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NYREI EXAM PREP (LATEST) QUESTIONS WITH COMPLETE SOLUTIONS!!
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NYREI EXAM PREP (LATEST) QUESTIONS WITH COMPLETE SOLUTIONS!!
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Name: Score:474 Multiple choice questions
Term 1 of 474
When lenders sell mortgages to investors in order to receive funds in order to make additional
mortgage loans to others, this is knows as
periodic estate.
(Periodic tenancy (or estate from period to period) continues for an indefinite length of
time without a specific expiration date. This tenancy may be month to month, week to week,
or year to year).
Mortgage Companies( Mortgage companies functions as the originator and servicer of
loans on behalf of large investors such as insurance companies, pension plans, and Federal
National Mortgage Association (Fannie Mae))
Secondary Mortgage Market (The secondary mortgage market refers to lenders selling off
mortgages to investors to receive funds in order to make additional mortgage loans to
others. This is an example of loan assignment or assignment of loans)
1 year
Filing a lawsuit based on the federal Fair Housing Act must be done within 2 years. A
complaint would be filed with the HUD Office of Equal Opportunity within 1 year.
,Term 2 of 474
Frank went before the zoning board for a set-back variance and was denied his application. What
recourse did Frank have?
the Sherman Antitrust Act.
(Brokers pricing listings at the same list price is a violation of the Sherman Antitrust Act,
which prohibits business practices that limit competition. This is referred to as price fixing)
Article 78 procedure
Frank's legal recourse was to file an Article 78 proceeding, which allows townspeople to
bring an action against a government body or officer.
Broker
In an in-company transaction, the broker is a dual agent. When the broker is the listing
agent, the broker needs to declare dual agency before presenting the offer.
Straight term loan
The monthly payments of an amortized loan include both principal and interest. In a
straight term loan, only interest is paid each month and a lump sum principal payment is
due at the end. A wraparound loan combines two loans into one.
Term 3 of 474
What law creates an automatic lien on a commercial property, subject to the listing agreement?
82,500 (The indicated value using a GRM (Gross Rent Multiplier) is the monthly rent x GRM.
In this case, $750 x 110 = $82,500.)
equitable title
Lis pendens (In some states, an automatic lien attaches to the commercial property to
secure the payment of the broker's commission.)
amount of income.(The Equal Credit Opportunity Act prohibits discrimination against credit
applicants on the basis of race, color, religion, national origin, sex, marital status, age
(provided the applicant is of legal age), or dependency on public assistance.)
,Definition 4 of 474
The lender only wants to cover its interest at risk in the property
The lender does not allow the source of a borrowers down payment to be
Larry has entered into a lease option. The option binds
In real estate transactions, a real estate sales person has a direct fiduciary relationship to
The lenders interest in property insurance relates to making sure
Definition 5 of 474
mortgage interest, property taxes, in-home office(Any maintenance expenses, such as a new roof,
are not deductible on a primary residence. Mortgage interest, property taxes, interest on a home
equity loan, casualty losses, and in-home office are deductible on a first and second home.)
Which is not a guarantee that comes with a warranty deed?
Which of the following closing fees would be specific to the purchase of a co-op?
Which list of items is tax deductible for a primary residence?
The victim of fraud has ___ years to file suit.
, Definition 6 of 474
(Determinable Fee Estate: The grantor retains a "possibility of reverter" which is the right to regain
the use and possession of the property if the stated event occurs.)
(Fee Simple Subject to a condition or subsequent: the grantor retains the right of reentry, which
means the grantor has the right to terminate the estate, but does not happen automatically.
Generally, the grantor would have to prove in court that the stated event occurred)
(Fee Simple upon condition precedent or fee subject to executory: the grantor retains title to the
estate until the specific condition occurs. i.e Bill will transfer title to his grandson, if his grandson
marries before his 25th birthday)
The mortgage underwriter denied the loan because the borrower showed only one month's
worth of mortgage payments in his bank account, after all down payment and closing costs
were paid. The underwriter was looking for more
Types of Qualified Fee:
Determinable fee estate
Fee Simple Subject to a condition or subsequent
Fee Simple upon condition precedent or fee subject to executory:
The loan officer took three mortgage applications for properties in poor neighborhoods.
The bank manager told him to give the applicants their money back, because it was not
worth doing those loans. Was this right or wrong?
Gretta is a broker in New York City and is licensed under her own name. She is also an
associate broker with Smith, Williams & Company in Buffalo. This is known as
Definition 7 of 474
Some states have a special form of joint tenancy when the joint tenants are husband and wife,
with each owning a one-half interest. Neither spouse can sell the property without the consent of
the other. Words in the deed such as "John and Mary, husband and wife as tenancy in the entirety",
establishes title in tenancy by the entireties.
Cooperatives
Tenancy in Common
Joint Tenancy
Tenancy in the Entirety
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