Exam (elaborations)
NEW YORK STATE REAL ESTATE SALESPERSON LICENSING EXAM
- Course
- Institution
NEW YORK STATE REAL ESTATE SALESPERSON LICENSING EXAM
[Show more]
Content preview
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
When should the Agency disclosure form be submitted? - Answers- At the first
substantive contact
Which document describes the agency (who he or she represents) of the salesperson?
- Answers- Agency disclosure form
What is another name for the slope of a roof? - Answers- Pitch
What carcinogenic component was used as insulation in electric transformers that
contaminated soil and ground water? - Answers- PCB's or polychlorinated biphenyls
What can brokers provide their salespeople if they are independent contractors? -
Answers- Office phone
Whats right to access whiter from a river or stream called? - Answers- Riparian
What did the civil rights act of 1866 protect without exception? - Answers- Race
What did the 1988 amendment to the civil rights act protect? - Answers- Disability and
familial status
What is convincing owners to sell/lease property by telling them a particular group of
people are moving into the area called? - Answers- Blockbusting
, 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
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
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
What is the cash on cash return on a $2,000,000 property with a down payment of
$500,000 and $15,000 monthly rental income? - Answers- 36%
Who hires the agent? - Answers- Principal or client
What is not a CMA (Comparative Market Analysis?) - Answers- An apprasial
What cannot a salesperson do? - Answers- Collect money directly from the client or
customer
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
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 GEEKA. 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.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79223 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now