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NY Real Estate Exam 2 Questions and Answers Graded A+
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NY Real Estate Exam 2
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NY Real Estate Exam 2equitable right of redemption. - answer Just one day prior to a foreclosure sale, the
homeowner pays to the bank all the past-due payments, late charges, attorney fees,
etc. The homeowner saves the property under the right called
Condominium Act - answer Article 9B of New York State's Real Property Law is also
known as the
computerized loan origination. - answer An electronic network for handling loan
applications through remote computer terminals linked to several lenders' computers,
which may be used by a real estate broker or salesperson to help a buyer select and
apply for a loan, is called
the level of assessment is full market value. - answerAn approved assessing unit is one
in which
marketability. - answerThe ability to convert an asset to cash quickly at any price is
known as
Uniform Commercial Code - answerWhat is the body of law that governs negotiable
instruments?
binder - answera shorter version of a sales contract.
rider - answeran addition to a sales contract
contingency - answera provision in the contract that must occur or the contract will not
be performed
option - answera one sided, unilateral agreement
percentage lease - answermost common lease for retail property
land contract. - answerAn installment agreement where the buyer makes payments for
the right to possession but no title transfers until most or all of the terms have been met.
three days to back out of the contract - answerIn construction, the right of rescission law
allows the homeowner
any homeowners policy - answerinsurance policy that will cover him for theft, personal
liability, and medical payments
, Polychlorinated biphenyls - answerIt's organic and it's used as a cooling and insulating
agent for certain electrical equipment
2 years - answerA real estate license is good for a period of
covenant - answera promise that runs with property forever in a general warranty deed.
Eminent domain - answerthe right of the government to take private property for public
use
restriction - answera clause placed in a deed by a grantor, which restricts the use of the
property
fee simple absolute - answerabsolute ownership without any restriction
amount financed - answerDiscount points on a mortgage are computed as a percentage
of
portfolio - answerack has made good investments and every year he receives dividends
from the stocks that he owns. What type of income is this?
640 acres - answerA section of land contains which of the following?
2 years - answerthe minimum warranty for new home construction regarding the
plumbing and heating system is
hypothecation - answerPledging a property as security on a loan without giving up
possession of the property is known as
Straight term loan - answerWhat type of note calls for interest payments during the term
of the loan and principal due at the end of the loan?
60 days - answerOn dwelling property forms, there is no coverage for vandalism if the
dwelling has been vacant for more than
growth, stability, decline, and revitalization. - answerThe life cycle of a neighborhood
occurs in these four stages, in this order:
exclusive right to sell - answerWhat entitles the listing broker a commission no matter
who procures the sale?
External obsolescence - answera situation outside of the subject property that may
affect the value of the subject property.
alluvian - answerThe soil added to a property line due to lakes, rivers or streams
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