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REAL ESTATE TESTS COMPILATION BUNDLE
REAL ESTATE TESTS COMPILATION BUNDLE
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[Mostrar más]When a broker or property manager signs a contract to manage an owner's property he becomes a Correct Answer: Fiduciary 
 
In establishing a client's trust account, a property manager must do all of the following Correct Answer: -control the receipts and disbursements on the account 
-use pre-nu...
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Añadir al carritoWhen a broker or property manager signs a contract to manage an owner's property he becomes a Correct Answer: Fiduciary 
 
In establishing a client's trust account, a property manager must do all of the following Correct Answer: -control the receipts and disbursements on the account 
-use pre-nu...
An agency relationship is determined by: a) the source of compensation b) how well the parties know each other c) agreement between the principal and the agent d) first substantive contract - c) agreement between the principal and the agent Heat from outside air is utilized through a: se conditioner...
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Añadir al carritoAn agency relationship is determined by: a) the source of compensation b) how well the parties know each other c) agreement between the principal and the agent d) first substantive contract - c) agreement between the principal and the agent Heat from outside air is utilized through a: se conditioner...
In NYS, how old must one be to enter into contracts? Correct Answer: 18 
 
What other capability should they possess? Correct Answer: Mental and emotional capability 
 
What happens if one of the parties to the contract is a minor? Correct Answer: The contract is voidable by the minor 
 
What doe...
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Añadir al carritoIn NYS, how old must one be to enter into contracts? Correct Answer: 18 
 
What other capability should they possess? Correct Answer: Mental and emotional capability 
 
What happens if one of the parties to the contract is a minor? Correct Answer: The contract is voidable by the minor 
 
What doe...
Article 12A: NYS Real Property Law Correct Answer: "Real Estate License Law" 
- violation is a misdemeanor punishable by loss of license, $1000 fine, revoking of license 
- all salespersons have license suspended 
- after 1 year broker can apply to get license back 
 
Capital Gains Tax Exemptio...
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Añadir al carritoArticle 12A: NYS Real Property Law Correct Answer: "Real Estate License Law" 
- violation is a misdemeanor punishable by loss of license, $1000 fine, revoking of license 
- all salespersons have license suspended 
- after 1 year broker can apply to get license back 
 
Capital Gains Tax Exemptio...
The ______ refers to the rights given to the title holder of a particular property. These rights may be limited in certain instances, such as when a title holder fails to pay required property taxes, but in most regards, the title holder is considered the owner of the property. Correct Answer: Righ...
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Añadir al carritoThe ______ refers to the rights given to the title holder of a particular property. These rights may be limited in certain instances, such as when a title holder fails to pay required property taxes, but in most regards, the title holder is considered the owner of the property. Correct Answer: Righ...
Sellers market their property using a __________. Correct Answer: listing agreement 
 
When the licensee has a buyer brokerage agreement with a purchaser, he or she must represent the best interests of the ___ rather than the ___. Correct Answer: buyer,seller 
 
In most cases, buyers cannot make a...
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Añadir al carritoSellers market their property using a __________. Correct Answer: listing agreement 
 
When the licensee has a buyer brokerage agreement with a purchaser, he or she must represent the best interests of the ___ rather than the ___. Correct Answer: buyer,seller 
 
In most cases, buyers cannot make a...
How often must you renew your real estate salesperson/broker license? Correct Answer: Every 2 years 
 
What is the purpose of license laws in the real estate industry? Correct Answer: To minimize fraudulent practice and protect the general public 
 
The New York regulatory agency that oversees rea...
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Añadir al carritoHow often must you renew your real estate salesperson/broker license? Correct Answer: Every 2 years 
 
What is the purpose of license laws in the real estate industry? Correct Answer: To minimize fraudulent practice and protect the general public 
 
The New York regulatory agency that oversees rea...
Which of the following is NOT exempt from obtaining a license? Correct Answer: A licensed attorney acting as a sponsor to a real estate salesperson 
 
A real estate salespersons license must be renewed every .........years. Correct Answer: 2 
 
A real estate salesperson operates as what type of ag...
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Añadir al carritoWhich of the following is NOT exempt from obtaining a license? Correct Answer: A licensed attorney acting as a sponsor to a real estate salesperson 
 
A real estate salespersons license must be renewed every .........years. Correct Answer: 2 
 
A real estate salesperson operates as what type of ag...
The situation with the most potential for conflict is when a real estate licensee acts as a: 
-Dual Agent 
-Buyers Broker 
-Sellers Agent 
-Transaction Broker Correct Answer: -Dual Agent 
 
A seller has listed her home with a broker for $90,000, and the broker tells a prospective buyer to submit a ...
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Añadir al carritoThe situation with the most potential for conflict is when a real estate licensee acts as a: 
-Dual Agent 
-Buyers Broker 
-Sellers Agent 
-Transaction Broker Correct Answer: -Dual Agent 
 
A seller has listed her home with a broker for $90,000, and the broker tells a prospective buyer to submit a ...
associate real estate broker Correct Answer: a licensed real estate broker who may perform the acts of a broker but chooses to work under the name and supervision and license of a licensed broker 
 
real estate broker Correct Answer: any oersons partnership association or corporation who, for anot...
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Añadir al carritoassociate real estate broker Correct Answer: a licensed real estate broker who may perform the acts of a broker but chooses to work under the name and supervision and license of a licensed broker 
 
real estate broker Correct Answer: any oersons partnership association or corporation who, for anot...
Chapter 1 
The section of the New York Real Property Law that applies to salespersons and brokers is... Correct Answer: Article 12-A 
 
Chapter 1 
Brokers who do not separate their business or personal bank accounts from their real estate deposit accounts are guilty of __________________ the funds....
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Añadir al carritoChapter 1 
The section of the New York Real Property Law that applies to salespersons and brokers is... Correct Answer: Article 12-A 
 
Chapter 1 
Brokers who do not separate their business or personal bank accounts from their real estate deposit accounts are guilty of __________________ the funds....
Which of the following statements about license laws is INCORRECT? Correct Answer: The federal government establish license laws 
 
In New York, an individual may obtain a salesperson license at age: Correct Answer: 18 
 
A salesperson licensee may receive commissions from the: Correct Answer: Em...
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Añadir al carritoWhich of the following statements about license laws is INCORRECT? Correct Answer: The federal government establish license laws 
 
In New York, an individual may obtain a salesperson license at age: Correct Answer: 18 
 
A salesperson licensee may receive commissions from the: Correct Answer: Em...
What agency issues real estate licenses? - The New York State Department of State (NYDOS), Divison of Licensing Services At what age can you become a real estate salesperson? - 18 Do you need experience in the field to become a sales person? - No What is the minimum age to become a real estate broke...
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Añadir al carritoWhat agency issues real estate licenses? - The New York State Department of State (NYDOS), Divison of Licensing Services At what age can you become a real estate salesperson? - 18 Do you need experience in the field to become a sales person? - No What is the minimum age to become a real estate broke...
1-A broker legitimately may pay all or part of Real estate commission to a 
a. seller 
b. salesperson 
c. buyer 
d. friend who provides a listing lead Correct Answer: -B: Salesperson can accept compensation only from their sponsoring broker. 
 
2-The minimum age for a New York real estate broker's...
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Añadir al carrito1-A broker legitimately may pay all or part of Real estate commission to a 
a. seller 
b. salesperson 
c. buyer 
d. friend who provides a listing lead Correct Answer: -B: Salesperson can accept compensation only from their sponsoring broker. 
 
2-The minimum age for a New York real estate broker's...
When a property's income remains constant and property taxes rise, what happens to the property's capitalized value? 
A. It increases less than the amount of the tax increase 
B. It decreases by the amount of the tax increase 
C. It decreases less than the amount of the tax increase 
D. It decreas...
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Añadir al carritoWhen a property's income remains constant and property taxes rise, what happens to the property's capitalized value? 
A. It increases less than the amount of the tax increase 
B. It decreases by the amount of the tax increase 
C. It decreases less than the amount of the tax increase 
D. It decreas...
1 month/1 year CORRECT ANSWERS: 30 days=1 month / for escrow and proration purposes 1 year = 12 months, 52 weeks. 
 
100-year flood zone CORRECT ANSWERS: The area has a 1 percent or greater chance of a major flood occurring in any given year. 
 
17-day period after acceptance CORRECT ANSWERS: The...
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Añadir al carrito1 month/1 year CORRECT ANSWERS: 30 days=1 month / for escrow and proration purposes 1 year = 12 months, 52 weeks. 
 
100-year flood zone CORRECT ANSWERS: The area has a 1 percent or greater chance of a major flood occurring in any given year. 
 
17-day period after acceptance CORRECT ANSWERS: The...
1) With an ARM, what is the shortest period of time the interest rate or payment amount could remain in effect: 
 
A. One month 
B. Six months 
C. One year 
D. Five years correct answer: A. One month 
 
2) With an ARM, if interest rates are stable and do not rise, can payments rise and why: 
 
A. N...
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Añadir al carrito1) With an ARM, what is the shortest period of time the interest rate or payment amount could remain in effect: 
 
A. One month 
B. Six months 
C. One year 
D. Five years correct answer: A. One month 
 
2) With an ARM, if interest rates are stable and do not rise, can payments rise and why: 
 
A. N...
1) All of the following are true regarding the Closing Disclosure, except: 
 
A. The creditor and the settlement agent can share responsibility for the Closing Disclosure. 
B. The settlement agent can complete all or part of the Closing Disclosure for the creditor. 
C. The creditor and the settlemen...
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Añadir al carrito1) All of the following are true regarding the Closing Disclosure, except: 
 
A. The creditor and the settlement agent can share responsibility for the Closing Disclosure. 
B. The settlement agent can complete all or part of the Closing Disclosure for the creditor. 
C. The creditor and the settlemen...
1) If applicable, and if the settlement service provider is other than the lender, which of the following disclosures is required before settlement but is not required within 3 business days after receipt of a completed application: 
 
A. Mortgage Servicing Disclosure Statement. 
B. Affiliated Busin...
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Añadir al carrito1) If applicable, and if the settlement service provider is other than the lender, which of the following disclosures is required before settlement but is not required within 3 business days after receipt of a completed application: 
 
A. Mortgage Servicing Disclosure Statement. 
B. Affiliated Busin...
1) Mortgage loan fraud is reported at what level? 
 
A. State 
B. Federal 
C. County 
D. City correct answer: B. Mortgage Fraud is reported to the FBI and to HUD. 
 
2) Title V of the Housing and Economic Recovery Act (HERA) of 2008 is best known as: 
 
A. The SAFE Act 
B. RESPA 
C. TILA 
D. CRA c...
Vista previa 2 fuera de 11 páginas
Añadir al carrito1) Mortgage loan fraud is reported at what level? 
 
A. State 
B. Federal 
C. County 
D. City correct answer: B. Mortgage Fraud is reported to the FBI and to HUD. 
 
2) Title V of the Housing and Economic Recovery Act (HERA) of 2008 is best known as: 
 
A. The SAFE Act 
B. RESPA 
C. TILA 
D. CRA c...
1) The document which combines the Truth in Lending Statement required by TILA and the Good Faith Estimate required by RESPA is which of the following: 
 
A. The Home Loan Toolkit. 
B. The Loan Estimate. 
C. The Mortgage Servicing Disclosure Statement. 
D. The Closing Disclosure. correct answer: B....
Vista previa 2 fuera de 11 páginas
Añadir al carrito1) The document which combines the Truth in Lending Statement required by TILA and the Good Faith Estimate required by RESPA is which of the following: 
 
A. The Home Loan Toolkit. 
B. The Loan Estimate. 
C. The Mortgage Servicing Disclosure Statement. 
D. The Closing Disclosure. correct answer: B....
1) When provisions of TILA refer to a creditor extending credit to a consumer, what does that mean? 
 
A. People, not a company. 
B. Businesses, if not more than a sole proprietorship. 
C. Sole proprietorships and partnerships. 
D. Corporations that were formed by consumers. correct answer: A. This...
Vista previa 2 fuera de 11 páginas
Añadir al carrito1) When provisions of TILA refer to a creditor extending credit to a consumer, what does that mean? 
 
A. People, not a company. 
B. Businesses, if not more than a sole proprietorship. 
C. Sole proprietorships and partnerships. 
D. Corporations that were formed by consumers. correct answer: A. This...
1) The purpose of the Equal Credit Opportunity Act (ECOA) is which of the following: 
 
A. To protect the credit history of consumers. 
B. To minimize discrimination in the obtaining of credit. 
C. To ensure that all consumers have an equal opportunity to obtain credit. 
D. To help consumers fight t...
Vista previa 2 fuera de 10 páginas
Añadir al carrito1) The purpose of the Equal Credit Opportunity Act (ECOA) is which of the following: 
 
A. To protect the credit history of consumers. 
B. To minimize discrimination in the obtaining of credit. 
C. To ensure that all consumers have an equal opportunity to obtain credit. 
D. To help consumers fight t...
1. Which of the following best defines negative amortization: 
 
A. It is the same as interest only, with no interest being paid. 
B. Not only is no principal being paid, but not all of the interest due is being paid, hence the loan balance is growing due to this deferred interest.C. It is the same ...
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Añadir al carrito1. Which of the following best defines negative amortization: 
 
A. It is the same as interest only, with no interest being paid. 
B. Not only is no principal being paid, but not all of the interest due is being paid, hence the loan balance is growing due to this deferred interest.C. It is the same ...
1. All of the following are true about the margin on an ARM, except: 
 
A. The margin is the difference between the index value and the interest rate charged on an ARM. 
B. The margin is sometimes called the spread. 
C. The margin fluctuates like the index fluctuates with the cost of funds. 
D. The ...
Vista previa 2 fuera de 11 páginas
Añadir al carrito1. All of the following are true about the margin on an ARM, except: 
 
A. The margin is the difference between the index value and the interest rate charged on an ARM. 
B. The margin is sometimes called the spread. 
C. The margin fluctuates like the index fluctuates with the cost of funds. 
D. The ...
1. All of the following are true regarding the counselor who meets with a prospective borrower for a reverse mortgage, except: 
 
A. The counselor explains the cost of the loan and the financial implications of obtaining it. 
B. The counselor is paid only if the borrower goes through with the revers...
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Añadir al carrito1. All of the following are true regarding the counselor who meets with a prospective borrower for a reverse mortgage, except: 
 
A. The counselor explains the cost of the loan and the financial implications of obtaining it. 
B. The counselor is paid only if the borrower goes through with the revers...
1) Which one of these classes of people is protected under the Fair Housing Act but not under the Equal Credit Opportunity Act: 
 
A. Race 
B. Sex 
C. Disability 
D. Religion correct answer: C. Disability 
 
2) Which one of these classes of people is protected under the Equal Credit Opportunity Act...
Vista previa 2 fuera de 10 páginas
Añadir al carrito1) Which one of these classes of people is protected under the Fair Housing Act but not under the Equal Credit Opportunity Act: 
 
A. Race 
B. Sex 
C. Disability 
D. Religion correct answer: C. Disability 
 
2) Which one of these classes of people is protected under the Equal Credit Opportunity Act...
1) The Mortgage Banker's Association considers all of the following indicators of predatory lending except: 
 
A. Falsifying loan documents 
B. Requiring credit insurance 
C. Requiring mortgage insurance 
D. Charging excessive prepayment penalties correct answer: C. Mortgage insurance is PMI, a re...
Vista previa 2 fuera de 10 páginas
Añadir al carrito1) The Mortgage Banker's Association considers all of the following indicators of predatory lending except: 
 
A. Falsifying loan documents 
B. Requiring credit insurance 
C. Requiring mortgage insurance 
D. Charging excessive prepayment penalties correct answer: C. Mortgage insurance is PMI, a re...
1) A person who earns $26/hr has a monthly gross income of nearest to what amount: 
 
A. $4500 
B. $4250 
C. $4760 
D. $5200 correct answer: A. Multiply the hourly wage by 40 hours in the workweek, multiply by 52 weeks in the year, and divide by the 12 months in a year. 26 x 40 = $1040 x 52 = $54,0...
Vista previa 2 fuera de 10 páginas
Añadir al carrito1) A person who earns $26/hr has a monthly gross income of nearest to what amount: 
 
A. $4500 
B. $4250 
C. $4760 
D. $5200 correct answer: A. Multiply the hourly wage by 40 hours in the workweek, multiply by 52 weeks in the year, and divide by the 12 months in a year. 26 x 40 = $1040 x 52 = $54,0...
1) The stated purpose of the Dodd-Frank Wall Street Reform and Consumer Protection Act is which of the following: 
 
A. Improve accountability and transparency in America's financial system 
B. To protect the American taxpayer by ending bailouts 
C. To protect consumers from abusive financial servi...
Vista previa 2 fuera de 10 páginas
Añadir al carrito1) The stated purpose of the Dodd-Frank Wall Street Reform and Consumer Protection Act is which of the following: 
 
A. Improve accountability and transparency in America's financial system 
B. To protect the American taxpayer by ending bailouts 
C. To protect consumers from abusive financial servi...
1. Which of the following is true regarding the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (The SAFE Act): 
 
A. It is effective as of July 31, 2009. 
B. It is a key component of the Housing and Economic Recovery Act of 2008. 
C. It requires all states to implement a SAFE-complia...
Vista previa 2 fuera de 11 páginas
Añadir al carrito1. Which of the following is true regarding the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (The SAFE Act): 
 
A. It is effective as of July 31, 2009. 
B. It is a key component of the Housing and Economic Recovery Act of 2008. 
C. It requires all states to implement a SAFE-complia...
1. All of the following statements are true about a partially amortized loan, except: 
 
A. The periodic payments do not fully amortize the loan by the end of the term. 
B. The final payment is a balloon payment. 
C. A partially amortized loan is a self-liquidating loan. 
D. Interest is being paid t...
Vista previa 2 fuera de 10 páginas
Añadir al carrito1. All of the following statements are true about a partially amortized loan, except: 
 
A. The periodic payments do not fully amortize the loan by the end of the term. 
B. The final payment is a balloon payment. 
C. A partially amortized loan is a self-liquidating loan. 
D. Interest is being paid t...
A written agreement in which a purchaser agrees to buy and a seller agrees to sell is called correct answer: a contract 
 
Antitrust laws prohibit competing brokers from all of the following correct answer: 1. boycotting other brokers in the marketplace. 
2. dividing the market to restrict competi...
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Añadir al carritoA written agreement in which a purchaser agrees to buy and a seller agrees to sell is called correct answer: a contract 
 
Antitrust laws prohibit competing brokers from all of the following correct answer: 1. boycotting other brokers in the marketplace. 
2. dividing the market to restrict competi...
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