following is NOT one of the real estate broker license types?

In order to become a licensed salesperson in NY, a candidate must ____ successfully.

What NY law gives the DOS authority to regulate real estate brokers?

Sellers employ a broker to sell their home through the use of which of these documents?

Which penalty is not imposed by the DOS on a real estate broker for engaging in fraud?

The Salesperson Exam is a written exam in a multiple-choice format and contains ___ questions.

Which additional requirement must a candidate meet to become a licensed associate broker?

How much is the fee charged by the DOS for an associate broker license?

Which of the following is a requirement for becoming a licensed real estate broker in NY?

Which of the following is NOT a real estate license issued in NY?

The final step of the real estate transaction when the buyer gets the deed to the property, the seller gets the proceeds from the sale, and the broker gets his or her commission is called?

The mission of the NY Department of State, Division of Licensing Services (DOS) includes all of the following except?

How many members does the Governor appoint to the Board of Real Estate?

How many points are given for hotel sales experience?

Which of the following real estate licenses has a fee of $185?

The final step of the real estate transaction is

How many total years may a member of the NYS Board of Real Estate serve?

Which of the following is NOT part of the transaction closing?

How many members are on the Board of Real Estate?

In order to become a licensed broker in NY, a candidate must be at lease ___ years of age.

Real estate licensees should have a good knowledge of the loan programs that are currently available from local banks and other lenders so they can perform this state of the real estate transaction?

A listing contract gives the broker the authority to

NY has established a point system to help determine the experience a Broker candidate needs. A total of ____ points and the equivalent to two years of full-time experience for broker candidates.

In NY the real estate examinee must correctly answer at least ___ percent of the questions to pass the exam.

When does a broker receive his or her commission for listing and selling a property?

Failure to notify the DOS of a change of business address is grounds for which of the followings?

An officer of a legal entity may only be licensed as

Which of the following is NOT a requirement regarding real estate business signs?

To avoid consumer confusion a business card must include all of the following information except?

Which of the following is required of an apartment information vendor?

In a partnership brokerage, what else do the partners need besides a broker license?

Which of the following statements is TRUE?

Every licensed broker must keep and maintain a file of agency disclosures, listings, offers, closing statements and other transaction-related documents for a period of ___ years.

The fee for changing a broker's name or status is ____, except if the change is made on the renewal application.

license

Brokers may share compensation with any of the following licensed persons except?

How many hours of continuing education credit will a licensee receive for teaching an approved real estate course?

How many hours of continuing education is the salesperson licensee required to complete in cultural competency?

Of the 22.5 hours of continuing education, the topic of fair housing and/or discrimination in the sale or rental of real property must be at least how many hours?

What score is required to pass the written examination if an individual failed to renew his or her license on time because the individual enlisted in the US armed forces?

How would you define the following add placed by a broker in NY, "Two-family home, $190,000, Call 212-123-4567"?

The Licensing Department may issue a license to a corporation to conduct business as a real estate brokerage only if the applicant

Which of the following is required of a real property appraiser?

A broker maintaining more than one place of business must apply for and secure an additional ___ for each of the branch offices.

Which would be a service charged by the NYS Commission?

Which of the following is required of an apartment information vendor?

What must a licensee do to renew a license after the 2-year renewal date?

Which of the following courses would not be acceptable to meet the continuing education requirment?

If a licensee changes brokers, what must he or she do?

Of the 22.5 hours of continuing education, the topic of fair housing and/or discrimination in the sale or rental of real property must be at least how many hours?

Which of the following is required of an apartment-sharing vendor?

A salesperson can accept a commission from _____.

A _______ is a fee or rebate that is paid to an agent or another participant in a transaction as an incentive to refer customers to a particular vendor.

Jayson is a NY licensed salesperson. A local moving company asks Jayson to recommend his moving company to clients looking to relocate. In exchange, the mover will pay Jayson $200 for every client who moves with his company. This type of arrangement is which of the following?

The NY Department of State requires a broker to maintain what kind of bank account for client funds?

Broker Dean has a file cabinet full of agency disclosures, listings, offers, closing statements and other transaction-related documents. How long does he need to keep these documents?

Other professions that deal with real estate but require other types of licenses other than a real estate broker or salesperson license include all of the following except?

How many hours of continuing education are required for salesperson license renewal?

Which of the following is NOT required of a home inspector?

If a broker changes his or her business address and does not notify the DOS, what can happen?

Under what conditions may a broker allow an associate broker to operate a branch office?

If the Department denies a license application, the applicant will be notified in writing and may then ask for a hearing within ___ days of receiving the denial notice.

The Determination section of a hearing decision

Who is responsible is an unlicensed assisant performs any activity that requires licensure?

What section of Real Property Law makes practicing real estate without a license unlawful?

What is an Article 78 proceeding?

In the case studies, the Department of State is always which party?

If a licensee fails to pay child support, what is the DOS authorized to do?

Under which of the following circumstances would a broker lose or have their license suspended for a law violation committed by an associated licensee?

Which section of a hearing decision explains what violations the respondent committed?

In the case studies, the person and/or firm against whom the complaint was filed is always which party?

Which of the following tasks may an unlicensed assistant legally perform?

In cases brought against licensees in NY by the Department of State which of the following are the correct names of the parties?

Which of the following is NOT a penalty the DOS may impose for license law violations?