Aceable Agent NY Pre-Licensing Review
Test Questions And Answers With
Verified Solutions Already Passed!!!
A married couple buys a home for $650,000. They live in the home for a year, then
rent it for two more years. After that, they sell it for $750,000. Do they qualify for
a capital gains exemption, and why or why not? - ANSWER✔✔ No because to
qualify for the capital gains tax exemption, homeowners must have the property as
a primary residence for two of the last five years.
A breach of the lease occurs when a tenant refuses to vacate the property upon the
expiration of the lease. When a tenant will not vacate, the lease becomes a(n) -
ANSWER✔✔ Tenancy at Sufferance
When it comes to fair housing, what is a tester? - ANSWER✔✔ A tester is a
person who goes undercover to visit real estate offices and brokerages to see how
potential clients are treated.
The listing agreement usually creates an agency relationship between -
ANSWER✔✔ The broker and the seller
All of the following are phases of a CERCLA Environmental Site Assessment
EXCEPT - ANSWER✔✔ Compensation
4 steps of CERCLA - ANSWER✔✔ Investigation, testing, remediation,
management
What are the two primary functions of the zoning board of appeals? -
ANSWER✔✔ interpreting zoning ordinances and granting variances
,An investor is considering purchasing a shopping center. One thing he needs to
review before he makes a decision is the lease of all tenants. What kind of lease are
these tenants most likely to have? - ANSWER✔✔ Percentage
A buyer's agent knows that Property A will bring the agent a higher commission
than Property B. However, Property B is best for their principal. What should they
advise? - ANSWER✔✔ They should advise their principal to purchase Property B
because of their fiduciary duty.
A co-op is charged $200,000 for annual property tax. Blake holds shares in the co-
op. How does Blake contribute to property taxes? - ANSWER✔✔ Dependent on
how many shares he has, Blake pays a prorated amount.
You're listing a home that contains a hollow, unfurnished space found underneath a
house between the ground and the first floor. What is this an example of? -
ANSWER✔✔ Crawl Space
What is the investment strategy of using debt in order to realize a greater return? -
ANSWER✔✔ Leverage
Which of these is a criminal offense defined as less serious than a felony and
triable in a court of special sessions? - ANSWER✔✔ Misdemeanor
What is an easement? - ANSWER✔✔ an interest in, or a right to use, another
individual's land or property, generally for a specific, limited purpose
An advertisement reads, "Lively senior citizen community. No families with small
children, please." Evaluate the ad. - ANSWER✔✔ Usually, terms like "no kids"
, are discriminatory advertising. But when advertising a specific senior community,
the phrases are acceptable.
Property managers owe the duties of obedience, loyalty, disclosure, confidentiality,
accountability, and reasonable care to property owners. This means that property
owners and property managers are in what kind of relationship with each other? -
ANSWER✔✔ Fiduciary relationship
Lizzie and her husband Mark are gifted a property from Lizzie's parents at their
wedding.
Lizzie's parents have transferred the property via - ANSWER✔✔ Voluntary
Alienation
Properties that are used for business purposes, generate revenue, and are typically
considered investment properties can be qualified as - ANSWER✔✔ Commercial
Property
An alienation clause would require a borrower to - ANSWER✔✔ pay the
mortgage debt in its entirety upon the property being sold
Agency relationships are generally what kind of relationships? - ANSWER✔✔
Fiduciary relationship
In New York, brokers can be held liable for the known actions of ____ -
ANSWER✔✔ Sponsored salespersons
Which is NOT a reasonable deed restriction? - ANSWER✔✔ forbidding the sale
of a property to certain racial groups
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller classhub. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
