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NYREI PRACTICE EXAM QUESTIONS WITH 100% CORRECT ANSWERS!!
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NYREI PRACTICE EXAM QUESTIONS WITH 100% CORRECT ANSWERS!!
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Name: Score:75 Multiple choice questions
Term 1 of 75
What are the three approaches to property valuation?
Sales comparison, cost, and income
Market comparison, cost comparison, and investment approach
Trade fixture
Zoning board
Definition 2 of 75
the section/block and lot method.
How many months of military service are required for VA mortgage eligibility?
The type of legal description that references a plat of subdivision is
The Smiths purchase a cooperative on the Gold Coast. What will they receive at closing?
For the income approach to appraisal, value is a reference to what?
Definition 3 of 75
number of bedrooms in the house.
The type of legal description that references a plat of subdivision is
John's contractor told him that the size of the septic system would be based on the
Income capitalization is most likely to be used when the subject property is
No matter what type of property is being sold, the agent is obligated to make clear who he
represents. This is noted in
,Term 4 of 75
Of the following types of real estate, which is an example of special-purpose real estate?
A public school
A public library
A shopping center
Public transportation
Term 5 of 75
The Division of Licensing Service may suspend or revoke a sales license on the basis of which of
the following?
metes and bounds.
All of the above
Metes and bounds
Percentage lease
Term 6 of 75
A property is appraised at $150, 000 and assessed for tax purposes at 35 % value. Calculate the
annual tax bill if the mills total is 80.
3,600
4,200
1,700
5,600
, Term 7 of 75
Alfred and Allie buy a 10-year-old home and have it tested for radon prior to closing. The test
results in an average reading of 4.8 pCi/L. Under federal law, is the seller required to mitigate the
home?
Yes
No
Definition 8 of 75
external obsolescence.
New York's Enhanced STAR Program is intended to benefit
The appraiser noted a negative affect on the value of a home, due to the chicken farm
located next door. This is referred to as
No matter what type of property is being sold, the agent is obligated to make clear who he
represents. This is noted in
From an investment standpoint it is usually the best idea, based on the theory of
progression and recession, to buy the
Term 9 of 75
Which method of property description is most frequently used in New York State?
Metes and bounds
Government survey
Lot and block
Rectangular survey
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