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The CE shop NY Real Estate License course final exam review questions and answers
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The CE shop NY Real Estate Licensecourse final exam review questions and
answers
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.
The process of protesting a tax assessment starts with? - Answer -Reviewing a
tentative assessment roll
Which of the following is defined as what it would take to recreate a property if it
disappeared off the face of the earth today? - Answer -Cost
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