Exam (elaborations)
NEW YORK STATE REAL ESTATE SALESPERSON LICENSING EXAM
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NEW YORK STATE REAL ESTATE SALESPERSON LICENSING EXAM
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NEW YORK STATE REAL ESTATE SALESPERSONLICENSING EXAM
In NYS, how old must one be to enter into contracts? - Answers -18
What other capability should they possess? - Answers -Mental and emotional capability
What happens if one of the parties to the contract is a minor? - Answers -The contract is
voidable by the minor
What does the zoning board of appeals do? - Answers -Grants variances
What regulates construction standards in NYS? - Answers -Building codes
What does municipal engineer's office do? - Answers -Oversees planning and
construction of major highways, sweet systems and water connections
If a property ad states that the property is near the vicinity of a geographical area, what
else mud the ad include? - Answers -It must include the name of the geographical area
where the property is actually located
Who is usually exempt from property taxes? - Answers -Disabled, veterans, farmers,
elderly gold star parents *kids die in the war, star program homeowners
Who is not usually exempt from property taxes? - Answers -Second home owners
What covers fully or personal property lost in a fire? - Answers -Replacement cost
What is it called when lenders/insurance agents refuse to do business in a certain area
based on the characteristics of the people living there? - Answers -Redlining
Unless specified a lesser estate, transfer of title to real property in NYS creates what
type of interest? - Answers -Fee Simple
What is another name for transfer of title to real property? - Answers -Conveyance
What is it called when the government dictates how a property can be used? - Answers
-Zoning
Who issues real estate licenses? - Answers -NY Department of State
Who oversees licensing and registration of mortgage bankers and brokers? - Answers -
NYS banking department
Which department oversees drinking water safety? - Answers -Department of Health
, Who determines commission? - Answers -Principal/Client and the broker
What occurs when the agent represents the seller but also works in the best interests of
the buyer? - Answers -Undisclosed dual agency
A real estate salesperson is what type of agent? - Answers -Special
What clause in the deed describes the property? - Answers -Legal descriptions
What type of income is partnership/investments? - Answers -Portfolio
Whats the name of the policy that provides additional liability coverage beyond the
primary policy? - Answers -Umbrella policy
What type of maintenance is fixing a leaky faucet? - Answers -Corrective maintenance
What are property taxes based on? - Answers -Assessed value
What is the market value? - Answers -What the property will sell for in a competitive
marketplace
What is a loft lease? - Answers -Its a lease for space that is not divided into rooms
Which types of commercial properties use percentage lease? - Answers -Retail stores/
shopping malls
Who is responsible for the terms in the lease if the unit has been subleased? - Answers
-Lessee
What is the tang of private property by the government for public use called? - Answers
-Eminent Domain
How many years is a residential investment property depreciable for? - Answers -27.5
years
How much profit can a single person claim from the sale of a personal residence thats
tax free? - Answers -$250,000
What is the right to use another's land that falls short of ownership called? - Answers -
Easement
Find the square footage of a rectangular shaped floor plan. How do you find the area of
a square/rectangle? - Answers -Length x Width = Area
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