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NYREI PRACTICE EXAM QUESTIONS AND ANSWERS
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NYREI PRACTICE EXAM QUESTIONS AND ANSWERS
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NYREI PRACTICE EXAM QUESTIONS AND ANSWERSFor the income approach to appraisal, value is a reference to what? - answer- the worth
of the investment
Broker Sam told the seller that her listing contract would automatically renew after the expiration date of June 1st. One June 2nd, the seller listed with another agency. Sam's statement had no effect because - answer- New York prohibits automatic extensions of listings.
Effective gross income best describes - answer- gross income minus a figure for vacancy and collection losses.
A lease temporarily transfers the rights of property from the _________ to the ________. - answer- lessor / lessee
When showing a downtown condominium, a licensee brags, "This unit probably has the best view of Lake Michigan in the whole city!" Would this statement have legal consequences? - answer- No, this is puffing and is the agent's opinion
The Division of Licensing Service may suspend or revoke a sales license on the basis of which of the following? - answer- All of the above
Alfred and Allie buy a 10-year-old home and have it tested for radon prior to closing. The test results in an average reading of 4.8 pCi/L. Under federal law, is the seller required to mitigate the home? - answer- No, unless agreed upon in the contract between buyer and seller.
The best way to create an agency relationship is by - answer- written agreement.
The day before his property was being auctioned off at a foreclosure sale, Peter redeemed the property by - answer- equitable right of redemption.
The Santiagos placed their home on the market for $100,000. The price it sold for was $99,000. What was the market price? - answer- 99000
Which method of property description is most frequently used in New York State? - answer- Metes and bounds
One important characteristic of investing caused Bill to invest in certificates of deposit rather than real estate. Bill was concerned with - answer- liquidity.
Who sets the legal description? - answer- surveyor Dwelling policies generally exclude - answer- water damage.
John is gathering up his paperwork to complete his income taxes. His home expenses include: Mortgage interest / month = $520; Property taxes = $3,280; New deck = $5,300. What is the total deduction John can take for the year? - answer- $9,520
The type of legal description that references a plat of subdivision is - answer- the section/block and lot method.
During a phone call, a salesperson discusses showing a property to a prospect. Three days later, the agent shows the property; at that time the customer reveals her financial abilities and motivation. Three days after that, the agent prepares her offer; he asks the buyer to sign an agency disclosure statement stating he represents the seller. When should the agent have disclosed this fact? - answer- Before showing the house
Broker Bruce, on behalf of his client, Jim, who wanted to buy a vacant lot from Tom, submits to Tom a purchase and sale agreement signed by Jim and stipulating a price of $25,000, a sales commission of 6%, and closing within 90 days. Tom accepts the price, changes the commission rate to 5%, the closing period to 45 days, initials the changes, then signs and returns the contract to Broker Bruce who gives it to Jim. Is the contract valid? - answer- No, because there was no meeting of the minds.
Mrs. Wilson hired a carpenter to fix some items around her house. His estimate was $875 for the entire job. Which of the following requirements was the carpenter bound to regarding his work? - answer- Both B and C
A CMA is prepared to estimate the likely sale price of a property. This analysis is based on the - answer- market data approach.
Bill has a right of way through his neighbor's property. What type of easement would Bill
receive? - answer- Easement appurtenant
What are the three approaches to real estate value? - answer- The sales comparison approach, the income approach, and the cost approach
An amenity's market value is a reflection of - answer- what a typical buyer would pay for
the item
The term "right of survivorship" is closely associated with a - answer- joint tenancy.
An agency agreement that allows the sellers to procure the buyer themselves best describes a(n) - answer- exclusive agency.
Which of the following liens expire one year after filing? - answer- Mechanic's lien
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