NYREI School Exam|2023 LATEST UPDATE|100% SOLVED|GUARANTEED SUCCESS

What is the minimum licensing requirement to sell commercial real estate in New York? a real estate salesperson's license What is the preferred method of creating an agency relationship? expressed agency An amenity purchaser occupies or uses the purchased property Condominium units are considered _____ property and are conveyed by _____. real / deed A salesperson who is an independent contractor is not subject to withholding requirements. A homeowner facing foreclosure has a number of liens: The original mortgage, a mechanic's lien from six months ago, a judgment lien from two years ago, and a property tax lien that was just filed. When the property is sold, which lien will be paid first from the proceeds? property tax lien What is another word for principal? Client. The principal in any fiduciary relationship is the client. The tenant signs a two-month lease on an apartment ending September 1. What type of leasehold estate does this represent? estate for years What are the age and experience requirements to apply for a salesperson license? 18 years old and no experience necessary Craig owns a warehouse and his property taxes were recently raised. In turn, Craig charged the tenant currently occupying the building additional operating expenses. This is an example of a pass-through. Which federal environmental law, known as the Superfund, creates requirements for closed and abandoned waste sites? Comprehensive Environmental Response, Compensation, and Liability Act Who is responsible for approving septic and other sanitation systems in New York State? NYS Department of Health Who pays the property taxes in a triple net lease? tenant Opal lives in an apartment that is going cooperative. The current residents are given the first option to buy in, and Opal decides to take advantage of the opportunity. Which statement about Opal's new co-op is FALSE? She will own the airspace inside her co-op fee simple. An example of chattel is wheat that has been harvested. A mortgage loan originator can perform each of these activities EXCEPT lend money. Which type of listing agreement provides the greatest opportunity for a listing broker to earn a commission? exclusive right to sell agreement Ad valorem taxes are based on a property's assessed value What is it called when a lender evaluates a prospective buyer and documents, in writing, that he is willing to loan this buyer up to a certain amount of money? pre-approval ABC Utility Company has the right to enter a homeowner's property to repair electric lines. What kind of easement does this represent? easement in gross A contract between a minor and an adult is voidable by the minor. Tony owns the barbershop he built 25 years ago on the same street as his family home. The area was zoned residential 10 years ago. Why is the barbershop allowed to remain open? It is a nonconforming use. When a licensee is the client's designated agent, the client gives up the agent's duty of undivided loyalty. Under what circumstance is a deed restriction most likely to be removed? The deed restriction prohibits minorities from owning the property. After examining a property, an appraiser made the following notes: Replacement cost= $465,000; Depreciation= $18,000; Site Value= $85,000. Determine the final estimate of value using the cost approach. $532,000