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NYC Real estate Exam Questions REAL 85 EXAM QUESTIONS AND CORRECT ANSWERS 100 WRITTEN FOR |AGRADE
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NYC Real estate Exam Questions REAL 85 EXAM QUESTIONS AND CORRECT ANSWERS 100 WRITTEN FOR |AGRADE
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NYC Real estate Exam Questions REAL 85 EXAM QUESTIONS AND CORRECT ANSWERS 100WRITTEN FOR 2024-2026 |AGRADE
How much should the seller reimburse the buyer for refusing to provide a property
disclosure form? - ✔✔ANSW✔✔..$500
Seller tells the listing agent he filed for bankruptcy the previous year. The seller ends up
not listing the property with the agent. Still, what fiduciary duty does the agent owe the
seller? - ✔✔ANSW✔✔..Confidentiality
What type of financing is used to purchase a new property when the old property hasn't
been sold yet? - ✔✔ANSW✔✔..Swing loan or Bridge loan
Who is the borrower of a mortgage loan? - ✔✔ANSW✔✔..Mortgagor
What does the Real Estate Settlement Procedures Act (RESPA) require? -
✔✔ANSW✔✔..Good faith estimate of the closing costs for federally funded loans
What is the right reserved for the condo association that gives them the first opportunity
to buy or lease a unit when it becomes available? - ✔✔ANSW✔✔..Right of first refusal
A coop is what type of ownership? (prob means co-op) - ✔✔ANSW✔✔..Leasehold
What is the summary of the chronological history of title & related documents to that
called? - ✔✔ANSW✔✔..Abstract to title
What type of mortgage is when a new mortgage that is higher in amount wraps around
an existing first mortgage thats smaller in amount? - ✔✔ANSW✔✔..Wraparound
mortgage
What document provides detailed info on a condo or co-op project? -
✔✔ANSW✔✔..Offering plan (also called a blackbook)
What is the process called that calculates the value of an asset in the past, present and
future? - ✔✔ANSW✔✔..Time value of money
What is it called when a building loses its desirability because of an outdated design
feature? - ✔✔ANSW✔✔..obsolescence
, What types of investment properties are warehouses & distribution centers? -
✔✔ANSW✔✔..Manufacturing
What governs issues such as noises, pets in a condo or co-op? - ✔✔ANSW✔✔..House
rules
It is essential that every deed be signed by the:
a) Devisee
b) grantee
c) grantor & grantee
d) Grantor - ✔✔ANSW✔✔..D- grantor
Jim's mechanic's lien will remain against the property for at least:
a) 1 year
2) 8 Months
c) 10 years
d) 4 months - ✔✔ANSW✔✔..A- 1 year
A specific tract of land is known as a:
a) devise
b) chattel
c) parcel
d) littoral - ✔✔ANSW✔✔..C- parcel
If you are a salesperson working with a buyer, then the buyer is your client:
a) if you are servicing the buyer
b) if you have an agency contract with buyer
c) if the buyer has shared financial info with you
d) none of the above - ✔✔ANSW✔✔..B- if you have an agency contract with the buyer
Rosita buys a summer cottage that has a mechanic's lien against it, placed by the
workman who was not paid by the former owner Jim, for constructing a dock. The lien
now:
a) is void
b) is Jims responsibility only
c) remains as a claim against the property
d) is considered satisfied - ✔✔ANSW✔✔..C- remains as a claim against the property
A home was purchased in 2005, for $425,000. It was sold recently for $478,000. What
is the rate of return on profit on this house? - ✔✔ANSW✔✔..12.47%
478,000-425,000= 53,000
53,000*100=5,300,000
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