New York State Real Estate Salesperson Licensing Exam Questions and Answers

In NYS, how old must one be to enter into contracts? - 18 What other capability should they possess? - Mental and emotional capability What happens if one of the parties to the contract is a minor? - The contract is voidable by the minor What does the zoning board of appeals do? - Grants variances What regulates construction standards in NYS? - Building codes What does municipal engineer's office do? - 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? - It must include the name of the geographical area where the property is actually located Who is usually exempt from property taxes? - Disabled, veterans, farmers, elderly gold star parents *kids die in the war, star program homeowners Who is not usually exempt from property taxes? - Second home owners What covers fully or personal property lost in a fire? - Replacement cost Find the square footage of a rectangular shaped floor plan. How do you find the area of a square/rectangle? - 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? - 36% Who hires the agent? - Principal or client What is not a CMA (Comparative Market Analysis?) - An apprasial What cannot a salesperson do? - Collect money directly from the client or customer When should the Agency disclosure form be submitted? - At the first substantive contact Which document describes the agency (who he or she represents) of the salesperson? - Agency disclosure form What is another name for the slope of a roof? - Pitch What carcinogenic component was used as insulation in electric transformers that contaminated soil and ground water? - PCB's or polychlorinated biphenyls What can brokers provide their salespeople if they are independent contractors? - Office phone Whats right to access whiter from a river or stream called? - Riparian What did the civil rights act of 1866 protect without exception? - Race What did the 1988 amendment to the civil rights act protect? - 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? - 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? - Redlining Unless specified a lesser estate, transfer of title to real property in NYS creates what type of interest? - Fee Simple What is another name for transfer of title to real property? - Conveyance What is it called when the government dictates how a property can be used? - Zoning Who issues real estate licenses? - NY Department of State Who oversees licensing and registration of mortgage bankers and brokers? - NYS banking department Which department oversees drinking water safety? - Department of Health Who determines commission? - Principal/Client and the broker What occurs when the agent represents the seller but also works in the best interests of the buyer? - Undisclosed dual agency A real estate salesperson is what type of agent? - Special What clause in the deed describes the property? - Legal descriptions What type of income is partnership/investments? - Portfolio Whats the name of the policy that provides additional liability coverage beyond the primary policy? - Umbrella policy What type of maintenance is fixing a leaky faucet? - Corrective maintenance What are property taxes based on? - Assessed value What is the market value? - What the property will sell for in a competitive marketplace What is a loft lease? - Its a lease for space that is not divided into rooms Which types of commercial properties use percentage lease? - Retail stores/ shopping malls Who is responsible for the terms in the lease if the unit has been subleased? - Lessee