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Aceable Final Questions with Correct Answers
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Aceable Final Questions with Correct Answers
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Aceable Final Questions with Correct AnswersThe Fair Housing Act has not been amended; however, recent changes
to HUD's assisted housing programs prohibit discrimination based on
what additional protected class? Correct Answer-sexual orientation
BTU is a measurement used for Correct Answer-heating and air
conditioning units
Agent, principal, mutual agreement, and fiduciary obligation comprise
the four major components of what? Correct Answer-an agency
relationship
What do condo owners own? Correct Answer-interior but not exterior
Can condo owners mortgage their unit? Correct Answer-yes
How do you calculate NOI? Correct Answer-EGI-Operating expenses
What is a unique characteristic of unimproved land? Correct Answer-it
is not eligible for depreciation
Loss factor= Correct Answer-(rentable sqft- useable sqft) / rentable sq ft
Rentable SQ ft Correct Answer-space+ common areas
, Values needed to calculate assessed value Correct Answer-Full market
value X uniform percentage
What is the secondary mortgage market? Correct Answer-already
existing mortgages are bought and sold to investors
What is the primary benefit of the record keeping requirement that NY
real estate law stipulated for brokers and salespersons? Correct Answer-
ensures documentation showing proper supervision and oversight of the
sponsored salesperson by the broker
Land and everything growing on it or attached to it including, sheds,
buildings, trees, and crops are identified as: Correct Answer-Real estate
and real property
What is one way that lending institutions protect their investment in the
properties they issue mortgages to? Correct Answer-They require buyers
to have hazard insurance.
A potential buyer signs a letter of intent to buy a condominium. They do
not move forward with the deal. What happens to the potential buyer?
Correct Answer-Nothing happens to the potential buyer.
Eliza is a REALTOR. Does she need a sponsoring broker? Correct
Answer-no
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