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NYC REAL ESTATE EXAM REAL 95 EXAM QUESTIONS AND CORRECT ANSWERS 100 WRITTEN FOR |AGRADE $17.99
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NYC REAL ESTATE EXAM REAL 95 EXAM QUESTIONS AND CORRECT ANSWERS 100 WRITTEN FOR |AGRADE

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NYC REAL ESTATE EXAM REAL 95 EXAM QUESTIONS AND CORRECT ANSWERS 100 WRITTEN FOR |AGRADE

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  • 21 augustus 2024
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NYC REAL ESTATE EXAM REAL 95 EXAM
QUESTIONS AND CORRECT ANSWERS 100
WRITTEN FOR 2024-2026 |AGRADE




A bridge mortgage is described as - ✔✔ANSW✔✔..A bridge mortgage ( also referred to
as a swing loan or gap loan) is a mortgage that occurs between the termination of one
mortgage and the beginning of the next

A mortgage that occurs between the termination of one mortgage and the beginning of
the next

A zoning ordinance would NOT require ___. - ✔✔ANSW✔✔..C. Material

aceleration clause - ✔✔ANSW✔✔..allows the lender to declare the ENTIRE AMOUNT
due if borrower is in default. or failure to property taxes, insurance, or maintaining
property

Active Income - ✔✔ANSW✔✔..commissions, w2, irs

Adverse Possession - ✔✔ANSW✔✔..The actual, open, notorious, hostile, and
continuous possession of another's land under a claim of title. Possession for a
statutory period may be a means of acquiring title.

Alienation Clause - ✔✔ANSW✔✔..clause stating that if property is sold, debt is
immediately payable

Alienation Clause - ✔✔ANSW✔✔..clause stating that if property is sold, debt is
immediately payable

Amortization - ✔✔ANSW✔✔..A method for computing equal periodic payments for an
installment loan.

Amortization - ✔✔ANSW✔✔..paying the principal + interest over a period of time

Article 12-A of the NYS Real Property Law - ✔✔ANSW✔✔..Outlines the roles/duties of
the Department of State

, article 78 - ✔✔ANSW✔✔..Authorizes special proceeding for judicial

article 78 - ✔✔ANSW✔✔..judicial appeals

Ballon Mortgage - ✔✔ANSW✔✔..A mortgage with a very large last payment, with all
other payments being relatively low

Bargain and Sale Deed - ✔✔ANSW✔✔..A deed that carries with it no warranties against
liens or other encumbrances but that does imply that the grantor has the right to convey
title.
ex The grantor may add warranties to the deed at his or her discretion

Bilateral Contract - ✔✔ANSW✔✔..a two-sided contract that contains two promises

Blanket Mortgage - ✔✔ANSW✔✔..Covers more than one piece of property.

Bridge loan (Swing loan) - ✔✔ANSW✔✔..A type of short-term loan, typically taken out
for a period of 2 weeks to 3 years.
A bridge loan is a type of gap mortgage in which funds are provided over and above an
already existing loan until more permanent financing is in place.

A bridge loan allow a buyer to obtain a new property without having to sell his/her
current property.

building permit - ✔✔ANSW✔✔..permission for construction

Capital - ✔✔ANSW✔✔..money for investment

Chattel - ✔✔ANSW✔✔..personal property

Condop - ✔✔ANSW✔✔..A residential establishment that includes both a condominium
and cooperative ownership structures. Typically the condop refers to the residential
portion of a building which is treated as a single condominium unit owned through a
cooperative-ownership structure.

Consideration Clause - ✔✔ANSW✔✔..A part of the insurance contract that states that
both parties must give something of value for the transfer of risk, and specifies the
conditions of the exchange.

Conveyance (Deed) - ✔✔ANSW✔✔..estate or interest in real property is created,
transferred, assigned, or surrendered.

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