The CE shop NY Real Estate License course
final exam review Questions and Answers
To obtain financing to fund a cooperative purchase, a buyer will apply for? -
-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? -
-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? - -HMDA
-Home buying programs for Long Island borrowers are available through
which of the following organizations? - -Economic Opportunity Council of
Suffolk Inc.
-What's true about chlorofluorocarbons (CFCs)? - -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? - -Two
-Which of the following is true about positive misrepresentation? - -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? - -Irrevocable consent and designation form
-Whether commercial, agricultural, residential, or industrial, all real property
within a jurisdiction has which of the following characteristics? - -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)? - -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? - -On a corner-lot, at the
intersection of two major throroughfares
, -What is a binder? - -A written outline of the sales transaction
-When marketing a commercial space to investor, what information will they
likely be most interested in? - -Cash flow analysis and projections.
-Gina is a tax assessor. Which of the following is true about her job? - -She
compares nearby property sales to determine market value.
-How many anchor stores does a super-regional shopping center normally
have? - -three or more
-What "quick and dirty" investment formula seeks to achieve a percentage
of gross monthly rental income as compared to purchase price? - -2%
-Which of the following is a type of loose-fill insulation? - -Vermiculite
-Which type of financing do active investors generally seek? - -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? - -"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? - -HUD will inform Idina
-Consent is not present when _______. - -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? - -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? - -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? - -Cost
-If an investor realized a gain of $140,000 on the sale of an investment
property and the depreciated amount was $20,000, what would happen? - -
final exam review Questions and Answers
To obtain financing to fund a cooperative purchase, a buyer will apply for? -
-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? -
-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? - -HMDA
-Home buying programs for Long Island borrowers are available through
which of the following organizations? - -Economic Opportunity Council of
Suffolk Inc.
-What's true about chlorofluorocarbons (CFCs)? - -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? - -Two
-Which of the following is true about positive misrepresentation? - -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? - -Irrevocable consent and designation form
-Whether commercial, agricultural, residential, or industrial, all real property
within a jurisdiction has which of the following characteristics? - -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)? - -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? - -On a corner-lot, at the
intersection of two major throroughfares
, -What is a binder? - -A written outline of the sales transaction
-When marketing a commercial space to investor, what information will they
likely be most interested in? - -Cash flow analysis and projections.
-Gina is a tax assessor. Which of the following is true about her job? - -She
compares nearby property sales to determine market value.
-How many anchor stores does a super-regional shopping center normally
have? - -three or more
-What "quick and dirty" investment formula seeks to achieve a percentage
of gross monthly rental income as compared to purchase price? - -2%
-Which of the following is a type of loose-fill insulation? - -Vermiculite
-Which type of financing do active investors generally seek? - -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? - -"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? - -HUD will inform Idina
-Consent is not present when _______. - -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? - -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? - -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? - -Cost
-If an investor realized a gain of $140,000 on the sale of an investment
property and the depreciated amount was $20,000, what would happen? - -
