NYC Real estate Exam Questions with Math Paper Questions and Answers Verified Answers BEST FOR 2024 EXAM
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Course
NR 222
Institution
NR 222
NYC Real estate Exam Questions with Math Paper Questions and Answers (Verified Answers) BEST FOR 2024 EXAM
It is essential that every deed be signed by the:
a) Devisee
b) grantee
c) grantor & grantee
d) Grantor
Jim's mechanic's lien will remain against the property for at least:
a) 1 year...
NYC Real estate Exam Questions with Math
Paper Questions and Answers (Verified
Answers) BEST FOR 2024 EXAM
1). It is essential that every deed be signed by the:
a) devisee
b) grantee
c) grantor & grantee
d) grantor
Ans: grantor
2). Jim's mechanic's lien will remain against the property for at least:
a) 1 year
2) 8 months
c) 10 years
d) 4 months
Ans: 1 year
3). A specific tract of land is known as a:
a) devise
b) chattel
c) parcel
d) littoral
Ans: parcel
4). If you are a salesperson working with a buyer, then the buyer is your client:
a) if you are servicing the buyer
b) if you have an agency contract with buyer
c) if the buyer has shared financial info with you
d) none of the above
Ans: if you have an agency contract with the buyer
5). Rosita buys a summer cottage that has a mechanic's lien against it, placed by the
workman who was not paid by the former owner jim, for constructing a dock. the lien now:
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, a) is void
b) is jims responsibility only
c) remains as a claim against the property
d) is considered satisfied
Ans: remains as a claim against the property
6). A home was purchased in 2005, for $425,000. it was sold recently for $478,000. what is
the rate of return on profit on this house?
Ans: 12.47%
478,000-425,000= 53,000
53,000*100=5,300,000
5,300,000/425,000= 12.47
7). Which of the following contains a list of all real property in the jurisdiction with annual
information including its assessed value?
a) assessment roll
b) equalization rate list
c) grievance list
d) in rem document
Ans: assessment roll
8). The assignment of costs between the buyer and the seller at the closing is called:
a) finishing fees
b) proration
c) closing accounting
d) real estate settlement & procedures
Ans: B- proration
9). In nys, how old must one be to enter into contracts?
Ans: 18
10). What other capability should they possess? (to enter contract)
Ans: Mental and emotional capability
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, 11). What happens if one of the parties to the contract is a minor?
Ans: The contract is voidable by the minor
12). What does the zoning board of appeals do?
Ans: Grants variances
13). What regulates construction standards in nys?
Ans: Building codes
14). What does municipal engineer's office do?
Ans: Oversees planning and construction of major highways, sewer systems & water
connections
15). If a property ad states that the property is near the vicinity of a geographical area, what
else must the ad include?
Ans: It must include the name of the geographical area where the property is actually
located
16). Who is usually exempt from property taxes?
Ans: Disabled, veterans, farmers, elderly, gold star parents (whose kids dies in war)
and star program homeowners
17). Who is not usually exempt from property taxes?
Ans: Second home owners
18). What covers fully for personal property lost in a fire?
Ans: replacement cost
19). Find the square footage of a rectangular shaped floor plan.
Ans:
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