The Ce Shop Ny Real Estate License
Course Final Exam Review Questions
And Answers With Verified Solutions
100% Correct!!!
To obtain financing to fund a cooperative purchase, a buyer will apply for? -
ANSWER✔✔ Share loan
One issue with guiding buyers toward or away from an area because of perceived
school quality is that school quality is often used as a proxy for? - ANSWER✔✔
Race
Which of the following was designed to monitor whether financial institutions
were adequately serving the credit needs of their communities and not engaging in
redlining? - ANSWER✔✔ HMDA
Home buying programs for Long Island borrowers are available through which of
the following organizations? - ANSWER✔✔ Economic Opportunity Council of
Suffolk Inc.
What's true about chlorofluorocarbons (CFCs)? - ANSWER✔✔ They are nontoxic
Karen meets the experience requirements related to credit analysis and
underwriting to qualify as a mortgage broker. At a minimum, how many years'
experience does she have? - ANSWER✔✔ Two
Which of the following is true about positive misrepresentation? - ANSWER✔✔ A
principal was harmed by the misstatement.
,Nonresident applicants applying for New York real estate licensure must agree to
submit to the jurisdiction of New York courts. What form must they also
complete? - ANSWER✔✔ Irrevocable consent and designation form
Whether commercial, agricultural, residential, or industrial, all real property within
a jurisdiction has which of the following characteristics? - ANSWER✔✔ All are
assessed.
Tess has $385 in monthly non-housing debt obligations, and her anticipated
mortgage payment is $1,103. Her gross income is $7,598, and her net income is
$5,815. What's her total DTI (debt-to-income ratio)? - ANSWER✔✔ 19.58%
Margie loves to shop at the neighborhood shopping center near her. The location is
so convenient, and the parking lot is easy to get in and out of, even though there
can be a lot of traffic at certain times of the day. Where is Margie's neighborhood
shopping center located? - ANSWER✔✔ On a corner-lot, at the intersection of two
major throroughfares
What is a binder? - ANSWER✔✔ A written outline of the sales transaction
When marketing a commercial space to investor, what information will they likely
be most interested in? - ANSWER✔✔ Cash flow analysis and projections.
Gina is a tax assessor. Which of the following is true about her job? -
ANSWER✔✔ She compares nearby property sales to determine market value.
How many anchor stores does a super-regional shopping center normally have? -
ANSWER✔✔ three or more
, What "quick and dirty" investment formula seeks to achieve a percentage of gross
monthly rental income as compared to purchase price? - ANSWER✔✔ 2%
Which of the following is a type of loose-fill insulation? - ANSWER✔✔
Vermiculite
Which type of financing do active investors generally seek? - ANSWER✔✔ Non-
conventional
Your seller client needs to sell as soon as possible. How should you respond if a
prospective buyer asks you whether your seller is firm on price? - ANSWER✔✔
"The seller believes the home is priced fairly. I suggest you write your highest and
best offer."
Idina has filed a federal housing complaint after a landlord told her he would o my
rent her an aparenten if she had sex with him. After investigating the complaint,
HUD find reasonable cause to believe that discrimination occurred. What happen
next? - ANSWER✔✔ HUD will inform Idina
Consent is not present when _______. - ANSWER✔✔ The contract is signed
under duress or undue influence
Why is it important for tenants and owner/landlords to review the insurance section
of a commercial lease? - ANSWER✔✔ Many times, the amount of insurance
specified in the lease is higher than the amount a tenant actually carries, and higher
than the amount the landlord actually requires.
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