Podcast
Questions and Answers
Which of the following is NOT a mission of the Division of Licensing?
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?
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?
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.
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?
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?
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?
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.
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?
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?
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 a requirement for becoming a licensed real estate broker in NY?
Which of the following is NOT a real estate license issued 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 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?
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 members does the Governor appoint to the Board of Real Estate?
How many points are given for hotel sales experience?
How many points are given for hotel sales experience?
Which of the following real estate licenses has a fee of $185?
Which of the following real estate licenses has a fee of $185?
The final step of the real estate transaction is
The final step of the real estate transaction is
How many total years may a member of the NYS Board of Real Estate serve?
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?
Which of the following is NOT part of the transaction closing?
How many members are on the Board of Real Estate?
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.
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?
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
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.
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.
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?
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?
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
An officer of a legal entity may only be licensed as
Which of the following is NOT a requirement regarding real estate business signs?
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?
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?
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?
In a partnership brokerage, what else do the partners need besides a broker license?
Which of the following statements is TRUE?
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.
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.
The fee for changing a broker's name or status is ____, except if the change is made on the renewal application.
license
license
Brokers may share compensation with any of the following licensed persons except?
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 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?
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?
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?
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"?
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
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?
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.
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 would be a service charged by the NYS Commission?
Which of the following is required of an apartment information vendor?
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?
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?
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?
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?
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?
Which of the following is required of an apartment-sharing vendor?
A salesperson can accept a commission from _____.
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.
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?
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?
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?
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?
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?
How many hours of continuing education are required for salesperson license renewal?
Which of the following is NOT required of a home inspector?
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?
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?
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.
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
The Determination section of a hearing decision
Who is responsible is an unlicensed assisant performs any activity that requires licensure?
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 section of Real Property Law makes practicing real estate without a license unlawful?
What is an Article 78 proceeding?
What is an Article 78 proceeding?
In the case studies, the Department of State is always which party?
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?
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?
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?
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?
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?
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?
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?
Which of the following is NOT a penalty the DOS may impose for license law violations?
Which of these actions would be a license law violation?
Which of these actions would be a license law violation?
Which of the following statements is FALSE?
Which of the following statements is FALSE?
In the hearing decision the licensee being charged with a violation is always which party?
In the hearing decision the licensee being charged with a violation is always which party?
Which of the following tasks is illegal for an unlicensed assistant to perform?
Which of the following tasks is illegal for an unlicensed assistant to perform?
Which section of a hearing decision outlines what the court believes happened?
Which section of a hearing decision outlines what the court believes happened?
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?
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?
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?
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?
If an agency relationship arises because of the actions of the parties involved rather than by a written agreement, what is that agency called?
If an agency relationship arises because of the actions of the parties involved rather than by a written agreement, what is that agency called?
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?
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?
The principles of an agency relationship include all of these factors except which one?
The principles of an agency relationship include all of these factors except which one?
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?
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?
Broker Bob must obey Seller Sue's directives in all EXCEPT which of the following?
Broker Bob must obey Seller Sue's directives in all EXCEPT which of the following?
A property seller empowers an agent to market and sell a property on his behalf. What is this an example of?
A property seller empowers an agent to market and sell a property on his behalf. What is this an example of?
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?
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?
If an agent fails to verify a fact before passing it to the buyer, the agent has committed
If an agent fails to verify a fact before passing it to the buyer, the agent has committed
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?
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?
When is a commission earned?
When is a commission earned?
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.
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.
In real estate the fiduciary relationship between agent and principal is called?
In real estate the fiduciary relationship between agent and principal is called?
The _____ can enforce compliance with the Sherman Act and some sections of the Clayton Act.
The _____ can enforce compliance with the Sherman Act and some sections of the Clayton Act.
The act by brokers from different brokerages having a conversation about the commission rates they charge clients may be considered?
The act by brokers from different brokerages having a conversation about the commission rates they charge clients may be considered?
If Broker Bob lists Seller Sue's home for sale and then shows the home to Buyer Bill, who is the principal?
If Broker Bob lists Seller Sue's home for sale and then shows the home to Buyer Bill, who is the principal?
Which of the following is not a fiduciary duty an agent owes to his or her principal?
Which of the following is not a fiduciary duty an agent owes to his or her principal?
Which of the following duties best describes what an agent owes customers?
Which of the following duties best describes what an agent owes customers?
All of the following are common types of agency relationships that exist except?
All of the following are common types of agency relationships that exist except?
Which is the most confusing form of agency relationship?
Which is the most confusing form of agency relationship?
When is dual agency allowed in NY?
When is dual agency allowed in NY?
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.
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.
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?
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?
Which of the following statement is TRUE?
Which of the following statement is TRUE?
residential real property includes which of the following?
residential real property includes which of the following?
When must a seller agree to dual agency?
When must a seller agree to dual agency?
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.
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.
AS of January 1, 2011 the new residential disclosure form allows for advanced approval by each customer and client for _____ agency.
AS of January 1, 2011 the new residential disclosure form allows for advanced approval by each customer and client for _____ agency.
What does a client give up in a designated agency?
What does a client give up in a designated agency?
Which part of the NY License law requires agency disclosures?
Which part of the NY License law requires agency disclosures?
An agency relationship may be involuntarily terminated by which of the following?
An agency relationship may be involuntarily terminated by which of the following?
Subagents working for the seller have what duty to the buyer?
Subagents working for the seller have what duty to the buyer?
A broker can enter into a single agency agreement with any of the following except?
A broker can enter into a single agency agreement with any of the following except?
A subagent owes customer level services to the buyer which include?
A subagent owes customer level services to the buyer which include?
If a cooperating broker accepts the offer of subagency from a listing broker, to whom does the cooperating broker owe fiduciary duties?
If a cooperating broker accepts the offer of subagency from a listing broker, to whom does the cooperating broker owe fiduciary duties?
In all residential transactions licensees must give potential sellers or buyers a written disclosure form when thy make their _____ contact.
In all residential transactions licensees must give potential sellers or buyers a written disclosure form when thy make their _____ contact.
Which of the following types of agency is not allowed in NY?
Which of the following types of agency is not allowed in NY?
In an open listing, who is paid commission?
In an open listing, who is paid commission?
A Property Condition Disclosure is
A Property Condition Disclosure is
An agency must keep a copy of a signed agency disclosure document for
An agency must keep a copy of a signed agency disclosure document for
Which listing agreement is the most commonly used?
Which listing agreement is the most commonly used?
When does the first substantive contact take place?
When does the first substantive contact take place?
Who is paid a commission with a NY property net listing?
Who is paid a commission with a NY property net listing?
An open listing is often considered to be
An open listing is often considered to be
All written residential listing agreements must contain which of the following definitions?
All written residential listing agreements must contain which of the following definitions?
Which listing is illegal in NY?
Which listing is illegal in NY?
Which statement is true about the Property Condition Disclosure?
Which statement is true about the Property Condition Disclosure?
What action must an agent take if a buyer or seller refuses to sign a disclosure form?
What action must an agent take if a buyer or seller refuses to sign a disclosure form?
When must a buyer's agent provide the agency disclosure to a seller?
When must a buyer's agent provide the agency disclosure to a seller?
An agent must present a copy of the agency disclosure to a potential buyer and get it signed
An agent must present a copy of the agency disclosure to a potential buyer and get it signed
Which type of listing provides the most incentive for a broker to market a property?
Which type of listing provides the most incentive for a broker to market a property?
Brokers must include the DOS Disclose Form definitions of "exclusive right to sell", "exclusive agency", and "open listing" with the listing agreement except for:
Brokers must include the DOS Disclose Form definitions of "exclusive right to sell", "exclusive agency", and "open listing" with the listing agreement except for:
How would a seller inform a buyer that the property has an underground storage tank?
How would a seller inform a buyer that the property has an underground storage tank?
A property condition must include
A property condition must include
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?
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?
If the seller fails to provide the property disclosure statement to the buyer before they buyer signs the purchase contract
If the seller fails to provide the property disclosure statement to the buyer before they buyer signs the purchase contract
A broker must file an IRS Form 1099-MISC for an independent contractor who earns more than
A broker must file an IRS Form 1099-MISC for an independent contractor who earns more than
Which of these statements about an independent contractor is true?
Which of these statements about an independent contractor is true?
Which of these guidelines is not part of the IRS safe harbor test?
Which of these guidelines is not part of the IRS safe harbor test?
DOS Regulation 175.23 requires that a broker do what?
DOS Regulation 175.23 requires that a broker do what?
Who would most likely pay advertising expenses?
Who would most likely pay advertising expenses?
When negotiating an independent contractor agreement, which question should NOT be asked?
When negotiating an independent contractor agreement, which question should NOT be asked?
What is the suggested length of time for a contractor's agreement?
What is the suggested length of time for a contractor's agreement?
Which NY law regulates how long brokers must retain transaction records?
Which NY law regulates how long brokers must retain transaction records?
Which of the following may a broker pay for an independent contractor?
Which of the following may a broker pay for an independent contractor?
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?
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?
What method may a broker use to determine how an independent contractor is to perform the assigned tasks
What method may a broker use to determine how an independent contractor is to perform the assigned tasks
Verification of the level of control and independence regarding IRS job classification falls into which of these?
Verification of the level of control and independence regarding IRS job classification falls into which of these?
Salespersons must perform all activities in the name of _______.
Salespersons must perform all activities in the name of _______.
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?
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?
Which of the following is NOT a characteristic of an estate in common?
Which of the following is NOT a characteristic of an estate in common?
Which of the following best defines accretions?
Which of the following best defines accretions?
Surface rights include
Surface rights include
Co-tenants share property in what is known as
Co-tenants share property in what is known as
Upon the death of the owner, a life estate passes to whom?
Upon the death of the owner, a life estate passes to whom?
When does a landowner own the actual water to which he or she has water rights?
When does a landowner own the actual water to which he or she has water rights?
Brothers Jim and Frank jointly hold a parcel of land. The property is held in
Brothers Jim and Frank jointly hold a parcel of land. The property is held in
When a single individual or entity owns a fee or life estate in a real property, the type of ownership is what?
When a single individual or entity owns a fee or life estate in a real property, the type of ownership is what?
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?
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?
If an owner wants an antique chandelier to remain personal property, what must he or she do?
If an owner wants an antique chandelier to remain personal property, what must he or she do?
What does the right to encumber all a landowner to do?
What does the right to encumber all a landowner to do?
Mary and sister Jill jointly hold a parcel of land. The property is held in
Mary and sister Jill jointly hold a parcel of land. The property is held in
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?
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?
Which of the following best describes personal property?
Which of the following best describes personal property?
What determines a landowner's water rights?
What determines a landowner's water rights?
What distinguishes a freehold estate from a leasehold estate?
What distinguishes a freehold estate from a leasehold estate?
What is the highest form of ownership interest one can acquire in real estate?
What is the highest form of ownership interest one can acquire in real estate?
If a person owned one airspace unit together with associated interest in common elements, this person would have ownership in what?
If a person owned one airspace unit together with associated interest in common elements, this person would have ownership in what?
Which of the following is NOT an act of waste?
Which of the following is NOT an act of waste?
Which of the following is special purpose real estate?
Which of the following is special purpose real estate?
What part of a non-navigable waterway does the owner of an abutting property own?
What part of a non-navigable waterway does the owner of an abutting property own?
Tenancy in severalty is the same as
Tenancy in severalty is the same as
The right to encumber property means the right to
The right to encumber property means the right to
Littoral rights include
Littoral rights include
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?
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?
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?
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?
Which of the following is a superior lien?
Which of the following is a superior lien?
In New York, how long can a judgement real property lien remain in effect?
In New York, how long can a judgement real property lien remain in effect?
Jill was notified that a piece of property she owns has a pending suit. What type of notice has Jill received?
Jill was notified that a piece of property she owns has a pending suit. What type of notice has Jill received?
When a notice of lis pendens has been served
When a notice of lis pendens has been served
How many liens can be attached to a property at one time?
How many liens can be attached to a property at one time?
When must a mechanic's lien be placed if the contractor is not paid?
When must a mechanic's lien be placed if the contractor is not paid?
How is a lien terminated?
How is a lien terminated?
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?
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?
Which type of estate is an encumbrance?
Which type of estate is an encumbrance?
What type of lien does an owner create when a property mortgage in negotiated?
What type of lien does an owner create when a property mortgage in negotiated?
What is it called when an unauthorized, physical intrusion of one owner's real property comes into that of another?
What is it called when an unauthorized, physical intrusion of one owner's real property comes into that of another?
What type of action might a creditor take to force the sale of attached property to collect a debt?
What type of action might a creditor take to force the sale of attached property to collect a debt?
Which of the following statements is TRUE?
Which of the following statements is TRUE?
Which of the following encumbrances would restrict the landowner's ownership, value, and right to transfer a clear title?
Which of the following encumbrances would restrict the landowner's ownership, value, and right to transfer a clear title?
Which type of lien has priority over all other liens regardless of the date placed?
Which type of lien has priority over all other liens regardless of the date placed?
Which of the following describes a situation in which an easement might be created again the wishes of the property owner?
Which of the following describes a situation in which an easement might be created again the wishes of the property owner?
What does a Habendum clause do?
What does a Habendum clause do?
The gradual addition of land as a result of movement by streams or rivers is called
The gradual addition of land as a result of movement by streams or rivers is called
When does a deed become valid?
When does a deed become valid?
Why should a grantee record a deed?
Why should a grantee record a deed?
A bargain and sale deed with covenants has which of the following special warranty covenants?
A bargain and sale deed with covenants has which of the following special warranty covenants?
How many sections are there in a township?
How many sections are there in a township?
What instrument is used by an owner to voluntarily transfer title to real estate?
What instrument is used by an owner to voluntarily transfer title to real estate?
A property owner can gain real estate through the action of water depositing soil on a bank through what process?
A property owner can gain real estate through the action of water depositing soil on a bank through what process?
Which of the following is NOT a method of determining legal description?
Which of the following is NOT a method of determining legal description?
Which type of will is generally not valid for the transfer of real property?
Which type of will is generally not valid for the transfer of real property?
What action might a property owner take to avoid adverse possession?
What action might a property owner take to avoid adverse possession?
A deed of conveyance occurs when
A deed of conveyance occurs when
Acceptance by the grantee
Acceptance by the grantee
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?
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?
If a person having several heirs dies intestate, what will happen to the property?
If a person having several heirs dies intestate, what will happen to the property?
Which of the following would NOT be used as a legal land description?
Which of the following would NOT be used as a legal land description?
Reliction is
Reliction is
Which of the following is NOT a process by which involuntary alienation occurs?
Which of the following is NOT a process by which involuntary alienation occurs?
RESPA gives the buyer the right to review the completed settlement statement how long before closing?
RESPA gives the buyer the right to review the completed settlement statement how long before closing?
The TRID Rule requires lenders to give a loan estimate to borrowers
The TRID Rule requires lenders to give a loan estimate to borrowers
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?
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?
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?
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?
Which statement is true about accepting referral fees?
Which statement is true about accepting referral fees?
Who should have title insurance?
Who should have title insurance?
Which of the following locations is the least likely place to hold a closing?
Which of the following locations is the least likely place to hold a closing?
Which of these would be a CREDIT to the seller at closing?
Which of these would be a CREDIT to the seller at closing?
Which statement about the Torrens system is FALSE?
Which statement about the Torrens system is FALSE?
Who should have title insurance?
Who should have title insurance?
A defective conveyance of title in the property's history results in a
A defective conveyance of title in the property's history results in a
Which of the following does NOT occur at closing?
Which of the following does NOT occur at closing?
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?
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?
How much is the NYC RPTT for a property with a sale price of $600,000?
How much is the NYC RPTT for a property with a sale price of $600,000?
Revenue stamps are also known as
Revenue stamps are also known as
What property is exempt from FIRPTA requirements?
What property is exempt from FIRPTA requirements?
Which of the following is not an item that a buyer usually pays at closing?
Which of the following is not an item that a buyer usually pays at closing?
What is the broker's main role leading up to closing?
What is the broker's main role leading up to closing?
Which of the following statements best describes the purpose of a Closing Disclosure?
Which of the following statements best describes the purpose of a Closing Disclosure?
Money that the buyer or seller needs to pay at closing is called what?
Money that the buyer or seller needs to pay at closing is called what?
A Closing Disclosure is required by RESPA for all
A Closing Disclosure is required by RESPA for all
What is "chain of title"?
What is "chain of title"?
Who files a satisfaction of mortgage document with the county clerk's office?
Who files a satisfaction of mortgage document with the county clerk's office?
Proof of ownership of a property is called what?
Proof of ownership of a property is called what?
The buyer's primary function at closing is to
The buyer's primary function at closing is to
Prepaid expenses are those that
Prepaid expenses are those that
Most lenders require buyers to purchase
Most lenders require buyers to purchase
Which of these would be a CREDIT to the buyer at closing?
Which of these would be a CREDIT to the buyer at closing?
Who pays for the credit investigation?
Who pays for the credit investigation?
How much is NYC RPTT for a property with a sale price of $492,000?
How much is NYC RPTT for a property with a sale price of $492,000?
Which of the following is not an item that a seller usually pays at closing?
Which of the following is not an item that a seller usually pays at closing?
Who reports the property transfer transaction to the IRS?
Who reports the property transfer transaction to the IRS?
On closing day, the broker
On closing day, the broker
Recording the deed is done through which of these?
Recording the deed is done through which of these?
When might decontrolling of an apartment occur?
When might decontrolling of an apartment occur?
A lease conveys exclusive use and
A lease conveys exclusive use and
Constructive eviction occurs when
Constructive eviction occurs when
Which kind of lease has no time limit?
Which kind of lease has no time limit?
When a tenant agrees to pay all taxes, insurance, maintenance, and repairs, that tenant has what kind of lease?
When a tenant agrees to pay all taxes, insurance, maintenance, and repairs, that tenant has what kind of lease?
Which lease would include a recapture clause?
Which lease would include a recapture clause?
Which type of lease has no automatic renewal?
Which type of lease has no automatic renewal?
Mark earns $185,000 a year and he pays $2,600 per month for a rent-stabilized apartment. Which statement is true?
Mark earns $185,000 a year and he pays $2,600 per month for a rent-stabilized apartment. Which statement is true?
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?
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?
If a tenant leaves a leased premises, under what condition would that not be considered abandonment?
If a tenant leaves a leased premises, under what condition would that not be considered abandonment?
Which of the following statements is TRUE?
Which of the following statements is TRUE?
Most apartment leases are
Most apartment leases are
Which lease is common for office properties?
Which lease is common for office properties?
Which type of lease requires proper notice to terminate?
Which type of lease requires proper notice to terminate?
Mary has remained in her apartment two weeks past her move-out date, without any payment. What type of tenant is Mary?
Mary has remained in her apartment two weeks past her move-out date, without any payment. What type of tenant is Mary?
Bill has informed his landlord that he will be moving in 30 days. What action has Bill taken regarding his lease requirement?
Bill has informed his landlord that he will be moving in 30 days. What action has Bill taken regarding his lease requirement?
For a rent-regulated apartment, how much is the typical security deposit?
For a rent-regulated apartment, how much is the typical security deposit?
In NYC, how often may rent be adjusted for an apartment under rent control?
In NYC, how often may rent be adjusted for an apartment under rent control?
What is an important legal characteristic of an option to buy agreement?
What is an important legal characteristic of an option to buy agreement?
installment sales contract is which type of contract?
installment sales contract is which type of contract?
An option-to-buy is what kind of contract?
An option-to-buy is what kind of contract?
Mike signed a rental agreement for his friend Norm. What must be enforced for this contract to be binding?
Mike signed a rental agreement for his friend Norm. What must be enforced for this contract to be binding?
When is a contract terminated?
When is a contract terminated?
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?
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?
What contract provision shows a division of expenses between buyers and sellers?
What contract provision shows a division of expenses between buyers and sellers?
A contract is
A contract is
The NY sales contract provision that states whatever was promised in prior negotiations is of no importance is called the
The NY sales contract provision that states whatever was promised in prior negotiations is of no importance is called the
Which contract element indicates a mutual agreement?
Which contract element indicates a mutual agreement?
Which legal remedy resets parties to pre-contract status?
Which legal remedy resets parties to pre-contract status?
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?
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?
What is a parol contract?
What is a parol contract?
During the specified period of an installment sales contract, what type of title does the buyer receive?
During the specified period of an installment sales contract, what type of title does the buyer receive?
Which contract provision makes previous promises null and void?
Which contract provision makes previous promises null and void?
A contract that conveys an interest in real estate must
A contract that conveys an interest in real estate must
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?
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?
An option to buy is what kind of contract?
An option to buy is what kind of contract?
When an agent is reviewing the accuracy of a contract, which item does not need to be included?
When an agent is reviewing the accuracy of a contract, which item does not need to be included?
How does the Lawyer's Fund help legal clients?
How does the Lawyer's Fund help legal clients?
The buyer typically has ______ from the date the purchase contract is signed to obtain a loan commitment.
The buyer typically has ______ from the date the purchase contract is signed to obtain a loan commitment.
Why would a buyer choose to make an additional down payment at closing?
Why would a buyer choose to make an additional down payment at closing?
If a real estate salesperson prepares a contract without using a preprinted form, the salesperson may
If a real estate salesperson prepares a contract without using a preprinted form, the salesperson may
In what area of NY are sit-down contract signings most common?
In what area of NY are sit-down contract signings most common?
If an attorney makes changes to an offer, what action should follow?
If an attorney makes changes to an offer, what action should follow?
Which statement best defines a Certificate of Occupancy?
Which statement best defines a Certificate of Occupancy?
Which one of the following documents is lease like a binder?
Which one of the following documents is lease like a binder?
Which of the following is one of the purposes of the Lawyers' Fund?
Which of the following is one of the purposes of the Lawyers' Fund?
Broker Norm prints and completes lease agreements to which he is not a party. What can be said about Norm's action?
Broker Norm prints and completes lease agreements to which he is not a party. What can be said about Norm's action?
What is the customary down payment amount on residential property in NY
What is the customary down payment amount on residential property in NY
What is the purpose of the Lawyer's Fund?
What is the purpose of the Lawyer's Fund?
If a real estate agent prepares a sales contract and an attorney makes modifications to it, which statement is TRUE?
If a real estate agent prepares a sales contract and an attorney makes modifications to it, which statement is TRUE?
Who typically holds the down payment?
Who typically holds the down payment?
Any modifications or additions to a contract must be
Any modifications or additions to a contract must be
Which of the following terms is not used to describe a binder?
Which of the following terms is not used to describe a binder?
In NY, an earnest money deposit can equal up to ______
In NY, an earnest money deposit can equal up to ______
Jim has a loan where the entire payment amount goes tot he interest owed What type of loan does Jim hold?
Jim has a loan where the entire payment amount goes tot he interest owed What type of loan does Jim hold?
Which method of selling a property with a mortgage is the simplest?
Which method of selling a property with a mortgage is the simplest?
A measure of economic conditions is a(n)
A measure of economic conditions is a(n)
Al is seeking an FHA loan. Where would he NOT go to make an application?
Al is seeking an FHA loan. Where would he NOT go to make an application?
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?
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?
The loan origination fee on a VA loan cannot exceed
The loan origination fee on a VA loan cannot exceed
Where does SONYMA get its funding?
Where does SONYMA get its funding?
Which loan covers the period of time between the end of one mortgage and the beginning of another?
Which loan covers the period of time between the end of one mortgage and the beginning of another?
What is the interest rate on the ARM tied to?
What is the interest rate on the ARM tied to?
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?
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?
What percent equity of the purchase price allows a borrower to request cancellation of PMI?
What percent equity of the purchase price allows a borrower to request cancellation of PMI?
When might a lender be willing to release the original seller from liability in a mortgage assumption?
When might a lender be willing to release the original seller from liability in a mortgage assumption?
The index plus the margin establishes the
The index plus the margin establishes the
Most conventional loans follow the underwriting standards outlined by
Most conventional loans follow the underwriting standards outlined by
What would an 8% interest rate become if 4 points were charged??
What would an 8% interest rate become if 4 points were charged??
What type of loan is often used when a seller will not accept a property sale contingency?
What type of loan is often used when a seller will not accept a property sale contingency?
How does a borrower use private mortgage insurance?
How does a borrower use private mortgage insurance?
PMI loans made after July 1999 require that the loan must be released
PMI loans made after July 1999 require that the loan must be released
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?
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?
Which repayment plan is known as an interest-only loan?
Which repayment plan is known as an interest-only loan?
What type of document does a homeowner sign when agreeing to a mortgage?
What type of document does a homeowner sign when agreeing to a mortgage?
Which mortgage clause requires a borrower to maintain the physical condition of the mortgaged property?
Which mortgage clause requires a borrower to maintain the physical condition of the mortgaged property?
Which mortgage clause requires the borrower to maintain the physical condition of the property?
Which mortgage clause requires the borrower to maintain the physical condition of the property?
In which of the following types of loans is the payment allocated only to interest?
In which of the following types of loans is the payment allocated only to interest?
Loan flipping is
Loan flipping is
Which of the secondary mortgage market agencies is a shareholder-owned company?
Which of the secondary mortgage market agencies is a shareholder-owned company?
Which of the following is a major credit reporting agency?
Which of the following is a major credit reporting agency?
Which of the secondary mortgage market agencies is now a private corporation?
Which of the secondary mortgage market agencies is now a private corporation?
When a lender requires a higher down payment due to the neighborhood where the property is located, this is called
When a lender requires a higher down payment due to the neighborhood where the property is located, this is called
Lenders use all of the following to determine whether or not to grant a loan EXCEPT
Lenders use all of the following to determine whether or not to grant a loan EXCEPT
Licensees who violate Regulation Z advertising requirements may be fined up to
Licensees who violate Regulation Z advertising requirements may be fined up to
Which of the secondary mortgage market agencies sets guidelines for conforming loans?
Which of the secondary mortgage market agencies sets guidelines for conforming loans?
________ is a shareholder-owned company that works to make sure mortgage money is available for people across the country
________ is a shareholder-owned company that works to make sure mortgage money is available for people across the country
Ginnie Mae developed the first mortgage-backed security in
Ginnie Mae developed the first mortgage-backed security in
What is the risk of debt consolidation?
What is the risk of debt consolidation?
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?
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?
Loans originated in the primary mortgage market can be bought, sold, or traded in the
Loans originated in the primary mortgage market can be bought, sold, or traded in the
It is important for the lender to determine the ______ of a particular piece of property at any given point in time.
It is important for the lender to determine the ______ of a particular piece of property at any given point in time.
Freddie Mac introduced the first conventional-loan-backed security in
Freddie Mac introduced the first conventional-loan-backed security in
If Tara and Al are putting 35% down on their home purchase, this is considered a(n)
If Tara and Al are putting 35% down on their home purchase, this is considered a(n)
What is not a common way that mortgage funds are shifted?
What is not a common way that mortgage funds are shifted?
What is a type of zoning in which density is determined for an entire area, rather than on a lot-by-lot basis?
What is a type of zoning in which density is determined for an entire area, rather than on a lot-by-lot basis?
Who can enact zoning ordinances?
Who can enact zoning ordinances?
What can Sarah's neighbors do if she violates restrictive covenants and installs a swimming pool on her property?
What can Sarah's neighbors do if she violates restrictive covenants and installs a swimming pool on her property?
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 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?
If a municipality exerts its power of eminent domain against a certain property owner, what happens?
If a municipality exerts its power of eminent domain against a certain property owner, what happens?
What is typically not covered by building codes?
What is typically not covered by building codes?
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.
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.
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.
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.
In NY, ________ liens take priority over any other liens.
In NY, ________ liens take priority over any other liens.
The following is NOT an example of the exercise of police power.
The following is NOT an example of the exercise of police power.
What do we call programs that encourage a shift in development away from environmentally sensitive areas to more appropriate areas?
What do we call programs that encourage a shift in development away from environmentally sensitive areas to more appropriate areas?
If the zoning appeals board rejects a zoning appeal, the landowner may appeal the ruling by petitioning the NY Supreme Court through a/n
If the zoning appeals board rejects a zoning appeal, the landowner may appeal the ruling by petitioning the NY Supreme Court through a/n
Which of the following has a stake in privately owner property?
Which of the following has a stake in privately owner property?
What is the fundamental purpose of a building permit?
What is the fundamental purpose of a building permit?
Zoning is
Zoning is
Where does the term "taking" come from in regard to eminent domain?
Where does the term "taking" come from in regard to eminent domain?
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
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
What makes it possible for there to be a free exchange of development rights without having to buy or sell land?
What makes it possible for there to be a free exchange of development rights without having to buy or sell land?
________ control of land use was the precursor to public land use control in the US.
________ control of land use was the precursor to public land use control in the US.
How are covenants enforced?
How are covenants enforced?
In platform framing, what are the members called that frame the structure?
In platform framing, what are the members called that frame the structure?
A ________ is a protective device containing a wire that melts and breaks the circuit when the current exceeds a certain value.
A ________ is a protective device containing a wire that melts and breaks the circuit when the current exceeds a certain value.
The double top plate used in load-bearing walls is called a
The double top plate used in load-bearing walls is called a
Oil-fired heating has what disadvantage?
Oil-fired heating has what disadvantage?
_______ insulation is a two-part liquid containing a polymer and a foaming agent.
_______ insulation is a two-part liquid containing a polymer and a foaming agent.
How is amperage calculated?
How is amperage calculated?
What kind of gas is used for cooling in air conditioners?
What kind of gas is used for cooling in air conditioners?
What does the NY Unifrom Fire Prevention and Building Code require regarding vapor barriers that the National Building Code does not require?
What does the NY Unifrom Fire Prevention and Building Code require regarding vapor barriers that the National Building Code does not require?
A building envelope
A building envelope
Where would a contract find a list of materials needed for building construction?
Where would a contract find a list of materials needed for building construction?
What holds the entire weight of the structure?
What holds the entire weight of the structure?
The part of the foundation which transmits loads directly to the soil is called
The part of the foundation which transmits loads directly to the soil is called
Who provides guidelines for the construction of private wells in NY?
Who provides guidelines for the construction of private wells in NY?
What type of furnace has a heat exchanger to burn the fuel, which is either natural gas, propane, or butane?
What type of furnace has a heat exchanger to burn the fuel, which is either natural gas, propane, or butane?
Which of these types of wire would probably not be found in a residence/
Which of these types of wire would probably not be found in a residence/
When construction is complete, final inspections will be done and if all is up to code, the building department will issue a
When construction is complete, final inspections will be done and if all is up to code, the building department will issue a
________ 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.
________ 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.
What amount of heat energy is needed to raise the temperature of one pound of water by one degree F?
What amount of heat energy is needed to raise the temperature of one pound of water by one degree F?
What onsite system is designed to treat and dispose of domestic sewage?
What onsite system is designed to treat and dispose of domestic sewage?
_______ minerals are fibrous silicates with a crystalline structure and are found in rock formations throughout the US and the world.
_______ minerals are fibrous silicates with a crystalline structure and are found in rock formations throughout the US and the world.
Radon is caused by the decay of
Radon is caused by the decay of
Who should remove asbestos?
Who should remove asbestos?
Which phase of an environmental assessment confirms contamination at a site?
Which phase of an environmental assessment confirms contamination at a site?
The government regulates USTs when the storage capacity reaches how many gallons?
The government regulates USTs when the storage capacity reaches how many gallons?
What is the primary environmental hazard of underground storage tanks?
What is the primary environmental hazard of underground storage tanks?
What is the primary hazard of chlorofluorocarbons to the environment?
What is the primary hazard of chlorofluorocarbons to the environment?
Which of the following statements is TRUE regarding sick building syndrome?
Which of the following statements is TRUE regarding sick building syndrome?
Whose responsibility is it to have private well water tested?
Whose responsibility is it to have private well water tested?
An area that contains water at or near the surface of the soil is called a
An area that contains water at or near the surface of the soil is called a
The maximum water containment level is defined by
The maximum water containment level is defined by
In most cities and towns, water utility companies provide drinking water through a
In most cities and towns, water utility companies provide drinking water through a
Areas where water covers the soil, or is present either at or near the surface of the soil all year are
Areas where water covers the soil, or is present either at or near the surface of the soil all year are
Asbestos should only be removed
Asbestos should only be removed
When is a percolation test used?
When is a percolation test used?
When does asbestos pose a health hazard?
When does asbestos pose a health hazard?
The Superfund regulates
The Superfund regulates
Mold grows as a result of
Mold grows as a result of
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.
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.
Which of the following is not a consideration when doing a residential market analysis?
Which of the following is not a consideration when doing a residential market analysis?
Under the ______ heading of the Comparative Market Analysis Form is a row to add all the pertinent information about the seller's property.
Under the ______ heading of the Comparative Market Analysis Form is a row to add all the pertinent information about the seller's property.
The cost approach would be most reliable for which of these properties?
The cost approach would be most reliable for which of these properties?
The highest price a buyer is willing to pay and the lowest price the seller will accept for a property is known as what?
The highest price a buyer is willing to pay and the lowest price the seller will accept for a property is known as what?
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
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
If a comparable lacks a feature that the seller's property has the licensee will
If a comparable lacks a feature that the seller's property has the licensee will
The nominal value of a property that has reached the end of its economic life is called _______ value.
The nominal value of a property that has reached the end of its economic life is called _______ value.
Which of the following would not be found in a competitive market analysis?
Which of the following would not be found in a competitive market analysis?
Ian Prazer is assessing Ryan Seller's property using the sales comparison method. Which of the following statements is FALSE?
Ian Prazer is assessing Ryan Seller's property using the sales comparison method. Which of the following statements is FALSE?
What is the last step in the cost valuation approach?
What is the last step in the cost valuation approach?
If a comparable has a feature that the seller's property does not have, the licensee will
If a comparable has a feature that the seller's property does not have, the licensee will
The income capitalization approach, or income approach, is more specifically used for appraising
The income capitalization approach, or income approach, is more specifically used for appraising
The licensee will always be making the adjustments to
The licensee will always be making the adjustments to
A competitive market analysis is an attempt to do what?
A competitive market analysis is an attempt to do what?
The extra value created by merging two parcels of land is called
The extra value created by merging two parcels of land is called
A taxing authority determines the
A taxing authority determines the
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
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
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?
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?
A property's market price is
A property's market price is
When did the Americans with Disabilities Act become effective?
When did the Americans with Disabilities Act become effective?
How many hours must a licensee complete in fair housing and discrimination education as part of continuing education requirements?
How many hours must a licensee complete in fair housing and discrimination education as part of continuing education requirements?
Which of the following is not prohibited by a non-solicitation order?
Which of the following is not prohibited by a non-solicitation order?
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?
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?
Which of the following BEST describes the term "preference?"
Which of the following BEST describes the term "preference?"
Which section of the NYS Human Rights Law prohibits discrimination in employment, housing, credit, places of public accommodations, and educational institutions?
Which section of the NYS Human Rights Law prohibits discrimination in employment, housing, credit, places of public accommodations, and educational institutions?
If discrimination is found, the Commissioner may order the respondent
If discrimination is found, the Commissioner may order the respondent
Violations of the Americans with Disabilities Act may result in the Department of Justice imposing civil penalties up to ______ for second and subsequent violations.
Violations of the Americans with Disabilities Act may result in the Department of Justice imposing civil penalties up to ______ for second and subsequent violations.
Who would not be protected under the protected class referred to as "familial status"?
Who would not be protected under the protected class referred to as "familial status"?
Which is not a true statement about the Americans with Disabilities Act?
Which is not a true statement about the Americans with Disabilities Act?
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.
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.
Fair Housing law first began with the ______ which prohibited discrimination in housing based on race.
Fair Housing law first began with the ______ which prohibited discrimination in housing based on race.
In which of the following NY discrimination exemptions may a real estate broker legally be involved?
In which of the following NY discrimination exemptions may a real estate broker legally be involved?
______ bias refers to how people primarily search for bits of evidence that back up their opinions, rather than looking at the whole picture.
______ bias refers to how people primarily search for bits of evidence that back up their opinions, rather than looking at the whole picture.
Homeowners on a cease and desist list
Homeowners on a cease and desist list
Testing for fair housing compliance must
Testing for fair housing compliance must
Which race-related court case was decided by the Supreme Court to be based on a law that was unconstitutional?
Which race-related court case was decided by the Supreme Court to be based on a law that was unconstitutional?
When would a model home in a real estate development need to comply with the ADA?
When would a model home in a real estate development need to comply with the ADA?
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.
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.
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?
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?
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?
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?
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)?
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)?
A property has an assessed rate of $69,100. What are the annual taxes if the rate is $2.05 per $100?
A property has an assessed rate of $69,100. What are the annual taxes if the rate is $2.05 per $100?
Calculate the transfer tax for a property that sold for $375,000 with an assumed mortgage of $125,000.
Calculate the transfer tax for a property that sold for $375,000 with an assumed mortgage of $125,000.
What are the conventional loan guidelines for income and debt ratios?
What are the conventional loan guidelines for income and debt ratios?
If a lender changes three (3) points on a $90,000 loan, the borrower would pay points of?
If a lender changes three (3) points on a $90,000 loan, the borrower would pay points of?
A triangular lot measures 220 feet wide (base) and 160 feet deep (height), what is the area of the lot?
A triangular lot measures 220 feet wide (base) and 160 feet deep (height), what is the area of the lot?
What is the simple interest on a $16,000 loan at 8% for 2 years?
What is the simple interest on a $16,000 loan at 8% for 2 years?
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?
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?
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?
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?
A parcel of property is 609,840 square feet. How many acres are in the parcel?
A parcel of property is 609,840 square feet. How many acres are in the parcel?
If a property was purchased for $150,000 and appreciated 2% in 1 year, how much did the property appreciate?
If a property was purchased for $150,000 and appreciated 2% in 1 year, how much did the property appreciate?
Calculate the total interest due on the following loan amount, $12,500 at 5.5% for one year?
Calculate the total interest due on the following loan amount, $12,500 at 5.5% for one year?
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?
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?
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?
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?
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?
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?
What is the primary mission of a historic preservation commission?
What is the primary mission of a historic preservation commission?
What is one of the most important documents for a planning board?
What is one of the most important documents for a planning board?
In a city of less than 50,000 people, the board of health must include
In a city of less than 50,000 people, the board of health must include
Compliance to building codes is overseen by
Compliance to building codes is overseen by
Your buyers want to purchase one of your listings and add a second story to it. Who should they consult?
Your buyers want to purchase one of your listings and add a second story to it. Who should they consult?
The NYC Board of Health consists of how many members?
The NYC Board of Health consists of how many members?
A village board of trustees is made up of which of the following?
A village board of trustees is made up of which of the following?
All residents of NY who do not live in a city or on an Indian reservation live in a
All residents of NY who do not live in a city or on an Indian reservation live in a
A function of a building department is to
A function of a building department is to
If a homeowner wants to install a septic system, whose guidelines must the homeowner follow?
If a homeowner wants to install a septic system, whose guidelines must the homeowner follow?
Tax assessors are appointed at the _______ level.
Tax assessors are appointed at the _______ level.
In many cities a(n) ______ acts to preserve existing areas of natural beauty and cultural importance.
In many cities a(n) ______ acts to preserve existing areas of natural beauty and cultural importance.
What does a town assessor do?
What does a town assessor do?
If a local building code happens to be more restrictive than the NY building code, which building code must be enforced?
If a local building code happens to be more restrictive than the NY building code, which building code must be enforced?
Which statement about a town board is not true?
Which statement about a town board is not true?
Members of the NYC Board of Health serve how long?
Members of the NYC Board of Health serve how long?
In NY State, a _______ is a highly autonomous incorporated area usually contained within a county.
In NY State, a _______ is a highly autonomous incorporated area usually contained within a county.
What is the primary mission of the NYS Department of Environmental Conservation?
What is the primary mission of the NYS Department of Environmental Conservation?
Replacement cost coverage on a home's contents usually costs an additional
Replacement cost coverage on a home's contents usually costs an additional
For a hurricane to be covered by a policy with a compulsory windstorm deductible, regardless of the insurer, the storm must
For a hurricane to be covered by a policy with a compulsory windstorm deductible, regardless of the insurer, the storm must
Which type of coverage is NOT available through the NY Property Insurance Underwriting Association?
Which type of coverage is NOT available through the NY Property Insurance Underwriting Association?
Which of the following would be covered under the liability portion of a homeowner's policy?
Which of the following would be covered under the liability portion of a homeowner's policy?
How can a homeowner with a NYPIUA policy obtain liability coverage?
How can a homeowner with a NYPIUA policy obtain liability coverage?
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?
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?
If a homeowner installs hurricane or storm shutters the law mandates
If a homeowner installs hurricane or storm shutters the law mandates
Which is one of the things a property owner should do to determine how much insurance to purchase?
Which is one of the things a property owner should do to determine how much insurance to purchase?
For consumers who are unable to purchase insurance from individual insurance companies, the NY Property Insurance Underwriting Association (NYPIUA) offers policies for
For consumers who are unable to purchase insurance from individual insurance companies, the NY Property Insurance Underwriting Association (NYPIUA) offers policies for
A Homeowners-1 (HO-1), or Broad Form policy, would insure against
A Homeowners-1 (HO-1), or Broad Form policy, would insure against
When does an umbrella policy provide coverage?
When does an umbrella policy provide coverage?
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).
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).
How is the amount of coverage available for personal property normally figured?
How is the amount of coverage available for personal property normally figured?
Which of these policies is the most common for a residential property?
Which of these policies is the most common for a residential property?
Which policy specifically for older homes whose replacement value exceeds the market value?
Which policy specifically for older homes whose replacement value exceeds the market value?
Which policy is sold much less than other policies?
Which policy is sold much less than other policies?
The C-MAP program can help homeowners find insurance for what type of area?
The C-MAP program can help homeowners find insurance for what type of area?
Due to ________ the replacement cost of a home generally increases each year.
Due to ________ the replacement cost of a home generally increases each year.
How many distinct codes words to have are considered the right amount?
How many distinct codes words to have are considered the right amount?
What is known as "the illegal use of someone else's personal information in order to obtain money or credit?
What is known as "the illegal use of someone else's personal information in order to obtain money or credit?
Which of the following is NOT one of the recommended personal agent safety steps listed in this course?
Which of the following is NOT one of the recommended personal agent safety steps listed in this course?
According to the US Bureau of Labor Statistics, how many work related fatalities were recorded in 2014 for real estate salespersons and brokers?
According to the US Bureau of Labor Statistics, how many work related fatalities were recorded in 2014 for real estate salespersons and brokers?
How does the National Association of REALTORS feel about requesting that prospects fill out an ID form prior to showing property?
How does the National Association of REALTORS feel about requesting that prospects fill out an ID form prior to showing property?
Every time we connect to ___________ we make decisions that affect out cybersecurity.
Every time we connect to ___________ we make decisions that affect out cybersecurity.
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?
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?
"Assessed value x tax rate = annual taxes" is the formula for circulating
"Assessed value x tax rate = annual taxes" is the formula for circulating
The installation of __________ is more likely to prompt a reassessment than other types of construction projects.
The installation of __________ is more likely to prompt a reassessment than other types of construction projects.
What option is available to a homeowner who receives a tax bill that she feels is outrageous?
What option is available to a homeowner who receives a tax bill that she feels is outrageous?
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?
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?
The purpose of a homestead tax exemption is
The purpose of a homestead tax exemption is
Excessive assessment complains fall into any one of the following categories EXCEPT
Excessive assessment complains fall into any one of the following categories EXCEPT
The Real Property Tax Law requires that state equalization rates be established _______ for ________.
The Real Property Tax Law requires that state equalization rates be established _______ for ________.
The property tax exemption provided to qualifying seniors is
The property tax exemption provided to qualifying seniors is
Who has the burden of proof for an assessment change when a homeowner appeals an assessment?
Who has the burden of proof for an assessment change when a homeowner appeals an assessment?
What does a tax certificate do?
What does a tax certificate do?
The Real Property Tax Law requires state equalization rates to be established every
The Real Property Tax Law requires state equalization rates to be established every
Who is eligible to a small claims assessment review?
Who is eligible to a small claims assessment review?
Which limited use farm structure does NOT qualify for a permanent property tax exemption?
Which limited use farm structure does NOT qualify for a permanent property tax exemption?
The alternative veteran's exemption is available only for residential property owned by veterans who
The alternative veteran's exemption is available only for residential property owned by veterans who
What is a unique characteristic of a special assessment tax?
What is a unique characteristic of a special assessment tax?
Which of the following is one reason why equalization is necessary in NY?
Which of the following is one reason why equalization is necessary in NY?
Tax bills are calculated based on
Tax bills are calculated based on
To recover taxes owed on a property, the state of NY allows a taxing district to
To recover taxes owed on a property, the state of NY allows a taxing district to
Local taxing authorities find taxing land to be beneficial. Which of the following is one of those benefits?
Local taxing authorities find taxing land to be beneficial. Which of the following is one of those benefits?
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.
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.
Condominium common elements can include which of the following?
Condominium common elements can include which of the following?
What can happen if a buyer's temporary certificate of occupancy expires?
What can happen if a buyer's temporary certificate of occupancy expires?
Which of the following fees are NOT the buyer's responsibility?
Which of the following fees are NOT the buyer's responsibility?
A temporary certificate of occupancy is typically effective for _______ after the issue date.
A temporary certificate of occupancy is typically effective for _______ after the issue date.
Which document is used to reserve a condominium for purchase?
Which document is used to reserve a condominium for purchase?
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?
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?
What are the three documents that are considered the legal blueprint of a condominium?
What are the three documents that are considered the legal blueprint of a condominium?
The document intended to help buyers make an informed decision about their purchase is called a(n)
The document intended to help buyers make an informed decision about their purchase is called a(n)
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
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
Condominium flipping requires
Condominium flipping requires
Which closing cost is the seller responsible for?
Which closing cost is the seller responsible for?
In a new building, when does the sponsor have to submit an amendment to the Attorney General?
In a new building, when does the sponsor have to submit an amendment to the Attorney General?
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
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
A condominium can be
A condominium can be
The document that describes the way the condominium is governed is called the
The document that describes the way the condominium is governed is called the
Who approves a prospective purchaser's purchase in a cooperative?
Who approves a prospective purchaser's purchase in a cooperative?
How long do tenants have exclusive right to buy their units in converted buildings?
How long do tenants have exclusive right to buy their units in converted buildings?
CPS1 allows the developer to
CPS1 allows the developer to
The condo sponsor does not
The condo sponsor does not
Along with the amount of income, what else do banks want to see in a borrower's income?
Along with the amount of income, what else do banks want to see in a borrower's income?
Which type of property is the riskiest investment?
Which type of property is the riskiest investment?
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?
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?
How can an investor obtain a substantial tax benefit when investing in a fixer upper?
How can an investor obtain a substantial tax benefit when investing in a fixer upper?
Mega malls contain
Mega malls contain
Which occurrence is advantageous to investing in undeveloped land?
Which occurrence is advantageous to investing in undeveloped land?
A building that contains retail space on the first floor and office space on the second floor is what type of property?
A building that contains retail space on the first floor and office space on the second floor is what type of property?
With a two-to-four family dwelling as an investment, which of the following expenses would the owner probably not pay for?
With a two-to-four family dwelling as an investment, which of the following expenses would the owner probably not pay for?
Financial leverage can be measured as
Financial leverage can be measured as
Leverage is
Leverage is
Real estate is typically
Real estate is typically
What is the primary advantage(s) of owning a condominium as an investment property?
What is the primary advantage(s) of owning a condominium as an investment property?
Which of the following is an advantage of investing in a two-to-four unit dwelling?
Which of the following is an advantage of investing in a two-to-four unit dwelling?
Why are condominiums good investment properties?
Why are condominiums good investment properties?
Which office building would have one to five stories with landscaping?
Which office building would have one to five stories with landscaping?
When dealing with a fixer-upper, which principle of value will not have an effect on the property?
When dealing with a fixer-upper, which principle of value will not have an effect on the property?
What covenant might a condominium have that would interfere with an investor's plans for the condo?
What covenant might a condominium have that would interfere with an investor's plans for the condo?
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
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
Which of the following is NOT a disadvantage of investing in a single-family home?
Which of the following is NOT a disadvantage of investing in a single-family home?
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?
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?
Which of the following factors does NOT affect the net operating income of a property?
Which of the following factors does NOT affect the net operating income of a property?
Which of these factors does not affect net operating income?
Which of these factors does not affect net operating income?
The principal and interest payments made over a period of time is called the
The principal and interest payments made over a period of time is called the
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
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
A tax shelter is
A tax shelter is
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?
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?
The ______ measures the investor's ability to pay the property's monthly mortgage payments from the cash generated from renting the property.
The ______ measures the investor's ability to pay the property's monthly mortgage payments from the cash generated from renting the property.
Which of the following is a variable expense?
Which of the following is a variable expense?
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?
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?
What is the formula for cash-on-cash return?
What is the formula for cash-on-cash return?
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?
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?
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?
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?
Which rate is used to determine the value of a property?
Which rate is used to determine the value of a property?
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?
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?
What is the profit that an investor actually received from income-producing property?
What is the profit that an investor actually received from income-producing property?
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?
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?
To find the _______, subtract the debt service from the net operating income.
To find the _______, subtract the debt service from the net operating income.
The best starting point for estimating a property's current operations is by
The best starting point for estimating a property's current operations is by
What document assigns rights, duties, and responsibilities between the owner and the tenant?
What document assigns rights, duties, and responsibilities between the owner and the tenant?
A lease escalation clause
A lease escalation clause
How is usable square footage determined?
How is usable square footage determined?
Which of the following is NOT a common type of insurance purchased to cover the risks of leasing commercial property?
Which of the following is NOT a common type of insurance purchased to cover the risks of leasing commercial property?
Which lease option allows the owner to relocate the tenant to another space in the same building during the term of the lease?
Which lease option allows the owner to relocate the tenant to another space in the same building during the term of the lease?
Which type of lease includes fluctuating periodic rent increases and a low base rent?
Which type of lease includes fluctuating periodic rent increases and a low base rent?
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?
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?
The ________ restricts a commercial tenant's utilization of the rented space by indicating what business activities are allowed by the tenant.
The ________ restricts a commercial tenant's utilization of the rented space by indicating what business activities are allowed by the tenant.
CAM stands for
CAM stands for
Which of the following is NOT a reason to lease instead of buy?
Which of the following is NOT a reason to lease instead of buy?
______ 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.
______ 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.
Which lease escalation clause passes on prorated increase in taxes, heat, and maintenance to the tenant?
Which lease escalation clause passes on prorated increase in taxes, heat, and maintenance to the tenant?
The difference between the rentable and useable square footage is the
The difference between the rentable and useable square footage is the
When evaluating a tenant, the owner considers all of the following EXCEPT which?
When evaluating a tenant, the owner considers all of the following EXCEPT which?
When the landlord pays the electric usage for the entire building based on one meter, this is called
When the landlord pays the electric usage for the entire building based on one meter, this is called
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?
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?
With what kind of lease does the owner pay all of the operating expenses?
With what kind of lease does the owner pay all of the operating expenses?
Leases for small retail businesses tend to be for
Leases for small retail businesses tend to be for
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)
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)
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?
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?
Homeowners can deduct all but which of the following from their income taxes?
Homeowners can deduct all but which of the following from their income taxes?
Home equity debt is any mortgage taken out after October 13, 1987 that
Home equity debt is any mortgage taken out after October 13, 1987 that
What is a measurement of how much is invested in the property for tax purposes?
What is a measurement of how much is invested in the property for tax purposes?
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?
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?
Sam purchased a factory with an initial tax basis of $13,000,000. What is his monthly depreciation allowance?
Sam purchased a factory with an initial tax basis of $13,000,000. What is his monthly depreciation allowance?
In a 1031 exchange, what is the period within which a person who has sold the relinquished property must receive the replacement property?
In a 1031 exchange, what is the period within which a person who has sold the relinquished property must receive the replacement property?
What is the formula for determining the amount realized from the sale of a home?
What is the formula for determining the amount realized from the sale of a home?
An unrealized capital gain is
An unrealized capital gain is
When was the Taxpayer Relief Act signed into law?
When was the Taxpayer Relief Act signed into law?
A(n) _______ is the financial result of an investment that has been sold at a profit.
A(n) _______ is the financial result of an investment that has been sold at a profit.
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?
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?
The tax rate that applies to income is called the =
The tax rate that applies to income is called the =
The process wherein the depreciation portion of the gain is taxed as capital gain is called
The process wherein the depreciation portion of the gain is taxed as capital gain is called
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?
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?
Section 1031 exchanges are
Section 1031 exchanges are
In order to qualify for a tax-deferred exchange, how many days does an exchanger have to contract for the replacement property?
In order to qualify for a tax-deferred exchange, how many days does an exchanger have to contract for the replacement property?
What income taxes do residents of NYC have to pay?
What income taxes do residents of NYC have to pay?
What is the maximum net capital loss that can be deducted annually?
What is the maximum net capital loss that can be deducted annually?
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?
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?
A mortgage broker must provide which of the following disclosures to each person applying for a mortgage loan?
A mortgage broker must provide which of the following disclosures to each person applying for a mortgage loan?
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.
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.
Because mortgage bankers lend their own money, they are regulated __________.
Because mortgage bankers lend their own money, they are regulated __________.
All of the following statements are TRUE except
All of the following statements are TRUE except
What does a mortgage broker usually do?
What does a mortgage broker usually do?
The longer the length of the rate lock,
The longer the length of the rate lock,
Which of these components is not part of a lock in?
Which of these components is not part of a lock in?
The lender's loan prequalification letter
The lender's loan prequalification letter
All of the following are exempt from continuing education requirements EXCEPT
All of the following are exempt from continuing education requirements EXCEPT
What is the main similarity of a mortgage banker and a savings and loan association in terms of mortgage loans?
What is the main similarity of a mortgage banker and a savings and loan association in terms of mortgage loans?
Which of the following statements is TRUE?
Which of the following statements is TRUE?
Loans that are more than the bank funding criteria limits are called
Loans that are more than the bank funding criteria limits are called
All of the following are loan servicing duties EXCEPT for
All of the following are loan servicing duties EXCEPT for
Penalties for violating the banking law do NOT include
Penalties for violating the banking law do NOT include
When the owner and property manager sign a management agreement, they are creating a
When the owner and property manager sign a management agreement, they are creating a
What is an important task for a manager of a condominium or cooperative?
What is an important task for a manager of a condominium or cooperative?
Which of the following is an organization that offers educational and professionals programs in property management?
Which of the following is an organization that offers educational and professionals programs in property management?
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,
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,
Which of the following is NOT a professional property management organization?
Which of the following is NOT a professional property management organization?
When demand falls and the vacancy rates rise, the result is
When demand falls and the vacancy rates rise, the result is
When setting up a rent schedule, a property manager should analyze all of the following EXCEPT
When setting up a rent schedule, a property manager should analyze all of the following EXCEPT
The property manager's responsibilities are outlined and bound in
The property manager's responsibilities are outlined and bound in
To better achieve the owner's goal of return on investment and seeing a profit, the property manager should
To better achieve the owner's goal of return on investment and seeing a profit, the property manager should
The property manager is responsible to
The property manager is responsible to
"PUD" stands for
"PUD" stands for
Which function is not performed by a property manager?
Which function is not performed by a property manager?
The Institute for Real Estate Management (IREM) was created as a subsidiary group of
The Institute for Real Estate Management (IREM) was created as a subsidiary group of
BOMA includes ________ local associations, with chapters in all the major cities.
BOMA includes ________ local associations, with chapters in all the major cities.
When thinking about tenant retention and owner profits, a property manager should
When thinking about tenant retention and owner profits, a property manager should
A property manager must be license if he or she
A property manager must be license if he or she
A high vacancy factor in the local area may result in
A high vacancy factor in the local area may result in
Which IREM Designation is reserved for individuals who meet a certain level of education and experience?
Which IREM Designation is reserved for individuals who meet a certain level of education and experience?
